Financial resources- it's complicated economic category, which cannot be fully identified with money. It is quite difficult to single out a clear criterion on the basis of which it is possible to establish quantitative boundaries of financial resources and characterize their difference from cash.
Determining the essence of financial resources, it is advisable to proceed from their functional purpose in the process of expanded reproduction. This process is characterized by the movement of commodity and money masses. It consists of several stages, at each of which commodity and cash flows correspond to each other in different ways.
On primary stages of GDP movement (production) and ultimate(consumption) cash flows mediate commodity flows. On the stage distribution And redistribution the monetary form of GDP acquires a relatively independent movement, since it is at this stage that financial relations arise. As a result, various monetary funds are formed, they are regrouped, and final incomes are formed.
Thus, part of the cash flow strictly coordinated with commodity circulation, since it is realized as a result of the exchange of equivalents, expressed in commodity form (from the seller) and monetary (from the buyer). Another part of the turnover connected with the needs of expanded reproduction of GDP. This part of the money turnover represents financial flows, that is, the movement of those funds that can be spent on the development of the national economy and the satisfaction of national and social needs. Consequently, a specific feature of financial flows (as opposed to cash flows) lies in their non-equivalent nature. It is finances in the process of distribution and redistribution of GDP that generate an independent movement of money. Based on the foregoing, we can give the following definition of financial resources.
Financial resources – is a set of cash funds that serve financial relations and are at the disposal of the state, business entities and households.
They concentrate in two blocks :
1. Decentralized financial resources that are created at the micro level (enterprises, households);
2. Centralized finance resources, which are created at the macro level (state).
The financial resources include:
Own funds, which are formed by state (municipal) authorities and economic entities as a result of their fulfillment of their functional duties, production and other financial economic activity. These resources take the form of own income and financial reserves. For is income from state enterprises, privatization, foreign economic activity. For organizations and households- this is profit, reserve funds, income from individual entrepreneurial and labor activities.
Funds mobilized in the financial market which are attracted on a repayable and paid basis (state (municipal) loans, budget loans, corporate loans (bonds), bank loans, accounts payable, etc.).
Funds received in the order of redistribution, which include all types of external revenues involved by subjects on a gratuitous, irrevocable and free basis and formed in the process of redistribution of GDP and ND. For state and local governments- these are all mandatory payments (taxes, fees, duties), intergovernmental transfers, gratuitous financial assistance from other states. For organizations and households are grants, subsidies, social payments, gratuitous financial assistance, etc.
Financial resources, Financial planning, Enterprise budget, Enterprise balance sheet, Assets, Liabilities, Cash receipts and payments plan, Cash plan.
Enterprise financial resources- This cash, available to the enterprise and intended for the implementation of current costs associated with simple reproduction, costs that ensure expanded reproduction, accumulation, as well as costs associated with the maintenance and development of the non-productive sphere, material incentives for workers, and the creation of reserve funds.
Thus, financial resources serve as the basis for the formation of funds necessary for the normal production and economic activities of an enterprise: authorized capital, reserve fund, accumulation and consumption funds, wage fund, depreciation fund, repair fund, commercial risk fund, etc.
Financial resources perform the following main functions(Fig. 22):
Ensuring current costs for the production and sale of products (works, services),
Implementation of capital investments related to the expansion of production, its technical renovation, reconstruction, technical re-equipment, acquisition of intangible assets,
Ensuring payments to financial institutions, including banks, contributions to off-budget funds,
Formation of cash funds for the purposes of consumption and accumulation,
Ensuring charitable and sponsorship activities.
Figure - 22 Functions of financial resources of organizations (enterprises)
The initial formation of the financial resources of the enterprise occurs at the time of its establishment, when the statutory fund is formed. Their sources (depending on the organizational and legal form of the enterprise) are:
share capital,
Share contributions of members of cooperatives,
long term loan,
Budget resources.
In the subsequent current activities enterprises sources of financial resources of the enterprise are:
Proceeds from the sale of products (works, services), part of which reimburses the costs that ensure simple reproduction and are included in the cost of products (works, services), and the other part (profit) ensures accumulation and, consequently, expanded reproduction, as well as consumption;
Proceeds from the sale of retired property;
Revenue from non-operating transactions,
Proceeds from the sale of own securities;
Dividends and interest on securities of other enterprises owned by this enterprise;
Bank loans;
Insurance indemnities;
Receipts from the funds of associations, concerns and other types of associations in which this enterprise participates;
Budget subsidies, etc.
Sources of financial resources at the place of their formation can be conditionally divided into three groups:
1. Formed at the expense of own and equivalent funds, including:
Share and other contributions of the founders,
Revenue from core business,
Proceeds from the sale of retired property,
Proceeds from non-sales transactions, including income from the revaluation of inventories and finished products, proceeds from the lease of the enterprise's property, fines, penalties, penalties awarded or recognized by the debtor, income from losses, etc.,
Sustainable liabilities, including short-term debt, constantly used in the economic turnover of the enterprise, including wage arrears to employees of the enterprise, a reserve of future payments formed to pay for vacations and other continuously formed and replacing each other temporary savings.
2. Mobilized in the financial market, including:
Arising from the sale of own securities,
Generated from the receipt of dividends and interest on securities of other issuers,
Credits.
3. Arriving in order of redistribution, including:
Insurance indemnities; financial resources coming from the funds of associations, concerns,
Budget subsidies, including direct subsidies (government capital investments in facilities that are especially important for the national economy, or in unprofitable, but vital) and indirect subsidies (implemented by means of tax and monetary policy, for example, by providing tax incentives and concessional loans), etc.
According to the form of ownership, it is customary to allocate own, borrowed and attracted financial resources.
Own financial resources include:
statutory fund,
Sinking fund,
Fund wages,
Other financial resources formed at the expense of the cost of products (works, services) of the enterprise,
The profit of the enterprise, which remains at its disposal after paying taxes and mandatory payments, and, accordingly, the reserve fund and special-purpose funds (accumulation and consumption funds) formed at the expense of profit,
Sustainable liabilities equal to own financial resources.
Borrowed financial resources include:
Short-term and long-term bank loans,
Short-term and long-term loans in investment funds, financial, leasing companies and other non-banking credit organizations and etc.
Attracted financial resources include funds of other organizations and enterprises temporarily in the turnover of the enterprise in connection with existing system calculations. Such resources include accounts payable to suppliers, debts to financial authorities for payments, extra-budgetary payments, etc.
Financial resources are used next directions:
- production, including on current expenses related to the production and sale of products (works, services), including mandatory payments due to contractual relations with counterparties (for supplied raw materials, energy, etc.), enterprise personnel, higher organizations, budgets and extra-budgetary funds, banks and other credit institutions; capital investment(investment of financial resources in long-term capital investments related to the expansion of production: new construction, purchase of additional equipment, reconstruction, technical re-equipment, etc.);
- non-productive activity, including the formation and use of consumption funds, including investment social programs enterprises, the implementation of charitable, sponsorship activities, material assistance to employees of the enterprise, etc.;
- formation of reserve funds;
- placement of temporarily free financial resources in the financial market, including investment of financial resources in securities, placement on bank deposits.
The most important function economic management financial resources of the enterprise is financial planning.
financial planning- this is an activity related to the definition of goals and the development of measures for the formation and use of financial resources, which provide a relationship between income and expenses based on the relationship of performance indicators of the enterprise with sources of financing.
aim financial planning is to provide the reproduction process with appropriate financial resources in terms of volume and structure.
Financial planning involves:
Definition of planning goals,
Modeling the main parameters of the enterprise, the relationship between them and determining the conditions and terms for their achievement,
Preparation management decisions and activities to achieve them
Setting tasks for performers and ways to solve them.
The order of financial planning is presented on fig. 24.
The current financial plan of the enterprise is drawn up for the coming year, broken down by months, and serves as the basis for financial control of activities.
The financial plan is developed on the basis of:
Plan of production and sales of products;
calendar plan payments to the budget and off-budget funds;
Figure 24 - The procedure for financial planning at the enterprise
Contracts concluded by the enterprise (rent, insurance, lending, business supply contracts, employment contracts and etc.);
Entry into force court decisions and tax authorities, public authorities listed in Art. 9 of the Tax Code Russian Federation"("Participants of relations regulated by the legislation on taxes and fees");
Balances of the main types of resources;
Orders of the heads of the enterprise related to the reimbursement of costs, bonuses, compensation for damage.
The financial plan of the enterprise consists of the following sections: "Enterprise budget" (plan of income and expenses), "Balance of the enterprise", "Cash receipts and payments".
Sales volumes and total (gross) profit;
The ratio of income and expenses;
Use of own and borrowed funds (their sources and maturities of debts);
The total amount of investments and the payback period of investments;
Costs of production and circulation;
Timing and amount of dividend payment.
Enterprise budget consists of two parts: revenue and expenditure (Fig. 25).
IN revenue side all types of planned cash receipts are made:
From the main activity;
Cash from non-core activities (sale of fixed assets, securities, proceeds from equity participation in joint activities and etc.);
Depreciation Fund;
Figure 25 - The structure of the enterprise budget
Credit receipts;
Borrowed funds, loans;
Receipts from the state budget (within the framework of the state order, state support);
Other supply.
IN expenditure part all types of planned costs are entered for:
supporting activity;
Capital investments (investments) in development;
Payments on credits, loans, loans;
Dividend payments;
Mandatory payments to the state budget;
Payments to off-budget funds;
tax payments;
Payments for fines, penalties and other sanctions;
Contributions to special funds (reserve, production and technical development, social development, share, etc.).
The budget is called “with a surplus” if the total cash receipts exceed the amount of expenditures, “with a deficit” if the revenue side is less than the expenditure side (while there is a shortage of cash receipts), “balanced” if incomes and expenditures are equal.
When forming the budget, the head of the enterprise receives a generalized idea of \u200b\u200bforthcoming income and expenses and can adjust certain items and make certain decisions before the budget is approved.
Enterprise balance is a summary two-sided table characterizing the composition, placement, sources of education and the purpose of all the funds available to the enterprise (Table 39). The balance is drawn up on a certain date in value terms.
One side of the table (left side) contains economic resources owned by the enterprise and from which it expects to benefit in the future, using them in its business activities, called assets. Assets reflect the value of the property of the enterprise on a certain date, its composition and location. Assets also characterize the requirements and investments of the enterprise.
The composition of assets includes two sections: current and non-current current assets.
TO current assets include assets that are used (expended) in the course of daily business activities:
Stocks of materials, raw materials, fuel, purchased semi-finished products,
Availability of finished products in warehouses,
Cash (in cash and on the current account),
Accounts receivable (amounts due to the enterprise from buyers or other debtors in the event that a service or product is sold and no funds are received),
Short-term financial investments (for example, investments for a period not exceeding one year in securities of other enterprises), etc.
TO non-current assets include assets withdrawn from economic circulation, including:
Fixed assets (fixed assets of the enterprise in value terms),
Intangible assets,
Table 39
Enterprise balance
| Assets | Indicator code | At the beginning of the reporting year | At the end of the reporting period |
| V. NON-CURRENT ASSETS Intangible assets | |||
| fixed assets | |||
| Construction in progress | |||
| Profitable investments in material values | |||
| Long-term financial investments | |||
| Deferred tax assets | |||
| Other noncurrent assets | |||
| Total for Section I | |||
| II. CURRENT ASSETS Inventories | |||
| including: raw materials, materials and other similar values | |||
| animals for growing and fattening | |||
| work in progress costs | |||
| finished products and goods for resale | |||
| goods shipped | |||
| Future expenses | |||
| other inventories and expenses | |||
| Value added tax on acquired valuables | |||
| Accounts receivable (for which payments are expected more than 12 months after the reporting date) | |||
| Accounts receivable (for which payments are expected within 12 months after the reporting date) | |||
| including buyers and customers | |||
| Short-term financial investments | |||
| Cash | |||
| Other current assets | |||
| Total for Section II | |||
| BALANCE |
The end of the table. 39
| Reserve capital | |||
| including: reserves formed in accordance with the law | |||
| reserves formed in accordance with founding documents | |||
| Retained earnings (uncovered loss) | |||
| Total for Section III | |||
| IV. LONG-TERM LIABILITIES Loans and credits | |||
| Deferred tax liabilities | |||
| Other long-term liabilities | |||
| Total for Section IV | |||
| V. CURRENT LIABILITIES Loans and credits | |||
| Accounts payable | |||
| including: suppliers and contractors | |||
| debt to the staff of the organization | |||
| debt to state off-budget funds | |||
| debt on taxes and fees | |||
| other creditors | |||
| Debt to the participants (founders) for the payment of income | |||
| revenue of the future periods | |||
| Reserves for future expenses | |||
| Other current liabilities | |||
| Section V total | |||
| BALANCE | |||
| INFORMATION on the availability of valuables recorded on off-balance accounts | |||
| Leased fixed assets | |||
| including leasing | |||
| Inventory assets accepted for safekeeping | |||
| Goods accepted for commission | |||
| Written-off debt insolvency of debtors | |||
| Collateral for obligations and payments received | |||
| Security for obligations and payments issued | |||
| Depreciation of the housing stock | |||
| Depreciation of objects of external improvement and other similar objects | |||
| Intangible assets received for use |
Construction in progress (costs of the enterprise for capital construction and installation of equipment). These are the costs of construction and installation works, purchase of buildings, equipment, Vehicle, tools, inventory, other durable material objects, other capital works and costs (design and survey, exploration and drilling, costs for land acquisition and resettlement in connection with construction, for training personnel for newly built organizations, and others),
Profitable investments in material values, that is, investments of the organization in a part of property, buildings, premises, equipment and other values that have a material form, provided by the organization for a fee for temporary use (temporary possession and use) with the aim of income generation,
Long-term financial investments, which may include investments in state and municipal securities, securities of other organizations, including debt securities, in which the date and cost of redemption is determined (bonds, bills of exchange); contributions to the authorized (share) capital of other organizations (including subsidiaries and affiliates); loans granted to other organizations; deposits in credit institutions; receivables acquired on the basis of assignment of the right to claim, etc.
On the other side of the table (its right side) are indicated liabilities, that is, liabilities and capital, which are the sources of formation of funds at the expense of which the property of the enterprise is formed.
These sources are grouped by composition, affiliation and purpose. The principle of formation of the liability of the balance sheet involves the inclusion in it of such elements as: capital and reserves of the enterprise, long-term liabilities (long-term liabilities) and short-term liabilities (short-term liabilities).
The capital and reserves of the enterprise include the enterprise's own funds, including:
Additional capital (formed through the sale of securities on stock market, that is, at the expense of share premium), gratuitous receipt of property, amounts of revaluation of fixed assets received as a result of their revaluation, etc.),
Reserve capital (formed at the expense of annual deductions from profits and intended for the social development of the enterprise, covering losses, paying dividends and replenishing capital in case of insufficient profit),
Retained earnings (net profit of the enterprise, not distributed among shareholders, but directed to reserves and for other needs of the enterprise development).
Long-term liabilities (long-term liabilities) are represented by long-term bank loans and other loans.
Short-term liabilities (short-term liabilities) include:
Short-term bank loans and other short-term loans,
Accounts payable, that is, funds temporarily attracted by the enterprise and subject to return by individuals and (or) legal entities. Including debts to suppliers for shipped goods, unpaid taxes, unpaid accrued wages, unpaid insurance premiums, unpaid debts,
dividend payments,
Deferred income (income received in the current period, but attributable according to financial statements to future periods, including income from shortfalls identified in previous periods and compensated by recovering from guilty persons, income generated due to the occurrence of exchange rate differences resulting from changes in the official exchange rate, etc.),
Reserves for future expenses and payments (amounts of upcoming vacation pay, remuneration for long service, upcoming production costs on preparatory work at enterprises of seasonal industries, upcoming costs for the repair of the main production assets, costs for the construction of temporary buildings and structures).
The balance involves the establishment of equality of the value of assets and liabilities of the enterprise.
The balance sheet is a plan - a guideline for the coming period and at the same time a reporting document on the actual performance results.
For internal use, a detailed balance sheet is compiled, for external use (for investors, the public) - in a condensed and simplified form in order to form an idea of financial position and financial capacity of the enterprise.
The budget and balance of the enterprise characterizes the static state of the financial resources of the enterprise.
Their dynamic state is characterized in this section financial plan enterprises like Cash receipts and payments”, which reflects the movement of cash flows.
Cash flow is the difference between cash receipts and payments.
In the course of cash flow planning, specific amounts, sources and time of receipt of funds to settlement accounts and to the cash desk of the enterprise are established, taking into account the possible temporary shift between the actual sale of products (works, services) and the actual receipt of funds, as well as the amount, direction and time of expenses cash (table 40).
In terms of cash receipts and payments, all receipts and payments of the enterprise, both in cash and in non-cash form, are covered. The first section of the plan is the revenue part, the second is the expenditure part, reflecting all upcoming calculations and transfers of funds.
Table 40
Cash receipts and payments plan
| Articles | Decades | ||
| Income | |||
| 1. Revenue from the sale of products, works, services | |||
| 2. Proceeds from the sale of surplus fixed assets, materials and other property (assets) | |||
| 3. Receipt of overdue receivables | |||
| 4. Receipt of a bank loan | |||
| 5. The balance of funds in cash and on the current account | |||
| 6. Miscellaneous receipts | |||
| Total receipts | |||
| Payments (expenses) | |||
| 1. Urgent needs, including: - tax debts, - unpaid fines, penalties, forfeits and other sanctions, - overdue payments to the budget and extra-budgetary funds, - overdue wages, etc. | |||
| 2. Salary and equivalent payments | |||
| 3. Taxes | |||
| 4. Payment of invoices to suppliers | |||
| 5. Repayment of loans to banks | |||
| 6. Paying interest on a loan | |||
| 7. Other expenses | |||
| Total expenses | |||
| Excess of receipts over payments (expenses) | |||
| Excess of payments (expenses) over income |
When drawing up the plan, data on accounting for transactions on the current account in the bank, information on urgent and overdue payments to suppliers are used, the schedule for shipping products, the financial results of product sales, planned contributions to the budget of income tax, property and other taxes, deductions to off-budget funds, status of settlements with debtors and creditors.
The ratio of both parts of the plan should be such that there is an excess (or at least equality) of income over payments. This provides a large financial stability enterprise, its solvency in the coming period of time.
Planning the circulation of cash through the cash desk of the enterprise, which ensures the timely receipt of cash in the bank and control over their receipt and use, is carried out in the course of drawing up the cash plan.
cash plan is part of operational financial planning and is compiled for the quarter. Enterprises are required to hand over to the bank all cash in excess of the limits set by the bank.
Cash plan is required:
The enterprise in order to accurately represent the amount of obligations to the employees of the enterprise and other payments made through the cash desk of the enterprise;
Bank serving the enterprise, to draw up a consolidated cash plan for servicing its customers in deadlines.
The cash plan consists of the following sections:
- “sources of cash receipts”, which reflects the receipt of cash in the cash desk of the enterprise, except for money received from the bank;
- "calculation of payments of wages and other types of remuneration", which is a wage fund calculated for the quarter, minus the amount of deductions, taxes and transfers accrued;
- "expenses" of the enterprise in the form of cash for wages, travel and business expenses, payment of benefits for social insurance and so on.;
- "Calendar for the issuance of wages to workers and employees according to the established terms", which indicates the established dates (specific dates of each month) and the amounts of payments in cash. These amounts, in accordance with the contract of settlement and cash services, the bank issues to the enterprise for the fee established in the contract.
Thus, the financial plan of the enterprise reflects a wide range of financial relations of the enterprise with the state, financial and credit organizations, other enterprises and organizations, individuals, including employees of the enterprise. The financial stability of the enterprise, the timeliness of fulfilling the obligations of the enterprise largely depends on the economic feasibility of the financial plan and its implementation.
Questions for self-examination on topic 10:
1. Define the content of the concept of "financial resources" of the enterprise.
2. What functions do the financial resources of the enterprise perform?
3. Describe the sources of the initial formation of the financial resources of the enterprise; sources of formation of financial resources in subsequent current activities.
4. Describe the sources of formation of the financial resources of the enterprise from the standpoint of the place of their formation and forms of ownership.
5. Name directions of use of financial resources of the enterprise.
6. What is the procedure for financial planning?
7. What is the basis for the development of the financial plan of the enterprise, and what is the structure of its sections?
8. What is the principle of construction and structure of the enterprise budget?
9. What is meant by the surplus and deficit of the enterprise budget?
10. What is the balance of the enterprise, and what is the basic principle of its construction?
11. What is meant by current and non-current assets?
12. What is the composition of the balance sheet liabilities?
13. What is the difference between the characteristics of financial resources in the budget, balance sheet and plan of cash receipts and payments?
14. What should be the ratio of parts of the "income" "payment" of the plan of cash receipts and payments in order to ensure the financial stability and solvency of the enterprise in the coming period of time?
15. What tasks are solved during the formation of the cash plan of the enterprise?
Financial resources are a complex economic category that cannot be fully identified with cash. At the same time, it is rather difficult to single out a clear criterion on the basis of which it is possible to establish the quantitative boundaries of financial resources and characterize their specifics, in contrast to the category “cash”.
Financial resources are an objective macroeconomic category, the content of which is determined by the conditions of the material and financial balance of the economy. The equality of the receipt and expenditure of financial resources indicates that the effective demand of enterprises, which is formed as a result of financing the costs of developing the national economy and functioning public institutions, has a material coverage, since it corresponds to the created financial resources. Therefore, the condition of material and financial balance can be represented both in the form of a correspondence between the amount of financial resources and the volume of material goods, and in the form of balance equality of their receipt and expenditure.
There are subjects and objects of financial resources. The subjects of financial resources are households, enterprises, states. The objects of financial resources are centralized and decentralized financial resources. Centralized financial resources are formed at the micro level, decentralized - at the macro level.
The financial resources include:
1) Own funds:
a) at the level of enterprises and households - profit. salary, household income,
b) at the state level - income from state-owned enterprises, privatization, as well as from foreign economic activity;
2) mobilized in the market: purchase and sale of securities, bank credit - for enterprises and households; at the state level - issue of securities and money, state credit.
3) Funds received in the order of redistribution "at the level of enterprises, interest and dividends on securities issued by other owners; at the state level - taxes, fees, duties.
Determining the essence of financial resources, it is advisable to proceed from their functional purpose in the process of expanded reproduction of GDP and ND. This process is characterized by the movement of commodity and money masses, consists of several stages, at each of which commodity and cash flows correspond to each other in different ways. At the initial stage of the movement (production) of GDP and the final (its use), cash flows mediate commodity flows. At the stage of distribution and redistribution, the monetary form of expression of GDP acquires a relatively independent movement, since it is at these stages that financial relations arise. As a result, various monetary funds are formed, they are regrouped and final incomes are formed. This is how the volume and structure of national production and the needs of the national economy are coordinated, which in practice is calculated as GDP in terms of expenditures and GDP in terms of income.
Part of the money turnover is strictly coordinated with commodity circulation, since it is realized as a result of the exchange of equivalents. Expressed in commodity form from the seller and monetary form from the buyer. When exchanging equivalents, there are no conditions for material and financial imbalance in society.
Another part of the money turnover is connected with the needs of expanded reproduction of GDP. They are provided in the process of its distribution and redistribution with the help of finance. This part of the cash flow represents financial flows., i.e. the movement of those funds that can be spent on the development of the national economy and the satisfaction of national and social needs.
A specific feature of financial flows, in contrast to cash flows, is their non-equivalence. As a result, it is finances that, in the process of distribution and redistribution of GDP, give rise to an independent movement of money, which is the basis for the material and financial imbalance of the national economy. Thus, financial resources are a quantitative characteristic of the financial result of the reproduction process for a certain period. These are the funds that it is lawful to direct to compensate for the retirement of fixed assets, productive and non-productive accumulation, and collective consumption. This macroeconomic indicator has a balance character, since it can be presented as the sum of both income and expenses.
The specific content of financial resources is due to the fact that they act as:
a. as funds of accumulative nature, which are formed as a result of the production, distribution and redistribution of the gross domestic product;
b. as final income, i.e. funds intended for exchange for goods and services;
c. as those incomes that have material coverage, since they are formed as a result of the sale of goods and services;
d. as sources of their formation (constituent elements): depreciation, profit, tax revenues. Non-tax revenues, capital transfers, target budget funds, state off-budget social funds, other receipts;
e. as the final financial result of the reproduction process, since they are used to finance capital investments and overhaul fixed assets, working capital gains, purchases of equipment and durables for budget organizations, expenses for social and cultural events, science, defense, maintenance of public authorities and administration, etc.
It is illegal to include short-term credit resources in the composition of financial resources, since their formation is not associated with the creation of new material goods, but occurs as a result of the redistribution of financial resources.
Savings of the population in the form of an increase in the deposits of the population in commercial banks according to their economic essence are a source of financial resources, since in the material aspect (in terms of the correspondence between the effective demand of the population and the resources of the product offer and the volume paid services) they correspond material resources, equal to deferred demand in ND.
So, the financial resources of the country are part of the GDP and can be represented as the sum of the following indicators of the system of national accounts (SNA): gross profit of the economy, contributions to state off-budget social funds, taxes on production and imports, taxes on individuals, household savings, loans received from foreign countries.
Thus, with the help of financial resources, that part of the GDP is allocated, which can be directed to the expansion of the socio-economic system as a whole. With their help, in the composition of the produced GDP, the part corresponding to the current costs of materials and labor consumed in the production process, and the fund for the expanded reproduction of production factors, including labor, are distinguished. From this point of view, it is legitimate to include society's expenditures on health care, education, social policy, etc. into the expanded reproduction fund.
General concept of financial resources
Cash income accumulated by their owners for subsequent spending, as well as funds attracted as loans, constitute financial resources, which are divided into own and borrowed (credit). For budgets of all levels, financial resources are mobilized revenues and attracted loans. For enterprises, this is equity capital, profits, loans received and securities placed on the market. For employees, a financial resource is income in the form of wages, as well as loans (for example, bank, consumer and pawnshop loans).
Own financial resources are at the complete disposal of their owner, and credit are attracted for a period and are subject to return along with interest payments for their use.
The sources of credit resources are temporarily free funds of enterprises, the population, and in some cases the state. The buying and selling of these resources is focused on the financial market. It consists of two parts: the loan capital market and the securities market. Its main function is to provide economic entities with additional funds at a certain percentage.
Principles of organization of finances of the enterprise. Cash flow in the enterprise
The predominant part of the financial resources of the general economic system of finance is formed at enterprises. Since up to 80% of the revenue base of the budget is formed from taxes, and payments from enterprises prevail in tax revenues, the finances of an enterprise form a nationwide financial system.
The following principles underlie the organization of enterprise finance:
- independence in the field of financial and economic activity;
- self-financing;
- interest in the results of work;
- responsibility for these results;
- formation of financial reserves;
- division of funds into own and borrowed;
- priority fulfillment of obligations to the budget;
- financial control over the activities of enterprises.
The cash flow cycle of an enterprise can be represented as follows:
Figure 1. The cash flow cycle of an enterprise
Cash flow in an enterprise is a continuous process. For each direction of use of funds, there must be an appropriate source. The assets of an enterprise are the net use of cash, while the liabilities and equity are net sources. For an operating enterprise, there is no starting and ending point for the movement of funds. The amount of money fluctuates depending on production schedule, sales volume, collection of receivables, capital investments and financing.
In the total cash flow of the enterprise, the following relations can be distinguished:
- formation and use of targeted funds for on-farm purposes (authorized fund, production development fund, incentive funds, etc.);
- arising from participation in other enterprises (making share contributions, participation in the distribution of profits from joint activities, etc.);
- with employees of the enterprise;
- with buyers of products;
- with insurance companies;
- with the banking system;
- with the state;
- with higher management structures.
Financial resources of the enterprise and their structure
Definition 1
Enterprise financial resources is its fixed and working capital.
Formation and replenishment of financial resources(fixed and working capital) - important financial problem. The primary formation of these capitals occurs at the time of the establishment of the enterprise, when the authorized capital is formed.
Definition 2
Authorized (share) capital- the property of the enterprise, created at the expense of the contributions of the founders.
Definition 3
Financial resources- this is the money remaining at the disposal of the enterprise after the implementation of current costs to cover material costs and wages.
The main source of formation of financial resources is profit.
Sources of formation of financial resources of the enterprise: profit; proceeds from the sale of retired property; depreciation; growth of sustainable liabilities; loans; target receipts; share contributions. In addition, an enterprise can mobilize financial resources in various sectors of the financial market: sale of shares, bonds; dividends, interest; loans; income from others financial transactions; income from the payment of insurance premiums, etc. (Fig. 2).
Figure 2. Grouping the financial resources of the enterprise
Significant financial resources of the enterprise can be mobilized in the financial market.
Definition 4
The main direction of use of financial resources- investing in expanded reproduction.
The use of funds is carried out in the following areas:
- Investing in capital investments to expand production;
- Investing in securities;
- payments to the budget banking system, contributions to off-budget funds;
- Formation of monetary funds and reserves.
Enterprise finance management
The formation and use of financial resources is impossible without a financial management system for enterprises.
Definition 5
Financial management ( financial management) - this is an activity aimed at achieving the strategic and tactical goals of the functioning of this enterprise.
Enterprise financial management includes:
- organization and management of enterprise relations in the financial sector with other enterprises, banks, insurance companies, budgets of all levels, as well as financial relations within the enterprise;
- formation of financial resources and their optimization;
- placement of capital and management of the process of its functioning;
- analysis and management cash flows at the enterprise.
The main functions of a financial manager:
- financial planning, budgeting of the enterprise, pricing policy, sales forecasting;
- formation of the capital structure and calculation of its price;
- capital management (work with securities; control and regulation of monetary transactions; investment analysis; fixed and working capital management);
- analysis of financial risks;
- protection of property;
- evaluation and consultation.
Financial resources act as material carriers of financial relations, which are always associated with the formation of cash income and savings, which take the form of financial resources. This feature is common to finance organizations of any social formations.
FINANCIAL RESOURCES- funds at the disposal of the state, its enterprises, institutions, organizations and the population, used for the purpose of expanded reproduction. social needs. Financial incentives, satisfaction of other social needs.
FINANCIAL RESOURCES - funds of funds at the disposal of the state, the population, formed in the process of distribution and redistribution of part of the value of GDP, mainly net income in monetary form, and designed to ensure expanded reproduction and national needs.
Financial resources are defined as earmarked funds of cash. M / d finance and financial resources, there are significant differences:
1) Finance - monetary relations, which are an abstract category, they cannot be physically felt
2) Financial resources - cash. Which can be physically felt, can be transported to another place, to any distance
3) Cash can be stored or hidden in various places.
Fin. Resources are divided into centralized (budget, budgetary and non-budgetary funds) and decentralized (financial resources of enterprises). The source of formation is the national income, which is distributed and redistributed. Based on this, appropriate sources of financial resources are formed.
GDP \u003d C (costs) + V (s / n) + m (surplus product)
C - sources: depreciation deductions, other deductions (emergency tax, land tax, deductions of the tax on the use of natural resources)
V - sources: taxes, contributions to the Social Security Fund
m - sources: profit, net income. Income from foreign economic activity.
In addition to the mentioned sources, Fin. resources are formed at the expense of proceeds from the sale of property, the growth of sources of liabilities.
Characteristics of sources:
1. Profit - systematically growing. An indicator of the amount of profit is the income tax that goes to the budget. Last years source of about 15-20% of budget revenues.
2. VAT and excises, customs duties. Their share is about 30-50% of the budget revenue
3. Depreciation charges (growth in the cost of fixed assets, revaluation of fixed assets). Specific gravity about 18% of the total fin. resources.
4. Bank loans (difficult to measure, as they do not go to the budget). About 35% of budget revenues.
5. Monetary savings of the population stored in banking institutions
6. Non-tax revenues (revenues from sanctions, profits of the NBRB). State fees are charged. organizations.
All sources of formation of fin. resources can be divided
1) At the micro level (enterprises): own and equivalent funds (profit from core activities, profit from other types of activities, profit from financial organizations, proceeds from the sale of retired property, depreciation, mobilization internal sources); mobilization in the financial market (sale of own shares, bonds, etc., the Central Bank); receipts in the order of redistribution (insurance compensation for the risks that have occurred, budget subsidies, finance from higher organizations, dividends and% on the Central Bank).
2) At the macro level: tax payments of legal entities, individual entrepreneurs, non-tax payments (profit of banks, profit from the sale of securities, internal and external loans).
Fin. res-sy created in any country, distributed by m / du state-vom and economic entities. This distribution is carried out on the basis of specific conditions for the development of the country, society.
During the years of the existence of the USSR, when the administrative-command system of management was in operation. households, a very tough system functioned. distribution fin. res-in in the cut-those cat-th decisive part of the fin. res-in concentrating in the budget and higher org-yah. Share of Fin. res-in, left in the household. prepr-yah was negligible. part (30-35%). The following were confiscated from the pr-th:
So I'm part of the profit
Excessive depreciation deductions
Part of the surplus working capital.
All these resources were sent to low-profit households, unprofitable pr-pits.
In the conditions of the existence of the republic as a self-sufficiency. state-va, there has been a certain trend, I have taken away the share of Finns. res-in, left. at the avenue. This was facilitated by:
1) The program for the exit of the Republic of Belarus from the crisis (1994). It was planned: to reduce the centralization of the fin. res-in from 30% to 22% in the first half of 1995. However, this task has not been fully completed.
2) The program of social eq. development of the Republic of Belarus for 1996-2000. It was planned to reduce tax burden. Also not done.
3) The program of social eq. development of the Republic of Belarus for 2001-2005. It was envisaged to reduce the level of centralization of resources from 47.8% to 45%. (also failed).
It should be distinguished, for example, isp-I fin. res-in on:
MICRO LEVEL:
Making payments to the budget
Paying fear. fear contributions. organizations
Making payments to the SSF
Repayment of debts to banks on previously taken short-term loans. and long term loans and interest on them
Cap. investments, i.e. on the form-e main. production funds, including: reconstruction, modernization, expansion of production.
Construction of objects for non-industrial purposes (construction of housing, pioneer camps, sanatoriums, baths ....)
Carrying out environmental protection measures
Financing investment. res-in in securities purchased on the RZB (shares, bonds, etc.)
Ek funds formation. stimuli-i
Sponsorship Goals
Carrying out of the actions having interstate. character (international exhibitions etc.)
MACRO LEVEL:
The development of people. household and otd. its branches
Development of external connections
Development of science and technology
Environmental activities
Wed target budget funds eg. for those purposes, cat. provided for by the relevant provisions. (e.g.: SFZN - for the payment of pensions, benefits)
Feature in eg. use fin. res-in at the macro level: it means. part of these resources (> 10% of the budgets) for the purpose of eliminating the consequences of the Chernobyl nuclear power plant.
