Development of recommendations to improve the financial condition of the enterprise. Development of measures to improve the financial condition of the enterprise

annotation

This graduation project reflects a comprehensive analysis of all financial and economic activities of the Mikhailovsky Nonwoven Materials Factory: the state of production results, technical condition and development, use of labor resources, use of material resources, analysis of production costs.

During the analysis, the weaknesses of the organization were identified and studied and measures were developed to improve the financial condition of the enterprise.

Der Auftraggeber dieser Diplomarbeit ist die Aktiengesellshaft
“Michailowwattelienefabrik”.

Ein zweck des Diplomprojektes ist die Analyse des Betriebes auf dem
Markt. Die Hauptstutze ist sowie auf die okonomische Analyze der finanzer wirtschaftlichen Tatigkeit des Betriebes.

Das vorliegende Thema des Diplomprojekts ist aktuell in der gegebenen Moment des Zeit da man den Betrieb auf vollkomen anderes Niveau des russischen Marktes zu heben braucht.

For the diploma project of Elena Valentinovna Chikina, a student at the Mikhailovsky Economic College-Boarding School, on the topic: “Development of measures to improve the financial condition of an enterprise.”

The relevance of this topic in modern conditions is based on primary knowledge of all financial and economic activities of the enterprise.

The theoretical part of the project describes in detail the activities of the enterprise in market conditions, reflects the characteristics of the enterprise, its financial stability and solvency.

In the second part of the project, an in-depth analysis of the entire financial and economic activities of the Mikhailovsky Nonwoven Materials Factory was carried out.
The state of the production results of the enterprise, the technical state of development, the use of labor resources, the use of material resources, and the costs of production were analyzed.

During the analysis, the organization's weaknesses were identified and studied.

The third part of the project proposes options for the further use of the factory’s property and measures to improve financial stability and solvency.

In the process of working on her graduation project, Chikina E.V. demonstrated good knowledge in the field of economics, discipline, independence and diligence. The work was completed in accordance with the assignment and deadline.

In general, the diploma project of student Chikina E.V. deserves appreciation
“excellent”, and its author is awarded the qualification “Manager”.

Head of Pre-Diploma Practice

Boss
Lyalina T.P. planning department

Introduction

1. Enterprise in market conditions.
1. The main functions and goals of the enterprise in market conditions.

2. Factors influencing the effective functioning of an enterprise in market conditions.

2. Types and forms of enterprises.

3. Financial resources of the enterprise.

4. The role of pricing in an enterprise.

5. Principles and methods of enterprise planning

6. Innovative activity of the enterprise.

7. Analysis of the efficiency of the enterprise.

1. Indicators of analysis and dynamics of the financial and economic activities of the enterprise.

2. Organization of analysis of the enterprise's activities.

3. Anti-crisis enterprise management.

8. Characteristics of the enterprise.

1. History of the creation of the Mikhailovskaya Nonwoven Materials Factory

2. Enterprise management structure.

3. Analysis of the financial stability of the enterprise.

4. Analysis of solvency and liquidity indicators.
1. Assessment and analysis of the financial and economic condition of the Mikhailovsky nonwoven materials factory.

1. Analysis of the production results of the enterprise.

1. Production program, its validity and implementation.

2. Analysis of production capacity utilization.

3. Assessment of product quality and competitiveness.

2. Analysis of the results of the technical condition and development of the enterprise.

1. Analysis of the organizational and technical level of production.

2. Analysis of the state and movement of fixed assets.

3. Analysis of the use of fixed assets.

3. Analysis of the use of labor resources of the enterprise.

1. Analysis of the use of labor resources.

2. Analysis of labor productivity.

3. Analysis of wage dynamics.

4. Analysis of the use of material resources of the enterprise and the state of inventories.

1. Analysis of the efficiency of use of material resources.

2. Analysis of the state of inventories of material resources.

5. Analysis of production costs.
Conclusion to Chapter 2
2. Measures to improve the financial condition of the enterprise.

1. Options for further use of the enterprise’s property.

2. Measures to improve the solvency and financial stability of the enterprise.
Conclusion to Chapter 3
3. Ecological part.

1. Location of the object.

2. Sources of pollution at the enterprise and the state of environmental protection activities.

3. The state of occupational safety and health at the enterprise.

4. Proposals for improving environmental protection activities.
Conclusion to Chapter 4
Conclusion
List of used literature
Applications

INTRODUCTION.

The sound financial condition of an enterprise is an important condition for its continuous and effective functioning. To achieve it, it is necessary to ensure the constant solvency of the entity, high liquidity of its balance sheet, financial independence and high business performance.

To do this, it is necessary to study numerous indicators characterizing all aspects of the enterprise’s activities (production, its potential, organization, sales, financial transactions, cash flows, etc.) to identify the underlying reasons for changes in the financial situation. The use of a multilateral comprehensive analysis of the financial condition of an enterprise creates real prerequisites for managing individual indicators, and, accordingly, for enhancing their impact on improving the financial climate.

The financial condition of an enterprise must be analyzed from the perspective of both short-term and long-term perspectives, since the criteria for its assessment may be different. The state of an enterprise's finances is characterized by the placement of its funds and the sources of their formation; an analysis of the financial state is carried out in order to establish how effectively the financial resources at the disposal of the enterprise are used. The financial efficiency of the enterprise is reflected by: the provision of its own working capital and its safety, the state of normalized inventories of inventory, the state and dynamics of receivables and payables, turnover of working capital, material support for bank loans, solvency.

The stable financial position of an enterprise depends primarily on improving such quality indicators as labor productivity, production profitability, capital productivity, as well as meeting the profit plan. The rational allocation of enterprise funds is facilitated by the correct organization of material and technical support for production and operational activities to accelerate cash flow. At the same time, the financial difficulties of an enterprise and the lack of funds for timely payments can affect the stability of supplies and disrupt the rhythm of material and technical supply. In this regard, the analysis of the financial condition of the enterprise and the analysis of other aspects of its activities should complement each other.

The objectives of the analysis are a general assessment of the financial analysis, checking the expenditure of funds for their intended purpose, identifying the causes of financial difficulties, opportunities for improving the use of financial resources, accelerating the turnover of funds and strengthening the financial position.

The management of the enterprise is constantly faced with the need to make a choice. It must select the optimal selling price, make decisions in the field of credit and investment policies, and much more, trying to achieve such a position that all the activities of the enterprise as a whole are profitable and provide the required cash receipts. A description of the expected results of economic activity in the future period takes place when drawing up budgets (plans) of an enterprise.

Decision-making in such areas as, for example, the acquisition of elements of fixed capital, personnel policy, and determination of the range of products refers to long-term planning. Such decisions determine the activities of the enterprise for many years to come and must be reflected in long-term plans (budgets), where the level of detail is usually quite low. Long-term plans represent a kind of framework structure, since during this period seasonal fluctuations in the market situation are leveled out.

Active financial management of an enterprise also involves reasonable maneuvering of cash flows in order to ensure that the receipt of funds is synchronized with expenses, the fulfillment of all financial obligations, and the effective use of financial resources.

1.1. Enterprise in market conditions.

The core of any economy is production, the creation of an economic product. Without production there can be no consumption, you can only eat what is produced. It is enterprises that produce products, perform work and services, i.e. create the basis for consumption and increasing national wealth.

An enterprise is an independent economic entity that produces products, performs work and provides services in order to meet public needs and make a profit.

An enterprise as a legal entity is an enterprise (organization, firm, concern) that meets certain criteria established by the legislation of the country. The characteristics of a legal entity include: having its own property; independent property liability; the right to acquire, use and dispose of property, as well as to carry out other actions permitted by law on one’s own behalf; the right, on one’s own behalf, to be a plaintiff and defendant in court and arbitration, to have an independent balance sheet, settlement and other bank accounts.

Enterprises play a vital role in the state's economy. They are the basis for:

Increase in national income, gross internal product, gross national product;

Possibilities for the existence of the entire state and the fulfillment of its functions. This is due to the fact that a significant part of the state budget is formed from taxes and fees of enterprises;

Ensuring the defense capability of the state;

Simple and extended reproduction;

Development of national science and acceleration of scientific and technological progress;

Increasing the material well-being of all layers of the country's citizens;

Development of medicine, education and culture;

Solutions to employment problems;

Solutions to many social problems. Enterprises will fulfill this role only if they operate effectively.

In market conditions, enterprises operate according to the following scheme:

In this scheme, the basis is customer demand, i.e. opportunity to sell your products. To do this, it is necessary to study market conditions, customer requests, market capacity, product quality from a potential competitor and other issues characteristic of market relations.

The entire history of the development of social production testifies and proves that enterprises operate most effectively in a civilized market, which is characterized by the presence of various forms of ownership, healthy competition, demonopolization of the economy, free pricing, the presence of a developed market infrastructure, the advantage of the consumer over the producer and other necessary attributes.

1.1.1. The main functions and goals of the enterprise in market conditions.

As a rule, the main goal of an enterprise in market conditions is to make a profit. However, an equally important goal of any enterprise in market conditions is to ensure stable financial stability in its work. This is a more difficult goal to achieve, which involves not only making a profit, but also making it sustainably, and this is not so easy to achieve.

Enterprises can achieve this goal only if they adhere to and perform the necessary functions in their work.

The prominent German economist G. Schmalen identifies the following
"cornerstones" of enterprise management: efficiency, financial stability, profit.

The principle of economy requires that:

A certain result at the lowest cost - the principle of minimization;

For a given amount of expenditure, the greatest result is the principle of maximization.

Consequently, at its core, the principle of economy imposes a requirement inherent in all enterprises as a matter of course - not to waste production factors (resources), that is, to work
"economical".

The principle of financial stability means the activity of an enterprise in which it could at any time pay off its debts either with its own funds, or by deferment, or by obtaining a loan.

Higher purpose entrepreneurial activity is the excess of results over costs, i.e. achieving the highest possible profit or highest possible profitability. The ideal situation is when obtaining maximum profit ensures higher profitability.

To achieve this goal, enterprises must:

1) produce high-quality products, systematically update them and provide services in accordance with demand and available production capabilities;

2) rational use of production resources, taking into account their interchangeability;

3) develop a strategy and tactics for the enterprise’s behavior and adjust them in accordance with changing circumstances;

4) systematically introduce everything new and advanced into production, labor organization and management;

5) takes care of its employees, the growth of their qualifications and greater content of work, increasing their standard of living, creating a favorable socio-psychological environment in the work collective;

6) ensure the competitiveness of the enterprise and products, maintain a high image of the enterprise;

7) carry out a flexible pricing policy and perform other functions.

Developing a successful strategy begins with defining the “mission” of the company, the overall goal of the functioning of the team. At the same time, the goals of the enterprise may change. It all depends on the specific commitments. For example, the main goal of an enterprise at a certain stage may not be to obtain maximum profit, but to conquer the market. In this case, obtaining maximum profit is relegated to the background, but in the future, if the market is won, the enterprise can more than compensate for the lost profit.

In modern conditions, many domestic enterprises face completely different goals and objectives, and making a profit is far from being in the first place. Managers of many enterprises believe that their main task at this stage is the sale of products, the ability to pay wages to employees of the enterprise and to stay afloat. We can only hope that this difficult period for the Russian economy will soon pass, enterprises will begin to work normally, solve problems and achieve goals inherent in a market economy, and will pay attention to the use of such progressive social forms of organization of production as concentration, specialization, cooperation and combination of production.

1.1.2. Factors influencing the effective functioning of an enterprise in market conditions.

The word "factor" is interpreted as the driving force of an ongoing process or one of its necessary conditions.

In this text, the word “factor” is understood as a driving force that affects the efficiency of the enterprise in market conditions.

In a market economy, the efficiency of an enterprise is influenced by a variety of factors. They can be classified according to a variety of criteria.

Depending on the direction of action, all factors can be combined into two groups: positive and negative.

Positive factors are those that have a beneficial effect on the activities of the enterprise, and negative factors, on the contrary.

Depending on the place of origin, all factors can be classified into internal and external. Internal factors depend on the activities of the enterprise itself, i.e. the enterprise itself generates them.

For example, the enterprise has developed and implemented good system material incentives, which significantly increased the motivation of workers, which contributed to increased production efficiency.

Another example. At an enterprise with hazardous working conditions, nothing was done to improve them; as a result, the fatigue and illness of workers sharply increased, which ultimately led to significant defective products and a decrease in the volume of their sales.

In the first case, the internal factor played a positive role, in the second
- negative.

Internal factors are so diverse that for better understanding, accounting, analysis and identification of production reserves, it is also advisable to combine them into the following groups:

1) related to the personality of the manager and the ability of his team to manage the enterprise in market conditions;

2) related to the acceleration of scientific and technical progress, the innovation policy of the enterprise;

3) related to improving the organization of production and labor, enterprise management;

4) related to the organizational and legal form of business;

5) related to the creation of a favorable socio-psychological climate in the team;

6) related to the specifics of production and industry;

7) related to the quality and competitiveness of products, cost management and pricing policy;

8) related to depreciation and investment policies.

This classification is purely conditional, and it does not reflect the entire variety of factors, but it allows a more detailed presentation of internal factors and their impact on production efficiency.

In addition, all internal factors can be divided into objective and subjective. Objective factors are those whose occurrence does not depend on the subject of management, for example, deterioration of mining and geological conditions at a mining enterprise or natural disasters.

Subjective factors, and they make up the absolute majority, completely depend on the subject of management, and they must always be in the field of view and analysis.

The efficiency of an enterprise in market conditions largely depends on external factors, which can be classified into the following groups:

1) related to changes in the domestic and global market conditions.
This is mainly manifested in changes in supply and demand, as well as price fluctuations;

2) related to changes in the political situation both within the country and on a more global scale;

3) related to the inflationary process;

4) related to the activities of the state.

In modern conditions, the efficiency of Russian enterprises largely depends on the state, first of all, the creation of a civilized market and the rules of the game in this market, i.e. creating a legal framework, ensuring proper law and order in the country and its national security, stabilizing the economy, ensuring social protection and social guarantees, protecting competition, developing the adoption and organizing the implementation of economic legislation.

1.2. Types and forms of enterprises.

Currently, enterprises are classified according to a number of criteria.

First of all, enterprises differ in their areas of activity. In this aspect, enterprises operating in the field of material production and its major divisions (industry, agriculture, transport, communications construction). Another group consists of intangible production, the distinctive feature of which is the creation of special products - “services”. The objectives of the enterprises operating in this area are to create services of a diverse nature (from repair of household appliances to services of great social significance - healthcare, education, culture).

A large group of enterprises is engaged in intermediary activities.
The task of intermediary enterprises is to establish mutually beneficial contacts between producers and consumers, sellers and buyers.
Professional intermediation reduces total costs, increases the profits of enterprises, reduces the costs of consumers searching for the goods they need, i.e. beneficial to all participants in economic relations.

Important functions are performed by service enterprises; indicators such as the number of enterprises in this area, the number of workers employed in it, and territorial location serve as indirect but convincing evidence of the level of development of material production.

After all, the less labor and resources are used to satisfy the material needs of people in a society, the more labor and resources it can direct to satisfy non-material needs. The state of the service sector, the volume of services consumed, is one of the important characteristics of the level and quality of life of the population. In most developed countries, more than half of the economically active population is employed in this area of social production.

By the number of types of products produced, enterprises differ as specialized, i.e. producing a limited number of goods, and multi-industry ones, producing different goods.

In turn, the level of specialization of enterprises is also different. In this regard, subject specialization may occur when a ready-to-eat product is produced (for example, in the food industry - different types of products). Detailed specialization is developing in industries producing capital goods (for example, the production of bearings, which are used in various branches of mechanical engineering). Technological specialization characterizes the concentration of an enterprise on a certain stage of the technological process (for example, in the chemical industry - the production of acids for their subsequent use by other enterprises).

Depending on their size, enterprises are divided into “large”,
"medium", "small".

Most often, the size of an enterprise is determined by the number of employees employed. The approach to enterprise size distribution may vary from country to country and vary by industry sector. Thus, in the USA, very small enterprises in all sectors of production, except manufacturing, include enterprises with up to 20 employees, small - up to 100, medium - up to 500, large - more than 500 people. At the same time, in the manufacturing industry, small enterprises are those with up to 500 employees. In general, about 80% of US enterprises are small enterprises, the share of large corporations is about 20%. However, the latter produce about 80% of GNP. As you can see, occupying only 1/5 of the total number of enterprises, large enterprises produce the overwhelming share of products.
Why is this happening?

The fact is that large enterprises have a number of advantages. The large scale of production allows them to make fuller use of the division of labor within the enterprise. The fragmentation of the labor process into small operations leads to the fact that each worker specializes in one operation and performs the work of creating a product from beginning to end.

The division of labor within an enterprise is a powerful factor in increasing its productivity.

Labor productivity increases to an even greater extent when the division of labor is based on the use of machinery, which allows the use of specialized machines and equipment. And it is large enterprises that can afford to buy specialized equipment to reduce costs per unit of production.

Large enterprises can purchase resources in volumes that qualify them for volume discounts.

Finally, large enterprises are able to invest in research and development programs that enable the company to reduce production costs and produce products of improved quality. All these advantages are called in economic theory
“economy of scale”.

However, the advantages of large-scale production are not unlimited: if an enterprise exceeds its optimal size, negative consequences may arise - production unity is disrupted, the level of controllability decreases, etc. Therefore, the task of entrepreneurs is not so much to increase the volume of production “in general,” but to find its optimal value.

Recent decades in the economies of developed countries have been marked by the widespread development of small businesses - this trend is caused by circumstances of two kinds: firstly, the features of the current stage of the scientific and technological revolution, which provides the appropriate material basis for the effective functioning of small businesses; secondly, the differentiation of consumer demand in the context of growing incomes of the population and the predominant growth in connection with this in the service sector.

The advantages of small business are as follows:

It is more dynamic than large businesses, small businesses adapt more easily to changing conditions, small-scale production more quickly reflects changes in consumer demand;

The development of small business significantly facilitates the territorial and sectoral flow of labor and capital;

Small businesses quickly “absorb” new trends in scientific and technological progress, because it is more suitable for the production of unique products, is technically re-equipped faster and cheaper, requires less capital investment and ensures their faster payback; often the very creation of small firms represents an attempt to commercialize some intervention;

Small business improves the overall structure of production, because facilitates the adaptation of “clumsy” large-scale production to changing conditions, to the new requirements of scientific and technological progress: it promotes the development of specialization, frees large corporations from producing small-scale products, searches, refines and develops new products, and is more willing to take risks.

The development of small business is considered by the governments of many countries as an important factor in providing employment to the population. Therefore, the creation of such enterprises is provided with a variety of support, including through loans and preferential taxation, especially at the initial stages of their activity. A policy of assistance and support for small businesses is also carried out in our country.

1.3. Financial resources of the enterprise.

The financial resources of an enterprise are the cash income and receipts that are at the disposal of the enterprise. They are intended to fulfill financial obligations to the budget, banks, insurance and other organizations. In addition, financial resources serve to carry out the costs of expanded reproduction, and are also used for the economic optimization of enterprise employees.

The sources of financial resources are the enterprise’s own funds and those attracted by it from various sources.

Initially, the formation of financial resources occurs at the time of establishment of the enterprise, when the authorized capital is formed. Its value shows the size of those fixed and circulating funds that are invested in the production process.

In the future, financial resources are formed mainly from profits and depreciation charges. Along with them, the sources of financial resources are: proceeds from the sale of disposed property, various targeted revenues, payment for the maintenance of children in preschool institutions, mobilization of internal resources in construction, etc.

Significant financial resources, especially for newly created and reconstructed enterprises, can be mobilized in the financial market.
This involves the sale of shares, bonds and other types of securities issued by the enterprise, as well as borrowed funds in the form of various loans.

In addition, enterprises can receive financial resources through redistribution (in the form of insurance compensation payments from insurance campaigns, from associations, concerns and industry structures of which they belong).

The main financial resources and sources of their formation are presented in Fig. 1.3.1.

Rice. 1.3.1. Structure and sources of financial resources of the enterprise.

Financial resources generated from various sources enable the enterprise to timely invest funds in new production, ensure, if necessary, the expansion and technical re-equipment of an existing enterprise, finance scientific research, development and their implementation, etc.

Financial support for reproduction costs can be carried out in three forms: self-financing, lending and government financing.

Self-financing is based on the use of the enterprise's own financial resources. If its own funds are insufficient, it can either reduce some of its expenses or use funds mobilized in the financial market through transactions with securities.

Lending is a method of financial support for reproduction costs in which costs are covered by a bank loan provided on the basis of repayment, payment, and urgency.

State funding is provided on a non-repayable basis from budgetary and extra-budgetary funds. Through such financing, the state purposefully redistributes financial resources between the production and non-production spheres, sectors of the economy and territories of the country, between forms of ownership, individual groups and segments of the population, etc.

In practice, all of the above forms of cost financing can be used simultaneously. The main thing is to achieve the optimal ratio between them for a given period. Achieving such optimism is possible only on the basis of an active financial strategy produced by the financial services of the enterprise. The optimal ratio between equity and borrowed funds is considered to be 2:1. In other words, one’s own financial resources must be twice as large as borrowed ones. In this case, the financial situation is considered stable.

The use of financial resources is carried out by the enterprise in many areas, the main of which are:

Payments to organizations of the financial and banking system in connection with the fulfillment of financial obligations (payment of taxes to the budget, payment of interest by banks for the use of loans, repayment of previously taken loans, insurance payments);

Investing financial resources in securities of other companies purchased on the market;

Directing financial resources to the formation of monetary funds of an incentive and social nature;

Use of financial resources for charitable purposes, sponsorship.

To ensure uninterrupted financing of the production process, financial reserves are of great importance. In the conditions of transition to the market, their role increases significantly. Financial reserves are capable of ensuring a continuous circulation of funds in the reproduction process even in the event of huge losses or the occurrence of unforeseen events.
Financial reserves can be created by enterprises themselves at the expense of their own financial resources (self-insurance), by their management structures (based on regulatory contributions), by specialized insurance organizations (by the insurance method) and by the state (reserve funds).

With the transition to market economics, the role of financial services in finding financial sources for enterprise development increases.
The search for effective directions for investing financial resources, transactions with securities, timely attraction of borrowed funds become the main ones in managing the finances of an enterprise, forming the so-called
"financial management".

Financial management is such an organization of financial management on the part of financial services, which allows you to attract additional financial resources on the most favorable terms, invest them with the greatest effect, and carry out profitable transactions in the financial market, buying and reselling securities.

The choice of source for covering the costs of an enterprise when there is a lack of its own financial resources depends on the goals of investing funds.
To cover short-term and medium-term working capital needs, it is advisable to use loans from credit institutions. When making large capital investments in expansion, technical re-equipment or reconstruction of production, you can attract a long-term loan or use the issue of securities.

It is equally important for an enterprise to use free financial resources, to find the most effective areas for investing funds that bring additional profit to the enterprise. It is important here to be able to anticipate the dynamics economic processes and professionally master the technique of performing financial transactions.

When investing money in securities, financial services employees are required to comply with a number of requirements in order to achieve the greatest profitability from such operations. These requirements are:

When buying shares (bonds) of other enterprises, it is necessary to invest only excess financial resources, and the enterprise must always have cash in case of upcoming payments.
Cash can either be in the form of cash reserves in a business's bank account or embodied in highly liquid government securities;

Before purchasing shares (bonds) of any company, it is necessary to comprehensively study its activities and analyze the dynamics of its financial results. It is better not to rely on your own analysis, but to get advice from reliable experts. It is not recommended to make a transaction with only confidential, unverified information about the state of affairs of the enterprise whose securities are planned to be purchased. You cannot buy shares of companies that publish earnings reports;

You need to invest in the securities of several companies, and it is better if they represent different sectors of the economy. Investing all financial resources in only one object may be unsuccessful if this enterprise fails or finds itself in a difficult economic situation;

It is necessary to regularly study the financial statements of those enterprises in whose shares (bonds) funds are invested. When considering reporting data, one should not limit oneself only to the indicators of balance sheet and net profit, its distribution, the amount and level of dividends; it is necessary to determine and study the dynamics of such ratios as the rate of return on equity capital, the level of profitability, the rate of turnover of advanced funds, the ratio of equity and borrowed funds, etc.
The state of affairs at the enterprise of interest to the investor must be compared with the general situation in the corresponding sector of the economy;

It is not recommended to refuse to purchase shares (bonds) just because of low interest dividends. Sometimes it is better to go for relatively low dividends if the stability and long-term nature of their receipt is confirmed. For example, in countries with developed market economies, fixed income securities are most popular among investors. Investment of funds is considered appropriate if the rate of return on investment exceeds the percentage paid by the credit system for the use of temporarily free funds.

1.4. The role of pricing in an enterprise.

In market conditions, the role of price for any commercial organization increases sharply. This circumstance is due to many reasons.

The price level depends on:
- the amount of profit of a commercial organization;
- competitiveness of the organization and its products;
- financial stability of the enterprise.

The success of a commercial enterprise is determined by the following components: scientifically based pricing strategy; reasonable pricing tactics; the correct method for setting prices.

Price and pricing policy for an enterprise is the second, after product, essential element of marketing activity. That is why the development of a pricing strategy and prices should be given the closest attention by the management of any enterprise that wants to most effectively and long-term develop its activities in the market, because any false or insufficiently thought-out step immediately affects sales dynamics and profitability.

When embarking on the path of entrepreneurship, each business entity must clearly understand under the influence of what factors the market price is formed.

The main ones are:
1. Demand for production;
2. State regulation of prices;
3. Costs of production and sales of products;
4. Competition;
5. Other factors.

Prices on the market are subject to change, primarily under the influence of supply and demand. This factor plays almost a key role in a market economy.

Demand is the desire and ability of the consumer to buy a product and service at a certain time and in a specific place. It is necessary to distinguish between concepts
“desire” and “demand”. Not every desire to have a product is a demand.
Desire only turns into demand when it is supported by the financial capabilities of the buyer. In other words, the market does not respond to needs that are not covered by the buyer’s solvency.

In setting the market price, supply plays an equally important role, i.e. the quantity of goods that sellers are able and willing to offer to buyers at a particular time and place. The higher the price of a product, the more of it will be offered on the market.

Through the price of a product, a manufacturing firm receives information about the extent to which society needs its products. And if the price level prevailing on the market reimburses the enterprise’s costs and ensures the desired profit, then this serves as the most reliable guide to the feasibility of production and compliance with demand.

The quantity supplied changes only when the price changes.

The price at which supply and demand are equal is called the equilibrium price. This is exactly the price at which the product will be sold.

In reality, the relationship between supply and demand is constantly changing as a result of the influence of various factors.

To quantify fluctuations in supply and demand under the influence of various factors, the concept of elasticity is used.
Elasticity gives an idea of the extent to which a change in price affects the level of demand.

The degree of price elasticity is measured based on the elasticity coefficient (E):

Where
Q1 - sales volume at previous prices;
Q2 - sales volume at new prices;
P1 - previous price of the product;
P2 - new price of the product.

Demand for various goods can be either elastic or inelastic. With elastic demand (a slight change in price and a significant change in demand), the value of the elasticity coefficient is greater than one. Conversely, with inelastic demand, when a change in price does not cause large deviations in the demand for a given product, the elasticity coefficient is less than one. Goods of inelastic demand include, for example, everyday goods, relatively inexpensive goods, and others.

The state plays a certain role in pricing, performing a regulatory function. In conditions of an imperfect market, the emerging equilibrium price does not contribute to the optimal state and stability in society. Therefore, the state, by establishing regulated prices, purposefully creates new equilibrium conditions. But it is necessary to take into account the following points: firstly, the price set by the state cannot change quickly enough under the influence of changes in supply and demand, so there may be a shortage or overstocking of products that cannot be sold; secondly, the complete refusal of the state to interfere in the pricing process deprives society of the opportunity to influence the price level of monopolistic industries and enterprises, and also deprives the population of social support, especially its low-income groups.

Therefore, in market conditions, especially during the transition period, the need for state regulation of pricing increases.

The basis of the price is the costs associated with its production and sale, so their size largely determines the price level. For example, in industry the share of cost in the selling price of an enterprise (excluding VAT and excise taxes) is 83.8%, in railway transport - 85.6%.

Costs include costs both dependent and independent of the activities of the enterprise. For example, the cost of raw materials, materials, fuel, energy, transport tariffs are factors external to the enterprise. Therefore, an increase in these costs causes an increase in the price of the product.

Another group of costs - the level of use of raw materials and supplies, the degree of capacity utilization, labor productivity and others - directly depends on the level of their organization at the enterprise.
Therefore, a company, depending on the strength of its position in the market, can maneuver prices. If the company’s position is not stable enough and an increase in product prices is undesirable, then the increase in prices, for example, for raw materials can be compensated to a certain extent by reducing the consumption rates of raw materials, using secondary resources, and so on. If the company's position is sufficiently stable, in this case the increase in costs can be transferred to the price of the product.

The price level is influenced by competition, which pushes firms to improve their products and justify their prices in detail. In this case, a company can focus on either a seller's market or a buyer's market. In a seller's market, the dominant position is occupied by the seller - the manufacturer of the product. In such conditions, it is easier for a company to operate, since its products are beyond competition. In a buyer's market, the buyer dominates. And its well-being depends on how well the company can take into account the changing needs of the buyer and satisfy them in a timely manner. The price level is also influenced by a number of other factors, for example, the stage of the product life cycle, organizations involved in the promotion of goods from manufacturer to consumer, etc. Taking into account the influence of all factors in a complex will allow the company to develop the correct pricing policy.

Pricing in a company is a complex and multi-stage process. The choice of pricing policy is based on an assessment of the priorities of the enterprise. Each pricing strategy has a combination of both positive and negative characteristics. Therefore, for example, the adoption of one of them leads to the denial of the advantages of the other. As a result, a real assessment of reality leads to the need to focus the enterprise’s activities on mixed pricing strategies.

Each company must have a clear, orderly method for setting the initial price for its products. The lack of a clearly defined pricing policy causes uncertainty in decision-making in this area by various departments of the enterprise and can lead to inconsistency of these decisions. As a result, the company's position in the market becomes weaker, and the company suffers losses in revenue and profit.

The stages of the pricing process are shown in Fig. 1.4.1.

Rice. 1.4.1. Stages of the pricing process

Target selection. Any company must, first of all, determine what role it pursues by releasing a specific product. If the goals and position of the product on the market are clearly defined, then it is simpler and easier to set the price. There are three main goals of pricing policy: ensuring survival, maximizing profits and retaining the market (Fig. 1.4.2.).

Rice. 1.4.2. Goals of the company's pricing policy.

Ensuring the survival of the company is the main goal of the company operating in conditions of fierce competition, when there are many manufacturers on the market with similar products. The company chooses this goal in the following cases:

Consumer price demand is elastic (Ke > 1);

The company wants to achieve maximum sales growth and total profit by slightly reducing income from each unit of goods;

The company assumes that an increase in sales volume will reduce the relative costs of production and distribution;

Low prices scare off competitors;

There is a large consumption market.

To capture a larger market share and increase sales volume, reduced prices are used - penetration.

Profit maximization has several varieties. For example, a company strives to achieve a consistently high level of profit (for a year or a number of years). This goal is set not only by a company that has a stable position in the market, but also by a company that is not too confident in its future and is trying to make the most of favorable market conditions. The following goals can be based on profit maximization:
- establishment by the company of a stable income for a number of years, the corresponding amount of average profit;
- calculation of price growth, and therefore profit due to the increase in the cost of investment;
- the desire to quickly obtain an initial profit, since the company is not confident in the favorable development of the business or it lacks funds.

The profit that a company seeks to achieve can be calculated in relative or absolute terms. Absolute profit is the income the seller receives from the sale of all goods minus expenses.
Relative profit is calculated per product. Thus, absolute profit can also be obtained as the product of relative profit by the number of units of goods sold. Different products have different relative profits. Thus, essential goods (bread, milk, housing) have low relative profits, and items that satisfy prestigious needs and are of high quality have high relative profits. Such profits tend to be based on prestigious goals. However, it should be noted that companies using penetration pricing generally generate high profits.

When choosing a goal based on profit maximization, the firm evaluates demand and costs under different price conditions and settles on prices that provide maximum profit in the future.

The goal based on market retention is to maintain the firm's existing market position or favorable conditions for its activities. The company is taking all possible measures to prevent a decline in sales and intensification of competition. Working in such conditions, she carefully monitors the situation on the market: price dynamics, the emergence of new products, the actions of competitors; does not allow excessive overstatement or understatement of prices for its products and strives to reduce production and sales costs.

Determining demand is the next stage of pricing. This important stage cannot be postponed or eliminated, since it is absolutely impossible to calculate the price without studying the demand for this product. However, it should be borne in mind that a high or low price immediately assigned by a company will not affect the demand for the product.

No firm can ignore changes in demand. Differences in approaches to determining demand are determined by the type of market. In a market with a pure monopoly, where there is one seller in the market, the demand curve shows the inverse relationship between demand and price, as well as the validity of demand at the price set by the company. With the emergence of competitors, the demand curve will change under the influence of the pricing policies of other firms.

When determining the amount of demand for its product, the company must evaluate it at different prices and try to find out the reasons for its change.

As noted, the amount of demand is influenced by various factors, among which are: the need for a product, the solvency of potential buyers, purchasing habits and preferences, etc.
When adjusting the price of a product to demand, it should be remembered that demand reacts differently to price. As noted earlier, the degree of sensitivity of demand to prices is shown by the elasticity of demand coefficient. When determining demand, an entrepreneur must take into account the value of this coefficient.

Cost analysis. The demand for a product determines the upper price level that a firm can charge. Gross production costs determine its minimum value. This is important to consider if a company reduces prices.
Then there is a real threat of incurring losses as a result of setting prices below the cost level. A company can pursue such a policy only for a short period when penetrating the market.

A well-thought-out price policy is not evidenced by frequent price revisions caused by fluctuations in costs and demand. It is advisable to take into account costs according to standards.

Analysis of competitors' prices. The behavior of competitors and the prices of their products have a significant impact on the price. Each company must know the prices of competitors' products and the distinctive features of their products. For this purpose, comparative purchases are made, as a result of which an analysis of prices, products and quality is carried out. The company can use the information obtained as input for pricing and determining its place among competitors.

Selecting a pricing method. Having gone through all these stages, the company can begin to determine the price of the product. The optimal possible price must fully compensate for all costs of production, distribution and marketing of the product, and also ensure a certain rate of profit.

There are several basic methods for calculating prices.

The simplest and most common method is “average costs + profit,” which involves adding a markup to the cost of goods.
The amount of markup added by the company can be standard for each type of product and widely differentiated depending on its type, cost per unit of product, sales volumes, etc., however, the standard markup does not allow taking into account the peculiarities of consumer demand and competition in each specific case, and therefore determine the optimal price.

And yet this technique is very popular, which is explained by three reasons.

Firstly, no matter how carefully sellers study customer demand and competitors’ prices, they know the costs better. Therefore, by setting prices based on costs, they do not have to revise prices based on fluctuations in demand. Secondly, this is the fairest method in relation to the seller and the buyer. Third, this method reduces price competition, since all firms in the industry determine prices according to the same principle.

Another cost-based pricing method focuses on achieving a target profit. In this case, the price is immediately set by the company based on the desired profit margin. However, to recover production costs, it is necessary to sell a certain volume of products at a given price or at a higher price, but in smaller quantities. Price elasticity of demand is of particular importance here.
Using this method, the company can calculate at what price level the sales volumes will be achieved to recover gross costs and achieve the target profit.

Calculating prices based on the “perceived value” of a product is one of the most original pricing methods, widely used in developed countries. When calculating prices using this method, cost guidelines give way to the buyer's perception of the product. In order to enhance the value of the product for him, the seller uses non-price measures of influence: provides after-sales service, special guarantees to buyers, the right to use the company’s trademark in case of resale, etc. The price only reinforces the value of the product in the buyer's mind.

Setting the final price is the final stage of pricing. Having chosen one of the listed methods, the company can begin to calculate the price, which should take into account the buyer’s psychological perception of the company’s product. For example, for many consumers, the only information about the quality of a product is contained in the price, and this serves as an indicator of quality. The price assigned must correspond to the company's pricing model and its pricing policy. It is also necessary to consider the reaction of competitors to the proposed price.
Recently, more and more often, entrepreneurs are faced with the task of insuring the market price. This suggests the need to introduce another stage of price adjustment for progressive managers, which is to insure the final price. For this purpose, a number of clauses are introduced into purchase and sale contracts or supply contracts. The need for their introduction is due to the fact that the market and level of sales of goods are influenced by many constantly changing factors (political instability, general economic factors, depletion of natural resources, changes in the environmental situation, demographic situation, etc.).

1.5. Principles and methods of enterprise planning.

Planning and forecasting are the most important components of enterprise management, and without them it is hardly possible successful work enterprises. They allow:

Anticipate the development prospects of the enterprise for the future;

More rational use of all enterprise resources;

Avoid the risk of bankruptcy;

To more purposefully and effectively implement scientific and technical policy at the enterprise;

Timely update and modernize manufactured products and improve their quality in accordance with market conditions;

Increase production efficiency and improve the financial condition of the enterprise.

But in order for forecasting and planning to perform these functions, they must be built on scientific principles and methods.

Planning principles are understood as the basic theoretical principles that should be followed in the planning process at an enterprise.

The basic principles of planning include:

Continuity of planning. This principle means that the enterprise must develop long-term, medium-term and short-term plans. Medium- and long-term plans should be systematically reviewed and adjusted to take account of changing circumstances, and annual plans should be derived from medium-term plans. This ensures continuity of planning in the enterprise;

Scientificity. This principle means that planning should be carried out on a scientific basis, i.e. based on reliable information and scientifically proven methods. In addition, this principle means that plans should use the latest advances in science and technology, as well as advanced methods of individual enterprises that have emerged in the global community of states;

The focus of plans on the rational use of all resources of the enterprise, on increasing production efficiency and achieving maximum profits;

The principle of leading links and the priority of their implementation. This means that in an enterprise it is always necessary to select the leading links on whose implementation the success of the business depends, and strive to implement them first. The choice of leading links should be based on a deep analysis of the state of affairs at the enterprise, and only real managers can do this;

The principle of mutual coordination and coordination. Planning should cover all production departments of the enterprise in order to ensure balance in the work between them.

In domestic practice, various enterprise planning methods are used:

1. The balance sheet method is most widely used in planning at the national economic level. It also applies at the enterprise level. When using this method, the following types of balances are compiled:

Material (balances of fuel, electricity, equipment, building materials, etc.);

Labor (labor balance);

Financial (balance of cash income and expenses, balance sheet, cash plan, etc.).

2. The normative method, its essence lies in the fact that when planning, a whole system of norms and standards for the use of enterprise resources is used (standards for the consumption of raw materials and supplies, production and maintenance standards, labor intensity, headcount standards, standards for the use of machinery and equipment, organization standards production process, duration of the production cycle, stocks of raw materials and fuel, work in progress).

This method can only be successfully applied if a progressive regulatory framework is used, i.e. when norms and standards are revised taking into account planned measures to introduce new equipment and technology, as well as improve the organization of production and labor.

3. Program-target method, mainly used in planning scientific and technical progress, because it allows you to: concentrate and direct the resources of the enterprise to implement the most important scientific and technical programs; ensure end-to-end planning - ideas before implementation into production; link the implementation of scientific and technical programs with the economic and social development plan of the enterprise.

4. The planning method based on technical and economic factors is used mainly when planning the costs of production and sales of products, the production program and other sections of the economic and social development plan of the enterprise.

This planning method takes into account the following factors:

Technical (introduction of new equipment and technology, new materials, reconstruction and technical re-equipment of the enterprise, etc.);

Improving the organization of production and labor;

Changes in production volume, nomenclature and range of products;

Inflation;

Special factors related to the specifics of the enterprise and production.

This method is used in developing a production program, a labor and personnel plan, plans for production costs and sales of products.

As a rule, when planning an enterprise, not one method of the above is used, but their entire complex.

1.6. Innovative activity of the enterprise.

In modern conditions, all processes of applying new knowledge are associated with market relations. Practice shows that innovations are aimed at the market and meeting its needs.

The process of introducing innovation covers almost all aspects of an enterprise's activities. The very search for effective organizational forms of innovation management is based on a skillful combination of scientific, innovative and market factors. The introduction of these searches into production is innovation activity.

So, innovation activity is the practical use of innovative, scientific and intellectual potential in mass production in order to obtain a new product that satisfies consumer demand for competitive goods and services. An important characteristic of this activity is innovative activity - targeted support for the high sensitivity of enterprise personnel to innovation through targeted structures and management methods.

Innovation activity itself is characterized by an acceleration in the rate of creation of innovations and their diffusion, which contributes to the deepening and expansion of structural changes in the economy, increasing the size of the market and satisfying existing and emerging needs.

Restructuring the economy on market principles in our country requires ensuring world-class quality of manufactured goods, timely updating of enterprise products and maximum interest in introducing innovations; high innovative activity based on its own developing potential. At the same time, world practice shows that government support for innovation is objectively necessary.

Currently, the effectiveness of an enterprise's innovation activity is determined, first of all, by the presence of a well-functioning system of investment, lending, taxation, operating in relation to the innovative sphere of scientific developments.

The innovation sphere is:

1. A system of interaction between innovators, investors, producers of competitive products, services and developed infrastructure;

2. The market for innovations, the capital market and the market for pure competition of innovations. Therefore, management of the innovation process becomes the key to the modern organization of innovation activity at the micro and macro levels.

Thus, the innovative activity of an enterprise is not limited to the creation and implementation of innovations, but also includes the development of appropriate structures, organizational forms of management and management at production enterprises.

How is the innovative activity of firms and corporations carried out in developed countries?

In most developed countries, regulation and stimulation of innovation occurs mainly through national research programs and various levels of government participation.
The fundamental criterion for developing programs is the voluntary participation of the state, corporations and firms, with each participant guided by their own interests. The effectiveness of using these programs to concentrate national resources on key areas of scientific and technological progress is especially indicative of economic experience
Japan. Since Japan has a minimum of its own natural resources, the government of the country considers scientific and innovation policy as the most important means of stimulating overall growth economy and increasing the country's international competitiveness. Japan's policy concentrates on exporting products with the aim of gaining trade leadership in the range of high-tech products, allowing for a large share of added value. It should be noted that the Japanese government does not direct industrial developments in a directive manner, but rather there is a mutual partnership between government and industry sectors based on pragmatic decisions, mutual respect, and coordinated activities aimed at achieving common goals.

France has the highest level of centralized regulation of innovation, where scientific research is recognized as a national program and presented in the form of five-year strategic research plans.

In England, there is no system of centralized regulation of innovation activities, but there is a well-developed interaction mechanism that allows for coordination of innovation development at the state level.

In the United States, economists and sociologists see the venture business as evidence of the American economy entering the recovery phase of a new “cycle.”
Kondratiev.” In this regard, it is worth noting that the well-known Marxist thesis about the transformation of science into a direct productive force is understood and implemented in the West better than in reality here. So the experience state support innovation activity in developed countries shows that it is the state that must develop an innovation policy that would provide an evolutionary path to the modern market.

The post-reform economic situation in Russia has made it necessary to form the missing middle link in the structure of our economy - regulated innovative activity at industrial enterprises.
Restructuring the country's economy on a market basis requires timely updating of products, introduction of innovations, and high innovative activity based on its own innovative potential.

Consequently, the market transformation of the Russian economy radically changes the place and role of the innovation process as a necessary component of modern scientific and technological progress. The formation of a market economy proposes structural transformations in the economy, the development of production structures for the creation of technologically intensive and knowledge-intensive industries, and ensuring the competitiveness of business entities. Solving these problems becomes possible through the use of accumulated scientific potential, the ability of enterprises to quickly bring the results obtained to the stage of production and commercial use and the strengthening of innovative processes that are designed to ensure significant growth and competitiveness of enterprises.

Overcoming the objective limitations of the market mechanism in intensifying innovation processes requires strengthening the role of the state in this area. It must ensure the choice of priorities for scientific and technological development and the production of new knowledge and technologies. Outside of the regulatory role of the state, many aspects of the innovative activities of enterprises are not able to ensure the effective use of the market mechanism.

The increasing role of the state in the development of the innovation sphere is also due to the specific conditions of Russian activity.
A deep systemic crisis, accompanied by a decline in production, requires great efforts from the state in solving problems of scientific and technological development, eliminating chronic shortages of funds from enterprises, and maintaining investment and innovation activity. The use of the regulatory role of the state is caused to a greater extent by the complication of the object of regulation, the activation of innovative processes - how distinctive feature the current stage of development of the innovation sphere and their steadily increasing role in ensuring economic growth and competitiveness of microeconomic agents and the national economy.

Public policy should be aimed at eliminating administrative-command approaches to innovation and its management; creation of effective socio-economic motives that encourage individual and associated subjects of the innovation sphere to develop latest technologies and technology; to demonopolize the economy; development of economic freedom of the individual, entrepreneurship; expansion of credit, tax, price benefits, as well as targeted subsidies and government orders.
Today in Russia the first but confident steps are being taken in the field of increasing the efficiency of the system of state economic stimulation of innovative activities of enterprises. The prospects for the system of state economic support for the innovative activities of enterprises are also associated with the use of new progressive structures, which are essentially an alternative to the existing system.

The innovative activity of the enterprise is based on the following principles: the priority of innovative production; cost-effectiveness of innovative production, which presupposes consistent consideration in management practice of the productive nature of the functioning of applied science, which determines not only the self-sufficiency of innovative production, but also its profitability and commercial success in the market; flexibility of innovative production, meaning that management should ensure freedom of action for subjects of innovative activity, rejection of strict regulation, and encouragement of entrepreneurship.

An essential factor in the innovative activity of an enterprise is that the innovations it uses are limited in time by market cycles, i.e. that time limit when this innovation has a sales market, after which the economic and technological potential of the innovation is exhausted and timely switching of resources is necessary for the introduction of other innovations into production.

In conditions of developed market relations, the innovative activity of an enterprise is characterized by complete economic independence and legal freedom in making business decisions, i.e. The enterprise itself decides which resources to use, determines the volume of products produced and its price. The independence of the economic activity of the enterprise means that it does not receive gratuitous assistance from anyone and bears financial liability for all your decisions, i.e. acts and makes business decisions within the framework of its budget. At the same time, the innovative activity of the enterprise is aimed at achieving the main goal - ensuring maximum profit. It is known that in a market economy, the source of profit is not only the possibility of changing prices or cost savings, but also timely updating of products, appearance on consumer market products that are new and different from existing products. In this case, innovating enterprises receive additional profit for the monopoly on knowledge (“scientific and technical rent”).

The abolition of duties on the latest imported equipment and technologies can play a major role in strengthening the self-financing of enterprises and firms.
The same task is intended to be carried out by the depreciation policy, which should be built taking into account market conditions and the need for accelerated updating of the production and technical equipment of enterprises. Preferential taxation is extremely important for the establishment of self-financing of innovative activities of enterprises, especially for those that invest their funds in the development of the sphere of innovation. Tax policy should be such that its main function is to stimulate innovation and, on this basis, expand the tax base.

The development of the self-financing process involves the creation of conditions conducive to the national use of accumulated funds intended for investment and innovation activities. To ensure that these funds are not spent on the purchase of currency, securities, the purchase of industrial goods, or transferred to the deposits of commercial banks, institutional support is required for their use as sources of industrial investment and innovation. This can be achieved by creating specialized investment funds and special production renewal accounts.
It is advisable to exempt funds accumulated in them from taxes or introduce preferential taxation for them. Such a measure would allow the state to concentrate the necessary resources and direct them to investment and innovation activities.

Indeed, in conditions of high inflation rates, there are still opportunities to stimulate the innovative activity of an enterprise, in particular through financial leasing, which has not yet received sufficient distribution in the Russian economy. The transition to market relations has put forward qualitatively new needs for an accelerated solution to the problems of financing the innovative activities of enterprises with different organizational and legal forms of ownership.

The most important element in stimulating innovation activity on the part of the state is the system of contractual relations between state institutions in the field of R&D.

1.7. Analysis of the efficiency of the enterprise.

1.7.1. Indicators of analysis and diagnostics of the financial and economic activities of an enterprise.

The assessment of the enterprise's activities is carried out on the basis of a comprehensive analysis of the final results of its effectiveness. The economic essence of enterprise efficiency is to achieve a significant increase in profit for each unit of cost. Quantitatively, it is measured by comparing two quantities: the result obtained in the production process and the costs of living and embodied labor to achieve it.

The results of the analysis of economic activity are used as a basis for developing planned decisions for subsequent development, and some of them form the basis of special and other funds of the enterprise.

Measuring the economic efficiency of an enterprise requires its qualitative and quantitative assessment, i.e. determining the performance indicators of the enterprise.

For various purposes of analysis and diagnostics of financial and economic activities of an enterprise, various groups of indicators are used.
1. Indicators of the use of working capital.

These include the inventory turnover rate in days and the agility ratio.

Inventory turnover in days - the ratio of the amount of inventory to the one-day sales turnover:

Omz = Inventories / Sales volume / 360

Using this ratio, the number of days per turnover of inventory is determined. The low value of this indicator indicates a stable demand for the company’s products.
A high value of the indicator may mean that the company has more inventories than it needs, or is experiencing difficulties in selling products. To obtain a more accurate result, the average amount of inventories for the period is often used in the numerator of the formula.

This ratio shows the share of the enterprise’s own capital in a form that allows them to maneuver freely, increasing purchases of raw materials, materials, components, changing the range of supplies, purchasing additional equipment, and investing in other enterprises. By its size one can judge the financial independence of the enterprise, i.e. about the ability of the enterprise not to find itself in a position of bankruptcy in the event of prolonged technical re-equipment or difficulties with the sale of products. The higher this coefficient, the lower the risk associated with owning machinery and equipment that quickly becomes obsolete in the context of scientific and technological progress.
2. Solvency indicators.

One of the indicators characterizing the financial stability of an enterprise is its solvency, i.e. the ability to have cash resources to timely repay your payment obligations.
Solvency is an external manifestation of the financial condition of an enterprise and its stability.

Solvency analysis is necessary not only for an enterprise for the purpose of assessing and forecasting financial activities, but also for external investors (banks). Before issuing a loan, the bank must verify the borrower's creditworthiness. Enterprises that want to enter into economic relations with each other must do the same. It is important for them to know about the financial capabilities of their partner if the question arises of providing him with a commercial loan or deferred payment.

In general, an enterprise is considered solvent if its total assets exceed its external liabilities. Thus, the greater the excess of total assets over external liabilities, the higher the degree of solvency.

To measure the level of solvency, a special solvency ratio is used, which shows the share of equity
(share) capital of an enterprise in its total liabilities (as a percentage):
|Kp = | Own General |
| | capital obligations |

A high solvency ratio reflects minimal financial risk and good opportunities for raising funds from outside.
Changes in the level of the solvency ratio may also indicate an expansion or contraction of the corporation's activities (its business activity).

When determining the solvency of an enterprise, it is always necessary to analyze the financial structure of the sources of its funds, i.e. from what means its assets are financed. The indicator reflecting the state of the enterprise’s financial assets is called the financial ratio and is determined by dividing the amount of equity capital by the size of external circumstances:
|FO = | Own External |
| | capital obligations |

Theoretically, the normal ratio between equity capital and external liabilities is 2:1, with 33% of total financing coming from debt.

A high value of this indicator characterizes a low risk of bankruptcy and good solvency.

A high ratio means good possibilities for repaying loans and a low probability of insolvency (bankruptcy).
3. Profitability (profitability) indicators.

The types of profits shown on the income statement are the most common indicators of a business's profitability. However, when conducting financial analysis, it is important to know how effectively
(profitably) all means were used to ensure the receipt of specific income. To effectively and comprehensively measure profitability, the following indicators are used.

Return on total investment - the ratio of profit before taxes and the amount of interest paid on long-term liabilities to total investments (long-term liabilities and equity) (as a percentage). This ratio shows how effectively the invested funds were used, i.e. what income does the enterprise receive per 1 monetary unit (den.unit) of invested funds:

This indicator also characterizes the efficiency of management of invested funds and, indirectly, the experience and competence of management.
Since the amount of taxes paid is set by the state and does not depend on a particular enterprise, the most accurate indicator of the profitability of an enterprise is profit before taxes. In addition, profits must include compensation for interest payments on long-term liabilities, since interest rates are also set outside the enterprise. These obligations are reflected in the numerator of the above formula.
Some financial analysts use net income in the numerator of this formula, thereby determining the effectiveness of the overall investment.

Return on equity - the ratio of net profit to equity (in percent):

Psk = Net profit / equity

This ratio shows how effectively equity capital was used, i.e. what income did the enterprise receive per 1 monetary unit of its own funds? This indicator is especially important for shareholders, as it characterizes the level of efficiency in using the money they invested, and also serves as the main criterion when assessing the level of quotation on the stock exchange for the shares of a given enterprise.

Profit on total assets - the ratio of net profit to total assets (in percent):

Poa = Net profit / total assets

This indicator serves as a measure of the efficiency of using all assets (capital productivity) that the enterprise possesses, i.e. what income is received per 1 monetary unit of assets. It should be noted that if the return on assets is less than the interest rate on long-term loans, then the situation should be considered unfavorable.

Gross output ratio - the ratio of the difference between sales volume and their cost to sales volume (in percent):

This coefficient shows the limit of “total profit”, i.e. share of gross profit per 1 day. units sales (products sold). It allows you to determine the amount of net profit that remains after deducting from the cost of products sold, the cost of paying taxes and interest on the loan, and covering operating expenses.
Having determined this indicator, you can easily find the share of production costs per 1 day. units sales The gross profit ratio reflects the interaction of several factors such as price, production volume and cost. Its increase may be a consequence of a decrease in production costs, or indicate favorable market conditions.

Profit on operating expenses - the ratio of operating profit to sales volume (in percent):

This is an indicator of the amount of operating expenses per 1 day. units sales

Profit on sales - the ratio of net profit to sales volume:

This coefficient shows the amount of net income received by the enterprise per 1 day. units sold products.
4. Indicators of efficiency of asset use.

This group of ratios is often called efficiency ratios, since they serve as measures of the level of efficiency in using the assets that an enterprise has. These include the following coefficients.

Inventory turnover is the ratio of sales volume to the amount of material inventories, or the number of turnovers made by inventories per year:

A high value of this indicator is considered a sign of financial well-being, since good turnover ensures an increase in sales volumes and contributes to higher incomes. If this ratio is significantly higher than the industry average (from 4 to 8), the situation should be subjected to careful analysis, as this may indicate a risk associated with a shortage of inventory, which will result in a decrease in sales volume. Too high a turnover may be a sign of a lack of available funds and serve as a signal of the possible insolvency of the enterprise. To obtain a more accurate result, the average amount of inventory for the period under consideration is often used in the denominator of this formula.

Some financial analysts prefer to use cost of sales in the numerator of the formula instead of sales volume. The rationale for this approach is that cost of sales and inventory levels are measured at wholesale prices (i.e., it does not include sales and tax markups, while sales volume does include them). With this approach, the given formula will look like this:

Efficiency ratio of current assets - the ratio of sales volume to working capital (current assets) (in percent):

This coefficient shows how many monetary units of products are sold per 1 day. units current assets.

Net working capital efficiency ratio
- ratio of sales volume to net working capital (current assets minus current liabilities) (in percent):

Echok =

This coefficient shows how many monetary units of products are sold per 1 day. units net working capital.

The coefficient of efficiency of use of fixed assets - the ratio of sales volume to the value of real estate shows how many monetary units of products are sold per 1 day. units fixed assets (in percent):

The value of this coefficient can range from 100 to 700% and depends on the capital intensity of production.

The efficiency ratio of the use of total assets is the ratio of sales volume to the total assets of the enterprise (in percent):

The higher the value of the last two coefficients, the more intensively, and therefore efficiently, production equipment and other types of assets are used.

The general level of the financial and economic condition of the enterprise can be assessed on a scale: a) favorable; b) satisfactory; c) unsatisfactory; d) critical. For a qualitative assessment of the main positions, characteristics such as high, normal and low levels can be used. The values of the coefficients can be assessed using the interval method: those that fall within the interval are normal, and those that are outside it are high or low. The basis for choosing an interval is the industry average, as well as the best and worst indicators in the industry.

1.7.2. Organization of analysis of enterprise activities.

Increasing business efficiency largely depends on the specificity, timeliness and appropriateness of management decisions made. All this can be achieved through the analysis process. However, only properly organized work on analytical research of results can ensure its effectiveness and efficiency and fundamentally influence the course of economic processes. Therefore, the organization of analysis at enterprises must meet a number of requirements. Among them, first of all, it is necessary to note the scientific nature of the analysis. In practice, this means that it should be based on the latest scientific achievements and best practices, built taking into account the operation of economic laws within a particular enterprise, and carried out using scientifically based techniques.

Conducting analysis should become an organic part of the job responsibilities of each specialist, managers at different levels of the economy, and the responsibility of all employees who are involved in making management decisions. Hence another important principle for organizing analysis.
- a reasonable distribution of responsibilities among individual performers depends on how rational this distribution is, not only the completeness of coverage of the objects of analysis depends, but also eliminates the possibility of repeated conduct of the same studies by different persons. This contributes to more efficient use of specialists’ working time and ensures the completeness of the analysis.

The analytical solution must be effective, which means that the costs of its implementation must be minimal with optimal depth of analysis and its complexity. To this end, advanced techniques and tools that facilitate the analyst’s work should be widely used when conducting it. These are, first of all, national methods of collecting and storing data, introducing into practice the analysis of PCs and other technical means and office equipment.

An important principle in organizing analytical work at an enterprise is its regulation and unification. The regulation provides for the development of a mandatory minimum of tables and output analysis forms for each performer. Unification (standardization) of analysis involves the creation of standard methods and instructions, output forms and tables, standard programs, uniform evaluation criteria, which ensures comparability and reducibility of analysis results at a higher level of management, increases the objectivity of assessing the activities of on-farm departments, reduces time spent on analysis and ultimately helps to increase its effectiveness.

Analytical work at the enterprise is divided into the following organizational stages.
1. Identification of subjects and objects of analysis, choice of organizational forms for their research and distribution of responsibilities between individual researchers.
2. Planning of analytical work.
3. Information and methodological support for analysis.
4. Analytical processing of data on the progress and results of business.
5. Registration of analysis results.
6. Monitoring the implementation of proposals made based on the results of the analysis into production.

1.7.3. Anti-crisis enterprise management.

Elimination of bankrupt business structures from the market is an indispensable condition for the effective functioning of the market mechanism.
However, preventing bankruptcy and ensuring the continued prosperity of these structures is a much more complex and important task. A system of measures called anti-crisis management is subordinated to the solution of precisely this problem.
Often, such management is understood as either management in a crisis, or management aimed at getting the organization out of the crisis state in which it is located. According to Gradov’s definition, crisis management is:

1) analysis of the state of the macro- and microenvironment and selection of the preferred mission of the company;

2) knowledge of the economic mechanism of the emergence of crisis situations and the creation of a system for scanning the external and internal environments of the company for the purpose of early detection of “weak signals” about the threat of an approaching crisis;

3) strategic control of the company’s activities and development of a strategy to prevent its insolvency;

4) prompt assessment and analysis of the financial condition of the company and identification of the possibility of insolvency (bankruptcy);

5) development of a preferred policy of behavior in the conditions of the crisis and withdrawal from the company;

6) constant consideration of the risk of business activity and the development of measures to reduce it.

The bankruptcy of an enterprise is the result of the simultaneous joint negative action of external and internal factors, the share
“contribution” of which may be different. The bankruptcy of an enterprise is the result of the simultaneous joint negative action of external and internal factors, the share of “contribution” of which may be different. Thus, according to available estimates, in developed countries with a stable policy and economic system, 1/3 of external factors are involved in bankruptcy and
2/3 - internal. External factors can be international and national. 90% of various failures of small American firms are associated with inexperience of managers, incompetence of management and its inconsistencies with changed objective conditions, abuses, which generally leads to ineffective management, making erroneous decisions, and the inability to adapt to market conditions.

The consequences of the negative impact of certain factors can be foreseen, which means that appropriate measures can be taken in a timely manner to eliminate or mitigate them, if you constantly monitor signs of a possible deterioration in the financial condition of the enterprise. These signs, of course, do not have absolute strength and must be considered in conjunction with other indicators of economic activity. They are the reason for a thorough examination of the financial condition of both managers and shareholders, as well as customers and creditors.

The source of information for such diagnostics can be official financial statements, especially if they are compared with data for several reporting periods. The composition of the financial statements submitted by an enterprise to the tax authorities includes: “balance sheet of the enterprise”
(form No. OKUD), “report on financial results and their use”
(form No. 2), “certificate to the statement of financial results and their use”
(reference to form No. 2), “Appendix to the balance sheet of the enterprise” (form No. 5).

To prevent a crisis, timely detection of signs of an upcoming crisis situation is of great importance. Early signs or symptoms of impending organizational troubles may include:

1) negative reaction of business partners, suppliers, loans, banks, consumers of products to certain events carried out by the organization (opening or closing of divisions of the organization, branches, subsidiaries, their mergers, frequent and unreasonable changes of business partners, entry into new markets and other changes in the organization's strategy;

2) delays in the provision of financial statements and their quality, which may indicate either deliberate actions or a low level of personnel qualifications;

3) changes in the balance sheet items on the part of liabilities and assets and violation of their certain proportionality;

4) an increase in the organization’s debt to suppliers and creditors;

5) a decrease in the organization’s income and a drop in profitability, depreciation of the organization’s shares, setting unrealistic (high or low) prices for its products;

6) extraordinary inspections of the organization, restrictions commercial activities organization by authorities, cancellation and withdrawal of licenses, etc.

One of the indicators of the state of an organization is its sustainability.

American economists recommend determining organizational stability (Z) using a general indicator.

Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0X5, where: X1 is an indicator of working capital efficiency;

X2 is an indicator of the efficiency of accumulated capital;

X3 - production profitability;

X4 - debt indicator;

X5 is an indicator of asset efficiency.

X1 = , where: Osr - working capital;

Okr - short-term liabilities;

A - total assets.

X2 = , where: K accumulated capital (remainder of previous years).

X3 = , where: P ball - balance sheet profit.

X4 = , where: K - capital of the company (fixed assets plus intangible assets);

D is the total debt of the company.

X5 = , where V is the total sales volume.

The listed indicators can simultaneously serve as indicators of the company’s operating efficiency.

The firm's stability indicator allowed American economists to identify up to 90% of potential bankrupt corporations a year before bankruptcy, up to 70% - 2 years and 50% - 5 years before bankruptcy. If Z > 3, then the company is stable, less than 1.8 - unstable.

Since in conditions of fierce competition it is necessary to accurately predict one’s future, it seems that the proposed system of indicators can help managers and investors find a firm rudder of a financial ship.

The main phases of the crisis process can be presented in the following sequence:

1) Strategic crisis caused by the low quality of strategic management 2-3 or more years ago;

2) Tactical crisis caused by the low quality of tactical marketing and production management;

3) Crisis of insufficient provision of the organization with resources, loans, etc.;

4) Insolvency of the organization, its unprofitability;

5) Restructuring of the organization;

6) Bankruptcy and liquidation of the organization.

The main goal of creating and putting into operation the organization's anti-crisis management system is to carry out a structural restructuring of the entire national economy in accordance with the needs of the market.
This goal is realized after solving the following tasks:

Prevention of bankruptcies of organizations and their social consequences;

Providing state financial support to organizations for conducting sanadic events;

Identification of unpromising organizations that do not have real opportunities to restore solvency and their liquidation;

As world practice shows, these goals and objectives are achieved subject to the following basic principles of anti-crisis management of an organization:

Establishment of uniform, stable and reliable commercial relationships for all economic entities, rights and obligations in a situation of insolvency or bankruptcy of an organization;

Preventing the ability of debtors fulfilling obligations to update their activities;

Introduction of a system of security measures in case of bankruptcy and economic downturn;

Creation of a mechanism for regulating the financial affairs of debtors fulfilling their obligations in order to improve their health;

Creation of a commercial and legal system to encourage the work of reliable partners and the formation of an acceptable procedure for resolving financial disputes;

Protecting legal and administrative structures from the possibility of accelerating the process of collapse of the organization and the establishment of disputes and litigation;

Preservation, where possible and economically feasible, of promising organizations having financial difficulties;

Creation of mechanisms that will represent and reliably protect the interests of all participants in the crisis management system
(creditors, personnel, etc.) in the event of liquidation of a bankrupt organization and allow the assets of the debtor to be fairly distributed.

1.8. Characteristics of the enterprise.

1.8.1. History of the creation of the Mikhailovskaya Nonwoven Materials Factory.

Legal address of the enterprise: 391710, Russia, Ryazan region,
Mikhailov, st. Fabrichnaya, 1.
The nonwoven materials factory is a specialized enterprise for the production of various types of nonwoven products. The Mikhailovskaya factory of nonwoven materials was founded in 1959 and was called the “Cotton Factory”.
Having received cotton fiber, the factory produced cotton wool on carding machines, pressed it into bales and sent it to consumers. At this time, it produced several types of cotton wool such as “clothing”, “Prima” and others.

Gradually production expanded and improved. In 1969, an AChVV-2 type unit was installed (a carding and knitting unit for the production of batting) and an AChV-1 unit (a carding and knitting unit for the production of bases for artificial leather and wiping cloth).

It was then that the factory was renamed into a nonwoven materials factory. At this time, the factory received grades 4 and 5 cotton to produce the base for artificial leather, as well as grade 6 cotton, cotton linters and waste from cotton processing for the production of batting.
The yarn used was nylon 50 tex and cotton 25/2 tex and 50 tex.

Currently, the factory has 32 units of technological equipment installed, of which 22 units (unit) AChVV-2 for the production of batting and 10 units AChV-1 for the production of wiping cloth.

Since 1992, the factory has been operating in new economic conditions, self-financing and economy. Since 1995, the Mikhailovskaya Nonwoven Materials Factory began to be called the “Commercial Organization Limited Liability Company Mikhailovskaya Nonwovens Fabrics Factory.”

Today, KO LLC "Mikhailovskaya Nonwoven Materials Factory" produces a wide range of products, both in linear meters and in piece form (Appendix 1 and 2).

1.8.2. Enterprise management structure.

KO LLC Mikhailovskaya Nonwoven Materials Factory has a linear-functional management structure (Appendix 3).

At the head of the enterprise is a director, who is the highest manager. Under his direct subordination are: the chief engineer, the deputy for commercial issues, the deputy for economic issues, who coordinate their decisions with the top manager and convey them to the services or individual performers. They also carry out all technical preparation for production. As a result of this, the factory director is freed from additional work and a huge flow of information and concentrates his attention on management work. It follows that the top manager delegates some of his powers to his subordinates.

In addition, the manager has at his direct disposal a lawyer, a human resources engineer, a secretary, an operator-programmer, a chief accountant, and subsidiaries.

In addition to the positive aspects, the linear-functional structure also has weaknesses, such as:

Lack of close relationships and interaction at the horizontal level between production departments;

An overly developed system of vertical interaction, namely subordination according to the management hierarchy.

1.8.3. Analysis of the financial stability of the enterprise.

The financial stability of an enterprise is one of the most important characteristics of its financial activities; it is the stability of the enterprise in the long term.

Financial stability analysis is based on identifying the sufficiency
(surplus or deficiency) sources of funds for the formation of reserves and costs, i.e. the relationship between individual types of balance sheet assets and the sources of their coverage in the balance sheet liabilities is revealed. Depending on what type of sources of funds are used to form reserves, one can judge the level of solvency of the enterprise. To characterize the sources of reserves and costs, several indicators are used, reflecting different degrees of coverage different types sources.

Table 1.8.1. Analysis of the financial stability of the Mikhailovskaya Nonwoven Materials Factory. thousand roubles.
|Indicator name |At the beginning |At the end |Deviation |
| |year |year |(+;-) |
|1. Own working capital | | | |
|2. Own and long-term |-3244 |-4559 |-1315 |
|borrowed funds. | | | |
|3. The total value of the main |-3244 |-4559 |-1315 |
| sources for the formation of reserves | | | |
| and costs |-3187 |-4502 |-1315 |
|4. Inventory and Costs | | | |
|5. Surplus or deficiency |533 |2532 |+1999 |
| own working capital. | | | |
|6. Excess or deficiency |-3777 |-7091 |-3314 |
| own and long-term borrowed | | | |
| means |-3777 |-7091 |-3314 |
|7. Excess or lack of general | | | |
| values of the main sources for | | | |
| formation of reserves and costs. |-3720 |-7034 |-3314 |

Table 1.8.1 data. show that the enterprise, both at the beginning and at the end of the year, has a lack of its own working capital, its own and long-term borrowed funds and the total amount of the main sources for the formation of inventories and costs. This indicates that the company is in a financial crisis.

Along with absolute indicators, the financial stability of an enterprise is also characterized by financial ratios.

As a result of the negative value of the financial independence coefficient, debt ratio, self-financing coefficient, working capital ratio and agility coefficient, they cannot be used to assess the financial condition of the enterprise.

The acceptable value is exactly 0.5.

The value of this ratio, both at the beginning of the year and at the end of the year, indicates the large dependence of the enterprise on external financial sources.

at the beginning of the year = at the end of the year =
The higher the value of this indicator, the more funds are advanced into current mobile assets.

at the beginning of the year = at the end of the year =
Recommended value > 0.5

This calculation shows that the company does not use borrowed funds to replenish its property.

1.8.4. Analysis of solvency and liquidity indicators.

One of the stages of analyzing the financial condition is the solvency of the enterprise. Solvency analysis is carried out by comparing the availability and receipt of funds with essential payments.

An enterprise is considered solvent if the following condition is met:

Current assets (Current liabilities

at the beginning of the year: 552

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Analysis of the financial condition of an enterprise is still not an end in itself. Its main purpose for many enterprises is to identify factors and causes that have a negative impact on the financial condition, and on this basis, develop measures to improve it.

As a result of the analysis, we see that during the analyzed period there was a general deterioration in the financial condition of PJSC VASO.

The main problems of the aircraft manufacturing enterprise in question are:

· acceptable low degree of solvency;

· lack of the most liquid assets to pay off the most urgent obligations;

· net loss.

To improve the financial condition of PJSC VASO, it is recommended:

1. Eliminate an acceptable low degree of solvency and financial instability. This does not mean establishing absolute solvency in the organization; in this case, the goal is to move to the normal stage of solvency or reduce the lack of permanent working capital. Whatever the scale of the crisis state of the enterprise, the most important task is to restore the ability to make payments on urgent financial obligations in order to prevent bankruptcy proceedings.

Although the insolvency of an organization may be resolved within a short period of time, the reasons for the insolvency may remain unchanged unless the financial stability of the organization is restored. After all, financial stability can be considered one of the most important indicators of an enterprise.

2. Raise funds. Cash shortages negatively affect the solvency of many enterprises, giving rise to a crisis of non-payments.

An increase in funds in accounts usually indicates a strengthening of the financial condition of the enterprise. Their amount must be sufficient to cover the priority payments. However, holding large cash balances over a long period of time may be a result of improper use of working capital.

One of the most common ways to increase cash flow to an enterprise is to lease non-current assets. The advantage of leasing is that it ensures a constant flow of money throughout the rental period.

3. Eliminate net loss. A net loss is the result of financial activities that are unable to generate enough revenue to cover all of their expenses. The occurrence of a net loss is often a signal that current financial practices need to be reviewed and possibly changed to cope with current circumstances. Reducing net loss directly affects financial results. And therefore, measures to truly increase this indicator are integral to improving the financial condition as a whole.

The paper proposes the following measures to improve the financial condition of the company:

1) reducing costs in work in progress

In other words, it is necessary to standardize working capital in work in progress. Working capital rationing refers to the process of determining the minimum but sufficient amount of working capital at an enterprise. Work in progress - products at various stages of processing - from the launch of raw materials, materials and components into production to acceptance by the technical control department finished products. Reducing costs in work in progress is one of the frequently used methods to increase the solvency of an enterprise.

The size of working capital employed in work in progress depends on the duration of the production cycle, the cost of manufactured products and the rate of increase in costs during the production process. The use of this measure would help reduce the shortage of permanent working capital. Together with other proposed ways to solve problems, this will allow us to talk about improving the financial condition of the enterprise.

2) rental of office and warehouse premises

PJSC VASO has 60 office and warehouse premises. The owner of the warehouse complex uses only 51 premises for the needs of the aircraft manufacturing company. 2 premises can be left for unforeseen circumstances, the remaining 7 can be rented out. With this measure, the company will receive non-operating income in the form of cash.

Not every company today is ready to spend a large amount of money to acquire ownership of a warehouse-type premises, and renting in such situations is the most profitable for both VASO PJSC and its future tenant. After all, the warehouse premises of the aircraft manufacturing enterprise are equipped with technical equipment and security systems. They have convenient transport access, which is serviced in a timely manner. Due to this, the client completely relieves himself of the need to organize the logistics process, maintain the premises and the surrounding area.

3) increase in production volume

To increase sales volumes, I propose to increase labor productivity by reducing intra-shift downtime.

The main reasons for intra-shift downtime are: planned repairs and modernization; redundant equipment; malfunction and unscheduled repairs of equipment; lack of production task; lack of staffing; absence of workers with the permission of the administration due to illness; lack of raw materials, materials, workpieces, parts, components, etc.

Intra-shift losses are identified as a result of an analysis of the length of the working day, which depends on the duration of breaks during the working day, stipulated by law (breaks associated with harmful working conditions, shortening the working day of adolescents, etc.) and intra-shift losses of working time. Analysis of intra-shift working time losses allows us to identify the causes, and, therefore, reduce them and prevent the occurrence of such losses.

An increase in production volume ensures an increase in funds received from the sale of products, i.e. an increase in absolutely liquid assets, and hence liquidity itself.

4. reduction of the total cost of production

The cost of production is influenced by many factors, so it is very important to take them into account during production and sales, as well as in order to extract maximum profit.

To reduce the total cost of production, I propose to reduce commercial and administrative expenses, as well as eliminate losses from defects based on the results of production costs.

In order to reduce losses from defects, it is necessary to monitor the condition of products at all stages of the work. The main reasons for defects are the use of low-quality raw materials, failures in manufacturing technology, human factor and equipment defects.

It is on the competent formation of business expenses that the profitability of production in general and individual types of products, the identification of reserves for reducing the cost of goods, the interdependence of types of products, the place of their production, the calculation of the economic efficiency of introducing new equipment and technology, activities, technologies, and the determination of product prices largely depend. , justification for the decision to release new products or abandon the production of obsolete goods.

A noticeable reduction in management costs will undoubtedly affect the cost of production, and therefore its competitiveness and, ultimately, the profit of the enterprise. The essence of the event is to reduce administrative and commercial costs. The purpose of the event is to increase the financial result, that is, first of all, it affects the economic factor of financial turnover.

This event is especially relevant for PJSC VASO, since the gross profit is positive and the profit from sales is negative.

Maintaining……………………………………………………………………………………..3

1.Theoretical foundations for analyzing the financial condition of an enterprise……4

1.1. The concept, meaning and tasks of financial analysis

state of the enterprise………………………………………………………..4

1.2. Basic approaches to analyzing the financial condition of an enterprise...8

1.3. System of indicators characterizing the financial condition of enterprises………………………………………………………..…………… 12

2. Assessment of financial condition

2.1.Analysis of the structure of property and sources of its formation………..18

2.2. Analysis of the financial stability of the enterprise………………………22

2.3. Analysis of financial stability ratios…………………...23

2.4. Analysis of liquidity and solvency of the enterprise ………….25

2.5. Assessing the efficiency of economic activities………………..27

3. Proposals to improve the financial position of the enterprise……..30

Conclusion…………………………………………………………………………………31

References…………………………………………………………………………………33

Introduction

The course work presents an analysis of the financial condition and economic results of the enterprise’s economic activities.

The purpose of the course work is to acquire practical skills in identifying the economic problems of an enterprise based on a comprehensive system analysis of the main economic indicators.

The tasks that I set in this work coincide with the tasks of financial analysis:

identifying changes in indicators of the financial condition of the enterprise;

identification of facts affecting the financial condition of the enterprise;

assessment of quantitative and qualitative changes in the financial position of the enterprise;

assessment of the financial position of the enterprise as of a certain date;

determination of trends in changes in the financial condition of the enterprise.

The following techniques and methods were used to carry out this analysis: :

horizontal analysis vertical analysis,

analysis of coefficients (relative indicators),

The main sources of information for analyzing the financial condition of an enterprise are the reporting balance sheet (Form No. 1), profit and loss statement (Form No. 2), capital flow statement (Form No. 3) and other reporting forms, primary and analytical accounting data, which decipher and detail individual balance sheet items.

1. THEORETICAL FOUNDATIONS OF FINANCIAL ANALYSIS

STATE OF THE ENTERPRISE

1.1. The concept, meaning and tasks of financial analysis

stateenterprises

Enterprise finance is a system of monetary relations that develop in the process of formation, placement and use of financial resources. The financial condition of an enterprise is expressed in the formation, placement and use of financial resources: cash received for sold products (goods, works, services), bank loans and borrowings, temporarily raised funds, debts to suppliers and other creditors, temporarily available funds from special funds. With the transition of enterprises to market operating conditions, the question of the sustainability of its financial condition and finding ways to improve it became acute. The relevance of these issues is determined by the need to create normal working conditions for both individual enterprises and the industry as a whole.

The financial analysis methodology includes three interrelated blocks:

analysis of the financial results of the enterprise;

analysis of the financial condition of the enterprise;

analysis of the effectiveness of the financial and economic activities of the enterprise.

The main goal of financial analysis is to obtain a small number of key (the most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, and in settlements with debtors and creditors.

Thus, financial analysis is a part of financial analysis. The financial condition of an enterprise is characterized by the availability of financial resources necessary for normal production, commercial and other activities of the enterprise, the feasibility and efficiency of their placement and use, financial relationships with other business entities, solvency and financial stability. A business's ability to make payments on time is an indication of its good financial health.

The main (and in some cases the only) source of information about the financial activities of an enterprise is the financial statements. The reporting of an enterprise in a market economy is based on a generalization of financial accounting data and is an information link connecting the enterprise with society and business partners - users of information about the activities of the enterprise. In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Certain user groups, for example, management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, most often annual and quarterly reporting is the only source of analysis of the financial condition of the enterprise.

There are internal and external analysis of financial condition. Internal analysis is carried out for the needs of enterprise management. Its results are also used for planning, monitoring and forecasting financial condition. External analysis is carried out by all subjects of analysis using published information. The content of this analysis is determined by the interests of the owners of financial resources and regulatory authorities.

The main objectives of both internal and external analysis are:

general assessment of the financial condition and factors of its change;

studying the correspondence between means and sources, the rationality of their placement and the effectiveness of use;

compliance with financial, settlement and credit discipline;

determination of liquidity and financial stability of the enterprise;

long-term and short-term forecasting of financial stability.

To solve these problems, we study:

Availability, composition and structure of enterprise funds; reasons and consequences of their changes;

Availability, composition and structure of the enterprise’s sources of funds, causes and consequences of their changes;

Condition, structure and changes in long-term assets;

Availability, structure of current assets in the sphere of production and circulation, reasons and consequences of their changes;

Liquidity and quality of accounts receivable;

Availability, composition and structure of sources of funds, reasons and consequences of their changes;

Solvency and financial flexibility;

Asset efficiency and return on investment.

External analysis examines the real value of the enterprise's property, forecast of future financial revenues, capital structure, level and trends in dividends, etc.

Analysis of the financial condition of an enterprise is the prerogative of the highest level of management structures of the enterprise, which can influence the formation of financial resources and cash flows. The effectiveness or ineffectiveness of private management decisions related to determining the price of a product, the size of a lot of purchases of raw materials or supplies of products, the replacement of equipment or technology and other decisions must be assessed from the point of view of the overall success of the company, the nature of its economic growth and the growth of overall financial performance.

The financial analysis As a method of understanding economic processes and phenomena, it occupies an important place in the enterprise management system.

The main functions of analyzing the level of financial condition are:

objective assessment of the financial condition of the object of analysis;

identification of factors and causes of the achieved state;

preparation and justification of management decisions in the field of finance;

identification and mobilization of reserves for improving the financial condition and increasing the efficiency of all economic activities.

The results of the analysis contribute to the growth of information content of the enterprise administration and other users of economic information of the object of analysis about the state of the objects of interest.

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Introduction

Financial condition is a complex concept and is characterized by a system of indicators that reflect the availability and allocation of funds, the real and potential financial capabilities of the enterprise. It is determined for a specific date.

Good financial condition is a stable payment readiness, sufficient provision of own working capital and their effective use with economic feasibility, clear organization of payments, and the presence of a stable financial base. Poor financial condition is characterized by ineffective allocation of funds, their immobilization, unsatisfactory payment readiness, overdue debt to the budget, suppliers and the bank, and an insufficiently stable potential financial base associated with unfavorable trends in production.

The financial condition of an enterprise is characterized by the composition and allocation of funds, the structure of their sources, the rate of capital turnover, the ability of the enterprise to repay its obligations on time and in full, as well as other factors. Assessing the financial condition of an enterprise is a controversial operation. At the same time, a reliable and objective assessment of the financial condition of an enterprise is necessary for making effective management decisions.

In the current difficult economic situation, economic analysis allows you to assess not only your position in the market, but also the financial condition of competitors and partners, which allows you to avoid making many mistakes when making various management decisions.

In the process of financial analysis, they study the financial and economic state of the enterprise and make decisions on managing capital, cash flows, income, expenses and profit.

The purpose of this analysis is to explore the most important aspects cash flow and take measures to strengthen the financial and economic condition of the business entity. The stable financial condition of an enterprise means the timely fulfillment of obligations to its staff, partners and the state, which implies financial stability, normalization of solvency, creditworthiness and return on assets, equity and sales.

In the process of financial analysis, criterion indicators are selected and evaluated, using them to make informed financial and investment decisions, taking into account the individual characteristics of the activities of an economic entity. The parameters obtained as a result of analytical work must be assessed from the point of view of their compliance with the recommended (normative) values, as well as the operating conditions of a particular enterprise. The main object of study is accounting reporting, and its tools are a system of analytical indicators (absolute and relative) characterizing the current investment and financial activities of an economic entity.

Indicators (financial ratios) obtained as a result of analysis of current (operating) activities are used for the purposes of financial planning, forecasting and control.

The relevance of this issue has led to the development of methods for analyzing the financial condition of enterprises. These techniques are aimed at expressly assessing the financial condition of an enterprise, preparing information for making management decisions, and developing a strategy for managing the financial condition.

The purpose of this course work: based on an analysis of the financial condition of the enterprise, to develop measures to improve it.

To achieve this goal, it is necessary to solve the following tasks:

Study the theoretical foundations of financial analysis;

Analyze the property status of the enterprise;

Assess the efficiency of financial and economic activities, calculate and analyze profitability indicators and business activity. And also develop measures to improve the financial condition of the enterprise and increase financial stability.

The object of the study is the production and economic activities of JSC KBHA. The subject of the presented course work is methods of analyzing the financial condition of an enterprise and ways to improve it using the example of this enterprise.

Analysis and synthesis, comparison of the studied indicators, the method of financial ratios, and a logical approach to evaluation were used as the methodological basis of the study. economic phenomena. The main theoretical basis is: periodical literature, published works of domestic and foreign authors and scientists in the field of economic theory, such as Sheremet A.D., Kogdenko V.G., Strazhev V.I., Savitskaya G.V.

To analyze the financial condition of OJSC KBKhA, accounting data were used, namely: balance sheet (form No. 1) and profit and loss statement (form No. 2) for 2009-2011.

The course work consists of an introduction, three chapters, a conclusion, a list of references and applications.

The first chapter covers the theoretical and methodological foundations for analyzing the financial condition of an enterprise. In particular, the meaning and tasks of analyzing the financial condition are revealed, the structure and content of the balance sheet and profit and loss statement are considered, and the methodology for assessing the financial condition of an enterprise is shown.

The second chapter provides a complete analysis of the financial condition of OJSC KBHA. Chapter starts with general characteristics enterprise, which reflects its goals and main activities. Indicators of financial stability, liquidity and solvency are also calculated and analyzed here. An assessment of the effectiveness of the financial and economic activities of the enterprise is given based on indicators of profitability and business activity.

Chapter Three

This work allows you to familiarize yourself with and study best practices in research in the field of analyzing the financial condition of an enterprise. The practical significance of the work lies in the development of recommendations for improving the financial condition of the enterprise.

1. Theoretical foundations for assessing the financial condition of an enterprise

1.1 Economic essence, principles and objectives of financial analysis

In order to develop in a market economy and prevent the bankruptcy of an enterprise, you need to know how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be taken by own funds and what by borrowed funds. You should also know such concepts of a market economy as financial stability, solvency, business activity, profitability.

Sheremet A.D. The financial condition of an enterprise is understood as the ratio of the structures of its assets and liabilities, that is, the enterprise’s funds and their sources.

The financial condition of an enterprise (FSP) is a complex economic category that reflects at a certain moment the state of capital in the process of its circulation and the ability of a business entity to self-development. In the process of operating, investment and financial activities, a continuous process of capital circulation occurs, the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, the financial condition of the enterprise, the external manifestation of which is solvency, change.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to make payments on time, finance its activities on an expanded basis, withstand unexpected shocks and maintain its solvency in adverse circumstances indicates its stable financial condition, and vice versa.

If current solvency is an external manifestation of the financial condition of an enterprise, then financial stability is its internal side, ensuring stable solvency in the long term, which is based on the balance of assets and liabilities, income and expenses, positive and negative cash flows.

The financial stability of an enterprise is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, guaranteeing its solvency and investment attractiveness in the long term within the acceptable level of risk. A stable financial condition is achieved with adequacy of equity capital, good quality of assets, a sufficient level of profitability taking into account operational and financial risk, adequacy of liquidity, stable income and ample opportunities to attract borrowed funds.

The sustainability of an enterprise is influenced by various factors: the position of the enterprise in the product market; production and release of cheap, high-quality products that are in demand on the market; its potential in business cooperation; degree of dependence on external creditors and investors; presence of insolvent debtors; efficiency of business and financial transactions, etc.

One of the indicators characterizing the financial position of an enterprise is its solvency, that is, the ability to timely repay its payment obligations with cash resources. The assessment of solvency on the balance sheet is carried out on the basis of the liquidity characteristics of current assets, which is determined by the time required to convert them into cash.

Balance sheet liquidity is the ability of a business entity to convert assets into cash and pay off its payment obligations, or more precisely, it is the degree to which the enterprise’s debt obligations are covered by its assets, the period of conversion of which into cash corresponds to the period of repayment of payment obligations.

The concepts of solvency and liquidity are very close, but the second is more capacious. Its solvency depends on the degree of liquidity of the enterprise's balance sheet. Liquidity analysis consists of comparing funds for an asset, grouped by the degree of decreasing liquidity, with short-term liabilities for a liability, which are grouped according to the degree of urgency of their repayment.

Along with absolute indicators, relative indicators are calculated to assess liquidity and solvency. These indicators are of interest not only to management, but also to external actors analysis: absolute liquidity ratio - for suppliers of raw materials and supplies, current liquidity for investors.

In the financial aspect, business activity is manifested primarily in the speed of funds turnover. Analysis of business activity consists of studying the levels and dynamics of various financial ratios - turnover indicators. To analyze business activity, an organization uses two groups of indicators:

General turnover indicators (turnover ratio; duration of one turnover, release / attraction of working capital).

Indicators of the level of activity (total capital turnover ratio, return on intangible assets, return on capital, return on equity capital).

This variety of factors also divides resistance itself by type. So, in relation to an enterprise, depending on the factors influencing it, it can be: internal and external, general (price), financial. Internal stability is the general financial condition of the enterprise, which ensures stable high result its functioning. Its achievement is based on the principle of active response to changes in internal and external factors. The external stability of an enterprise is determined by the stability of the economic environment within which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country.

The overall stability of an enterprise is a movement of cash flows that ensures that the receipt of funds (income) always exceeds their expenditure. Financial stability is a reflection of a stable excess of income over expenses, ensures free maneuvering of the enterprise’s funds and, through their effective use, contributes to the uninterrupted process of production and sales of products. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the sustainability of an enterprise.

To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing. The financial condition of an enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. Consequently, a stable financial condition is not a fluke, but the result of competent, skillful management of the entire complex of factors that determine the results of the enterprise’s economic activities.

Financial activity as an integral part of economic activity should be aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use.

Analysis of financial and economic activities, as an independent science, arose from the need to make optimal and progressive decisions to improve their financial condition. And analysis of the financial condition is one of the most important conditions for successful enterprise management, since the results of activity in any area of entrepreneurship depend on the availability and efficiency of use of financial resources. The main content of financial condition analysis is a comprehensive systematic study of the financial condition of the enterprise and the factors influencing it, and forecasting the level of return on capital of the enterprise. The main goal of the analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency. At the same time, according to Lyubushin N.P., Leshchev V.B., Dyakov V.G. it is necessary to solve the following problems:

Timely and objective diagnosis of the financial condition of the enterprise, identification of its “pain points” and study of the reasons for their formation.

Identification of reserves for improving the financial condition of the enterprise, its solvency and financial stability.

Forecasting possible financial results and developing models of financial condition for various options for using resources.

The analysis of financial stability is based mainly on relative indicators, since absolute balance sheet indicators in conditions of inflation are very difficult to bring into a comparable form. The relative indicators of the analyzed enterprise can be compared: with generally accepted “norms” for assessing the degree of risk and predicting the possibility of bankruptcy; similar data from other enterprises, which allows us to identify the strengths and weaknesses of the enterprise and its capabilities; similar data for previous years to study trends in improvement or deterioration of financial condition. Thus, the essence of financial sustainability is determined by the effective formation, distribution and use of financial resources.

An assessment of financial condition can be performed with varying degrees of detail, depending on the purpose of the analysis, available information, etc. The content and main goal of financial analysis is to assess the financial condition and identify the possibility of increasing the efficiency of the functioning of an economic entity with the help of rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, and the fulfillment of obligations to the state and other economic entities.

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by enterprise employees (financial managers). External analysis is carried out by analysts who are outsiders to the enterprise (for example, auditors).

Internal analysis is a study of the mechanism of formation, placement and use of capital in order to find reserves for strengthening the financial condition, increasing profitability and increasing the equity capital of a business entity. External analysis is a study of the financial condition of a business entity in order to predict the degree of risk of investing capital and the level of its profitability. Internal analysis is carried out by services for the enterprise, its results are used for planning, control and forecasting of financial condition. Its goal is to ensure a smooth flow of funds and place own and borrowed funds in such a way as to obtain maximum profit and avoid bankruptcy. External analysis is carried out by investors, suppliers of material and financial resources, and regulatory authorities based on published reports. Its goal is to establish the possibility of a profitable investment in order to ensure maximum profits and eliminate losses.

Achieving the goals of analyzing the financial condition of an enterprise is achieved using various methods and techniques. There are various classifications of financial analysis methods. The practice of financial analysis has developed the basic rules for reading (analysis methods) of financial reports. Among them there are 6 main ones:

Horizontal (time) analysis - comparison of each reporting item with the previous period;

Vertical (structural) analysis - determining the structure of the final financial indicators and identifying the impact of each reporting position on the result as a whole;

Trend analysis - comparison of each reporting item with a number of previous periods and determination of the main trend in the dynamics of the indicator, cleared of random external and individual characteristics of individual periods - long-term forecast analysis;

Analysis of relative indicators (financial ratios) - calculation of numerical ratios of various reporting forms, determination of interrelations of indicators.

Comparative analysis - divided into: intra-company - comparison of the main indicators of the enterprise and its subsidiaries or divisions; inter-farm - comparison of enterprise indicators with the indicators of competitors with the industry average.

Factor analysis is an analysis of the influence of individual factors (reasons) on the result indicator.

The financial condition of enterprises and its stability largely depend on the optimal structure of capital sources and on the optimal structure of the enterprise’s assets and, first of all, on the ratio of fixed and working capital, as well as on the balance of the enterprise’s assets and liabilities on a functional basis.

Thus, financial and economic analysis in a market economy is one of the most important functions of effective management, necessary for the development of an enterprise. Carrying out an analysis of the financial condition of an enterprise is based on the use of reporting, which is the information base for the analysis of the enterprise.

1.2 Information basis for assessing the financial condition of an enterprise

The main sources of information for analyzing the financial condition of an enterprise are the balance sheet - form No. 1 (Appendix A, B, C) and the “Profit and Loss Statement” - form No. 2 (Appendix D, E, F). In this course work, these two reporting forms were used.

Form No. 1 is the basis for assessing the structure and dynamics of property and the sources of its formation, as well as analyzing the riskiness of the organization, since it allows you to assess the degree of liquidity, solvency and financial stability.

The information presented in the balance sheet can be considered in two aspects - accounting and management. Each of these aspects has its own conceptual apparatus. The accounting aspect represents the balance of assets and liabilities and a certain sequence of placement of sections and items of the balance sheet. The arrangement of sections and items in the balance sheet is not accidental. The construction of balance sheets is based on the following principles: the liquidity criterion, the principle of horizontal and vertical placement of sections and articles.

The liquidity criterion is one of the most important indicators of an enterprise’s performance, by which the stability of its financial condition is assessed. The balance sheet in the Russian Federation contains a sequence of items and sections from the least liquid (intangible assets) to the most liquid (cash).

Another important principle of building a balance is the principle of horizontal and vertical placement of its sections and articles. Many foreign enterprises use a vertical form of balance sheet, in which the asset sections and items are first listed, and then the liability sections and items of the balance sheet, or vice versa.

The information contained in the balance sheet is presented in a form convenient for analysis and can be used by various users: enterprise managers, economic services, investors, creditors and auditors, tax service, banks, etc.

Fixed assets, intangible assets, low-value and wear-and-tear items are shown in the balance sheet at their residual value, and goods at their purchase price. This makes it possible to more realistically evaluate the property that the company has.

The second section of the balance sheet asset reflects the most mobile part of funds - current assets. Inventories and costs in physical form are concentrated here. Inventories - raw materials, materials, semi-finished products necessary for the production process; work in progress, low-value and high-wear items; finished products; goods shipped; goods purchased for resale; deferred expenses, distribution costs for the balance of goods. This section also reflects taxes on purchased assets. What these items have in common is that they are measured at actual acquisition cost or actual expenses. Thus, sections and items of the balance sheet asset characterize the directions of investment.

The liabilities side of the balance sheet concentrates the company’s sources of funds, which are grouped into three sections:

III. Capital and reserves;

IV. Long term duties;

V. Short-term liabilities.

Own sources reflect the initial financial contribution to a given enterprise by its owners (participants, founders) in accordance with the constituent documents (authorized capital), as well as the income of the owners (profit and all funds formed from it).

The attracted sources of funds of the enterprise reflect the amount of financial participation in the formation of the assets of the enterprise by third-party legal entities and individuals. Legal entities can be enterprises, organizations, banks, budgetary and extra-budgetary funds, etc., individuals - employees of a given enterprise to whom, as of the balance sheet date, was accrued but not yet paid wage, outsiders who subscribed to short- and long-term loans issued by the enterprise, etc.

Section IV “Long-term liabilities” under the item “Borrowed funds” shows the outstanding amounts of borrowed funds (long-term bank loans, other loans and long-term liabilities) subject to repayment in accordance with agreements more than 12 months after the reporting date. Section V “Short-term liabilities” under the item “Borrowed funds” reflects the outstanding amounts of borrowed funds (short-term bank loans, other loans) to be repaid within 12 months.

The balance sheet asset provides information about the total amount of the enterprise's funds and their placement (fixed, working capital), and the liability - about the total amount and composition of sources (own, borrowed).

The importance of financial statements can hardly be overestimated. In addition to the fact that this is the result of the painstaking work of the entire accounting department for the reporting period, it is the main information base for the perception of the economic activity of the organization and decision-making by the user. The composition of users of information reflected in financial statements is the same in both Russian and international practice:

Internal users (founders, administration of the organization, etc.);

External users with direct financial interest (suppliers, credit institutions, etc.);

External users with indirect financial interest (fiscal authorities).

Form No. 2 is the information basis for analyzing the effectiveness of the organization, in particular, it allows you to assess the structure, quality and dynamics of profit, profitability of sales and the competitiveness of sales and the competitiveness of products manufactured by the organization.

The first section “Income and expenses from ordinary activities” includes the following:

The article “Revenue from the sale of goods, products, works, services (minus VAT, excise taxes and similar obligatory payments) indicates the proceeds from the sale of finished products, works, services, etc. received to the enterprise’s bank accounts or to the cash desk. minus mandatory payments.

The indicator “Cost of sales of goods, works, services” contains information about the amount of expenses incurred by the enterprise for the production of products without taking into account the amounts reflected in the article “Administrative expenses”.

The income statement compares the sum of all the business's income from the sale of goods and services or other items of income and receipts with the sum of all the expenses incurred by the business to maintain its operations since the beginning of the year. The result of this comparison is the gross (book) profit or loss for the period.

The item “Commercial expenses” reflects sales costs accounted for in account 43 “Commercial expenses” and related to products sold.

The item “Administrative expenses” reflects the amounts recorded in the “General business expenses” account in accordance with the established procedure and written off from it when determining financial results directly to the debit of the “Product Sales” account.

“Profit (loss) from sales” is the financial result for ordinary activities. It is essentially the difference between gross profit and administrative and selling expenses.

The second section “Other income and expenses” includes:

The item “Interest receivable” reflects interest accrued on bonds, deposits and for loans provided by the organization. “Interest payable” is the interest that an organization is obliged to pay on loans and credits it has received.

“Other income” is income from the rental of assets, profit from participation in joint activities, income from the sale of fixed assets, the cost of property received free of charge, positive exchange rate differences and other income. “Other expenses” - depreciation of leased fixed assets, payment for banking services, fines, penalties, penalties for violation of contracts that the organization recognized itself or by court decision, losses of previous years identified in the reporting year, accounts receivable written off upon expiration statute of limitations.

“Profit before tax” is the general financial result obtained from the ordinary (statutory) activities of the organization and its other activities.

The article “Deferred tax assets” or “Deferred tax liabilities” shows the part of the deferred income tax, which should lead to a decrease (or increase) in the income tax payable to the budget in the next reporting period or in subsequent reporting periods.

The article “Profit Tax” shows the amount of profit tax (income) reflected in the accounting records, calculated by the enterprise in accordance with the established legislation of the Russian Federation.

“Net profit” is the amount of profit remaining at the disposal of the organization after taxation.

For investors and analysts, the profit and loss statement is in many respects a more important document than the balance sheet of the enterprise, since it contains not frozen, one-time, but dynamic information about what successes the enterprise has achieved during the year and due to what aggregated factors, what the scale of its activities. The profit and loss report gives an idea of the development trends of the enterprise, its financial and production capabilities, not only in the past and present, but also in the future.

So, having considered the information base for analyzing the financial condition of the enterprise, it is necessary to study the methodology for conducting the analysis based on the considered reporting forms.

1.3 Methodology for analyzing and calculating the main indicators of the financial condition of an enterprise

During the financial analysis, the ability of the organization to finance its activities is studied, i.e. the provision of financial resources necessary for its normal functioning, the feasibility of their placement and the degree of use. Currently, there are a large number of methods for analyzing and assessing the financial condition of an enterprise. Most of them are based on the analysis of financial ratios and make it possible to assess the current financial condition of the enterprise. The results of such analysis, as a rule, can only be used by the internal services of the enterprise to make certain management decisions. But financial analysis data is important and necessary for external users of information (banks, potential clients, investors, etc.). In this regard, there is a need to create a methodology for analyzing the financial condition, reflecting not only the level of the current financial condition of the enterprise, but also the creditworthiness and degree of development of the organization. And also the methodology should give a final conclusion about the degree of stability of the financial condition of the enterprise.

Property status assessments;

Financial stability assessments;

Solvency and liquidity assessments;

Estimates of business activity and profitability.

Let's turn to their consideration.

In the process of assessing the property status of an organization, the composition, structure and dynamics of its assets are studied according to balance sheet data. The balance sheet allows you to give a general assessment of the changes in all the property of the enterprise, to identify current (mobile) and non-current (immobilized) funds in its composition, and to study the dynamics of the property structure. Structure refers to the percentage of individual property groups within these groups.

Analysis of the dynamics of the composition and structure of property makes it possible to determine the size of the absolute and relative increase or decrease in the entire property of the enterprise and its individual types. An increase (decrease) in an asset indicates an expansion (constriction) of the enterprise’s activities.

Relative balance sheet indicators make it possible to carry out horizontal and vertical analysis. Horizontal analysis involves studying the absolute indicators of an organization’s reporting items for a certain period, calculating the rate of their change and evaluating it. But in conditions of inflation, the value of horizontal analysis is somewhat reduced, since the calculations made with its help do not reflect objective changes in indicators associated with inflation processes. Horizontal analysis is complemented by vertical analysis of the study of financial indicators.

Under vertical analysis refers to the presentation of reporting data in the form of relative indicators through the share of each item in the overall reporting and assessment of their changes over time. Relative indicators smooth out the impact of inflation, which allows for a fairly objective assessment of the changes taking place.

After analyzing the property situation, you should consider and analyze the coefficients of financial stability, liquidity and solvency.

A study of the problem of the solvency of organizations shows that the debt of business entities is a common phenomenon that accompanies market transformations. In this regard, the issue of solvency analysis, the main goal of which is to identify the causes of loss of solvency and find ways to restore it, becomes particularly relevant. When assessing the solvency and liquidity of an enterprise, its ability to pay all its obligations (solvency) and its ability to pay off short-term obligations and meet unexpected expenses (liquidity) are analyzed.

The need to analyze balance sheet liquidity arises in market conditions due to increasing financial restrictions and the need to assess the creditworthiness of an enterprise. The liquidity of an enterprise is defined as the degree to which the enterprise's liabilities are covered by its assets, the period of transformation of which into monetary form corresponds to the period of repayment of obligations. The less time it takes for a given type of asset to acquire monetary form, the higher its liquidity. Analysis of balance sheet liquidity consists of comparing funds for an asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities for a liability, grouped by their maturity dates and arranged in order of increasing maturity.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into four groups:

A 1 - cash and short-term financial investments;

A 2 - quickly realizable assets - accounts receivable;

A 3 - slowly selling assets: inventories, as well as long-term financial investments;

A 4 - hard-to-sell assets: non-current assets and long-term receivables.

Balance sheet liabilities are grouped according to the degree of urgency of their payment:

P 1 - accounts payable

P 2 - short-term liabilities: short-term loans and borrowings (with a repayment period of up to a year);

P 3 - long-term liabilities: long-term loans and borrowings (liabilities with a maturity of more than a year);

P 4 - permanent liabilities: the enterprise's own capital (liabilities to owners).

To determine the liquidity of the balance sheet, you should compare the results of the given groups for assets and liabilities. The balance is considered absolutely liquid if the following relationships occur simultaneously:

And 1? P 1; And 2? P 2; And 3? P 3; A 4< П 4

It is essential that the first three conditions be met, since the fourth inequality is of a balancing nature. Its implementation indicates compliance with the minimum condition for financial stability - the presence of the enterprise's own working capital (own working capital). financial condition assessment

Theoretically, a deficit of funds in one group of assets is compensated by an excess in another, but in practice the most liquid assets cannot replace less liquid funds. Therefore, if any of the inequalities has a sign opposite to that fixed in optimal option, then the balance sheet liquidity differs from absolute.

In addition, to analyze liquidity, you need to calculate several financial ratios. The purpose of this calculation is to assess the ratio of existing current assets and short-term liabilities for their possible subsequent repayment:

The absolute liquidity ratio shows what part of the short-term debt the company will be able to repay in the near future:

K a.l. =, (1)

where DS is cash;

KFV - short-term financial investments;

KO - short-term liabilities.

Quick liquidity ratio (interim coverage ratio), characterizing the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables:

Urgent.. =, (2)

where DZ is accounts receivable.

Current liquidity ratio (total liquidity), Shows the sufficiency of the company's working capital to cover its short-term obligations. It also characterizes the margin of financial strength due to the excess of current assets over short-term liabilities:

To t.l.. = , (3)

Various liquidity indicators not only provide a versatile characteristic of the stability of the financial condition, but also meet the interests of various external users of analytical information. For example, a company's suppliers are interested in whether the company will be able to pay them back in the near future, so they will pay attention, first of all, to the absolute liquidity ratio. And the bank lending to the enterprise or lenders will be more interested in the value of the critical liquidity ratio. The owners of the enterprise - shareholders, most often evaluate the financial stability of the enterprise for the long term, and therefore the current liquidity ratio is more important to them.

It should be noted that the level of liquidity ratios is not yet a sign of good or poor solvency, and therefore it is advisable to supplement the analysis with the calculation of financial stability indicators; its assessment shows the presence or absence of a “margin of safety” at the enterprise and the possibility of attracting additional borrowed funds. Assessing financial stability is associated with studying the composition, structure and dynamics of liabilities (sources of financing) of an organization. Particular attention is paid to the ratio of liabilities and equity capital of the enterprise, their rates and growth, which makes it possible to judge the inclination or aversion of the enterprise management to risk when making financial decisions. The task of financial stability is to assess the degree of independence of the organization from borrowed sources of financing and the optimal structure of the organization's assets and liabilities.

An important task of solvency analysis is the study of financial stability indicators. Absolute indicators of financial stability are indicators characterizing the state of reserves and the availability of their sources of formation. To characterize the sources of reserve formation, three main indicators are used:

Own working capital - their increase in dynamics is considered as a positive trend:

SOK = SC - VOA, (4)

where SK is equity capital;

SAI - non-current assets.

Then the amount of operating capital is calculated (the sufficiency of own funds and borrowed sources used in circulation for a long time to cover non-current assets and form part of current assets):

SDI = SOK + DKZ, (5)

where SDI are own and long-term sources;

LKZ - long-term accounts payable.

The total value of the main sources of reserve formation additionally includes short-term loans and borrowings:

OI = SDI + KKZ, (6)

where KKZ is short-term accounts payable.

These three indicators correspond to indicators of the supply of reserves with sources of formation:

Surplus (+), deficiency (-) of own working capital:

JUICE = JUICE - Inventories, (7)

Excess (+), deficiency (-) of own and long-term sources of reserve formation:

SDI = SDI - Inventories, (8)

Surplus (+), deficiency (-) of the total amount of sources of covering inventories:

OI = OI - Inventories (9)

Excess (+) or lack (-) of sources of funds for the formation of reserves is one of the criteria for assessing the financial stability of an enterprise.

The considered indicators of the provision of inventories with appropriate sources of financing are transformed into a three-factor model M = (? SOC, ? SDI, ? OI), which characterizes the type of financial stability of the enterprise. In practice, there are four types of financial stability:

Absolute financial stability characterizes an enterprise with a high level of solvency; it does not depend on external creditors, i.e. he has enough of his own working capital. This type of financial stability in modern Russia very rare;

Normal financial condition is characterized by normal solvency, rational use borrowed funds (long-term sources of reserve formation), high profitability of current activities, normal financial stability and guarantees the fulfillment of the financial obligations of the enterprise;

Unstable financial condition - a violation of normal solvency, there is a need to attract additional sources of financing (short-term loans). But in this case, it is still possible to restore solvency;

Critical financial condition - the enterprise is completely insolvent and is on the verge of bankruptcy, because the key element of current assets (inventories) is not provided with sources of financing.

Relative indicators of financial stability characterize the degree of protection of the interests of investors and creditors. The basis for their calculation is the cost of funds or sources of operation of the enterprise. The owners of the enterprise are interested in optimizing their own capital and minimizing borrowed funds in the total volume of financial sources. Lenders evaluate a borrower's financial strength based on net worth and the likelihood of bankruptcy averted.

The financial stability of an enterprise is characterized by the state of its own and borrowed funds and is assessed using a system of financial ratios.

Table 1 - Characteristics of financial stability indicators

Indicator name		Characteristic
Financial Independence Ratio	To f.n. = SC / VB	Share of equity in the balance sheet currency. The recommended value of the indicator is above 0.5;
Financial stress ratio	To f.eg. = ZK / VB	The share of borrowed funds in the borrower's balance sheet currency. Recommended value no more than 0.5
Debt ratio	K z = ZK / SK	The ratio between borrowed and equity funds. Recommended value is not higher than 0.67
Provision ratio of own working capital	K o = SOK / OA	The share of SOC in the total value of the enterprise's current assets. Recommended value? 0.1.
SOS maneuverability coefficient	K m = SOK / SC	Share of SOC in the total cost of equity capital. Recommended value 0.2-0.5
Indicator name	Calculation method and symbol	Characteristic
Real property value coefficient	K real st = (BOA+Z)/WB	Shows the share of means of production in the value of property, the provision of means of production.
Inventory coverage ratio with own funds	K ipn = SOK/Z	Characterizes the extent to which inventories are covered with own funds (they need to attract borrowed funds). Value: 0.6-0.8

After considering the methodology for calculating liquidity and financial stability indicators, it is necessary to calculate the coefficients of business activity and profitability to assess the efficiency of the financial activities of the enterprise.

Indicators of business activity are divided into qualitative (current and future) and quantitative (absolute and relative).

Current indicators characterize business activity on a specific research date. With high values of these indicators, the organization, as a rule, has a fairly high solvency, creditworthiness, financial stability and investment attractiveness. As for long-term quality indicators, they reflect such actions and operations of the organization that will ensure high rates of business activity in the future (purchase of new high-tech equipment, attraction of highly qualified personnel, active marketing research, etc.). Practice shows that relative indicators are of greatest importance in the process of analyzing business activity. They have a number of advantages over absolute ones. Based on them, it is possible to carry out spatial comparisons between enterprises of different directions and sizes of activity. In addition, the coefficients obtained based on the ratio of cost indicators exclude the influence of inflation. Relative indicators of business activity characterize the efficiency of using resources (enterprise property). The basis of well-known methods for analyzing the business activity of an enterprise is the assessment of the turnover of assets and liabilities of the company. As a result, it is possible to analyze the speed of their circulation within the circulation of capital. The higher this speed, the more business activity the organization demonstrates. By combining the turnover period of certain types of current assets and short-term liabilities, it is possible to calculate the duration of the operating and financial cycles, the reduction of which indicates an increase in the business activity of the enterprise.

The main indicators for assessing business activity are:

Asset turnover ratio - shows the turnover rate of all advanced capital (assets), i.e. the number of revolutions he made during the analyzed period:

where VR is revenue from the sale of goods, works, services

Average asset value;

The duration of one turnover of assets in days characterizes the duration of one turnover of the entire advanced capital (assets) in days:

The same principle is used to calculate other turnover ratios and turnover duration: non-current and current assets, accounts receivable and payable, as well as equity capital. It is only worth noting that with the acceleration of accounts receivable turnover, the values of the indicator increase, which indicates an improvement in settlements with debtors. The decrease in the turnover time of this type of debt and equity capital is a favorable trend. But the acceleration of the turnover of accounts payable adversely affects the liquidity of the enterprise.

To judge the efficiency of using working capital, you should compare the indicators for the reporting period with the indicators for the previous period. When comparing turnover ratios, it should be borne in mind that an increase in their value always characterizes an acceleration of turnover, and a decrease - a slowdown in turnover.

To determine the amount of funds released from circulation due to the acceleration of turnover of working capital, the deviation in the duration of one turnover should be multiplied by the actual one-day turnover:

P VR 1day (actual) , (12)

Where? P - the difference between the actual and previous turnover duration;

VR 1day (actual) - actual one-day turnover:

BP 1day = , (13)

where BP year is the annual actual revenue.

The effectiveness and economic feasibility of the operation of the enterprise is assessed using a system of profitability indicators. In the broadest sense of the word, profitability means profitability, profitability. An enterprise is considered profitable if the income from the sale of products (works, services) covers the costs of production (circulation) and, in addition, forms an amount of profit sufficient for the normal functioning of the enterprise.

The economic essence of profitability can be revealed only through the characteristics of the system of indicators. Their general meaning is to determine the amount of profit from one ruble of invested capital.

An assessment of the profitability of an enterprise is carried out to assess cost effectiveness and forecast financial results in connection with changing business circumstances. Based on the level of profitability, one can assess the long-term well-being of the enterprise, i.e. the ability of a business to earn a sufficient return on investment. For long-term creditors of investors who invest money in the equity capital of an enterprise, this indicator is a more reliable indicator than indicators of financial stability and liquidity, determined on the basis of the ratio of individual balance sheet items.

Thus, we can conclude that profitability indicators characterize the financial results and efficiency of the enterprise. They measure the profitability of an enterprise from various positions and are systematized in accordance with the interests of participants in the economic process.

Profitability ratios characterize the profitability of a company's activities and are calculated as the ratio of the profit received to the funds spent or the volume of products sold. A distinction is made between the profitability of total capital, non-current and current assets, equity, sales, and products sold. Let's reflect the profitability indicators in Table 2.

Table 2 - Profitability indicators

Indicator name	Calculation method	Characteristic
Return on total capital (R SK)		Shows the amount of net profit per ruble of equity capital
Efficiency ratio of using own funds. This indicator characterizes the efficiency of use of invested share capital and serves as an important criterion for assessing the level of stock quotes on the stock exchange.
		Return on equity reflects how much profit is received from each ruble invested by the owners of the enterprise.
Return on non-current assets (R BOA)		Characterizes the amount of accounting profit attributable to each ruble of non-current assets ...

1. The concept of financial condition, the concept of financial condition analysis

The financial condition of an enterprise (FSP) is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-develop at a fixed point in time. FSP can be stable, unstable and crisis.

The ability of an enterprise to make payments on time and to finance its activities on an expanded basis indicates its good financial condition. FSP depends on the results of its production, commercial and financial activities.

If production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. And vice versa, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency.

A stable financial position, in turn, has a positive impact on the implementation of production plans and provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use.

There are three main problems in the financial condition of the enterprise that affect the activities of the enterprise.

1. Low solvency. Low solvency is evidenced by excess debts to the budget, personnel, creditors, and a threatening increase in attracted loans. Possible problems with repaying obligations are indicated by a decrease in liquidity ratios.

2. Low return on equity. In practice, this means that the owner receives income that is inadequate for his investment. The consequence of this situation may be dissatisfaction with the management of the organization and the desire to leave the company.

A decreasing return on capital invested in the company will be indicated by a decrease in profitability indicators.

3. Decreased financial independence or low financial stability. In practice, low financial stability threatens possible problems in repaying obligations in the future and loss of independence. You will have to think about the company's growing dependence on creditors when the autonomy ratios decrease.

In order to find out the causes of problems in an enterprise, it is necessary to assess its financial condition.

Financial analysis is not only a means of justifying plans, but also of monitoring their implementation. Planning begins and ends with an analysis of the results of the enterprise's activities. It allows you to increase the level of planning and make it scientifically sound.

A large role is given to financial analysis in identifying and using reserves for increasing the efficiency of an enterprise. It promotes the economical use of resources, the scientific organization of work, the prevention of unnecessary costs, various shortcomings in work, etc.

As a result, the economy of the enterprise is strengthened and the efficiency of its activities increases.

Analysis of the financial condition of an organization helps to establish trends in changes in the results of the financial, production and commercial activities of the organization, to monitor the ratio of the level of financial indicators of the organization and its competitors, both for the purpose of developing strategic development plans and for making current decisions. This analysis allows analysts and investors to determine the threat of bankruptcy and the risk of investing capital in a particular enterprise.

The results of the analysis are used by banks to determine the amount of loans that they can provide to a particular organization without the risk of non-repayment of funds. Business managers use financial ratios to monitor operations to ensure efficient use of available resources and avoid bankruptcy.

The financial condition of an economic entity is a characteristic of its financial competitiveness (solvency, creditworthiness), the use of financial resources and capital, and the fulfillment of obligations to the state and other economic entities.

The quality of financial condition is a comprehensive qualitative characteristic of an enterprise, indicating its solvency at the time of analysis. The quality of financial condition can be measured not by financial statements, but only on the basis of an analysis of the enterprise’s contracts and a comparison of the loan payment schedule with the calendar.

In order to determine the quality of the financial condition, several degrees of quality are used: a solvent enterprise, a pre-crisis enterprise, a crisis enterprise, an insolvent enterprise. It is often important to determine the depth of an enterprise's insolvency.

At the stage of qualitative analysis, you can use gross and quantitative meters. The gross meter allows you to determine which amount of debts out of the total amount is overdue. The quantitative meter indicates how many creditors out of the total number the company is behind on debt payments. The current analysis of the financial condition of the enterprise allows us to determine at a qualitative and quantitative level the degree of quality of the financial condition of the enterprise.

The main goal of analyzing the financial condition of an enterprise is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency. In this case, it is necessary to solve the following problems:

Based on a study of the relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the perspective of improving the financial condition of the enterprise;

Forecast possible financial results, economic profitability based on the actual conditions of economic activity, the availability of own and borrowed resources and developed models of financial condition for a variety of options for using resources;

Develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise under study.

To assess the stability of the financial condition of an enterprise, a system of indicators characterizing changes is used:

The capital structure of the enterprise according to its placement and sources of formation of this capital;

Efficiency and intensity of capital use;

Solvency and creditworthiness of the enterprise;

The margin of financial stability of the enterprise.

Analysis of the financial condition of an enterprise is based mainly on relative indicators, since absolute balance sheet indicators in conditions of inflation are difficult to bring to a comparable form.

Relative indicators of the financial condition of the analyzed enterprise can be compared:

With generally accepted “norms” for assessing the degree of risk and predicting the possibility of bankruptcy;

With similar data from other enterprises, which allows you to identify the strengths and weaknesses of the enterprise and its capabilities;

With similar data for previous years to study the trend of improvement or deterioration in the financial condition of the enterprise.

Internal analysis is carried out by enterprise services, its results are used for planning, monitoring and forecasting the financial condition of the enterprise. Its goal is to ensure a smooth flow of funds and place own and borrowed funds in such a way as to obtain maximum profit and avoid bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resources, and regulatory authorities based on published reports. Its goal is to establish the possibility of a profitable investment in order to ensure maximum profits and eliminate losses.

External analysis has the following features:

There are many subjects of analysis and users of information about the activities of the enterprise;

Diversity of goals and interests of the subjects of analysis;

Availability of standard methods, accounting and reporting standards;

Orientation of the analysis only to external reporting;

The limitations of the objectives of this analysis provided that only external reporting is used;

Maximum openness of the analysis results for users of information about the enterprise’s activities.

In the methodology for analyzing financial statements, developed by practice, six main types of analysis can be distinguished:

Horizontal (time) analysis - comparison of each reporting item with the previous period;

Vertical (structural) analysis – determining the structure of the financial indicators of the enterprise;

Trend analysis - comparison of each reporting item with a number of previous periods and determination of the trend, that is, the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods;

Analysis of relative indicators (financial ratios) - calculation of numerical ratios of various forms of reporting, determination of relationships between various indicators;

Comparative analysis, which is divided into:

a) internal – comparison of the main indicators of the enterprise and its subsidiaries and divisions;

b) inter-farm – comparison of the enterprise’s indicators with the indicators of competitors, with the industry average;

Factor analysis – analysis of the influence of individual factors (reasons) on an effective indicator.

The initial basis for analyzing financial condition is accounting and reporting data.

Financial reporting allows you to assess the property status, financial stability and solvency of the company and other results necessary to justify many decisions (for example, the feasibility of granting or extending a loan, the reliability of business relationships). Financial reporting must satisfy the requirements of external and internal users. Based on reporting data, the needs for financial resources are determined; assess the effectiveness of the capital structure; predict the financial results of the company’s activities, and also solve other problems related to the management of financial resources of financial activities. The latter relate primarily to financial firms involved in the issuance and placement of securities.

Thus, analysis of the financial condition is an important element in the management system of an enterprise, a means of identifying intra-economic reserves, and the basis for the development of scientifically based plans and management decisions. The role of analysis as a means of managing activities in an enterprise is increasing every year. This is due to various circumstances: a departure from the command-administrative management system and a gradual transition to market relations, the creation of new forms of management in connection with the denationalization of the economy, the privatization of enterprises and other measures of economic reform.

2. Approaches, methods, models for analyzing financial condition

Financial analysis is a way of accumulating, transforming and using financial information with the aim of:

Assess the current and future financial condition of the enterprise;

Assess the possible and appropriate pace of development of the enterprise from the standpoint of their financial support;

Identify available sources of funds and assess the possibility and feasibility of their mobilization;

Predict the position of the enterprise in the capital market.

The basis of financial analysis, as well as financial management in general, is the analysis of financial statements. For Russia, this fragment of financial analysis is of priority importance due to a number of circumstances, in particular, the insufficient development of the financial market reduces the importance of such a fragment as risk analysis, etc. .

Relatively little attention has been paid to the historical aspects of the emergence of systematic financial reporting analysis (SAFO); this is typical for research by both domestic and Western specialists in the field of the history of accounting and analysis. This is all the more strange, because reporting is compiled precisely in order to analyze it.

Despite the fact that the assessment of the financial condition of an enterprise in one form or another has been carried out by managers, probably since time immemorial, the separation of systematic reporting analysis into a separate section of financial analysis occurred relatively recently - at the end of the 19th century.

Western experts identify five relatively independent approaches to the formation and development of SAFO. Obviously, such a division is quite arbitrary - to one degree or another, these approaches intersect and complement each other.

The first approach is associated with the activities of the so-called “school of empirical pragmatists.” Its representatives are professional analysts who, working in the field of analyzing the creditworthiness of companies, tried to justify a set of relative indicators suitable for such analysis. Thus, their goal was to select indicators that could help the analyst answer the question: will the company be able to pay its short-term obligations?

They considered this aspect of the analysis of the company’s activities to be the most important, which is why all analytical calculations were based on the use of indicators characterizing working capital, own working capital, and short-term accounts payable.

The most successful representatives of this school were able to convince companies specializing in the assessment, analysis and management of financial resources and credit policy of the advisability of this approach. The main contribution of representatives of this school to the development of the SAFO theory, according to Paul Barnes, is that they were the first to try to show the variety of analytical ratios that can be calculated from financial statements and are useful for making financial management decisions.

The second approach is due to the activities of the school of “statistical financial analysis”. The emergence of this school is associated with the work of Alexander Wall, devoted to the development of criteria for creditworthiness and published in 1919. The main idea of the representatives of this school was that analytical ratios calculated from financial statements are useful only if there are criteria with threshold the values of which – these coefficients can be compared.

The development of such standards for coefficients was supposed to be done in the context of industries, sub-industries and groups of similar companies by processing the distributions of these coefficients using statistical methods. The justified separation of companies of the same type into strata, for each of which individual analytical standards could be developed, was one of the main tasks discussed by representatives of the school. Since the 60s, within the framework of this area, research has been carried out on collinearity and stability of coefficients,

In particular, studies have shown that the coefficients are characterized by temporal and spatial multicollinearity, which led to the emergence of a new urgent task - the classification of the entire set of coefficients into groups: the indicators of the same group correlate with each other, but the indicators of different groups are relatively independent.

The third approach is associated with the activities of the school of “multivariate analysts”. Representatives of this school proceed from the idea of building a conceptual framework for SAFO, based on the existence of an undoubted connection between private coefficients characterizing the financial condition and efficiency of the company’s current activities (for example, gross income, turnover of funds in assets, inventories, calculations, etc.), and general financial indicators -economic activity (for example, return on advanced capital). This direction is associated with the names of James Bliss, Arthur Vinakor and others, who worked on this problem in the 20s.

Representatives of this school saw the main task in building a pyramid (system) of indicators. This direction received some development in the 70s as part of the construction of computer simulation models of the relationship between analytical coefficients and the market price of shares.

The fourth approach is associated with the emergence of “a school of analysts engaged in forecasting the possible bankruptcy of companies.” In contrast to the first approach, representatives of this school place emphasis in their analysis on the financial stability of the company (strategic aspect), preferring prospective analysis to retrospective analysis. In their opinion, the value of financial statements is determined solely by their ability to provide predictability of the possible bankruptcy of an enterprise.

The first attempts to analyze the activities of bankrupt firms were made in the 30s by A. Vinakor and Raymond Smith; in its most complete form, the methodology and technique for predicting bankruptcy are presented in the works of New York University finance professor Edward Altman.

Finally, the fifth approach, which is the newest direction in terms of appearance within the framework of SAFO, has been developed since the 60s by representatives of the school of “stock market participants”. Thus, according to George Foster, the value of reporting lies in the ability to use it to predict the level of efficiency of investing in certain securities and the degree of risk associated with it. The key difference between this direction and those described above is its excessive theorization; It is no coincidence that it is being developed by scientists and has not yet received recognition from practitioners.

As for further prospects for the development of SAFO, it is associated primarily with the development of new analytical coefficients, as well as with the expansion of the information base of analysis. It is quite obvious that analytical calculations, especially of a prospective nature, cannot be made using data from financial statements alone, the analytical capabilities of which are, of course, limited.

In modern Russian conditions, financial analysis is the process of studying the financial condition and main results of the financial activities of an enterprise in order to identify reserves for increasing its market value and ensuring effective development.

To solve specific problems of financial management, a number of special systems and analysis methods are used to obtain a quantitative assessment of the results of financial activity in the context of its individual aspects, both statically and dynamically.

In the theory of financial management, depending on the methods used, the following main systems of financial analysis carried out at the enterprise are distinguished: horizontal analysis; vertical analysis, comparative analysis; coefficient analysis, integral analysis.

Analysis of financial condition is carried out using various types models that allow structuring and identifying the relationships between the main indicators: descriptive, predicative and normative.

Descriptive models or models of a descriptive nature are basic for assessing the financial condition of an enterprise. These include: construction of a system of reporting balance sheets, presentation of financial statements in various analytical sections, vertical and horizontal analysis of reporting, a system of analytical coefficients, analytical notes for reporting. All these models are based on the use of information from accounting and financial statements.

Horizontal analysis allows us to identify trends in changes in individual items or their groups included in the financial statements. This analysis is based on calculating the underlying growth rates of balance sheet items or income statement items. The system of analytical coefficients is the leading element in the analysis of the financial condition of an enterprise.

Most often, there are five groups of indicators in the following areas of financial analysis.

1. Liquidity analysis. The indicators of this group allow us to assess the solvency of the organization, i.e. its ability to timely and fully pay all its obligations.

2. Analysis of current activities. The effectiveness of current financial and economic activities can be assessed by the length of the operating cycle, which depends on the turnover of funds in various types of assets. Other things being equal, faster turnover indicates increased efficiency. Therefore, the main indicators of this group are indicators of the efficiency of use of material, labor and financial resources: production, capital productivity, turnover ratios of funds in inventories and accounts.

3. Analysis of financial stability. Using these indicators, the composition of the enterprise’s financing sources and the dynamics of the relationship between these sources are assessed.

4. Cost-benefit analysis. Indicators in this group are intended to assess the overall effectiveness of investing in a given enterprise. Unlike the indicators of the second group, they abstract from specific types of assets and analyze return on capital as a whole. The main indicators are therefore return on total capital and return on equity.

5. Analysis of the situation and activities in the capital market. As part of this analysis, spatio-temporal comparisons are made of indicators characterizing the company’s position on the securities market: dividend yield, earnings per share, share value, etc.

At the core vertical analysis lies a different presentation of financial statements - in the form of relative values that characterize the structure of the generalizing total indicators. Vertical (or structural) financial analysis is based on the structural decomposition of individual indicators of the enterprise's financial statements. In the process of carrying out this analysis, the share of individual structural components of aggregated financial indicators is calculated.

In financial management, the following types of vertical (structural) analysis are most widespread.

1. Structural analysis of assets. In the process of this analysis, the proportion of current and non-current assets is determined; the elemental composition of current assets, the elemental composition of non-current assets, the composition of the enterprise's assets by liquidity level, the composition of the investment portfolio and other results of this analysis are used in the process of optimizing the composition of the enterprise's assets.

2. Structural analysis of capital. In the process of this analysis, the proportion of equity and borrowed capital used by the enterprise is determined; composition of the borrowed capital used by the periods of its provision (short- and long-term borrowed capital); composition of the borrowed capital used by its type (bank loan, financial loan of other forms, commodity or commercial loan, etc.).

The results of this analysis are used in the process of assessing the effect of financial leverage, determining the weighted average cost of capital, optimizing the structure of sources of borrowed financial resources, and in other cases.

3. Structural analysis of cash flows. In the process of this analysis, cash flows from the operating, investment and financial activities of the enterprise are distinguished as part of the total cash flow; within each of these types of cash flow, the receipt and expenditure of funds and the composition of the balance of monetary assets by its individual elements are more deeply structured.

Comparative financial analysis is based on comparing the values of individual groups of similar indicators with each other. In the process of using this analysis system, the sizes of absolute and relative deviations of the compared indicators are calculated.

In financial management, the following types of comparative financial analysis are most widespread.

1. Comparative analysis of the financial indicators of this enterprise and industry average indicators. In the process of this analysis, the degree of deviation of the main financial results of a given enterprise from the industry average is revealed in order to assess its competitive position in terms of financial performance and identify reserves for further improving the efficiency of financial activities.

2. Comparative analysis of the financial indicators of this enterprise and competitor enterprises. In the process of comparative analysis of financial indicators, weaknesses in the financial activities of an enterprise are identified in order to develop measures to improve its competitive position in a specific regional market.

3. Comparative analysis of the financial indicators of individual structural units and divisions of a given enterprise (its “responsibility centers”). Such an analysis is carried out for the purpose of comparative assessment and search for reserves for increasing the efficiency of the financial activities of the internal divisions of the enterprise.

4. Comparative analysis of reporting and planned (normative) financial indicators. Such an analysis forms the basis for the monitoring of current financial activities organized at the enterprise.

In the process of this analysis of the enterprise, the degree of deviation of the reporting indicators from the planned (standard) ones is revealed, the reasons for these deviations are determined and recommendations are made for adjusting certain areas of the enterprise’s financial activities.

Integrated financial analysis allows you to obtain the most in-depth (multifactor) assessment of the conditions for the formation of individual aggregated financial indicators.

In financial management, the following systems of integrated financial analysis are most widespread.

1. DuPont system of integrated analysis of the efficiency of using enterprise assets. This system of financial analysis, developed by DuPont (USA), provides for the decomposition of the “return on assets ratio” indicator into a number of private financial ratios of its formation, interconnected in a single system.

This analysis system is based on the “Dupont Model”, according to which the profitability ratio of the used assets of an enterprise is the product of the profitability ratio of product sales by the turnover ratio (number of turnovers) of assets.

2. Object-oriented system for integral analysis of enterprise profit generation. The concept of integrated object-oriented profit analysis, developed by Modernsoft (USA), is based on the use of computer technology and a special application package.

The basis of this concept is the presentation of the enterprise’s profit generation model in the form of a set of interacting primary financial blocks that model the “classes” of elements that directly form the amount of profit. The user himself determines the system of such blocks and classes based on the specifics of the enterprise’s economic activity in order to present in the model all the key elements of profit generation in accordance with the desired level of detail.

After building the model, the user fills all blocks with quantitative characteristics in accordance with the reporting information for the enterprise. The system of blocks and classes can be expanded and deepened as the directions of the enterprise’s activities change and more detailed information about the process of profit formation.

3. Integral system of portfolio analysis. This analysis is based on the use of "portfolio theory", according to which the level of profitability of a portfolio of stock instruments is considered in conjunction with the level of risk of the portfolio (the "profit - risk" system). In accordance with this theory, it is possible, by forming an “effective portfolio” (appropriate selection of specific securities), to reduce the level of portfolio risk and, accordingly, increase the ratio of profitability and risk. The process of analyzing and selecting such securities for a portfolio is the basis for using this integral theory.

Predictive models are predictive models. They are used to forecast a company's income and its future financial condition. The most common of them are: calculating the point of critical sales volume, constructing predictive financial reports, dynamic analysis models (strictly determined factor models and regression models), situation analysis models.

Normative models. Models of this type allow you to compare the actual results of enterprises with the expected ones calculated according to the budget. These models are used primarily in internal financial analysis. Their essence comes down to the establishment of standards for each cost item for technological processes, types of products, responsibility centers, etc. and to the analysis of deviations of actual data from these standards. The analysis is largely based on the use of strictly determined factor models.

The detailing of the procedural side of the financial condition analysis methodology depends on the goals set, as well as various factors of information, time, methodological, personnel and technical support.

The logic of analytical work assumes its organization in the form of a two-module structure:

Express analysis of financial condition;

Detailed analysis of financial condition.

These two modules differ in the “depth” of consideration of the main indicators of financial statements that characterize the financial condition of the analyzed enterprise.

The main purpose of express analysis is a clear and simple assessment of the financial well-being and dynamics of development of an economic entity.

Express analysis is performed in three stages:

Preparatory stage;

Preliminary review of financial statements;

Economic reading and analysis of statements.

At the first stage, a decision is made on the feasibility of analyzing the financial statements of the enterprise. The first task is solved by reading the auditor's report.

There are two main types of audit reports:

Standard;

Non-standard.

The first is a document prepared in a fairly unified and brief presentation, containing a positive assessment of the auditor (audit firm) on the reliability of the information presented in the report and its compliance with current regulatory documents.

A non-standard audit report is usually more voluminous, contains some additional information that may be useful to users of the statements and is considered by the auditor as appropriate for publication based on the adopted audit technology.

Accounting statements are a set of interrelated indicators of financial and economic activity for the reporting period. Reporting forms are characterized by both logical and informational relationships.

The essence of the logical connection is the complementarity and mutual correspondence of the reporting forms, their sections and articles. Some of the most important balance sheet items are deciphered in the accompanying forms.

If necessary, interpretation of other indicators can be found in analytical accounting.

Logical connections are supplemented by information ones, expressed in direct and indirect control relationships between individual indicators of reporting forms. A direct control ratio means that the same indicator is presented simultaneously in several reporting forms.

The purpose of the second stage is to familiarize yourself with the explanatory note to the balance sheet.

The main trend in the development of balance in our country was its constant complication. In recent years, the opposite process has been taking place—a simplification of the balance sheet structure.

The third stage is the main one in express analysis; its purpose is a generalized assessment of the results of economic activities and the financial condition of the object.

Such analysis is carried out in varying degrees of detail for the benefit of various users.

IN general view The methodology for express analysis of reporting provides for the analysis of resources and their structure, business results, and the efficiency of using own and borrowed funds.

The point of express analysis is to select a small number of the most significant and relatively simple to calculate indicators and constantly monitor their dynamics.

The purpose of a detailed analysis of financial statements is a detailed description of the property and financial position of an economic entity, the results of its activities in the past reporting period, as well as the development opportunities of the entity for the future. It specifies, complements and expands individual express analysis procedures.

In this case, the degree of detail depends on the desire of the analyst.

In general, the program for in-depth analysis of the financial and economic activities of an enterprise is as follows.

We will dwell in more detail on the features of assessing the financial condition of an enterprise in the following paragraphs.

3. Methodology for analyzing financial condition

There are quite a large number of different methods that allow you to analyze the financial condition of an enterprise, and most of the methods proposed by domestic scientists are based on statistical methods of data processing. These methods include:

Vertical;

Horizontal analysis;

Structural;

Ratio analysis;

Graphic method.

At the same time, considering various methods for analyzing financial condition, each of the authors brings certain additional elements analysis, which allow analysis in one direction or another, depending on the goals of the analysis.

So, let's consider the most common methods for analyzing the financial condition of an enterprise, developed by such domestic scientists as Sheremet A.D., Negashev E.V., Savitskaya G.V., Kovalev V.V.

According to the methodology for analyzing the financial condition of an enterprise proposed by G.V. Savitskaya, the financial condition of an enterprise is an economic category that reflects the state of capital in the process of circulation and the ability of a subject to self-development at a fixed point in time.

In the process of supply, production, sales and financial activities, a continuous process of capital circulation occurs, the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, the financial condition of the enterprise, the external manifestation of which is solvency, change.

Financial condition may be:

Sustainable;

Unstable (pre-crisis);

Crisis.

An enterprise's ability to make timely payments, finance its operations on an expanded basis, withstand unexpected shocks, and maintain its solvency in adverse conditions indicates its sound financial condition.

Analysis of the financial condition of the enterprise, according to the method of A.D. Sheremet is expressed in the ratio of the structures of its assets and liabilities, i.e., the enterprise’s funds and their sources. The main tasks of financial condition analysis are to determine the quality of the financial condition, study the reasons for its improvement or deterioration over the period, and prepare recommendations to improve the financial stability and solvency of the enterprise. These tasks are solved by studying the dynamics of absolute and relative financial indicators and are divided into the following analytical blocks:

Structural analysis of assets and liabilities;

Financial stability analysis;

Analysis of liquidity and solvency; analysis of the required increase in equity capital.

The financial condition of an economic entity, according to the developed methodology of G.V. Savitskaya, is a characteristic of the financial competitiveness of this entity (i.e., solvency, creditworthiness), the use of financial resources and capital, and the fulfillment of obligations to the state and other economic entities.

The financial condition of an economic entity includes an analysis of: profitability and profitability; financial stability; creditworthiness; use of capital; currency self-sufficiency.

According to V.V. Kovalev, currently the analysis of the financial condition of an enterprise is unified and is carried out according to a uniform methodology in almost all countries of the world. The general idea behind this unified approach to analysis is that accounting proficiency requires knowledge and understanding of the following:

Space occupied by accounting reports in the system information support management of enterprise activities;

Regulatory documents governing the preparation and presentation of financial statements;

Composition and content of reporting;

Methods for reading and analyzing it.

Carrying out an analysis of the financial condition involves calculating a system of analytical coefficients, which allows one to get an idea of the following aspects of the enterprise’s activities: property status; liquidity and solvency; financial stability; business activity; profit and profitability; market activity. In addition, horizontal and vertical analysis is expected.

Considering the methodology for analyzing the financial condition of Sheremet A.D., it should be noted that the purpose of structural analysis is to study the structure and dynamics of the enterprise’s funds and sources from the formation to become familiar with the overall picture of the financial condition. The source of information is also the financial statements of the enterprise.

According to the balance sheet, the movement of fixed assets, working capital and other assets for the analyzed period is compared, as well as the movement of sources of funds shown in the liabilities side of the balance sheet. Sources of financial resources are divided into own and borrowed.

An increase in the share of own funds positively characterizes the work of an economic entity. Their share in the total amount of sources, equal to 60% or more, indicates the financial independence of the subject. Analysis of the availability and structure of working capital is carried out by comparing the value of these funds at the beginning and end of the analyzed period. Working capital, for which standards have been established in an economic entity, are compared with these standards, and a conclusion is drawn about the lack or surplus of the enterprise's standardized funds.

Particular attention is paid to the status of accounts payable and receivable. These debts may be normal or unjustified. Unjustified accounts payable include debt to suppliers for settlement documents not paid on time.

Unjustified receivables of an enterprise include debt for claims, compensation for material damage (shortages, theft, damage to valuables), etc.

Unjustified debt is a form of illegal diversion of working capital and violation of financial discipline. It is important to establish the timing of debt in order to monitor their liquidation on time.

In general, considering various methods, it can be noted that the characteristics of the financial condition of an enterprise include an analysis carried out to analyze the following elements:

The composition and placement of assets of an economic entity;

Dynamics and structure of sources of financial resources;

Availability of own working capital;

Accounts payable;

Availability and structure of working capital;

Accounts receivable;

Solvency.

The most widely used way to characterize the financial condition of an enterprise is liquidity analysis. Savitskaya G.V. proposes to consider liquidity as follows.

The liquidity of a business entity is its ability to quickly repay its debt. It is determined by the ratio of the amount of debt and liquid funds, i.e. funds that can be used to pay off debts (cash, deposits, securities, sellable elements of working capital, etc.). Essentially, the liquidity of a business entity means the liquidity of its balance sheet, as well as the unconditional solvency of the business entity.

Analysis of balance sheet liquidity consists of comparing funds for an asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities for a liability, grouped by their maturity and arranged in ascending order of maturity.

Depending on the degree of liquidity, i.e. the speed of conversion of any asset into cash, the assets of a business entity are divided into the following groups:

A1 – the most liquid assets. These include all funds of the enterprise (cash and in accounts) and short-term financial investments (chain securities);

A2 – quickly realizable assets, including accounts receivable and other assets;

A3 – slowly selling assets. This includes the articles of Section II of the asset “Inventories and Costs” with the exception of “Deferred Expenses”, and also includes the articles “Long-term financial investments”, “Settlements with founders” from Section I of the asset;

A4 – assets that are difficult to sell. These are fixed assets, intangible assets, unfinished capital investments, equipment for installation.

Balance sheet liabilities are grouped according to the degree of urgency of their payment:

P1 – the most urgent liabilities. These include accounts payable and other liabilities;

P2 – short-term liabilities cover short-term loans, as well as borrowed funds;

P3 – long-term liabilities, include long-term loans and, in addition, borrowed funds;

P4 – permanent liabilities. These include articles in Section I of the liability “Sources of own funds”.

To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of the item “Deferred expenses”.

To determine the liquidity of the balance sheet, you should compare the results of the given groups for assets and liabilities. The balance is considered absolutely liquid if A, ≥ P1, A, ≥ P2, A, ≥ P3, A ≤ P4.

The analysis includes three main stages:

Preparatory;

Analytical;

Final.

The preparatory stage consists of drawing up a research program and preparing materials for analysis. The program is determined by the purpose, objectives of the analysis and the direction of practical use of the result. The developed analysis program is detailed in the calendar schedule and the composition of participants. Selection, testing and preparation of materials are carried out depending on the goal and analysis program.

The analytical stage consists of determining the directions and causes of deviations, identifying the influence of individual factors on the resulting indicators, establishing relationships and interdependencies between individual factors, assessing results and identifying reserves. At this stage, various methods and techniques of economic analysis, modern mathematical apparatus, and electronic computer technology are used.

At the final stage of the analysis, a thorough synthesis of the results is carried out, proposals are developed to eliminate the identified deficiencies, and an action plan is drawn up to improve production efficiency. The results of the analysis are presented in the form of various tables and graphs and are accompanied by an explanatory note.

The explanatory note also provides a calculation of the economic effect of the proposed measures and their impact on individual and final performance indicators of the enterprise. To discuss the results of analysis, they are widely used. production meetings, as well as printing. An indispensable condition for the final stage is monitoring the implementation of planned activities at the enterprise.

To analyze the financial condition of the enterprise, the data obtained from the analysis of the balance sheet and the income statement are used.

The first step in balance sheet analysis is to transform the standard balance sheet form into a larger (aggregated) form that is more convenient for analysis. This form of balance sheet methodologically and terminologically coincides with the forms of balance sheets used in world practice.

A separate line of the aggregated balance sheet shows mobile capital, defined as part of current assets (working capital) financed by invested capital. The value of this indicator characterizes the degree of liquidity of the enterprise, which makes this indicator of particular importance.

To characterize the sources of inventory formation and costs, several indicators are used that reflect different types of sources.

1. Availability of own working capital.

2. Availability of own and long-term borrowed sources of formation of the enterprise's reserves.

3. The total value of the main sources of reserve formation.

To assess liquidity, the following indicators are used:

a) the total liquidity ratio characterizes the company’s ability to fulfill short-term obligations at the expense of all current assets;

b) the intermediate liquidity ratio is the ability of an enterprise to fulfill short-term obligations using cash, short-term financial investments, accounts receivable and finished products in the enterprise’s warehouse;

c) absolute (instant) liquidity ratio is the ability of an enterprise to fulfill short-term obligations using free cash and short-term financial investments.

To analyze the financial stability of an enterprise, the following indicators are used in practice.

1. The total solvency ratio, which determines the share of equity capital in the company’s property, shows the ability to cover all the obligations of the enterprise with all its assets.

An enterprise is considered financially stable if > 0.5.

This indicator is directly related to the overall solvency ratio; therefore, its value for a financially stable enterprise should be greater than one.

2. The agility coefficient shows what part of the equity capital is invested in the most maneuverable (mobile) part of the assets. By its value one can judge the financial independence of the enterprise, i.e., the ability of the enterprise not to find itself in a bankrupt position in the event of prolonged technical re-equipment or difficulties with the sale of products.

Share own sources financing of current assets shows what part of current assets is formed from equity capital.

3. The immobilization coefficient characterizes the ratio of permanent and current assets, reflects, as a rule, the industry specifics of the company, and is calculated as the ratio of permanent and current assets.

The lower the ratio, the greater the share of liquid assets in the organization’s property, and the higher the organization’s ability to meet current obligations.

4. Ways to improve your financial condition

Thus, improving the payment discipline of the enterprise’s partners (customers) will help improve its financial condition.

Increasing the productivity of equipment and its quality, accelerating the turnover of working capital, etc. (intensive);

5 Identification of factors influencing the financial condition of the organization

The ability of an enterprise to adapt to changes in technological, economic and social factors serves as a guarantee not only of survival, but also as a guarantee of the prosperity of the enterprise in modern economic conditions.

A huge variety of factors influence your financial condition:

The position of the enterprise in the product market;

Production and release of cheap, in-demand products;

Its potential in business cooperation;

Degree of dependence on external creditors and investors;

Presence of insolvent debtors;

Efficiency of business and financial operations.

According to the classification of factors given by V.M. Rodionova and M.A. Fedotova, factors influencing financial stability are divided into:

a) by place of origin - external and internal;

b) according to the importance of the result - main and secondary;

c) in structure – simple and complex;

d) by time of action - permanent and temporary.

In developed countries with a stable political and economic system, the sustainability of the organization is influenced by 1/3 by external factors and 2/3 by internal factors.

In Russia, despite low business activity and even paralysis of activity, external factors operate to a greater extent, and among them the main factor is political, economic and financial instability.

Numerous internal factors depend on the organization of the enterprise; in the most general form they can be grouped into four groups:

Enterprise philosophy;

Principles of enterprise activity;

Resources and their use;

Quality and level of marketing use.

The sustainability of an enterprise, first of all, depends on the composition and structure of products and services provided, and production costs.

In this case, the relationship between constants and variable costs of this enterprise.

The solution is to reduce all unproductive and unproductive costs. The ways to reduce them will be specific for each enterprise. This is the reduction of excess and outdated production capacity, improvement of technological processes, their reduction in cost, elimination of defects, losses from irrational use of working time and staff turnover, reduction of management costs, sale and liquidation of unprofitable production and switching to the production of highly profitable products.

These activities are often associated with increasing the competitiveness of the enterprise's products. Successful business management is greatly facilitated by a well-founded system strategic planning and a set of marketing tools that effectively take into account the market situation and actively influence it.

As an independent strong factor, production culture and enterprise culture are called, which include qualification composition, technological level, psychological atmosphere in the team, etc.

Another important factor in the financial condition of an enterprise, closely related to the structure of products and production technology, is the optimal composition and structure of assets, as well as the correct choice of management strategy. The art of managing current assets is to keep in the accounts of the enterprise only the minimum necessary amount of liquid funds that is needed for current operational activities. The more financial resources an enterprise has, primarily profit, the more stable its position. At the same time, it is important not only total weight profit, but also its distribution, especially the share that is directed to the development of production.

Funds additionally mobilized on the loan capital market have a great influence on the financial condition of the enterprise. The more funds a company can attract, the higher its financial capabilities, but the financial risk also increases - will the company be able to pay its creditors on time? Here, a large role is given to reserves as one of the forms of financial guarantee of the solvency of an economic entity.

The main internal factors influencing the financial condition of the enterprise are:

– industry affiliation of the business entity;

– structure of products (services) of the enterprise, its share in total effective demand;

– the amount of paid authorized capital;

– the magnitude and structure of costs, as well as, accordingly, their relationship with cash income;

– the state of property and financial resources, including stocks and reserves, their composition and structure.

In addition, internal factors influencing the financial condition of an enterprise should include the competence and professionalism of enterprise managers, their ability to take into account changes in the internal and external environment.

External factors include:

Demography (determines the size and structure of needs, and if known economic preconditions effective demand of the population);

An economy, the state of which determines the level of income and savings of the population, and therefore its purchasing power;

The price level and the ability to obtain credit also significantly influence entrepreneurial activity. The behavior of an enterprise must also take into account the phase of the economic cycle in which the country's economy is located. A drop in demand can lead to intensified competition, the takeover of an enterprise, and the emergence of a strong competitor.

Political stability and direction domestic policy implemented through the levers of economic legislation;

The significance of this factor is extremely high, and especially for business activities in Russia. This should include: the state’s attitude to business activity; principles of state regulation of the economy; property relations; its privatization or nationalization; principles of land reform supported by the state; measures taken to protect the consumer, on the one hand, and the entrepreneur (protecting competition, limiting monopolism) on the other.

All this is accumulated in legislative norms that determine the activities of the enterprise.

– the development of science and technology, which determines all components of the production process of a product and its competitiveness;

Changes in production technology, which an enterprise is forced to carry out under the influence of competitors (for Russia these are mainly importers), require large capital investments and may temporarily negatively affect the profitability of the enterprise, including due to failures in the introduction of new technologies. Insufficient capital for the reconstruction and modernization of production can also negatively affect the position of the enterprise. A great danger for an enterprise is the appearance of foreign competitors on the market, the production of goods of which may be based on the use of cheaper labor or the use of cheaper technologies.

Culture, which is manifested in habits and norms of consumption, preference for certain goods and negative attitudes towards others;

– often the insolvency of debtors leads to negative consequences, which obliges the company to carefully study the financial situation of the future partner.

The financial position of most organizations is also negatively affected by the consequences of the general economic downturn and inflation. Of course, it is beyond the capabilities of an individual enterprise to deal with a crisis that has a national scale, but they are capable of pursuing a flexible policy that can significantly mitigate the negative consequences of the general recession.

An enterprise may be subjected to severe trials due to unexpected changes in the field of government regulation or sharp declines in government orders. Difficulties of this kind are very typical for our country recently, when a number of enterprises were left without government support. Businesses that try to predict unfavorable changes in government policy are wise to act. The most effective means is the formation of a strong lobby of entrepreneurs in the government and political institutions, which will eliminate surprises and make the state’s economic policy more predictable.

However, the strongest external factor, affecting the financial condition of the enterprise are the so-called “technological gaps”.

The processes that formed the system at later stages become its limiters. Further development requires a leap in the basic characteristics of the enterprise system.

The figure shows the classification of factors influencing the financial condition of the enterprise.

Classification of factors influencing the financial condition of an enterprise

conclusions

Financial condition refers to the ability of an enterprise to finance its activities. It is characterized by the provision of financial resources necessary for the normal functioning of the enterprise, the feasibility of their placement and efficiency of use, financial relationships with other legal and individuals, solvency and financial stability.

The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-development at a fixed point in time.

The financial condition can be stable, unstable and crisis. The ability of an enterprise to make payments on time and to finance its activities on an expanded basis indicates its good financial condition.

A stable financial position, in turn, has a positive impact on the implementation of production plans and provision of production needs with the necessary resources.

Therefore, financial activity as an integral part of economic activity is aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use.

The efficiency of any enterprise in modern conditions depends on the organization of the production process.

To properly manage the production process, it is necessary to have complete, accurate, objective, modern and sufficiently detailed economic information.

The main tool for this is financial analysis, the main purpose of which is to obtain a small number of key parameters that give an objective and accurate picture of the financial condition of the enterprise, with the help of which you can objectively assess the internal and external relations of the analyzed object: characterize its solvency, efficiency and profitability of activities, prospects development, and then make informed decisions based on its results.

The concept of analysis of financial condition is usually understood as a characteristic of its competitiveness (and competitiveness is characterized by indicators of solvency and creditworthiness), the efficiency of using financial resources and capital, and the fulfillment of obligations to the state and other economic entities.

Analysis of financial condition is closely related to planning and forecasting, since without in-depth analysis it is impossible to carry out these functions. The important role of analysis of the financial condition of an enterprise in preparing information for planning, assessing the quality and validity of planned indicators, in checking and objectively assessing the implementation of plans.

With the help of financial analysis, a strategy and tactics for the development of an enterprise are developed, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the activity of the enterprise, its divisions and employees are assessed.

Financial analysis is not only a means of justifying plans, but also of monitoring their implementation.

Planning begins and ends with an analysis of the results of the enterprise's activities. It allows you to increase the level of planning and make it scientifically based.

To improve the efficiency of an enterprise, it is of paramount importance to identify reserves for increasing production and sales volumes, reducing the cost of products (works, services), and increasing profits.

The factors necessary to determine the main directions for searching for reserves for increasing profits include:

Natural conditions, government regulation prices, tariffs, etc. (external factors);

Changes in the volume of means and objects of labor, financial resources (internal production extensive factors);

Increasing the productivity of equipment and its quality, accelerating the turnover of working capital, etc. (intensive);

Supply and marketing activities, environmental protection activities, etc. (non-production factors).

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Development of recommendations to improve the financial condition of the enterprise. Development of measures to improve the financial condition of the enterprise

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