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Bankovní institut vysoká škola Praha Katedra bankovnictví a pojišťovnictví Finanční management, ukazatele jeho efektivity a cesty jejího rozvoje Diplomová práce Autor: Kamal Dadashov Finance Vedoucí práce: Praha Ing. Jana Marenčáková Červen, 2011 "Bankovni institut vysoka skola" (Prague) Department of Banking and Insurance Financial management, indicators of its efficiency and the ways of development Diploma thesis Author: Kamal Dadashov Finance Diplomas supervisor:: Ing. Jana Marenčáková Prague June, 2011 2 Statement I declare that on the masters thesis, I worked independently with the use of educational and scientific literature, statistical data and information and also materials of the company. I certify that the electronic version of this work coincide with the same as the printed version, and I accept the fact that the work will be archived in the library and will be available to BICB third parties on the internal electronic

database of the institute. Prague June, 2011 Kamal Dadashov 3 Gratitude I would like to be thankful for patience, understanding and professionalism of the supervisor, and giving the valuable, professional advice and recommendations. Also expressing gratitude to all the teachers and the administration of the institute. Prague June, 2011 Kamal Dadashov Annotation: The paper discusses the theoretical aspects of financial management, its tasks and functions. Particular attention is given to performance indicators of financial management, which positively affect the financial condition of the enterprise. The method of their calculation, the factors affecting the results and ways to improve. Theoretical aspects of calculating financial management displayed a practical example of conditional enterprises producing sand-lime brick. Anotace: Studie se zabývá teoretickými aspekty finančního řízení, jeho úkoly a funkce. Zvláštní pozornost je věnována plnění ukazatelů

finančního řízení, které pozitivně ovlivní finanční situaci podniku. Způsob jejich výpočtu, faktory, které ovlivňují výsledky a způsoby, jak zlepšit. Teoretické aspekty finančního řízení výpočtu ukazuje praktický příklad podniků vyrábějících vápenopískové cihly. Keywords: financial management, efficiency, management, financial performance Klíčová slova: finanční management, efektivita, management, finanční výkonnost Contents Introduction . 7 1. Theoretical foundations of the financial management 9 1.1 Goals and objectives of the financial management 9 1.2 Features of Financial Management 13 1.3 The system performance of the financial condition of the company 16 2. Financial management in the enterprise 20 2.1 The financial planning at the enterprise 20 2.2 Institutional financial planning process 23 2.3 The Office funds 24 3. Calculation of financial management indicators 26 3.1 Indicators of economic and financial activity 26

3.2 Forecasting the financial performance of the organization 29 3.3 Development of the cash budget 32 3.4 Decisions on inventory management 40 3.5 Receivables management 43 3.6 Methods of cash management of the company 50 3.7 The method of choice of external financing for the company 56 Conclusion . 61 Reference . 63 6 Introduction A market economy requires the establishment and development of enterprises of various organizational - legal forms that are based on different types of private ownership, the emergence of new owners - both individual citizens and labor collectives of the enterprises. There are some economic activities such as entrepreneurship (is economic activity) associated with the production and sale of products, works and services or selling goods to an essential consumer. Third, this activity is risky, losses and bankruptcies. Finally, the enterprise clearly focused on making a profit than in a developed and competition is achieved by the satisfaction

of social needs. This is an essential prerequisite and the reason for interest in the outcome of financial - economic activity. The implementation of this principle in practice depends not only on enterprises provided autonomy and the need to finance their costs without government support, but also on the share of profits, which remain at the disposal of the company after payment of taxes. In addition, you must create an economic environment in which profitable to produce goods, make profits and reduce costs. Every business begins with a statement and answer to three key questions: 1. What should be the quantity and the optimal composition of assets of the enterprise, allowing the company to achieve its goals and objectives? 2. Where to find sources of funding and what should be their best lineup? 3. How to organize current and future financial management, ensuring financial stability and solvency of the company? Resolve these issues in financial management are one of the key

subsystems of the common system of management. The aim is to define performance measures for businesses with financial management. The objectives of work are: - Studying aims and objectives of financial management; - Review of financial management functions; - Studying - Analysis and evaluation using indicators of financial management activities of methods of calculation indicators of financial management; conditional business. The object of research are the indicators of financial management. The subject of financial management is a technique designed to improve the condition of the financial company. 7 Methods: - Processing, analysis of scientific sources; - Analysis of scientific literature, textbooks and study aids on the problem. The basic work of theoretical and methodological became leading Russian experts, such as: A.E Abramova,IT Balobanova VO Boldyrev,VV Bocharova,OV Efimova,V.V Kovalev,RA Fahtudinova revealing the methods of financial management in the

enterprise. A number of textbooks on financial management of companies, periodicals, effective regulatory rules and regulations governing the various financial activities of enterprises were used for writing the thesis. Furthermore, various internet resources and data were utilized for providing analysis for the research paper. The results can be used in the practice of financial management of enterprises. 8 1. Theoretical foundations of the financial management 1.1 Goals and objectives of the financial management There are a number of definitions of financial management, in particular for financial management to understand: 1 • control system formation, distribution and use of financial resources, the entity and its effective circuit of funds; • a system of relations between different actors on the recruitment and use of financial resources; • science and practice of financial management of enterprises, aimed at achieving its strategic and tactical objectives; •

financial management and property management of the company; • management of monetary relationships system (finances), expressed in the formation of income (money funds and resources), implementation costs (distribution and redistribution of funds, resources), monitoring the effectiveness of these processes; • asset management of company in order to maintain the balance of payments and provide the necessary liquidity of the enterprise; • management of financial flows of the enterprise. Financial management as a science - a system of principles, methods, design and implementation of management decisions related to the formation, distribution and use of financial resources, enterprises and organizations of its cash turnover. These definitions are very compact, because they include liability management, software distribution, acceleration of payments, financial planning, inventory management and cost and other issues dealt with by financial managers of enterprises. Financial

Management - is directly related to the management of the financial condition of the enterprise (FCE). 1 Balabanov, I.T Fundamentals of Financial Management: Textbook / IT Balabanov - M: "Finances and Statistics", 2002. - S 24-26 9 The financial condition of the enterprise - its economic state characterized by a system of indicators that reflect the presence, distribution and use financial resources necessary for its business. The financial condition of the enterprise - the most important characteristic of its activity. It defines the competitive potential in the business, estimates the degree of assurance of the economic interests of the company and its partners. From the perspective of the enterprises capacity to pay taxes timely financial condition of the enterprise concerned and the tax authorities. The financial condition of the enterprise is the main criterion for banks in deciding whether it is under the loan. The financial condition of the company affected by

all components of management, which can be divided into financial, management, personnel, production, marketing, R&D, logistics. As a result of the interaction of all elements of financial relations company, its financial condition is determined by the totality of industrial and economic factors. At the same time use both absolute and relative performance (financial ratios) 2. With regard to financial management use concepts: financial management, financial management and control of financial condition. With some assumptions, these concepts can be considered identical. However, the latter still seems to be more broad and far-reaching, because involves integration of various components of management and an indication of the feedback control. It is advisable to distinguish between financial management in the narrow sense, as financial management or financial flows (the traditional understanding) and financial management in the broadest sense, as financial management or operation of

the financial condition of the company, so the company management in general, the linkage of all components (areas) management from the perspective of achieving the desired financial results. Thus, financial management can be defined as purposeful activity subject of management (top management and its financial services) aimed at achieving the desired financial condition of the managed object (enterprise).In other words, managing the company in order to achieve their targeted financial results and its effectiveness. Therefore, under the financial management can be understand the financial management of the enterprise, that is, management in terms of achieving the desired financial results or managing the financial condition of the company. 2 Finance companies. EI Borodin YS Golikov, NV Kolchin, ZM Smirnova - M: INFRA-M, 1999 - S 18. 10 The purpose of financial management - the maximization of wealth owners with sound financial policies based on:3 − long-term profit

maximization; − maximize the market value of the firm; Objectives of financial management − ensure the formation of the financial resources that needed to provide the planned activities; − ensure the most efficient use of financial resources; − optimization of cash turnover; − cost optimization; − ensuring maximization of profits; − provision to minimize the level of financial risk; − providing ongoing financial balance of the company. − ensuring sustainable growth of economic potential; − assessment of potential financial capacity of the company in the coming periods; − provide targeted profitability; − avoid bankruptcy (crisis management); − to ensure ongoing financial stability of the organization Let us consider, how implementing these tasks 1. Ensure the formation of sufficient financial resources in accordance with the objectives of the enterprise in the period ahead. This task is accomplished by determining the total funding needs for the coming period

of the company, maximizing the amount of involvement of their own financial resources from domestic sources, determine the feasibility of forming their own financial resources from external sources, managing leveraged funds, optimizing the structure of sources of financial capacity of the resource. 2. Ensuring the most efficient use of financial resources generated by major activities of the company. Optimizing the distribution of the generated amount of financial resources that provides for the establishment of proportionality required in their use for purposes of industrial and social development of the company paying the required level of income on the investment the owners of the company and so. In the process of productive consumption of financial resources generated by major activities of the company should 3 Colas B. The financial management of the company: Textbook / B Colas Trans Translated from French - M.: "Finance", "UNITY", 2001 - S 126-127 11

take into account the strategic objectives of its development and the possible rate of return invested funds. 3. Optimizing cash turnover This is achieved through effective management of cash flow, as in the circulation of its cash, ensuring synchronization of the volume of receipts and expenditure of funds for specific periods, maintaining the required liquidity of its current assets. One result of this optimization is to minimize the average balance of free cash assets that reduce losses from their inefficient use and inflation. 4. Ensure maximization of profits at the level of financial risk foreseen Profit maximization is achieved through effective asset management company commercializing borrowed funds, selecting the most effective ways of operating and financial performance. In this case, to achieve the goals of economic development entity will not seek to maximize the balance, and net profits, remaining at his disposal, which requires the implementation of an efficient tax,

depreciation and dividend policy. In this task, you must keep in mind that maximizing the level of profits achieved, usually with a significant increase in the level of financial risks, as between the two rates there is a direct connection. Therefore, profit maximization should be provided within an acceptable financial risk, which is determined by the specific level of the owners or managers of businesses with their financial mentality (attitude to the degree of acceptable risk in carrying out economic activities). But there are official standards (for example, the maximum allowable ratio between the amount of own and borrowed funds of commercial banks). 5. To provide minimizing level of financial risk at the level foreseen profit If the level of profits is given or planned in advance, an important task is to reduce the financial risk for receiving this income. This minimization can be achieved by diversifying the types of operational and financial performance, as well as a portfolio

of financial investments, prevention and avoidance of certain financial risks, effective forms of internal and external security. 6. Providing ongoing financial balance of the company during its development This equilibrium is characterized by a high level of financial stability and solvency of the enterprise at all stages of its development and to create an optimal capital structure and assets, effective proportions of the volumes of formation of financial resources from various sources, a sufficient level of self-financing investment needs. All the problems of financial management are closely linked, although some of them are multidirectional nature (e.g provision of maximizing the amount of profit while 12 minimizing the level of financial risk, ensuring the formation of sufficient financial resources and ongoing financial balance of the company during its development, etc.) Basic principles of financial management:4 − financial autonomy of the enterprise; −

self-financing − material interest − material liability, − risk providing with financial reserves. 1.2 Features of Financial Management In carrying out its primary objective, financial management fulfills specific functions. Financial management functions are divided into two groups: • financial management functions as the control system; • The functions of financial management as a special area management. Any management activity includes a standard management functions (functions of a management system). In this context, financial management can be summarized as follows Financial management - an integrated process of planning, organization, motivation and control, aimed at optimizing the organizations formation, distribution and use its financial resources. Accordingly, we can distinguish the following functions as financial management control systems:5 1) Financial planning (budgeting); 2) Financial organization; 3) Motivation to achieve the planned financial performance;

4) Financial control (controlling or management accounting). The main functions of financial management as the control system. 1. The function of financial development strategy of the company In implementing this function on the basis of an overall strategy of economic development and business forecasting financial market conditions, forming a system of goals and targets for financial 4 Balabanov I.T Financial management - Moscow: Finances and Statistics, 2004 -C 48 5 Kovalev V.V Introduction to Financial Management - Moscow: Finances and Statistics, 2000 - C6 13 performance in the long term, identifying priority problems to be solved in the short term and developing policy action the company in key areas of its financial development. Financial strategy of the enterprise is regarded as an integral part of its overall strategy for economic development. 2. Organizational function, which provides adoption and implementation of management decisions on all aspects of financial

activity. These structures are built in a hierarchical or functional basis with the release of specific "centers of responsibility." During the implementation of this function of financial management is necessary to ensure a constant adaptation of organizational structures to the changing conditions and operation of the business areas of financial activity. The organizational structures of financial management must be integrated into the overall organizational structure of management. 3. Information feature providing justification for a number of possible alternative management decisions. In implementing this function must be defined volume and content of the information needs of financial management, formed the external and internal information sources that satisfy these requirements, organized by the constant monitoring of the financial state enterprise and financial market conditions. 4. The function analysis of various aspects of financial activity In implementing this

function to conduct a rapid and in-depth analysis of individual financial transactions, financial performance of individual subsidiaries, branches and "responsibility centers"; generalized in financial results. The criteria for this optimization - financial performance, including coefficients of the enterprise as a whole and in the context of its separate ways. 5. Planning function, providing strategic development of current plans and operating budgets in key areas of financial activity, the various structural units and the enterprise as a whole. The basis for such planning is to develop financial strategy of the enterprise, requiring specification at each stage of its development. 6. Enabling function, providing an incentive system implementing management decisions in the field of finance. In implementing this function, a system of rewards and sanctions in the context of leaders and managers of individual departments of the enterprise for performance or failure to set

financial targets and financial standards and targets. Personalization such incentives provided through the introduction of the company contracted form of remuneration managers and financial managers 7. Control function, providing effective control over the implementation of management decisions in the field of finance. The implementation of this function of 14 financial management related to the creation of internal control systems in the enterprise, the division of control responsibilities of individual services and financial management, the definition of controlled and target periods, prompt response to the results of ongoing monitoring. The functions of financial management as a special area of enterprise management:6 1) Asset management; 2) Equity management; 3) Investment management; 4) Cash flow management; 5) Financial risk management. The main functions of financial management as a special field of business management are the following. 1. The function of asset management

- identifying the real need for certain types of assets, based on the facilities provided for operating the enterprise, and determination of their amounts in general, optimization of assets in terms of the effectiveness of their use of complex, provision of liquidity of certain types of current assets and accelerating the cycle of trafficking, the choice effective forms and sources of financing. 2. The function of equity management During the implementation of this function is a general need for capital to finance business; optimize the capital structure to ensure the most effective use of it, developed a system of measures to refinance capital in the most effective types of assets. 3. Investment management function - is to identify the most important areas of investment activities of the enterprise; evaluation of investment attractiveness of individual real-life projects and financial instruments and the selection of the most effective of them, the formation of real investment

programs and portfolios of financial investments, selecting the most effective forms of financing investment. 4. Function of cash flow management is to create incoming and outgoing cash flows the company, their synchronize the volume and time on selected upcoming periods, the efficient use of balance temporarily available cash assets 5. Financial risk management function and prevents bankruptcy During the implementation of this function revealed the composition of the major financial risks 6 Management - the science and art. / Under the general editorship A Fayolle, G Emerson, F Taylor, Henry Ford. - Moscow: Republic, 2002 - S 202-204 15 inherent in business activities of the enterprise, carried out assessment of the risks and the amount of associated potential financial losses in the context of individual transactions and economic activities as a whole, a system of prevention and minimization of individual financial risks as well as their insurance, based on continuous

monitoring of the level of the threat of bankruptcy is diagnosed with a high level and used the mechanisms of anti-crisis financial management. 1.3 The system performance of the financial condition of the company Production efficiency is a key category of market economy, which is directly linked with the ultimate goal of social production in general and each company individually. In the most general form of production efficiency is a quantitative ratio of two quantities - the results of operations and production costs. The essence of the problem of increasing production efficiency is to increase the economic benefits per unit cost in the use of available resources. Figure 1. Indicators of financial condition of the company7 Indicators of operational activity Indicators of capital strcuture Indicators of profitability of assets and capital Market indicators Indicators of liquidity Indicators of effective use of assests 7 Abramov, A.E Fundamentals of financial, economic and an

investment company in 2 hours - M. Economy & Finance ACDI, 2006 - S 277 16 Increased efficiency can be achieved both by saving operating costs (resources consumed), and by better use of existing capital and new investments in capital (resources used).The most important result of the economic activity of the enterprise market, taking into account long-term prospects of its development is to maximize return on invested capital. Ratio of profit and non-recurring costs is the real starting point for improving production efficiency. However, in accordance with the laws of the market can not be equated with the efficiency of production productivity. Labor productivity means fruitfulness and production activities of people determined by the cost of labor and materials per unit of output. Hence the growth in labor productivity reflects the use of a consumable resource (current cost), while increasing production efficiency characterizes the use of all resources, including current and

non-recurring costs. In passing, we note that the concept of one-time costs, capital expenditures and investments in capital have the same economic meaning, which reduces the need to respect the general rules of recovery of these resources at the expense of profits earned in production. In a market management practices meet a variety of forms of economic efficiency. Technical and economic aspects of efficiency characterize the development of the basic factors of production and productivity of their use. Social effectiveness reflects the decision of specific social problems (for example, improving working conditions, environmental protection, etc.) Typically, social outcomes are closely linked with economic, since the foundation of all progress is the development of material production. Under market conditions, every business, being economically independent commodity producers, the right to use any evaluation of the effectiveness of its own production within the established state tax

deductions and social constraints. Features of the market functioning(the subjectivity of interests of various actors of the market process, the uncertainty of achieving the final results, the mobility parameters of production and marketing, a plurality of evaluation criteria, etc.) Also divest a division in the overall effectiveness and comparative characteristic of the domestic theory and practice, as a possible means of production and selection of the best options depending on market conditions. The market is very complex element, and the transition to a market economy determines the importance of developing common approaches to measuring costs and benefits for selecting and implementing a truly effective solution at all levels of production that make the calculation of economic efficiency of the formal business procedures in vital need. 17 The principles of economic efficiency Determination of the efficiency of production begins with the establishment of performance criteria;

evaluate the effectiveness of the main character, revealing its identity. The meaning of the criterion of efficiency stems from the need to maximize or minimize the results produced on the basis of cost goals for the company. These goals may be to ensure survival, sustainable growth, structural adjustment, social strategy, etc. With all the variety of these goals becomes dominant achieving the best economic results, the desire to extract the greatest mass of profit, taking into account long-term prospects. Hence, as a source of quantitative criterion of efficiency of production must serve an annual rate of return on invested capital:8 where E- is the rate of return on invested capital, %; P-net income (annual) net of tax EUR, K- to invest in capital-to ensure a profit, EUR; U-annual production volume of sales prices, EUR; C-is the total annual cost of production, EUR. Calculated values of the rate of return may vary depending on capital structure, the projected level of output prices,

the volume of demand and other factors. Selection criterion of production efficiency in the form of rate of return on capital is used both for comparing different versions of the enterprise, and to assess the market the only option. In international practice, justification of investment projects, the following general indicator of efficiency: NPV, return on equity, internal efficiency ratio, payback period of capital investment, the maximum cash outflows, break-even point. The net present value is defined as the difference between income and expenditure of funds for the entire period of anticipated operation of the business, taking into account the time factor. Typically, the net present value is regarded as the norm for capital investment (the rate of minimum income), confirming the appropriateness of capital investments. 8 Abryutina M.S, Grachev, AV Analysis of financial and economic activities: Training and practical guide - 2nd ed., Rev - Moscow: Publishing house "Delo and

Service", 2000 - S 56 18 Return on equity - a ratio of net profit (after tax) to equity. In a market return on equity has minimum rate of return of capital investment and a more stable indicator than the profitability of production. Internal efficiency ratio represents a threshold return on equity, in which equality is possible inflows-outflows of cash, and it turns into a present value of zero value. The project is considered cost-effective development of the company when an internal efficiency factor does not drop below this initial rate of return of investment. In practice, more accurate calculate the internal rate performance uses iterative method of selection of its numerical values over time. Payback period of capital investment (payback period) - a period of time it takes to make future profits of the enterprise has reached the level of capital investments. The index characterizes the intensity of the payback period return funds spent on a certain interval of time

after their investments: where T - the payback period of capital investment, year; P - annual net profit after tax but including depreciation, EUR. The maximum cash outflow - its the most negative net present value, calculated cumulatively. This indicator reflects the total cost of an entrepreneurial project and its links to sources of financing costs. 19 2. Financial management in the enterprise 2.1 The financial planning at the enterprise Financial planning - is planning for all areas of its revenues and expenditure of money resources for business development. Financial planning is carried out through the development of financial plans of different content and purpose, depending on the task of planning and facilities. Based on these, the financial plans can be divided into prospective, current and operational. An example of a combination of prospective and current planning is a business plan, which is usually designed in developed capitalist countries in creating new

businesses or the justification of new products. He composed over a period of three to five years as planned developments over longer periods may not be accurate. The business plan is not only a financial plan, it is necessary to develop a funding strategy and attract a particular investor under certain conditions for participating in the creation of new enterprises or the financing of new production programs.9Writing a business plan, certainly, contributes to the internal management of the company, as it is developed on the basis of goal setting, ways of their implementation, linking financial, material and manpower resources. Professional drafting a business plan allows you to keep investors funds and reduces risk of bankruptcy. This applies, for example, to solutions in areas such as the acquisition of elements of fixed capital, personnel policies, the definition of the product range. These decisions determine the activity of the company for many years and should be reflected in

long-term plans (budgets), where the degree decentralized is usually quite low. Long-term plans should be a kind of frame construction, the constituent elements of which are short-term plans. Most of the enterprises use the short-term planning and dealing with a planning period of one year. This is explained by the fact that during the period of such extension, as one might expect there are all types of the companys life events, because during this period are aligned seasonal conditions. By the time of the annual budget (plan) can be divided into monthly or quarterly budgets (plans).It is impossible to establish general rules for establishing the degree of detail of the budget. First of all it depends on how high the level of reliability as a crew. In addition, each company must assess the degree of detail necessary to coordinate the budgets of individual 9 Popov V.M The financial business plan: Manual - Moscow: Finances and Statistics, 20000 - S 48-51 20 action plan. Planning

goals may be different for different enterprises Planning functions can be given different meanings depending on the type and size of business.10 Leadership of any enterprise regardless of its type and size must know what tasks in the field of economic activity; it can be scheduled for the next period. As mentioned in the previous section, a group of interested parties in the enterprise impose certain minimum requirements for the results of his work. It is important to be aware of required economic resources for performing assigned task in order to plan some activities. This applies, for example, planning for capital formation (acquisition of loans, share capital increase, etc.) and the definition of investment The budget as a basis for control is the implementation of the budgeted plans to record the actual business results. Comparing actual performance with planned; it is possible to carry out so-called budgetary control. In this sense, one can understand focusing on indicators that

deviate from the plans, and analyzes the reasons for these deviations. For example, budget monitoring can find that in any areas of the company, the plans are executed poorly. But we can certainly assume this situation and when it turns out that budget was based on unrealistic initial assumptions. In both cases the leadership is interested in receiving information about it, so as to take appropriate action, change the way the implementation of the plans or to revise the provisions on which the budget. Budget as a means of coordination. The budget is expressed in terms of value for action (plan) in the production, procurement of raw materials or goods, implementation of output, etc. The action program must be provided temporary and functional coordination (coordination) of the individual events. Return on sales depends, for example, the magnitude of the expected price of the supplier and the production conditions, the number of products - from the expected sales volume, the value of the

sale price - on any level of procurement of raw materials requires the production and marketing program, etc. Budget as a basis for the formulation of the problem. In developing the budget for the next period, you need to make decisions well in advance of activity during this period. In this case, there is a high probability that the developers plan enough time for the nomination and analysis of alternative proposals, than in a situation where a decision is made at the last moment. 10 Starovoitov M.K, Fomin PA Practical tools to organize management of industrial enterprise Monograph Moscow: Higher School, 2002. - S 78 21 Budget as a means of delegating authority. Approval by management of the budget (plan) of the unit serves as a signal that further operational decisions are made at the level of the unit (decentralized), if they do not exceed the set budget limits. If the budgets at the departmental level are not developed, the companys management is unlikely to be so inclined

to decentralize operational decision-making. Organization of planning depends on the size of the enterprise. For some small enterprises there is no separation of management functions in the true sense of the word, and managers have the opportunity to get into all the problems. In large enterprises work on budgeting (plans) must be made decentralized Because it is focused at the departmental level of staff that have the most experience in the production, procurement, implementation, operational management, etc. Therefore, it is in the units and put forward suggestions concerning the action that it would be wise to take in the future. As stated above, the budgets of departments do not develop in isolation from each other. In the calculation, for example, the implementation of targets, and hence the value of coverage you need to know the conditions of production and the planned sale prices. To ensure an effective system of coordination, in many enterprises developed userbased budgeting,

which contains a time-based plan and the allocation of duties and responsibilities when calculating the budget targets. In the literature on planning in enterprises usually distinguish between two schemes of work on budgeting (planning) by the method of break-down and the method of build-up.11 By the method of break-down work on the budgeting begins "from above", the companys management defines the goals and objectives, in particular targets for profit. Then these figures in more detailed, as we move to lower levels of the company structure, form, included in the plans of subdivisions. It can be done the opposite by the build-up method. For example, the calculation of the indicators are beginning to implement individual sales divisions, and then head of the implementation of enterprise drives, these indicators into a single budget (plan), which can later enter an integral part of the overall budget (plan) of the enterprise. Methods of breakdown and build-up are two opposing

trends In practice is not advisable to use only one of these methods. Planning and budgeting is an ongoing process, which must constantly coordinate the budgets of various departments. 11 Fatkhutdinov R.A Strategic Management: A Textbook 4th ed rev and add - Moscow: Delo, 2004 - S 68 22 2.2 Institutional financial planning process The company should carry out planning and control in the two major economic areas. Its about profitability (profitability) of his work and financial situation Therefore, the budget (plan) on earnings and financial plan (budget) are the central elements in-house planning.12 Planning needs for working capital The company must carry out the planning use of both the ground and working capital. An important factor in planning the use of working capital is a planning time of receipt of income and expense. The company must cover the costs on availability of working capital since the start of production to pay for the product by the consumer. Planning needs in

the share capital. With the development of enterprise machines wear out, changing technology, requiring new buildings, equipment, and computers. Often time acquisition of capital assets is large enough. This means that it is important to include financial planning in the strategic planning process of the enterprise. If the company wants to conquer new markets and expand production of the product, it must take care of capital needs in the formation of long-term plans for marketing and basic research on production methods. Planning sources of income. There are many known sources of funds business, including revenue from product sales, investments of its owners, as well as a loan. The problem primarily is to find a better source for every need and at a time when the need arises. Good planning is to obtain the necessary funds, not only on time but also at the lowest price. You need to find a bank that can provide them at the present time, to correlate the source of funds for the purpose

for which they will be used to balance the different sources, because you cannot rely on bank loans, only to issue shares or the proceeds from the income. In particular, it is necessary to choose the right time to sell stocks when the stock market is thriving, not to borrow when interest rates are high, etc. 12 Mashkov R.V Restructuring strategy in a crisis / / Problems of the theory and practice of management - 2002. - № 3 - S 65-68 23 2.3 The Office funds There are the main aims of expenditure funds of the majority enterprises: the purchase of raw materials, parts, supplies, wages and salaries, interest, payment of utility bills and taxes. 13 Increase in assets. Cash receipts from sales, inventory, equipment, buildings and land – all these assets. Any increase in assets means the use of funds Decrease in liabilities Liability company has everything that it should be different: bank loans, payments to suppliers and taxes. Funds derived by an enterprise may agree to reduce

liabilities, such as return of bank loans. Payments to the owners. In private companies and partnerships of all that remains after the increase in assets and decrease in liabilities, belongs to the owners. In corporations, the capital that the company does not use paid to owners as dividends. Under current assets refers to assets that the company can keep within a year. The cycle of working capital. Current assets are used as working capital Funds to be used as working capital are a cycle. Liquid assets used to purchase raw materials, which convert into finished products, products are sold on credit, creating accounts receivable, accounts paid and collected in the customer, turning into liquid assets. Efficient use of working capital. Any funds not used for working capital needs may be directed to the payment of liabilities. In addition, they can be used to purchase capital stock or paid out as income to owners. One way to save the working capital is to improve the management of

material resources (reserves)-planning procurement of necessary materials; - introduction of rigid production systems; - using modern warehouses; - improve demand forecasting; - quick delivery. The second way to reduce working capital requirements is to reduce accounts receivable by tightening credit card policy, the evaluation of unnecessary funds that could be used for other purposes, in assessing the accounts payable requirements. The third way of reducing the costs of working capital is the best use of cash. On bank accounts, in which firms hold their liquid assets, interest shall be paid. However, 13 Bernstein, L.A Financial Statement Analysis: Theory, Practice and Interpretation / LA Bernstein Trans from English. - Moscow: Finances and Statistics, 2003 - S 96 24 other liquid assets (short-term government securities, certificates of deposit, a kind of onetime loan agreement generates interest income. The main assets are those that the firm uses more than a year. These

include capital and natural resources. One of the responsibilities of financiers is the choice of the use of existing funds: the acquisition of fixed assets or an increase in current assets, or reducing liability, or to pay the owners. When making the decision to compare the cost of new capital value-added or the size of cost reduction that results from its use. The decision on purchase of capital consists in the process of estimating investment and payback. This is a complicated process, because "pluses" of additional fixed assets usually appear after a few years. The main fact for financial officers is capital that should not detract from the need of effective property management. 25 3. Calculation of financial management indicators 3.1 Indicators of economic and financial activity In financial management the development of possible solutions associated with the choice of sources of financing investment projects, using a variety of models (the matrix), the most common

of which is considered a model of French scientists and practitioners Franchona and Romanée14 To construct the matrix are calculated two main indicators: 1) The result of the economic activity (REA) - free cash flow remaining after the investment in current and investment activities of the organization. 2) The result of the financial activity (RFA)- an indicator of organization policy in external borrowing. Determined by the net cash provided by financing activities (Form number 4, page430, gr.3) For example, in the financial statements on that line is blank, then take the (RFA)as zero. (RFA) (2008) =0; (RFA) (2009) =0; (RFA) (2010) =0 Table 1. A practical example of indicators of economic and financial activity REA 05 REA 06 REA 07 23068 33297 66676 >0 >0 >0 RFA 05 0 =0 RFA 06 0 =0 RFA 07 0 =0 According to the calculated data, the REA is greater than 0, this indicates that the company possess free money, which spends on new equipment in our example, conventional

plant acquired in 2010, an additional autoclave for firing bricks ( the last stage in the production of bricks ) purchased equipment to upgrade presses for higher quality bricks. The company needs to use advertising services, as well as an attempt to make access to new markets, such as markets around the Volga region. On a combination of REA and RFA is constructed financial strategy based on the model. It presents the "result of economic and financial activities" - a composite index of availability 14 Kovalev V.V Financial analysis - Moscow: Finances and Statistics, 2002 - S 306-307 26 of funds coming from debt and equity sources. Based on these results we set the matrix Franchona-Romanée. Table 2. Matrix Franshona-Romanée Borrowing policy Own funds RFA <0 Stagnation RFA ≈0 Stabilization RFA >0 Growth REA <0 slowdown REFA ≈0 1 REFA >0 2006 - 2008 гг.4 REFA >>0 6 REA ≈0 optimal mode REFA <0 7 REFA ≈0 2 REFA >0 5 REA >0

forced mode REFA <0 9 REFA <0 8 REFA ≈0 3 Diagonal matrix divides the field, grouped into zones: 1-2-3 - zone of equilibrium; 4-5-6 - zone success 7-8-9 - zone deficit In our example, the plant from 2008 to 2010 located in the zone "rentier", organization is content with a moderate use of market opportunities, and supports a small amount of borrowing. At this time, the company experienced high growth, the organization started to make highly profitable by expanding the product range, that is, the introduction of new products and new technologies to the old (new product from a small building blocks of cellular concrete, the new technology: not only began to produce white silicate bricks but the bricks of any color and puncture, was also raised another autoclave (a means to increase the density of firing bricks) for a more expanded production of bricks). To prove this conclusion we present the following table (the dynamics of the profitability of the enterprise): 27

Table 3. The dynamics of indicators of profitability Name of Formula for Normative Year indicators calculating value 2008 2009 2010 1. Total RA = BP/А. profitability ×100% 20% 72% 79% 53% 13% 54% 60% 36% (loss-making assets,%) 2. Net profit RА = UP/А. (loss-making ×100% assets,%) Hence, increasing return on assets of the organization can start preparing for the diversification of production, or to the development of the product (the market), or to payments of dividends, that is able to move into field 2 ("stable equilibrium"), it would have to wait, as the company to end of this period goes on the stage of "maturity" that is stable and successful existence of the enterprise. But at the end of 2010 the company got into a crisis, that is negatively affected by it, so as, the rate of sales are lower than potentially possible, the organization manages a business of own funds. Due to this, the wages for all workers of the plant

decreased, as a consequence, many employees of the company resigned from a job, hence reduced production. From all this we can conclude at this time of crisis, the company can move into the zone 1 (the "father of the family"), or in zone 7 ("episodic deficit"), when desynchronization occurs, and timing of spending money as a result of current activity. 28 3.2 Forecasting the financial performance of the organization The financial result of the organization is made by the formation, set in №2 financial reporting. In №2 presented the factor model of additive type, which sets forth, in various ways affect the carrying value and net income Bringing the horizontal analysis profit model will identify the causes of change in the value of all types of income:15 S - С - Ce - Me -% r -%p + Ipa + Oi - Or + DTA - DTL – IT Gross income ( pg. 029) Income (loss) on Sales ( pg. 050) Earnings (loss) before tax (EBIT) ( pg. 140) Net income (loss) reporting period ( pg.

190) S - Sales (pg.010); C - COGS (pg.020); Ce –Commercial expenses (pg.030); Me – Managerial expenses (pg.040); %r – interest receivable (pg.060); %p- interest payable (pg.070); Ipa - income from participation in other organizations (pg.080); Oi – other incomes (pg.090); Oe – other expenses (pg.100); DTA- deferred tax assets (pg.141); DTL - deferred tax liabilities (pg.142); IT - current income tax (pg.150) 15 Efimov, O.V Financial analysis - M: Accounting, 2006 - S 34-35 29 Table 4. An example of the financial results on Form № 2 accounting report Year S C Ce Me %r %p Ipa Oi Oe DTA DTL IT 2008 141229 124583 - - 25 - - 8332 7999 0 7 4071 2009 201655 167871 - - 58 - 3 10492 8490 0 283 8051 2010 302483 251806 - - 87 - 8 15738 26899 0 425 12077 Each business entity formed for getting profit. In this regard, the main task of financial managers is to ensure continuous profit growth, primarily from the sale of products. This

profit is the main component of net profit and indicates compliance of the current activities of the organizations mission. Concerning to it, the organization must be able to control the size of the profits from sales, to calculate its value based on forwardlooking statements. To realize this purpose, the indicator "industrial leverage (risk)"16 In the financial management it is calculated as follows: EML = S − VC PS where EML - the effect of the manufacturing leverage; PS- profit on sales (f. №2, pg050, gr3); VC - variable costs (proportional costs), which vary depending on changes in the volume of production. These include costs for materials; labor costs pieceworkers, social contributions of this category of workers, transportation costs for the delivery of raw materials and finished products. 141229 − 78576 = 3,8 ≈4; 16646 201655 − 103677 EML(2009) = = 2,9 ≈3; 33784 302483 − 155515 EML(2010) = = 2,9 ≈3. 50677 EML(2008) = The value obtained by this

formula, shows the organization has developed in the relationship between growth rates of sales and growth rate of product sales. In our case, it happened that in 2008 a change of 1% of the proceeds from the sale in either 16 Boldyrev V.O On modern methods of financial analysis / / Business and banks - 2008 - № 6 - S 46-49 30 direction causes a change in profits on sales 4 times, and in 2009 and 2010. - 3 three times.Consequently, during the reporting period, the organization reduced the rate of profit growth from sales and product sales, the reason for this is to increase the range of products (new product, that is a small building blocks of cellular concrete and release, except for white, colored and crushed brick), and hence increased production costs and market the product has not yet appeared. An indicator of EML is in practice to predict the amount of profit from sales in the planning period, which is as follows: - EML is calculated on a reported basis last year; -

Determine the planned revenue from product sales for 2010: Set the percentage change in the planned revenues as compared to the balance sheet: ∆% S = Sp Sm × 100 − 100 = 223877,5 = 0,74 × 100% = 74% 302483 . Calculate the percentage change in profits from product sales during the planning period, compared with the reporting: ∆% PS = EML × ∆% S = 3 × (78%) = 234% . Determine the absolute value of profits from sales in the planning period: PS P = PS m × Ce = 50677 × 3,34 = 169261,18 , where K - the growth rate of profit: K= 100% + ∆% Пп 334% = = 3,34 100% 100% . 31 Table 5. Calculation of the effective production leverage Indicators Units of Values in 2010 Calculation measurement Sales thous. rub 223877,5 Variable costs thous. rub 156714,25 S=Gm/GMr= Vc. = S-Gm = =223877,5-67163,25 Gross margin thous. rub 67163,25 assumption Gross margin ratio unit. 0,3 assumption Factor value unit. 1,4 Fixed costs thous. rub 57962 assumption

Break -even point thous. rub 193206,7 Br Ev P Fv=S/Vc = =Fc/GMr= As a result of calculations, we can say that planning for the future business outlook is quite high, therefore, the profits can be distributed to eliminate the above threats to the enterprise. To keep the company in a crisis, the profits can be invested in ensuring quality of the plant with electricity and gas, which is very important for manufacturing companies. The product quality must also be high in order to not lose significant and permanent clients of the company, and withstand tough competition. In order to save your money the company can open a chain of stores, workshops, hair salons, bath, bakery, to build a greenhouse, to raise the status of the filling station (to make relevant advertising). Also, if appears any broken links with suppliers, you can be based on the local resource base. 3.3 Development of the cash budget The cash budget - a detailed estimate of expected returns and disbursements of funds is

to calculate the necessary volume and certain times when the organization is 32 expected to lack or excess of funds in order to avoid contagion and rational use of the funds of the organization. 17 The cash budget is developed in stages over the next 6 months. Phase I - Development of forecasting the cash inflows from sales. Funds are distributed through the season, that is, during the winter period of the planned sales of less than the spring, approaching the summer season. Since the construction is active in warm weather than in cold. According to the report for the six months of 2010, turnover of account receivable was 223,877.5 / 5926 = 378 per cent Then, period of turnover of receivables is 360/37, 8 = 9.5 or 10 days Based on the development of model contract terms for delivery of products the company will use in the near half of the following terms of payment products: 0 - 10 days - 25% of revenue; 10 - 20 days - 50% of revenue; 21 - 30 days - 25% of revenue. Table 6.

Prediction of cash inflows from sales Name of indicators Месяцы Jan. Feb. March Apr. Total for May June 6 monthes, mln. rub Planned sale, mln. rub White lime brick 8342 9182 9962 10359 10989 14382,1 63216,1 Brick colored 6836 7287 8102 9206 9837 15886 57154 4181 5236 7944,1 8163 9003 10983 45510,1 7986 8635 8996,1 9585,1 10163 12632,1 57997,3 27345 30340 35004,2 37313,1 39992 53883,2 223877,5 silicate Brick colored crushed Aerated -concrete blocks Total sales, mln. rub. 17 Molyakov D.S Finance companies of the national economy - Moscow: Finances and Statistics, 2006 - S 288. 33 Revenues from sales of each month, mln. rub Jan. 7632 Feb. 8952 10761 10113 11345 8882 11668 10342,1 12994,1 12437,1 13628 11248 37313,1 20123 19869 39992 40359 40359 Мarch 27345 Apr. 30340 May June The amount of 3723 2203 37497 33864,2 35004,2 5926 account receivables of the previous period to maturity in the current

period, mln. rub Total income, 7632 19065 46745,1 71476 216279,3 mln. rub Stage II - the forecast expenditure of funds. Table 7. Forecast of cash flow Name of indicators The amount of cost for Months Total for 6 months, Jan Feb March Apr May June 78447 81003 83311 86803 92072 97784 519420 9347,5 0 0 0 0 0 9347,5 mln. rub purchasing the supplies, thous. rub The balance of accounts payable for materials at beginning of period, thous. rub 34 The amount of 9347,5 9347,5 accounts payable for the material to maturity in the current period, thous. rub Cash payments for 100% purchases of materials each month, thous. rub. January 1021,3 February 1021,3 1104 March 1104 1205,7 April 1205,7 1100 May 1100 968 June Total cash payments 968 788,7 788,7 17841,3 1104 1205,7 1100 968 788,7 23007,7 0 0 0 0 0 0 0 for purchases of materials, thous. rub Payables for materials at end of period, thous. rub. Note: The sum of expenditures on the

purchase of materials is considered as the material costs of the reporting period multiplied by the ratio of profit growth (K) : 155 515 × 3,34 (value taken from the previous section the calculation of the profit growth) = 519 420.The balance payable for the material at the beginning of the period considered as a balance of accounts payable for the material at the end of 2009, divided by two: 18695 / 2 = 9347.5 At our enterprise dominates efficiency wage, the earnings credited to the employee by the end results of his work, which encourages employees to improve productivity. 35 Table 8. Forecast of cash flow (the plan of payment of wages) Name of indicators Months Jan Feb March Аpr Total Маy June for 6 months, mln. rub. The amount for labor 18234 18895 19449 18304 20450 21367 116699 2265 3866 3875 3999 3817,2 3799,8 2265 costs, thous.rub The balance payable on a payment at beginning of period, thous. rub The amount for payable 2265 2265 on wages to

maturity in the current period, thous. rub. Cash payments on wages 100% each month, thous. rub January 3866 February 3866 3875 March 3875 3999 April 3999 3817,2 May 3817,2 3799,8 3799,8 3799,8 21622 June Total payments on wages, 2265 3866 3875 3866 3875 3999 3999 3817,2 thous. rub Accounts payable on 3817,2 3799,8 3829,65 3829,65 wages at end of period, thous. rub Note: The sum of labor costs is considered as the wage reporting at the end of 2010 multiplied by the ratio of profit growth, divided by two: 3.34 / 2 × 69 880 = 116 699 36 Table 9. Forecast of cash flow (plan social contributions) Name of indicators Months Jan Feb The amount of deductions for expenditure on social services. needs, thous. rub 6604,57 6704,53 The balance payable on contributions to social services. needs, beginning of period, thous.rub The amount payable on contributions to the social. needs to mature in the current period, thous.rub Cash payments for contributions to

social services. needs of every month, thous rub January February March April May June Total of cash payments for contributions to the social. needs, thous rub. Accounts payable on contributions to the social. needs at end of period, thous rub. 2827,5 9611 Мarch 6554,54 7708 Total for 6 months, Аpr Мay June mln. rub 6754,57 6504,57 6804,57 39927,35 7830 8981,9 1188,2 2827,5 2827,5 2827,5 100% 9611 7708 7830 8981,9 1188,2 9611 7708 7830 8981,9 1188,2 2827,5 9611 7708 7830 8981,9 1188,2 38146,6 9611 7708 7830 8981,9 1188,2 995,7 995,7 Note: The sum of expenditures on social payments is calculated as 2,34 × 17 063 = 39927.35 The balance payable on contributions to the social sector at the beginning of the period is: 5655 / 2 = 2827.5 37 Stage III - development of cash flow forecast for each business. Table 10. Cash flow forecast for economic activities Name of indicators Cash at beginning of period 1. Sale of the current month 2.Sale of previous

periods 3. Advances received Total of cash receipt TOTAL Cash payments: 1. Raw materials and supplies 2. Wages 3. On social contribution s 4. Payments for depreciation 5. Other expenses Total cash payments Surplus (deficiency) of cash 31934 36612 42502 48291 Total for 6 months, mln. rub 205082 17894 18956 18678 19543 20875 112756 1927,0 5 2569,4 2312,46 3854,1 1091,995 1091,995 12847 471,25 460 569 480 310 482 2772,25 19208, 3 20923,4 21837,4 6 23012, 1 20944,99 5 22448,99 5 128375,2 5 38806, 3 47068,4 53771,4 6 59624, 1 63446,99 5 70739,99 5 333457,2 5 344 350 374 386 489 529 2472 5823 1422 5900 1567 6123 1678 6259 1657 6673 1785 6987 1876 37765 9985 22 23 26 25 27 28 151 1032 1146 1289 1387 1489 1537 7880 8643 8986 9490 9714 10463 10957 58253 30163, 3 38082,4 44281,4 6 49910, 1 52983,99 5 59782,99 5 275204,2 5 Januar y 19598 Februar y 26145 16810 Months March April May June Conclusion: According

to calculations, we can say that the development of cash flow forecast for each business activity of the analyzed companies, "showed that only 6 months, has developed a surplus of cash in the amount of 275 204 thousand rubles. The largest size of the surplus is in June. Because the results of calculation the plant should be 38 taken to raise money (in case of deficit) and in the event of surplus funds - to deploy free cash balance each month. The following table is set up The main purpose of filling is to minimize the free cash balance at the end of each month. To predict the cash flow from investing and financing activities of the plant, this should be clarified. In June, we are seeing a cash deficit, which was formed at the expense of paying a large sum for the acquisition of raw materials and suppliers. To cover the deficit, the management company receives cash (loans to their employees, wholesalers) in the amount of 25486.00 thousand rubles. In June, the plants management

plans to begin renovation of buildings for the production of bricks (exterior painting), in particular the central warehouse, a brick plant and boiler room. Table 11. Forecast of cash flows from investing and financing activities Name of indicators January Surplus (deficiency) of cash Cash flows from investing activities: Acquisition of fixed assets, profitable investments in tangible assets and intangible assets Other expenses from investment activities Purchase of securities and other financial investments Proceeds from sale of fixed assets Мonths 30163, 3 Februar y 38082,4 March April May June 44281,4 6 49910, 1 52983,99 5 59782,99 5 -5909 -6010 -6210 39 Total for 6 months, 422979,7 5 -18129 and other non-current assets Dividens Net cash from investing activities Cash flows from financing activities: Proceeds from loans and credits granted other organization s Repayment of loans and credits (without interest) Net cash from financing activities Cash for the end

of period -391 0 6585 7394,6 7 8882,2 10240,0 0 13066 14234,4 5 7537,01 7343,6 7 6205,2 84899,39 107370,2 6 25486,00 35726,00 7249,39 84724,23 3.4 Decisions on inventory management Under the management of stocks explains inventory control and decision-making aimed at saving time and money by minimizing the costs of maintenance reserves necessary for timely completion of the production program. Thus, the purpose of inventory management is to ensure continuity of production in the right quantity and on time. In practice, management of inventory using various methods of inventory control. Among the most popular is, "ABC method"18 18 Bernstein, L.A Financial Statement Analysis: Theory, Practice and Interpretation / LA Bernstein. Trans from English - Moscow: Finances and Statistics, 2003 - S 253 40 According to the "ABC method" stocks of raw materials are divided into three categories for the importance of certain types of materials in common

material stock. Category A includes a limited number of the most expensive kinds of resources that require daily monitoring and reporting. This category of materials requires the calculation of the optimum size of the order. They can be stored no longer than two days Category B - a set of inventories, which are measured and checked monthly inventories. This category is also used methods for determining the optimum size of the order. Category C includes a wide range of low-value species inventories, usually purchased in large quantities and stored in a warehouse for a long time. Task, "ABC method" is to find the optimum ratio of these categories of resources. The use of this method in the market economy, recommends the following proportions: Optimum - 60: 30: 10; Acceptable - 75: 20: 5. Consider the essence of this method on raw data presented in the table. For the production of one type of building material ("brick-lime, yellow, type M 150), required 4 raw materials. In

our case, we consider the rate for a pack of small bricks wrapped pallet (400 pieces). Baselines look at the table Table 12. Raw materials Name of raw Value Weighted,% Cumulative ,% Category materials rub . 1. Silica sand 4586 25,83661972 25,83661972 С 2. Lime 5277 29,72957746 55,56619718 С 3. Dye 6789 38,24788732 93,81408451 В 4. Water 1098 6,185915493 100 С 17750 100 275,2169014 TOTAL: In the resulting list of selected raw materials according to the proportions 60:30:10.For example, the dye is delivered from the city of Ivanovo, LLC "Dobryatino rubble, from which the lime is delivered from the Vladimir region, enterprise" Tahtehuglerod. "Water and silica sand is mined in the republic of Mari El The dye 41 belonging to category B should be checked monthly inventories. The dye, referred to in Category B, you must determine the optimal economic order quantity. Q = 2× O×S , C where: Q - the optimal size of the order; O – cost

for one order; S - flow rate of a certain kind of raw material or material for a certain period (taking into account the natural attrition rate); C - cost of storage of unit stocks in the same period. The number of orders (n) for a certain period is the ratio of flow rates (S) to the optimal order quantity (Q). n= S , Q where: n - the number of orders over a period time. Table 12 provides information on the monthly plan the consumption of raw materials and classified as A and B. The time interval (T) between the orders in this case is the ratio of the number of working days per month to the number of orders in it: T= 20 n Table 13. The monthly plan of consumption the raw materials Dye O C S Q Interval 710 40 1020 = n =1020/190,3≈5 =20/5=4 On the listed of the table, calculations show that for the most cost-effective management of inventory items is necessary to carry out orders and raw materials in the category - every 4 days. 42 3.5 Receivables management Accounts

receivable management of company includes the following aspects:19 1) The definition of credit policy and collection (cash flow) for different groups of customers and products. The provision of a loan and collection includes decisions on: - Who provides a loan in subject of an acceptable level of risk; - Control over the balance of receivables and accounts receivable. Sign of a good balance is approximately equal ratio of increments. 2) Determine the terms of the loan The value of the discount. The discount amount will not exceed the reserve of financial strength (RFS);The level of allowable costs in the event of overdue and uncollectible receivables, as well as the possible use of factoring. If AR = 0 - 30 days loss of earnings up 5% if AR> 2 years loss of revenue equal to 95%. 3) Analysis and ranking of demand methods of debt. 4) Analysis and ranking of customers, depending on the volume of purchases, credit histories and relations of their proposed payment terms. 5) Monitoring of

settlements with debtors on a delayed or overdue debts. 6) Identification techniques accelerate settlements with customers. 7) Set the conditions of sale, providing a guaranteed supply of money. 8) The forecast cash receipts from debtors. Consider the above methods of debt management as an example. To calculate the beginning of RFS and give an objective assessment of accounts receivable management: RFS = (S – break-even poiny) /S×100%. Break –even point = FC/Квм, where: FC - fixed costs (Form № 5 pg.760-pg710); GMr – ratio of gross margin. GMr = Gm/S, where Gm– Gross margin, S -Sales (f. №2 pg010) 19 Bocharov V.V Financial Analysis / VV Bocharov - St Petersburg Peter, 2003 - S 127-128 43 Gm = S- variable costs Variable costs (f. №5 pg710) Тогда, Gm=302483-155515=146968 thous. rub GMr=146968/302483=0,485872. Break-even point =155515/0,48=323989,6 thous. rub RFS = (302483-323989,6) /302483*100% = - 7,1%. Monitoring and analysis of receivables by maturity of

the debt.In order to develop a roster of aging of accounts receivable on a particular date, you must specify organizationsdebtors, their organizational and legal form, location. In the first place we place the debtor with the greatest amount of debt and continue descending. The total amount of receivables, standing in a cell line from the intersection of "total" and "Totals" should match the amount of the pg 230 and 240 at end of period of the balance sheet (form № 1). Table 14. Registry plan for the aging of accounts receivable, 01/06/2011 Name of debitors 0-30 31-60 61-90 over 91 Total % 780 3743 41,8 2021 2021 22,6 1066 11,9 1000 11,2 days 1. JSC "CONTINENT", 2963 Yoshkar-Ola 2. Ltd "MARIYSTROYINVEST", Yoshkar-Ola 3. CJSC 1066 0 "STROYMETRESURS", Yoshkar-Ola 4.JSC 1000 "MARIGRAZHDANSTROY", Yoshkar-Ola other debitors 1132 0 1132 12,6 100 Total 2963 2801 3198 0 8962 % 33,1 31,3 35,7

0,0 100,0 44 From these data, we can conclude that the largest share of nominal gets "Continent" 3743 thousand rubles. Or 418% of total receivables Further, debtors are in descending order. Over 91 days of debtors is not that beneficial to the companys profit Value share will be represent in the following chart: Figure 2. Value share of enterprise debtors Determination of the real period of receivables turnover. Real idea of the maturity of accounts receivable organization can get after calculating the weighted due of accounts receivable. Assume that the plant provides the standard terms of sale of goods which is not delay of more than 30 days. Calculation of weighted aging of accounts receivable is presented in Table 14. Table 14. Calculation of weighted due of accounts receivable Classification of The amount of Weighted Weighted due receivables by maturity receivables, thous.rub average, of accounts, proportion to the days of debt unit 0-30 days 2963

0,33 11 31-60 2801 0,31 25 61-90 3198 0,36 24 over 91 days 0 0,00 0 Total 8962 1 60 45 So, 60 days - its medium-term calculation of the debtors in the future. Terms of expected calculation are 2 times higher than the grace period (30 days) specified in the contract. Assessment of the real state of accounts receivable-In order to have a more realistic assessment of resources, which ultimately will be able to make from the debtors and should try to assess the probability of bad debts by debtors depending on the timing. Assessment can be made on the basis of expert data, or using the accumulated statistics of the enterprise. Table 15: Assessment tools, which ultimately will be able to get the company from debtors Classification of The amount Weighted Probability The amount The real receivables by of average, of bad debts of bad debt, value of maturity of debt receivables, proportion thous.rub to the unit thous.rub debt, thousand rubles 0-30 days

2963 0,33 0,025 74,075 2888,925 31-60 2801 0,31 0,05 140,05 2660,95 61-90 3198 0,36 0,075 239,85 2958,15 Over 91 days 0 0,00 0,1 0 0 Total 8962 1 0,25 453,975 8508,025 Thus, 25% (453.8 thousand) of total accounts receivable organization cannot get it In order to avoid cash in the period ahead conditional on our company contracts with customers include flexible terms and payment methods: 1. 100% advance payment; 2. Partial prepayment - a combination of down payment and sales on loan Choosing a strategy of contracting with buyers. Assume the company practices flexible form of payment and discounts, such as prepayment, partial prepayments. For long-term collaboration may be other terms of payment. Prepayment of the full cost of the transaction - 100%, partial prepayments - a 46 predetermined percentage - 60%. The company is a member of the following channels of product distribution:20 Figure 3. Direct sales (two-tier), channel zero Construction company or

an individual natural person Company Figure 4. Indirect sales channel through an intermediary, a single-level channel, three-link Construction company Company Construction project Figure 5. Indirect sales - two-tier distribution channel output, multi-tier distribution channel Company Wholesaler Retailer Consumer Figure 6. The strategy of forcing Our company employs a strategy of forcing, when the promotion is addressed to the Company Intermediary Сonstruction project Progress consumer that its demand would be intense enough to force the intermediaries to include in the product range of the manufacturer. Determination of the minimum permissible value of discounts on supplies, raw materials from suppliers: 20 Basics of Production Management: textbook for students of Econ. spec Universities / DM Crook, OA Deineko, R.A Gromov and others, Eds DM Crook - 3rd ed Rev and add - Moscow: Economics, 2006 - S 65. 47 In an inflationary environment, any delay in payment reduces

the cost of goods sold, so there is a problem assessing the possibility of providing discounts to buyers in early payment. Suppose that an organization chooses this method of calculation with buyers who will give the opportunity to have smaller losses when calculating the customer. The procedure for assessing profitability of flexible terms of payment options shown in Table 16. Assessment of profitability of options for flexible payment terms Name of parameters Discount No discount 1. Terms of payment Amount of discount 8% Deferral 30 days - 1,02 - 1/1,02=0,98 - 1000-1000×0,98=20р. 1000×8%/100=80р. - 6. Payment of bank interest (1000×15%) / (1000×15%) / (12×100%) for 1 month at 15% per (12×100%) =12,5р. =12,5р. 920×0,08×0,98=72,13р. - 72,13-80-12,5= - 20,37 -20-12,5=-32,5 (prepayment - discount) 2. Index price (adjusted for inflation - 2% per month) 3. Coefficient falling of consumer ability 4. Losses from inflation for each 1000 rub. 5. Loss from

discount on each 1000 rub annum 7. Income from alternative investments for a period of 1 month with profitability not less% including an inflation 8. Total: result from discounts, losses from inflation and benefits from alternative investments for each 1000 rub. In this case the company loses more (-32.5) for deferred for 30 days, so it is best to use to sell the products with discounts of 8%. 48 In finding the balance between receivables and payables plant should be assessed the credit terms of raw material suppliers in terms of reducing costs or increasing benefits organization. Table 17. Assessment of the credit terms of raw materials suppliers Name of parameters Discount No discount 1. Date of payment On shipping of raw materials Deferral 30 days 2. Payment for raw materials In the case of discounts using 1 050 rub. the international experience: 1). If the material is not handled, the discount does not exceed 8%: 1000-1000 × 8% / 100% = 920 p2). If the raw materials

- semi-finished or finished product, the discount: 15-30% 3. Payment of interest on bank - =12 rub. loans for a period of 30 days under 15% annual 4. Total: expense 1000-12 = 988 rub. 1050 rub. According to our data table shows that with a discount of 8% payable at time of shipment of raw materials is more advantageous than the delay of 30 days. Thus, granting a discount of 8% recognized the organization as acceptable, unnecessarily discount in this case is 4.1% higher than the minimum required We also define the cost of the loan, the cost of the system is characterized by price discounts for immediate implementation of payments for purchased products. In conjunction with the term of the loan is a price discount rate describes the rate of interest of a loan, calculated for the comparison year on year: RIl = DP * 360 TL where: RIl - the annual rate of interest of loan; 49 DP – discount price, provided to the buyer with the implementation of immediate payment for the

acquired products,%; TL - the term of the loan (loan period), days (in our case three months, 90 days). = 0,32. In our case, the annual percentage rate of loan is 32%, significantly higher than the interest rate on short-term financial (bank) credit (15%). Therefore, the manager of our company does not encourage the buyer to sell products on credit, then we must take a short-term loan from a bank (for the period of the loan period set by the seller) and pay for the acquired products with its purchase. In this case, on the one hand, it can ensure the inflow of liquidity into the organization, but on the other hand, may adversely affect its sales organization. Thus, it may be topical application of differentiated groups of customers in the size of the value of provided credit, depending on their credit history, the relationship with the organization - the seller and creditworthiness. 3.6 Methods of cash management of the company Cash - this is the most liquid assets and do not last long

at this stage of the circuit. Cash management is an integral part of the functions of general management of current assets of the organization. Availability of funds evidenced by: - Loss of profits of the profitable investment of free cash; - About the devaluation of money due to inflation. In considering the expediency of placing funds is necessary using the following criteria for evaluating investment alternatives:21 - The degree of liquidity and the proposed investment; - The level of profitability of the investment; Developing financial policies of of the companys cash management must be considered: the proceeds from the sale of goods (works, services), income, cash flow. 21 Finance. Circulation of money Credit: Textbook for Universities - Drobozina LA Okunev, L.P, LD Androsova etc - Moscow: Finance, UNITY, 2007 - S 107-110 50 All other conditions, financial managers carry out investment choice, guided by a variety of tactics. We consider the placement of temporary free funds

conditional on our business Table 18. Placement of temporary free funds Indicators Measurement Value The loan amount for purchasing of raw thous. rub 12147 Term of the loan month. 3 Annual interest rate % 15 Maturity of T-bills month. 3 Monthly rate of return on T-bills % 1,3 thous. rub 75620,75 thous. rub -25180 materials Sales of products for 3 months Cost of sales At the beginning of the quarter, the plant formed the cash balances of $ 12 147 trl.rub Managers have 2 versions of these tools: 1) a moderate policy - to buy the raw materials needed for future operations; 2) aggressive policies - free money to invest in securities: the state treasury bonds (T-bills) for 3 months and get a bank loan for a period of 3 months for the purchase of raw materials. The yield on T-bills is exempt from taxation We make the choice of investment options on available funds given in table form. Table 19. Selecting investment of free funds Indicators Without T-bills Income

Expense With T-bills Income Expense Current activity 1. Sales for 3 month 75620,75 2. COGS 75620,75 (25180) (25180) 3. Amount of interest 12541×15%×3/ for the loan /100%×12= (470,3) 4.Income from sale 50440,75 50010,45 of products (p.1-p2) 51 or (P.1-P2-P3) 5. Tax on profits (10002,09) (20%) 6. Net income (p4- (10088,15) 40352,6 40008,36 p.5) Financial acitivty 7.The amount of (12147) investment on T-bills 8. The amount 12147× received at maturity (1+0,013) on T-bills =12304,9 9. Interest on 160,25 operations with Tbills 10. Tax on profit 0 from operations of Tbills 11. Net income from 160,25 operations of T-bills The calculations show that the most advantageous option is to buy the production of raw materials, invest in T-bills is not necessary. For non-monetary forms of payment include barter and offsets, which allow you to pay in a bankruptcy client. Barter - a direct exchange of goods between parties in the transaction without using any

cash Offsetting - the procedure of settlement of mutual obligations, excluding the actual motion within cash equal to the outstanding amount. Most potential benefits to be derived from barter transactions are as follows: - Way of repaying AR; - Method of calculation, if the bank accounts are "frozen"; - Way of maintaining the same level of production; - Way of reducing the cost of cash; 52 - Rejection of debt financing for the implementation of a continuous production cycle. Negative moments in the implementation of a barter transaction are: - Decrease in cash; - Beneficiary of barter and product range, which is dictated by the size of the debt of the counterparty, rather than the needs of the organization; - need resale of goods received in barter, which delays cash, increases the cost of storage and distribution; -At the time of the barter transaction must be remembered on the same time tax payment in cash Consider the effectiveness of barter.22 Suppose that our plant,

producing sand-lime brick, received an offer from a major buyer of these products signing the barter deal to exchange the part of bricks, for example, concrete. It is assumed that the plant will get profit from the transaction through barter, and the other part - through the resale of cement at a higher price. The ultimate goal is to obtain the plant of large profits than the sale of sand-lime brick. For the calculation we use a table. Table 20. Calculation of the barter deal Stages of barter Exchange: sand-lime Resale of The result brick in cement concrete of the transaction Sales, thous. rub 216279,3 280742 280742 COGS, thous. rub -25180 -216279,3 -25180 -5 -5 191099,3 64457,7 255557 Tax on profit (20%) 38219,86 12891,54 51111,4 Net Income, thous. rub 152879,44 51566,16 204445,6 Expenses on resale, thous. rub. Income from sales, thous. rub. 22 Volkov, O.I Enterprise Economics / OI Volkov, VK Sklyarenko - Moscow: Infra-M, 2004 - S 85 53

This result does not reflect the true effectiveness of a barter transaction, taking into account the time value of money. We make the calculation of the evaluation of the effectiveness of the proposed barter above algorithm, which we represent in the form of barter, cash flow in the following figure: Figure 7. Evaluating the effectiveness of barter Expenses, тыс.р Income тыс.р 280742 t, months 216279 12896,54 38219 Jan. Feb. Мarch Аpril Произведем расчет эффективности бартерной сделки с учетом фактора времени. 54 Table 21. The calculation of the efficiency of barter, taking into account the time factor Cash flows within The result of the Periods of Discount factor, The result of barter transaction with income and the respect to time expenditure of transaction cash with respect to time (gp.2*gp.4) 1. The discount rate, I = 15% average for 3 months., Or 015 2. Sales 280742 3 0,66

185289,72 3. COGS -25180 0 1 -25180 4. Expenses on -5 2 0,76 -3,8 -38219,86 3 0,66 -25225,1076 -12891,54 2 0,76 -9797,5704 204445,6 − − 125083,242 resale 5. Tax on profit on exchange 6 Tax on profit on sale 7. Net income (current value) Based on the calculations, we can say that deal may take, unnecessarily result from the transaction which has a positive trend, even taking into account inflation and other factors that may affect the barter deal. 55 3.7 The method of choice of external financing for the company When choosing a source of external financing consider the following options: 23 - Public offering of shares that may be provided with the share premium, which increases the equity of the enterprise; - Closed subscription for shares; - Obtaining credit and loans, bond issues; - Combining all the above methods; - Choice the method of external financing is subject to the following guidelines: if the differential is negative, it is better to

increase their own funds, than borrow. Differential - the difference between the economic return on assets and the estimated average rate of interest. D = EROA − ASR where: EROA– the economic return on assets formula Dupont, ASR–average settlement rate%, essentially the price of debt capital. D=98,5-0=98,5% EROA = NORI × 100% , ( А − SL) where: NORI - Net operating result of investments, in fact profit from the introduction of economic activity; A - value of assets (Form 1, line 300); SL- short-term liabilities (Form 1, line 690). 69149 EROA = × 100% = 98,5 % (88875 − 18695) NORI = SPP − MC − SPSN − association − D NORI=311867-155515-69880-17063-260=69149 t.rub 23 Bobylev, A.Z Financial recovery firms: theory and practice: a training manual / AZ, Bobylev - 2nd ed, Rev. - Moscow: Delo, 2004 - S 206 209, 218 56 % paid × 100% , L where:% paid (Form № 2 pg.070); ASR = L - loans provided to other organizations by the other organizations during the

reporting period; MC - material costs (form number 5, line 710); SPSN-(Form 5, line 720), Social-payments for soc. needs (Form 5, line 730), D- depreciation (Form 5, line 740). ASR = 1262,4 × 100% = 5,4 % 233,8 SPP=S+/-∆GP SPP=344204 thous. rub A> 0, hence, return on assets is greater than the cost of debt capital, increasing borrowing rather than building up their own funds. General rules for choosing the method of external financing are: 1) If the differential is negative (D <0) appropriate to increase the companies own funds by issuing shares, as the enterprise has no opportunity to meet their obligations to repay debt and interest to financial institutions; 2) if the differential is positive (D> 0), it is better to attract credit resources, as the company has every opportunity to meet their obligations. If in this situation, the company will issue shares, the potential investors there to distrust the reliability of financial statements and market price will

be low, which will bring substantial share premium, which increases the equity of the enterprise. 57 Table 22. Options for external financing of the company Indicators 1. NORI, thous rub. 2.%, paid за 3 month., thous tub 3. BP, thous rub 4. Tax on profit, thous. rub 5. CP, т р 6. СС, т р а) Paid- in capital, thous. rub б) additonal capital, thous. rub (f. №1, pg420) 7. L, thous rub а) before invest. project б) invest. project 8. Assets, thous rub. (f №1 pg.300) 9. Short-term liab, thous. rub (f №1, pg 690) 10. EE,% (pg1/ (pg8-pg9)) 11. ASR,% 12. differential,% (pg10-pg11) 13. OE (pg7/pg6) 14. FE,% (0,76×pg12×pg13) 15. RSS,% (0,76×pg10+pg14) 16. Net income per a common share, thous. rub (pg5/pg17) 17. Quantatity of common shares Debt-free financing Optimistic Pessimistic variant variant 69149 34574,5 Debt financing Optimistic Pessimistic variant variant 69149 34574,5 6914 3457,4 69149 13829,8 34574,5 6914,9 62235 12447 31117,1 6223,42 55319,2 6559

88875 27659,6 3279,5 44437,5 49788 6559 88875 24893,68 3279,5 44437,5 0 0 0 0 0 0 0 0 0 0 0 0 59249 29624,5 500 59249 500 29624,5 18695 9347,5 18695 9347,5 1,705109237 1,705109237 1,705109237 1,705109237 1,705109237 1,705109237 5,4 -3,694890763 5,4 -3,69489076 0 0 0 0 0 0 0 0 1,29588302 1,29588302 1,29588302 1,29588302 25,78983683 12,89491841 23,21118881 11,60544522 2145 2145 2145 2145 58 During the reporting period, our company had paid-in capital of 88 875 thousand rubles. In this period management of the organization decided to implement an investment project - the purchase of another autoclave plant worth 230 thousand rubles. Necessary to evaluate alternatives: either to increase its paid-in capital capital by $ 230 thousand from the issue of shares or loans to attract the same amount under the average estimated rate of interest 15% pa for 3 months. Define which of the methods external financing is most advantageous to the

organization. To do this, we note that in each of the two possible options for the scenario forecasting a net result of the operation of investment: the optimistic scenario, which permits the achievement of value NORI 69 149 thousand rubles, and a pessimistic scenario that assumes that only half the amount NORI value of 69 149 thousand rubles, is NORI = 34574.5 thousand rubles Entire net profits from the project will pay dividends. You must choose the most efficient way of funding by the criterion: the maximum net profit on an ordinary share. The number of shares in the organization of 1645 par value of 1024 rubles each. Management makes a decision on the additional issue of shares at 500 units in 1024 rubles each. Comparison of external financing options for of the company is shown in Table 22. Thus, the greatest net revenue we get for debt-free financing (optimistic version). This confirms the net profit attributable to one share of common stock ( 25.7898 rub) Based on the data, we

can say that the rule of the differential is not confirmed, because it does not make sense for debt-free financing. Also the table and the previous calculations show that the company will finance the project, as sufficient own funds. Calculate the threshold NORI, is the value at which the net profit of 1 rubles own funds is the same as for the version with borrowed funds, and options for using his own cash.Это значение обеспечивается при условии, что: D=0, FE=0, т.е EE=ASR Тогда NORI=0,054* (88875-18695) = 3789,72 thous. rubles The correctness of the resulting threshold NORI confirms in the table. 59 Table 23. Indicators threshold NORI Indicators Debt-free financing Debt financing 1. NORI, thous rub 3789,72 3789,72 2.%, paid, thous rub 1262,4 3. BP, thous rub 3789,72 2527,32 4. Tax on profit, thous rub 757,944 505,464 5. CP, thous rub 3031,776 2021,856 6. СС, thous rub 6559 6559 а)Paid-in capital, thous. rub

88875 88875 б) Additional capital, thous. 0 0 7. L, thous rub 0 0 а) before invest project 0 0 rub. б) invest project 500 8. Assets, invest project 59249 59249 9 .Short-term liab, thous rub 18695 18695 0,093448735 0,093448735 (f. №1, pg 690) 10. EE,% (pg1/ (pg8-g9)) 11. ASR,% 5,4 12. Differential,% (pg10- -5,306551265 pg11) 13. OE (стр7/стр6) 0 14. FE,% (0,76×pg12×pg13) 15. RSS,% 0 0 0,071021039 0,071021039 1,413415385 0,94259021 2145 2145 (0,76×pg10+pg14) 16. Net income per a common share, thous. rub (pg5/pg17) 17. Quantatity of common shares 60 Conclusion Financial management - a system of good governance processes of financing economic activities of a commercial organization. Financial management - is an integral part of an overall enterprise management system. In this paper some indicators of financial management, the method of their calculation gives in order to improve the efficiency of economic and financial activity. The

system of calculating the financial management was cited as an example of conditional of the company manufacturing plant silica brick. Matrix Franshona-Roman confirms that our company takes the field 4 "investor" for the entire period under review. This suggests that the company is content with a moderate use of market opportunities, and supports a small amount of borrowing. In forecasting the financial results will be a change in revenues and profits during the planning period in relation to the reporting period. Calculations formulas show that in the plan period revenue increased by 74%. In this case the EPR shows that a 1% change in sales revenues have 234% change in profits from sales. Should continue to increase revenue from sales of products and services by providing various services. For the most cost-effective management of inventory is necessary to carry out orders and raw materials categories in every 4 days. The calculated estimate of the real state of AR

indicates that conventional enterprise of "Continent" has the largest accounts receivable before the plant at a rate of 3743 rubles. or 41, 8% of total receivables in front of our conventional business, in order to prevent a future period of loss of funds from possible bad debts, offer some guidance development contracts with customers that include flexible terms and payment methods: - A partial advance payment, providing the sale of goods to the buyer, subject to partial payment for goods and sales on credit; - Transfer of implementation. The plant retains ownership of the goods until payment received. Total receivables policy acceptable to the organization. Loans plant exceed the amount of receivables, the company has available funds sufficient to independently calculate its liabilities. Like any other enterprise, the factory has its weaknesses, but they are less visible to the sphere of circulation of the company. The plant is a joint stock company, created by the

production of building materials, primarily on maximizing profit.With regard to investment projects, the plant should not borrow, because own funds, but do not forget about their 61 obligations, which are also waiting for their timely payment. For this purpose necessary to supervise the credit policy of the organization.In general, the policys cash management of the plant is optimal; the organization is trying to basically use their own funds. And in order in the next period of their financial situation was stable, it is necessary to monitor the credit and accounts receivable policies, and monitor changes in the environment. 62 Reference 1. Abramov, AE Fundamentals of financial, economic and investment company in 2 hours - M. Economy & Finance ACDI, 2006 - 566 2. Abryutina MS, Grachev, AV Analysis of financial and economic activities: Training and practical guide. - 2nd ed, Rev - Moscow: Publishing house "Job and Service", 2000. - 256 3. Astakhov VP Analysis of

the financial stability of the company and the procedures related to bankruptcy. - Moscow: Publishing House of the "Axis-89", 2003 80 4. Bakanov MI, Sheremet, AD Economic analysis: A Handbook Guide Moscow: Finances and Statistics, 2001 - With 656 5. Balabanov, IT Fundamentals of Financial Management: Textbook / IT Balabanov. - M: "Finances and Statistics", 2002 - 208 6. Balabanov IT Financial management - Moscow: Finances and Statistics, 2004 -290 Sec. 7. Bernstein, LA Financial Statement Analysis: Theory, Practice and Interpretation / L.A Bernstein Trans from English - Moscow: Finances and Statistics, 2003 - 351 8. Bobylev, AZ Financial recovery firms: theory and practice: a training manual / A.Z, Bobylev - 2nd ed, Rev - Moscow: Delo, 2004 - 256 9. Boldyrev VO On modern methods of financial analysis / / Business and banks - 2008. - № 6 - S 46-49 10. Bocharov VV Financial Analysis / VV Bocharov - St Petersburg Peter, 2003 - 368 11. Volkov, OI Enterprise Economics

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Universities / DM Crook, O.A Deineko, RA Gromov et al, Eds DM Krook - 3rd ed Rev. and add - Moscow: Economics, 2006 - 120 21. A market economy: A manual for schools - Moscow: Banking and Stock Exchange, Unity, 1996. - 658 sec 22. Poliakov VP, Moskovkina LA Basics of money and credit - M: "Infra-M", 1999. - 435 23. Popov, VM The financial business plan: Manual - Moscow: Finances and Statistics, 20000. - 480 24. Starovoitov MK, Fomin PA Practical tools to organize management of industrial enterprise. Monograph Moscow: Higher School, 2002 - 224 25. Trading business: the economics and organization / Ed LA Bragin Moscow: INFRA-M, 2000 - 331 26. Management - the science and art / Under the general editorship A Fayolle, G Emerson, F. Taylor, Henry Ford - Moscow: Republic, 2002 - 351 27. Fatkhutdinov RA Strategic Management: A Textbook 4th ed rev and add Moscow: Delo, 2004 - 448 28. Finance Circulation of money Credit: Textbook for Universities - Drobozina LA, Okunev, LP, LD

Androsova etc. - Moscow: Finance, UNITY, 2007 - 455 29. Finance companies EI Borodin YS Golikov, NV Kolchin, ZM Smirnova M: INFRA-M, 1999 - 348 64 List of used pictures, charts, tables and appendixes Figure 3. Indicators of financial condition of the company24 Figure 4. Value share of enterprise debtors Figure 3. Direct sales (two-tier), channel zero Figure 4. Indirect sales channel through an intermediary, a single-level channel, three-link Figure 5. Indirect sales - two-tier distribution channel output, multi-tier distribution channel Figure 6. The strategy of forcing Our company employs a strategy of forcing, when the promotion is addressed to the Figure 7. Evaluating the effectiveness of barter Table 15. A practical example of indicators of economic and financial activity Table 16. Matrix Franshona-Romanée Table 17. The dynamics of indicators of profitability Table 18. An example of the financial results on Form № 2 accounting report Table 19. Calculation of the effective

production leverage Table 20. Prediction of cash inflows from sales Table 21. Forecast of cash flow Table 22. Forecast of cash flow (the plan of payment of wages) Table 23. Forecast of cash flow (plan social contributions) Table 24. Cash flow forecast for economic activities Table 25. Forecast of cash flows from investing and financing activities Table 26. Raw materials Table 27. The monthly plan of consumption the raw materials Table 28. Registry plan for the aging of accounts receivable, 01/06/2011 Table 15: Assessment tools, which ultimately will be able to get the company from debtors Table 16. Assessment of profitability of options for flexible payment terms Table 17. Assessment of the credit terms of raw materials suppliers Table 18. Placement of temporary free funds Table 19. Selecting investment of free funds Table 20. Calculation of the barter deal Table 21. The calculation of the efficiency of barter, taking into account the time factor Table 22. Options for external

financing of the company Table 23. Indicators threshold NORI 65 Vysoká škola: Katedra: BANKOVNÍ INSTITUT VYSOKÁ ŠKOLA, a. s Bankovnictví a pojišťovnictví Akademický rok: 2010/2011 ZADÁNÍ DIPLOMOVÉ PRÁCE (PROJEKTU, UMĚLECKÉHO DÍLA, UMĚLECKÉHO VÝKONU) pro stud. obor Kamalа Dadashovа FINANCE Název tématu: Finanční management, ukazatele jeho efektivity a cesty jejího rozvoje Název tématu v angličtině: Financial management, indicators of its efficiency and the ways of development Cíl práce: Studie aktuální otázky finančního řízení, pro zajištění růstu blahobytu společnosti v současném i budoucím období. Osnova práce: Teoretické základy finančního řízení Finanční řízení v podniku Výpočet finančního řízení Metody business peněz Volba metod externího financování pro podnikatele Zásada pro vypracování: Zásady pro vypracování diplomové práce jsou dále specifikovány v „Metodických pokynech

pro vypracování bakalářské resp. diplomové práce na Bankovním institutu vysoké škole v Praze“. Rozsah grafických prací: min. 60 stran Seznam odborné literatury: viz diplomová práce Vedoucí diplomové práce: Ing. Jana Marenčáková Datum zadání diplomové práce: 30. 11 2010 Termín odevzdání diplomové práce: 30. 4 2011 L. S . Vedoucí katedry V Praze 31. 1 2011 . Rektorka