The significance of this topic lies in the fact that we defined the finances of enterprises from the very beginning as cash funds and cash flows. Flows ensure the functioning of monetary funds. Without the cash flows that each cash fund has - authorized capital, accumulation and consumption fund, etc. - these funds would not be capable: they were not formed and were not used. Therefore, an important component of enterprise financial management is cash flow management. The success of managing the finances of an enterprise depends on the ability to distribute, use and replenish funds.

The importance of cash flow management also stems from the fact that they serve business processes. Therefore, cash flow management accelerates the turnover of capital, allows you to increase profits, thereby giving the enterprise financial stability and the rhythm of its functioning, and also allows you to reduce the need for borrowed capital and act on the principles of self-financing.

If borrowed capital is attracted under the conditions of a well-functioning cash flow management system, then it is used in the general direction of flow management with the greatest return and is returned to the creditor without complications for the enterprise. In a word, the state of cash flows as a kind of money circulation system reflects the financial "health" of the enterprise.

Cash flow management includes movement accounting Money, forecasting, analysis of cash flows and their regulation.

Cash flow - This is the continuous movement of funds representing their receipt (inflow) and expenditure (outflow). Such movement is distributed in time and volumes. Serving economic activity, it is generated by this activity.

The purpose of cash flow management is to ensure a balance (balance) of receipts and expenditures of funds and maintaining their optimal balance.

Managing cash flows means solving the following tasks:

1. Establish sources of income and directions for spending money;

2. Investigate factors affecting cash flows (internal, external, direct, indirect, etc.);

3. Analyze the reasons for the lack or excess of funds and take measures to bring them into line;

4. Improve the mechanism of regulation and control of cash flows.

Synchronization of receipts and payments in terms of size and time allows you to reduce the reserve balance of funds, optimizing its size, and invest free cash, turning it into an additional source of profit.

Cash flows can be classified:

1. P O scale maintenance of business processes and, accordingly, subdivided into general cash flow, accumulating all types of cash flows of the enterprise as a whole, for certain types economic activity, for individual structural divisions (responsibility centers) of the enterprise, for individual business transactions;

2. P O typeseconomic activity allocate such types of cash flows:

- operating activities(current) - somehow, payments to suppliers of raw materials and materials, wages, tax payments, etc., and receipts from buyers of products, tax refunds, etc.;

- By investment activity - investments in long-term assets (land plots, buildings, equipment, etc.), investments in the authorized capital of other organizations and subsidiaries and, accordingly, proceeds from the sale of long-term assets and income from investment investments;

- By financial activities - receipts related to the attraction of additional equity and share capital through the placement of new shares and bonds, the use of credit, etc., and the payment of dividends and interest, the redemption of own shares, the redemption of bonds and own bills, the return of loans and the payment of interest on them, etc.

Cash flow diagrams for these types of activities are presented in Appendix No. 1.

3. PO directions cash flows are positive cash flow (inflow, receipts) and negative cash flow (outflow, payments).

4. PO method of calculation allocate gross cash flow as a set of receipts or expenditures of funds in a certain period and clean cash flow is the difference between cash in and out.

Net cash flow reflects their ratio and is calculated by the formula:

- in short supply cash flow - income below the actual need for spending money. Even if the amount of net cash flow is positive, it can be characterized as scarce if the amount received does not meet the minimum need of the enterprise for cash.

The negative value of the amount of net cash flow automatically makes it scarce. In financial analysis, it is advisable to determine the degree of sufficiency not only for each type of activity separately, but also as a combination of all types of activities. In this case, the shortfall in cash flows from one type of activity is offset by a positive inflow from others.

6. By time estimation method allocate present (current) and future (discounted) cash flows reflecting the value of money over time. It is different due to the natural depreciation of money. For example, at the beginning of the 20th century, an expensive suit made of natural fabric cost $50 in the United States. And today such a suit costs about 3000. Therefore, the purpose of the discount is to reflect the decline in the purchasing power of money in the future.

7. By continuity of formation consider: regular, i.e. carried out constantly, including with a uniform and uneven time interval (in most cases, the cash flows of an enterprise are regular, and the time interval may be violated with a change in the economic situation) and discrete - as a one-time receipt or expenditure of funds (gratuitous assistance, acquisition of another enterprise, etc.).

8. IN depending on prices distinguish cash flows at current prices;cash flows at forecast prices and cash flows at deflated prices(reduced to the price level of a fixed moment).

9. By form of implementation are divided into cash and non-cash cash flows.

10. By sphere of circulation share to external and internal(between business units).

11. By predictability - on planned and arising spontaneously (due to some extraordinary events).

The continuity of cash flow generates the repeatability of cash flows, which means their cyclicality. During the cycle, the money invested in assets is returned in the form of a result obtained during the operation of these assets (for example, proceeds from the sale of goods and services or interest on invested capital). The cash flow serving each type of activity of the enterprise has its own cycle - according to current activities, investment activities, financial activities.

The cycle for current activities (production and commercial cycle) will be the time period from the moment of investing funds in pre-production stocks (purchase of raw materials, materials, etc.) until they are received from the recipients of products and services (debtors). The cycle of investment activity will be measured by the time parameters of investing money outside current assets until you get a return from them. And so on. To more accurately determine the cycles of cash flows, it is necessary to link them with the circulation of economic assets as the material basis of cash flows.

Then the turnover of capital elements will come into view: for current activities- stocks of raw materials and materials - from the moment they are received from the supplier to transfer to production, including the time spent in the warehouse of the enterprise; finished products- from the moment of completion of its creation to the moment of its implementation, including the time of its stay in a stored form; receivables turnover time - from the moment of its sale to the receipt of funds for these products.

That is, the time of the financial cycle is calculated by the formula:

FC \u003d WHO + AIR - VOKZ,

where WHO is the time of inventory circulation;

AIR - the time of circulation of receivables;

VOKZ - the time of circulation of accounts payable.

In its turn:

WHO \u003d ZAP sr × 360 / Sp

AIR \u003d DZ sr × 360 / V

VOKZ \u003d KZ sr × 360 / Sp,

where ZAP cf - the average value of reserves;

DZ av and KZ av - average values ​​of receivables and payables;

Cn is the total cost of products sold;

B - proceeds from the sale of products or services.

Operating cycles allows you to ensure the balancing of cash flows in time, to find reserves for generating cash flows at all stages of the circulation of economic assets of the enterprise.

Cash flow cycles depend on a number of conditions, including:

Industry specifics of the enterprise (technological cycle);

Features of the market in which the enterprise sells its products and purchases what it needs for industrial consumption;

Economic conditions in the country (tax policy, inflation, interest rates, etc.);

The level of general manageability of the enterprise and the ongoing financial policy.

However, the immediate objective of cash flow management is to shorten the financial cycle. Naturally, it will be based on a reduction in the production cycle (from the moment of purchase of working capital and a reduction in the time of the production process until the shipment of finished products), a decrease in the time of turnover of receivables (from the moment the goods are shipped to the recipient until the funds are credited to the settlement account of the manufacturer ).

In practice, cash flows and their provision are much more complex than in a schematic representation. For example, inventories and fixed assets can act as a means of payment and take the form of money bypassing the production process.

A special element in the presented scheme is accounts payable. It does not apply to business assets. But varying it allows you to regulate the cycle of cash flows and serves as a short-term source of increasing the available cash from the enterprise.

The focus of regulation and management of cash flows is the ratio of receivables and payables. First of all, we must strive to reduce accounts receivable, provide debtors with credit for an acceptable period and prevent its delay. But at the same time, remember that the use of deferred payment and installment plans, which inevitably give rise to receivables, can increase sales volumes.

And this positive moment in the "accumulation" of receivables. It is necessary to seek credit from creditors for a period exceeding the maturity of receivables, and use the funds received with maximum efficiency. Otherwise, the company faces penalties for non-payment of accounts payable and the loss of counterparties, and even technical bankruptcy.

Ensuring the financial balance of the enterprise by balancing the volume of receipts and expenditures of funds and their synchronization in time is carried out through:

Regular construction of schemes of emerging cycles of cash flows;

Analysis of each component of individual cash flow cycles and its optimization;

Control and, if necessary, restructuring cash flow cycles.

The calculation of the feasibility of organizing cash flows and their effectiveness can be carried out by two methods - direct and indirect.

Direct method - provides data on gross and net cash flow in the reporting period. It reflects the entire volume of receipts and expenditures of funds for certain types of economic activity (current, investment, financial) and for the enterprise as a whole.

That is the essence direct method consists in characterizing the inflow and outflow of funds for a certain period through the state of the cash balance at the beginning and at the end of this period, taking into account the amount of cash turnover. For this, data is used accounting and reporting, characterizing all types of receipts and expenditures of funds.

This method has its advantages and disadvantages. The advantages are:

Providing operational information and the possibility of assessing the sufficiency of funds for payments on current obligations;

Ability to identify the main sources of positive flows and the direction of negative flows;

Opportunities to identify items with the highest positive and negative cash flow results;

Possibilities of monitoring and regulating the state of cash flows as a generalizing indicator of accounting registers (General Ledger, order journals and other documents);

Possibilities of forecasting the state of cash flows and solvency of the enterprise.

The disadvantage is the complexity in the absence of electronic information processing and errors in the reliability of the effectiveness of the organization of cash flows, since some lines in financial statements are not broken down according to the classification of the types of activity of the enterprise (payments of wages, payments of a social nature).

Therefore, from the point of view of identifying the reasons for the discrepancy between financial results and free cash balances, as well as the state of the enterprise's profitability from various kinds activities, the indirect method is preferable.

indirect method- provides calculation of net cash flow based on the use of net profit as a basic element received in the reporting period, then converted into an indicator of net cash flow. Such a calculation is carried out by type of economic activity and the enterprise as a whole. The indirect method allows you to determine the main financial source of increasing net cash flow according to the types of activities and identify the dynamics of all factors influencing its formation.

The cash inflow is made up of net profit, depreciation charges, the amount of decrease in individual items of the balance sheet asset and the increase in accounts payable.

The formula for calculating net cash flow from operating activities is as follows:

Where CFop - the amount of net cash flow of the enterprise on operating activities in the period under review;

state of emergency - the amount of net profit of the enterprise;

aos - the amount of depreciation of fixed assets;

Ana - the amount of depreciation of intangible assets;

DZ - decrease (increase) in the amount of accounts receivable;

Z tm - decrease (increase) in the amount of stocks of inventory items that are part of current assets;

KZ - increase (decrease) in the amount of accounts payable;

R - increase (decrease) in the amount of the reserve and other insurance funds.

Theoretically cash flow for ordinary activities in normally functioning enterprises should exceed their outflow. This is due to the process of increasing the cost of capital in the course of production activities, since the value received will be greater than the initial entrepreneurial advance.

But in fact, there is a whole set of factors that determine the possible excess of outflow over inflow, including the timeliness of debtor settlements, price changes for finished products sold and purchased pre-production stocks (there may be so-called “scissors” not in favor of the enterprise), timeliness of bank settlements , servicing the transfers of debtors, changing the exchange rate differences used in the calculations of currencies for enterprises engaged in foreign economic activity, etc.

With the normal development of business, accounts payable and accounts receivable are approximately the same in size, financiers say. (see V.V. Kovalev Management of cash flows, profit and profitability. M., 2008, p. 20).

For investment activities the amount of net cash flow is determined as the difference between the amount of sale of certain types of non-current assets and the amount of their acquisition in the reporting period. The formula by which this indicator of investment activity is calculated is as follows:

Where CFin - the amount of net cash flow of the enterprise for investment activities in the period under review;

Ros - the amount of disposal of retired fixed assets;

Rna - the amount of disposal of retired intangible assets;

Rdfi - the amount of the sale of long-term financial instruments of the enterprise's investment portfolio;

Rsa - the amount of re-sale of previously redeemed own shares of the enterprise;

Dp - the amount of dividends (interest) received by the enterprise on long-term financial instruments of the investment portfolio;

pos - the amount of acquired fixed assets;

D NKS - the amount of growth in unfinished capital construction;

Mon - the amount of acquisition of intangible assets;

PDF - the amount of acquisition of long-term financial instruments of the enterprise's investment portfolio;

Vsa - the amount of redeemed own shares of the enterprise.

For financial activities the amount of net cash flow is defined as the difference between the amount of financial resources attracted from external sources and the amount of the principal debt, as well as dividends (interest) paid to the owners of the enterprise. The formula for calculating this indicator for financial activity is as follows:

Where CF f - the amount of net cash flow of the enterprise on financial activities in the period under review;

Psk - the amount of equity or share capital additionally attracted from external sources;

MPC - the amount of additional attracted long-term credits and loans;

pkk - the amount of additionally attracted short-term credits and loans;

BCF - the amount of funds received in the form of gratuitous targeted financing of the enterprise.

Vdk - the amount of payment (repayment) of the principal debt on long-term credits and loans;

Vkk - the amount of payment (repayment) of the principal debt on short-term credits and loans;

Doo - the amount of dividends (interest) paid to the owners of the enterprise (shareholders) on invested capital (shares, shares, etc.).

The amount of net cash flow for these types of activities represents its total size for the enterprise in the reporting period for all types of activities.

The advantage of the indirect method when used in operational management is that it allows you to establish a correspondence between the financial result and the use of own working capital. In the long term, the indirect method allows you to identify the most problematic areas of cash flow management and economic activity enterprises i.e. the formation of immobilized (unused) funds.

But perhaps the most important advantage this method is that cash flow management when using own, borrowed and borrowed funds is aimed at final result enterprise activities - earning net income.

But this method is not without drawbacks. For there is no absolute unity of factors affecting both the state of cash flows and the state of profit. Thus, early disposal of non-current assets, including fixed assets, leads to a decrease in profit by the amount of their residual value. But this operation does not generate cash flow. In addition, it is necessary to take into account the existing discrepancy in the time of expenditure and receipt of income and their reflection in the financial statements, and the actual cash flow for these operations.

For example, according to accounting data, an enterprise can be profitable, but at the same time experience certain difficulties in paying for urgent obligations. The point here is in the specifics of the reflection of information in the reporting, which is ahead of the real cash flow, because it depends on the method of calculation used. Information about the cash flow is formed on a cash basis and reflects the fact of their movement. The resulting profit is, firstly, a calculated indicator, and secondly, it can be determined before the receivables are repaid.

The cash flow liquidity ratio is also used, in which the main guideline is the dynamics of the balances of the enterprise's cash assets, the size of which ensures absolute solvency.

It is calculated by the formula:

where PDS - cash receipts;

DO - cash balance;

RDS - spending money.

If the size of the net cash flow is correlated with the amount of money spent, then we get an indicator - the cash flow efficiency ratio.

The efficiency of positive cash flow can also be expressed in terms of the ratio of profit to size given stream. This profitability ratio is calculated from the positive cash flows of various activities.

The state of cash flows of the enterprise is significantly influenced by the types and forms of cash payments used. They affect the rate of cash flow. Thus, the use of cash settlement ensures the receipt of funds at the time of the transaction. Cashless payment involves the movement of payment documents through banks serving counterparties, which requires more time.

Even the implementation of non-cash payments in various forms (payment orders and claims, advance payments, checks, on the terms of acceptance and without it, letters of credit with all their varieties) has a significant impact on the speed of movement of money due to various labor costs in processing the data of payment documents and different transfer procedures Money.

To manage current cash flows, a cash flow plan, a profit and loss plan, a budgeting system, a payment calendar, and a cash plan are used.

Cash flow management has become the most important area of ​​activity for any subject of the market economy. This is especially important for enterprises engaged in industrial and commercial activities. Making decisions about changing production technology, entering new markets, expanding or curtailing production volumes is based on deep financial calculations, on a strategy for attracting, distributing, redistributing and investing financial resources. Trends in the development of the Russian and global market situation: unpredictable changes in demand, tougher competition, diversification and the conquest of new market niches, increased risks in transactions - necessitate a detailed study of the principles of formation and management of cash flows of enterprises.

A more rational and efficient management of cash flows can ensure the constant solvency of the enterprise, reduce the risk of non-payment of debts to suppliers and employees, increase investment attractiveness free up additional financial resources and so on. In market conditions of management, these aspects are the most important financial and economic characteristics of companies, reflecting the financial stability and potential of their economic growth.

1. The concept of cash flow

One of the areas of enterprise financial management is the effective management of its cash flows. A complete assessment of the financial condition of an enterprise is impossible without an analysis of its cash flows. One of the tasks of cash flow management is to identify the relationship between cash flows and profit, i.e. whether the profit received is the result of effective cash flows or is it the result of some other facts.

All activities of any commercial organization are associated with the movement of funds, with their receipt and disposal. The movement of funds in the enterprise occurs continuously. It is this continuous process of money movement that essentially constitutes the concept of "cash flow".

There are concepts such as cash flow and cash flow. The movement of funds is their transfer to someone, both in cash and non-cash, it is all the gross receipts of the enterprise and payments.

The general definition of cash flow is: "money coming into the company from sales and other sources, as well as money spent by the company on purchases, wages, etc."

"Cash flow - a set of time-distributed receipts and payments of funds generated by the economic activity of the enterprise."

In economic terms, cash flow is the difference between the income and costs of an economic entity, expressed as the difference between payments received and payments made. In general, this is the sum of the firm's retained earnings and its depreciation deductions saved to form its own source of cash.

In other words, "cash flow is the net amount of money actually received by the firm in a given period."

There are two main approaches to the analysis of the definitions of the concept of "cash flow". According to the first approach, cash flow is the difference between all cash inflows and outflows over a certain period of time. This definition is more suitable for the term "net cash flow", which is equal to the difference between the sum of the inflows and outflows of the organization's cash. The second approach is more common among economists. Cash flow is considered as the sum of cash inflows and outflows for the period. At the same time, most authors do not include cash equivalents in the composition of cash flows.

It is also possible to single out an approach in which cash flows are considered in a broad sense as the sum of retained earnings and depreciation, which is closely related to the first approach to determining cash flow.

Summarizing approaches to determining the essence of cash flows, we can define this economic category as a set of real inflows and outflows of cash and their equivalents, distributed at each specific point in time of the period under review and serving all the processes of the organization's business activities.

The process of managing the cash flows of an enterprise also does not have an unambiguous interpretation. Some economists reduce this process to determining the optimal level of cash balance and its use in the financial activities of the organization.

Summarizing the definitions of various economists related to the category of "management", one can characterize the management of the enterprise's cash flows as the organization of a purposeful and systematic impact control system on financial and economic relations arising in the process of movement of the organization's money capital. This impact is aimed at fulfilling the tasks set, as well as ensuring the effective formation, use and distribution of the financial capital of the enterprise using the appropriate principles, functions and methods of management.

The value of the cash flow indicator in the analysis of the company's activities is very large: it shows the company's ability to pay for the goods and services it needs, to pay dividends to shareholders, and business valuation is often built on its basis.

"Cash flow is not equal to profit: a situation is quite real when a company makes a profit, but is not able to continue settlements with suppliers, because it does not have enough money in circulation. When assessing the effectiveness of capital investments, cash flow is an indicator that characterizes the difference between inflow and outflow cash from investment and operating activities in each period of the project.

Cash flows, as opposed to a simple transfer of money, are:

- the result of the monetary relations arising at the enterprise, which are the result of the movement of money;

– organized and managed processes;

- processes not in general, but limited to a certain period of time, i.e. have time limits - the beginning and the end;

- as an indicator, the cash flow has a number of economic characteristics, such as intensity, liquidity, profitability, sufficiency, etc.

The advantages and necessity of cash flow management are as follows.

1. Improving cash flow management is tantamount to involving additional cash in circulation. Moreover, this problem is often presented to managers as secondary.

2. For large enterprises that have been operating for a long time, management is beneficial in terms of both increasing the efficiency of the funds used, and obtaining additional profit, increasing profitability.

3. For young, small enterprises, management is especially important, because they must rely on their own sources of funds, since external sources are not always affordable for them, both in terms of price and availability.

4. professional management cash flows have a positive effect on the relationship of the enterprise with banks, suppliers, buyers, etc.

The financial cycle of an enterprise or the cash flow cycle includes following points:

- payment for raw materials and materials;

- sale (shipment of finished products, provision of services, performance of work);

- receipt of money for finished products, services rendered, work performed.

And only by managing cash flows can the problem of the gap between the amount of payments and the amount of receipts be solved, i.e. liquidity problem of the enterprise. For these purposes, it is necessary to increase the amount of own or borrowed funds in the turnover of the enterprise.

When implementing the cash flow management policy, the following results are achieved:

1. Improving the efficiency of enterprise financial management.

2. Balance of positive and negative cash flows over time; unbalanced flows make at some points the flow as a whole illiquid, and the enterprise insolvent. It is quite obvious that the more often such situations and the longer they last, the worse financial position enterprises.

3. Determination of the directions of cash flows and control over them in accordance with. classification as a whole for the enterprise, by type of activity, by structural divisions and responsibility centers, by stages and periods of the enterprise's activity, by sources of funds (own, borrowed, etc.).

4. Optimization of cash flows and the structure of sources of funds in order to ensure efficient operation enterprises.

5. Increasing the efficiency of the use of funds in the turnover of the enterprise, accelerating their turnover.

6. Expansion of sales volume based on the expansion of control over cash flows and improvement of their management.

7. Obtaining additional profit and increasing the profitability of the enterprise.

8. Improving the efficiency of planning and forecasting the activities of the enterprise.

9. Reducing the risk of insolvency of the enterprise and preventing its bankruptcy.

2. Types and classification of cash flows of the enterprise

On fig. 1 shows the classification of cash flows of the enterprise. Conditional figures are used to visualize the relationship of cash flows.

Rice. 1. Classification of cash flows

The cash flow of an enterprise is the totality of all its receipts and payments for a certain period of time.

Cash inflows (receipts) and outflows (payments) over a period of time are components of the cash flow. The totality of inflows or receipts is a positive cash flow, and the totality of outflows or cash payments is a negative cash flow.

Net cash flow is the difference between the sum of inflows and outflows. Net flow refers to the financial results of the enterprise. Net flow can be either positive or negative.

Positive net flow, may be excess or deficient. Excess flow means a significant excess of cash receipts over demand. Deficient cash flow characterizes the opposite phenomenon, when receipts are not enough to cover the need. Negative flow, of course, is always scarce.

A time estimate defines the cash flow as present and future. The present flow is determined in the estimation of the present time, and the future flow is determined in the estimation of some future specific point in time by discounting, i.e. ghosts of future cash flows in a comparable form with the present.

From the point of view of constancy, cash flows are regular and discrete. A regular flow goes constantly for a certain period of time, and a discrete flow is a single receipt and expenditure of money, an enterprise for any period. Most cash inflows and outflows are regular. Discrete flows are the acquisition of property, obtaining a long-term loan, proceeds from the payment of a large bill, the purchase of a license, etc. Regular cash flows can be both with uniform monetary intervals and with uneven ones.

Depending on the scale, cash flows are:

- in general for the enterprise;

- for certain types of economic activity (main, investment, financial);

- by individual structural divisions or responsibility centers of the enterprise";

- for individual business transactions or stages in the activities of the enterprise, for example, from the moment a joint-stock company was established, the launch of new products, the completion of reconstruction, etc.;

– own and borrowed funds;

– gross flows and flows based on financial results.

3. Efficiency of cash flows of the enterprise

The cash flow statement for the whole enterprise and for individual types of activities is part of the financial statements.

The efficiency of using cash flows is determined by the speed of their movement - the speed of turnover, or turnover. The faster the circulation of DS is made, the smaller their amount will be required by the enterprise for the successful implementation of the production program.

The period of capital in cash (Pdn) is determined as follows:

The following formula can be used to calculate the projected cash balance:

4. Cash flow management of the enterprise

The main goal of cash flow management is to ensure the financial balance of the enterprise in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

The main tasks of cash flow management are as follows:

– forecast of incoming and outgoing cash flows and their management;

– ensuring the liquidity of the enterprise;

– evaluation various types investments and placement of surplus funds;

– identifying sources of short-term financing;

– risk management on interest rates and exchange;

- determination of the plan for the receipt of funds and their use.

The cash flow management process can be represented as the following steps:

1. Full and reliable accounting of cash flows and the formation of the necessary reporting.

2. Analysis of cash flows in the previous period.

3. Planning of cash flows in the context of their various types.

4. Optimization of cash flows.

5. Ensuring effective control over cash flows.

5. Accounting for the cash flows of the enterprise

Complete and reliable accounting of cash flows is based on the following principles:

1. The principle of informative reliability

2. Principle of balance

3. The principle of ensuring efficiency

4. The principle of providing liquidity

A distinctive feature of modern Russian reality is that cash flows are not an independent object of accounting. As an accounting object in Russia, cash is considered that is not highly sensitive to possible unforeseen financial problems. The cash category is static and does not reveal the cash flow, despite the fact that the implementation of almost all types of operations of enterprises and organizations causes the cash flow in the form of their receipt or expenditure. For the reasons mentioned above, it is necessary to separate cash flows into an independent accounting object and form a cash flow accounting system, which includes managerial, financial and strategic accounting of cash flows.

The main purpose of the cash flow accounting system is to provide, first of all, internal users with reliable information on cash flows, necessary and sufficient for the development and timely adoption of adequate management decisions. This goal is achieved through the formation of a reporting system that will allow information users to objectively evaluate and make appropriate decisions on cash flow management.

The objects of the cash flow accounting system are:

– system of cash and non-cash payments;

– working capital management;

– management of capital invested in fixed assets (fixed capital);

– policy of attracting new financial resources;

– management of the capital structure of the enterprise;

- the level and dynamics of the financial results of the enterprise.

- property and financial condition of the enterprise;

- business activity and efficiency of the enterprise.

The cash flow accounting system is designed to provide:

1. Coverage of all financial transactions, i.e. be continuous and continuous, reflect all operations on the movement of the financial resources of the enterprise and its funds for all receipts, payments, balances in various monetary forms- cash on hand, non-cash funds in bank accounts, letters of credit, settlements, securities and any other places of their storage or location;

2. Reflection of business processes directly related to the financial operations of the enterprise, for example, the production of commercial products and their shipment to customers, the preparation and sending of payment documents, the timeliness and completeness of the receipt of funds from buyers, refusals of acceptance, transfer of delivered products by the buyer to safekeeping due to its incompleteness, incomplete delivery and for other reasons, other production and economic facts of the enterprise;

3. Reflection of information on the timeliness of settlements with the budget and off-budget funds and other non-commodity transactions of the enterprise;

4. Control over the state and targeted use of working capital of the enterprise.

The purpose of cash flow reporting is to provide users with useful information. At present, the expediency and necessity of meeting the information needs of numerous users is obvious, which can be grouped into three main groups:

– directly engaged in business at this enterprise;

- located outside the enterprise, but having a direct financial interest in the business;

– having an indirect financial interest in the business.

The first group of users are the management of the enterprise, who are responsible for the conduct of business and for achieving the objectives of the enterprise.

The second category of users of reporting information represents a fairly large number of people who do not work at the enterprise, but who have a direct financial interest in the results of its activities. These are, first of all, the founders of the enterprise, as well as various creditors - suppliers or banks, from which the enterprise takes long-term and short-term loans.

The third circle of persons with an indirect financial interest is made up of a wide variety of users of accounting (financial) statements. These are the tax service, state statistics bodies, various financial advisers, etc.

In the reporting of Russian enterprises there are forms that reflect the movement of funds. This:

– statement of changes in equity – Form No. 3;

– cash flow statement – ​​Form No. 4;

- the movement of borrowed funds - part of the appendix to the balance sheet, form No. 5.

6. Cash flow analysis

The next stage of cash flow management is the analysis of cash flows in the previous period.

As a result of the analysis of cash flows, the enterprise should get an answer to the main question: where does the money come from, the role of each source and for what purposes are they used? Conclusions should be drawn both for the enterprise as a whole and for each type of its activity: core, investment and financial. On this basis, conclusions are drawn about the sources and security of each type of activity with the necessary funds. As a result, decisions are made to ensure the excess of cash receipts over payments, sources of payment for current liabilities and investment activities, sufficiency of profits, etc.

Thus, the main objects of cash flow analysis are:

– positive flow – inflows;

– negative flow – outflows;

- cash balance.

Analysis of cash flows is associated with finding out the reasons that influenced the following processes:

– increase in cash inflow;

– decrease in their inflow;

– increase in their outflow;

- reduction of their outflow.

The analysis can be done both for a long period (several years) and for a short one (quarter, year). Such an analysis will be of undoubted interest if it is done for a period reflecting some stage in the activity of the enterprise.

Analysis of cash flows should be carried out both on the basis of reporting and planned indicators. The data of primary accounting and regular reporting of the enterprise are used as calculated indicators.

7. Cash flow planning

Cash flow planning is carried out in the form of multivariate planned calculations of these indicators under various scenarios for the development of initial factors (optimistic, realistic, pessimistic). The object in this case is the fulfillment of the established planned assignments on the formation of the volume of funds and their spending in the prescribed areas; uniformity of formation of cash flows in time; liquidity of cash flows and their efficiency. These indicators are controlled in the process of monitoring the current financial activities of the enterprise.

The planned indicators of the cash flow of the enterprise are calculated in the form of an operational financial plan, the so-called payment calendar. It is developed for a month with a frequency of 5, 10 or 15 days.

The peculiarity of the payment calendar is that the company first determines all its cash expenses for the month, and then seeks financial resources to cover expenses if cash income is not enough.

Planning possible payments and sources of their coverage is associated with daily control over the receipt of sales proceeds and the payment of incoming material assets as the main areas of cash flows. The development of an economically sound payment calendar is one of the mandatory conditions effective cash flow management. It allows you to provide the company with the necessary funds, identify opportunities to increase sales and profits, and improve the efficiency of the structure of funds used.

Along with the payment calendar of enterprises, a special journal is maintained, which reflects all indicators of the payment calendar in dynamics, as well as indicators of the cash flow statement.

When using the payment calendar, enterprises have the opportunity to apply the analysis, which is called ABC. Its meaning is that, using natural and cost indicators, cash flows are divided into three groups (A, B and C) depending on the amount of funds or other factors and the possibility of applying appropriate management methods to each of these groups.

Cash flow planning for a longer period than 1 month is carried out using the cash flow budget. Budgets at the enterprise are developed, as a rule, for 1 year, but this can be done for 3 or 6 months. The cash flow budget, on the one hand, reflects income and receipts of funds, and on the other hand, expenses and payments. But unlike the payment calendar, planning in the budget of cash flows is carried out for three types of activities: core, investment and financial. With the help of the cash flow budget, the company solves the problem of cash deficit in certain months during the year.

There are two methods for calculating cash flow: direct and indirect. The differences between these methods follow from the principles of calculations. With the direct method, the calculation of flows is carried out on the basis of the accounting accounts of the enterprise, and with the indirect method, on the basis of the indicators of the balance sheet of the enterprise (Form-1) and the income statement (Form-2).

As a result, with the direct method, the enterprise receives answers to questions about cash inflows and outflows and their sufficiency to ensure all payments. The indirect method shows the relationship between various types of activities of the enterprise, as well as the impact on profits of changes in the assets and liabilities of enterprises. In addition, the calculation basis for the direct method is the proceeds from the sale of products, and for the indirect method - profit.

Under the direct method, cash flow is defined as the difference between all the inflows of funds in the enterprise for three types of activities and their outflows. The balance of funds at the end of the period is defined as their balance at the beginning, taking into account their flow for a given period.

With the indirect method, the basis for the calculation are retained earnings, depreciation, as well as changes in the assets and liabilities of the enterprise.

At the same time, an increase in assets reduces the company's cash, and an increase in liabilities increases it, and vice versa.

8. Cash flow optimization

Optimization of cash flows is the process of choosing the best forms of their organization in the enterprise, taking into account the conditions and characteristics of the implementation of its economic activities. Mechanisms for minimizing financial risks play an important role in optimizing cash flows.

Cash flow optimization is one of the most important functions of cash flow management aimed at improving their efficiency in the coming period.

The most important tasks to be solved during this stage of cash flow management are:

- identification and implementation of reserves, allowing to reduce the dependence of the enterprise on external sources of raising funds;

– ensuring a more complete balance of positive and negative cash flows in time and volume;

- ensuring a closer relationship of cash flows by types of economic activity of the enterprise;

– increase in the amount and quality of the net cash flow generated by the economic activity of the enterprise.

The basis for optimizing the cash flows of an enterprise is to ensure a balance between the volumes of their positive and negative types. The results of economic activity of the enterprise are negatively affected by both scarce and excess cash flows.

Methods for optimizing the scarce cash flow depend on the nature of this scarcity - short-term or long-term.

The balance of the deficit cash flow in the short term is achieved by using the "System of acceleration - deceleration of the payment turnover". The essence of this system is to develop organizational measures at the enterprise to accelerate the attraction of funds and slow down their payments.

In the system of optimizing the cash flows of an enterprise, an important place belongs to their balance in time. In the process of such optimization, two main methods are used - alignment and synchronization. Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method eliminates, to a certain extent, seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of absolute liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

The growth of net cash flow ensures an increase in the pace of economic development of the enterprise on the principles of self-financing, reduces the dependence of this development on external sources of formation of financial resources, and ensures an increase in the market value of the enterprise.

The negative consequences of a deficit cash flow are manifested in a decrease in the liquidity and solvency of an enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in paying wages (with a corresponding decrease in the level of personnel productivity), an increase in the duration of the financial cycle , and, ultimately, in a decrease in the profitability of the use of equity capital and assets of the enterprise.

The negative consequences of excess cash flow are manifested in the loss of the real value of temporarily unused funds from inflation, the loss of potential income from the unused part of monetary assets in the field of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

9. Controlling the cash flow of the enterprise

Ensuring effective control over cash flows can significantly reduce the risk of insolvency of the company. Even for enterprises that successfully carry out economic activities and generate a sufficient amount of profit, insolvency can occur as a result of the imbalance of various types of cash flows over time. Synchronization of receipts and payments of funds, achieved in the process of managing the cash flows of the enterprise, allows to eliminate this factor in the occurrence of its insolvency.

The main goal of managing the cash flows of an enterprise is to ensure its financial balance in the development process by balancing the volumes of receipts and expenditures of funds and their synchronization in time.

Responsibility for ensuring control over cash flows lies with the financial director of the enterprise. To ensure effective control over cash flows, it is necessary to document all operations related to cash flows, which would provide complete information for the financial director. To do this, it is necessary to enter documents regulating the spending of funds, for example, an application for payment, it can also be memos, payment registers, etc. Minimum set details of such a document includes the following sections:

– payment initiator (department, employee);

– payment code in accordance with the classifier of payment items or projects;

- payment term;

– signatures of the initiator of the payment, the head of the division, the head of the company.

Applications for payment serve as a tool for collecting factual information. The "Payment Initiator" requisite allows you to track which division of the company carries out certain types of expenses. At the same time, it is necessary to authorize the application with the head of the department and the general director, which will avoid the misuse of the company's funds.

Applications are easy to classify by departments and expense items, even in Excel. Having accumulated information on actual payments for two or three months, you can proceed to limiting expenses and compiling a payment calendar.

To control payments, it is useful to analyze the reasonableness of spending money and the system for recording costs. Analytical indicators must be added to the payment request: inventory turnover ratio (instant, 30- and 90-day), amounts of accounts payable to each supplier and overdue receivables from buyers, as well as the period of delay. It is also useful to introduce an indicator of the rate of payments to suppliers as a share of sales revenue. Thus, special forms for financial management are created, and these indicators (usually 3-5) allow you to understand how and when to spend money.

The financial director must be given the right to sign documents regulating payments. Typically, this right is granted by order of the CEO, but in some cases - by decision of the business owner or the board of directors.

Since such innovations threaten the top officials of the company with some weakening of their influence on financial flows, it is necessary to explain to the management the need for delegation of authority, and also to convince them to introduce a budgeting system, under which the financial director or employees controlled by him will receive the right of decisive signature in terms of payments approved in budget.

By signing payment documents, the financial director will be able to receive timely information about the company's activities, including its expenses, acquire the status of a top manager, which will avoid conflicts with the heads of functional units, and will also begin to gradually introduce budget procedures.

Thanks to the effective organization of control over cash flows, it is possible to develop effective solutions to increase the volume of positive cash flow and reduce the volume of negative cash flow in the long term.

At the same time, the growth in the volume of positive cash flow in the long term can be achieved through the following activities:

– attraction of strategic investors in order to increase the volume of own capital;

– additional issue of shares;

– attracting long-term financial loans;

– sale of a part (or the entire volume) of financial investment instruments;

– sale (or lease) of unused types of fixed assets.

Reducing the volume of negative cash flow in the long run can be achieved through such measures as:

– reduction in the volume and composition of real investment programs;

– refusal of financial investment;

- reduction of the amount fixed costs enterprises.

It is no secret that it is in financial activities that abuses are not uncommon, which negatively affect the entire economic activity of the enterprise and infringe on the rights of owners. Therefore, ensuring the effectiveness of financial control over the cash flows of the enterprise is milestone in cash flow management.

10. The need for cash flow management

Thus, it should be noted that cash flows make up the bulk of the financial resources used commercial organizations in the course of their business activities. The state of cash flows largely determines the financial well-being of both individual organizations and economic system generally.

The constant movement of funds is the basis for an uninterrupted process of production and circulation. This is the most important function of money - production.

Cash is one of the main financial categories that have a significant impact on the sphere of production, the sphere of circulation, the state of settlements in the national economy and, thus, on the money circulation in the country, they perform their second function - payment and settlement.

Cash flow management is directly related to the mechanism for determining the planned needs of the enterprise for them, their rationing. It is important for the enterprise to correctly determine the optimal need for cash, which will allow, with minimal costs, to receive the profit planned for a given volume of production. Understating the amount of funds entails an unstable financial condition, interruptions in the production process and, as a result, a decrease in production and profits. In turn, overestimation of the amount of funds reduces the ability of the enterprise to make capital expenditures to expand production.

conclusions

Methods for managing the cash flow of enterprises contribute to making more informed and rational decisions financial managers organizations. The use of the considered principles of formation and management of cash flows in the practical activities of enterprises will optimize the structure of payments of enterprises. The optimization of the company's payments is achieved, first of all, by the balance of cash payments, as a result of which the solvency increases and it becomes possible to maintain it at the required level.

Effective cash flow management allows you to accelerate the turnover of funds, reduce the need to attract additional borrowed funds, free up additional funds that can be directed to the turnover of the enterprise.

Literature

Textbooks and monographs

1. Balabanov I.T. Basics financial management: Tutorial for secondary special educational institutions. - M.: Finance and statistics, 2006.

2. Bertonesh M., Knight R. Cash flow management. - St. Petersburg: Peter, 2005.

3. Blank I.A. Cash flow management. - K .: Nika-Center, Elga, 2007.

4. Borodina E.I. Enterprise finance. - M.: Finance and statistics, 2005.

5. Bocharov V.V., Leontiev V.E. Corporate Finance. - St. Petersburg: Peter, 2005.

6. Kovalev V.V. Finance of enterprises - M .: Prospekt, 2006.

7. Likhacheva O.N. financial planning at the enterprise. - M .: OOO "TK Velbi", 2006.

8. Polovinkin S.A. Financial management of an enterprise - M .: FBK-Press, 2007.

9. Cherkasov V.E. Financial management. - Tver: Tver Institute of Economics and Management, 2005.

Periodicals

10. Mityakova O.I. Optimization of cash flow as a tool for anti-crisis management of an enterprise // Finance and credit. - 2005. - No. 30. - S. 44-50.

11. Khorin A.N. Cash flow statement // Accounting. - 2005 - No. 5. - S.: 24-29.

12. Burtsev V.V. revision financial system enterprises // Management in Russia and abroad. - 2004. - No. 3. – P. 35-40.

One of the areas of enterprise financial management is the effective management of cash flows. A complete assessment of the financial condition of an enterprise is impossible without an analysis of cash flows. Currently, most enterprises (more than 80%) have a lack of working capital. At the same time, many of them operate at a profit. One of the tasks of cash flow management is to identify the relationship between these flows and profit, i.e. whether the income generated is the result of effective cash flows or is it the result of some other factors.

When analyzing the financial condition of an enterprise, it is necessary to clearly understand that the profit for the reporting period and the cash received by the enterprise during the period are not the same.

What is the difference between cash flow and profit?

Revenue- accounting income from the sale of products or services for a given period, reflecting both monetary and non-monetary forms of income.

Profit- the difference between accounting income from sales and accrued expenses for products sold.

cash flow- the difference between all the funds received and paid by the enterprise for a certain period of time.

Profit is an increase in the company's cash for a period, which characterizes the effectiveness of enterprise management. The presence of profit does not mean that the enterprise has free cash available for the share of use.

There are such concepts as "cash flow" and "cash flow".

Under cash flow refers to all gross cash receipts and payments of the enterprise.

cash flow is associated with a specific period of time and represents the difference between all the funds received and paid out by enterprises during this period.

The movement of money is the fundamental principle, as a result of which finances arise, i.e. financial relations, cash funds, cash flows.

Cash flow management involves:

Analysis of these streams,

cash flow accounting,

Development of a cash flow plan.

In world practice, cash flow is denoted by the concept "cash flow"(cash flow), although the literal translation (from English) of this term is cash flow. A cash flow in which outflows exceed inflows is called a “negative cash flow”, otherwise it is a “positive cash flow”.

Since the main activity of the company is the main source of profit, it should also be the main source of cash.

Since, with the successful conduct of business, the enterprise strives to expand and modernize production capacity investing activities generally result in temporary cash outflows.

Financial activities are designed to increase the funds at the disposal of the company for financial support of the main and investment activities.

As already noted, cash flows are associated with cash inflows and outflows:

Receipt (inflow) of funds	Kind of activity	Cash withdrawal (outflow)
Proceeds from the sale of products Receipt of receivables Receipt from the sale of material assets, barter Advances from buyers	Primary activity	Payments to suppliers Payment of wages Payments to the budget and off-budget funds Payments of interest on a loan Payments on the consumption fund Repayment of accounts payable
Sale of fixed assets, intangible assets, construction in progress Proceeds from the sale of long-term financial investments Dividends, interest on long-term financial investments	Investment activities	Capital investments for production development Long-term financial investments
Short-term loans and borrowings Long-term loans and borrowings Proceeds from the sale and payment of promissory notes Proceeds from the issuance of shares Target financing	Financial activities	Repayment of short-term credits and loans Repayment of long-term credits and loans Payment of dividends Payment of promissory notes

The need to divide the activities of the enterprise into three of its types is explained by the role of each and their relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, while investment and financial activities are designed to contribute, on the one hand, to the development of the main activity, on the other hand, to provide it with additional funds.

Cash flow analysis associated with the clarification of the causes that influenced:

Increased cash flow;

Reduction of their inflow;

Increase their outflow;

Reducing their outflow.

This can be done both for a long period (several years) and for a short one (quarter, year). Such an analysis will be of undoubted interest if it is done for a period that reflects some stage in the activity of the enterprise, for example, from the moment a joint-stock company was created, the launch of new products, the completion of reconstruction, etc.

There are two methods for calculating cash flow:

direct and indirect.

The differences between these methods follow from the principles of calculations.

At direct method :

Calculation of flows is carried out on the basis of accounting accounts of the enterprise;

The calculation basis for the direct method is the proceeds from the sale of products;

Cash flow is defined as the difference between all the inflows of funds in the enterprise for three types of activities and their outflows;

The balance of funds at the end of the period is defined as their balance at the beginning, taking into account their flow for a given period.

As a result, the company receives answers to questions about cash inflows and outflows and their sufficiency to ensure all payments.

at indirect method:

- the calculation is carried out on the basis of indicators of the balance sheet of the enterprise (Form-1) and the statement of financial results (Form-2);

The basis for the calculation is retained earnings, depreciation, as well as changes in the assets and liabilities of the enterprise. Here, an increase in assets reduces the company's cash, and an increase in liabilities - increases, and vice versa;

Shows the relationship of various activities of the enterprise, as well as the impact on profits of changes in the assets and liabilities of the enterprise.

Types and forms of payments

Carrying out business activities, the company is faced with the need to produce cash settlements both within the enterprise itself and outside it. Internal settlements are related to the payment of wages and accountable amounts to employees, dividends to shareholders, etc. External settlements are due to financial relationships regarding the supply of products, the performance of work, the provision of services, the purchase of raw materials and materials, the payment of taxes, contributions to extra-budgetary funds, the receipt and repayment of a loan and etc.

All calculations of the enterprise can be divided into groups:

1. Payments for commodity transactions - operations related to the movement of goods, settlements with suppliers and contractors, buyers and customers, commission agents and consignors.

2. Settlements for non-commodity transactions - transactions not caused by the movement of goods and associated only with the movement of funds - settlements with the budget and extra-budgetary funds, founders, shareholders, accountable persons, principals and attorneys, credit organizations

Settlements for commodity transactions are carried out by the following types of payments:

payment orders;

Planned payments:

Payment requests-orders;

Letters of credit;

Settlement checks;

Set-off of mutual requirements;

bills;

Oncoming movement of goods (barter transactions).

For non-commodity transactions, settlements are carried out only with the help of payment orders.

You will learn:

• What is the cash flow of the enterprise.
• Why manage the cash flow of the enterprise.
• What are the types of business cash flows.
• How to carry out cash flow analysis.
• What factors affect cash flows.
• How to optimize the cash flow of the enterprise.

Reasonably organized cash flows of the enterprise ensure the smooth running of the operating cycle, increase production volumes and increase sales. At the same time, each violation of payment discipline negatively affects the formation of production reserves of raw materials and materials, the degree of labor productivity, the sale of finished products, the market position of the enterprise and other factors. Even fairly profitable companies may experience insolvency due to an imbalance in time of various cash flows (hereinafter referred to as CF).

Having capital and not using it is not a style General Director. Therefore, we have prepared an article that will help you decide where you can invest, and where it is better not to apply at all.

In the article you will also find a handy table showing the risks and returns of various investment instruments.

The Role of Enterprise Cash Management

The cash flow of an enterprise is a set of receipts financial resources and payments in a specified period of time, formed in the course of business activities. It reflects the movement of money, which in some cases are not taken into account when determining profit. In addition, DP includes tax payments and penalties (penalties), investment costs, depreciation costs, advances and borrowings.

The inflow of money comes from the following sources:

• proceeds from the sale of goods (services) and the performance of work;
• height authorized capital through additional issue of shares;
• obtaining loans, credits, income from the issue of corporate bonds, etc.

The net inflow of DC (cash stock) reflects the difference between all receipts and deductions of the money supply.

Figuratively, the cash flow is presented in the form of a financial "blood flow" of the economic organism of the subject. A well-established system of cash flows of an enterprise is a paramount indicator of economic well-being, a condition for obtaining high final results of its activities.

In the difficult circumstances of the current economy, caused by sanctions, price hikes and the instability of the ruble, the most important task financial management becomes effective management of material resources.

Effective management of the company's cash flows ensures its financial balance and profitability in the course of strategic progress. The speed of economic recovery and the economic stability of the organization are largely determined by the degree of mutual stability and synchronization of scale. different types DP in time intervals. The high level of this consistency and consistency allows you to optimize and improve the quality financial management, as well as significantly accelerate the achievement of the subject's strategic goals.

In general, the optimal organization of the company's cash flows will help to balance its operating process as much as possible. Each failure in making payments negatively affects the formation of industrial reserves of raw materials and materials, the degree of labor productivity, the sale of finished products, the market position of the enterprise and other factors. At the same time, well-organized and optimized DPs contribute to a steady increase in the scale of production and sale of goods, and improve the capitalization of the business.

Types of cash flows of the enterprise

The concept of "cash flow" combines various types of flows associated with business activities. For purposeful and fruitful management of DPs, they should be classified in a special way according to several key features.

1. According to the volume of economic activity, there are cash flows:

• DP enterprises- the largest and summing indicator for this feature, which reflects all financial receipts and expenses of the organization as a whole.
• DP structural unit- a more specific indicator of the company's cash flows, indicating the movement of finances in departments, services, branches and representative offices of the company.
• DP of each operations- specific operational accounting of the movement of cash cash of a legal entity.

1. By type of economic activity, DPs are divided into:

• general cash circulation flow - the total amount of cash received or paid;
• current(operational) cash flow of the enterprise - transfers to suppliers of raw materials (materials); contract performers of certain services to ensure the main and other work; payment of salaries to personnel performing the operational process and managing it;
• investment flow - the receipt of money and payments related to the implementation of specific and financial investments, the sale of retiring intangible assets and fixed assets, the replacement of long-term financial assets of the securities portfolio and other similar DPs associated with the investment activities of the organization;
• flow financial activities- income and expenses aimed at attracting auxiliary share or equity capital, acquiring long-term and short-term loans (credits), paying dividends in cash and interest rates on owners' deposits, and a number of other DPs that accompany external financing of economic activity.

1. Direction of movement:

• incoming DP (inflow) contains the sum of all financial receipts recorded for a particular reporting period;
• outgoing DP (outflow), on the contrary, implies all payments made over a certain period of time.

1. According to the form of carrying out, the cash flows of an enterprise are:

• in cash(transfer of money from hand to hand by the organization);
• non-cash(the movement of money is reflected only in).

1. According to the area of ​​circulation, DP is divided into:

• external– receipts and payments to individuals (legal entities). Due to this flow, the balance of money in the enterprise increases or decreases;
• internal- the movement of financial cash within the enterprise itself. This flow provides an internal circulation of real money, so it cannot influence the balance.

1. According to the duration of DP can be:

• short-term(when an organization invests money for a period not exceeding one year);
• long-term(when deposits are made for a period of a year or more, this cash flow is classified as long-term).

1. According to the scale, the cash flows of the enterprise are divided into:

• scarce(when there is a lack of funds to pay off their own debts). The flow will be classified as scarce if, even with a positive balance, the organization does not have enough money to meet its needs;
• optimal(when a balance is formed from the income received, sufficient to fully repay all the obligations of the company);
• redundant(when the total amount of income exceeds the cost of meeting all needs). In this case, the company creates a positive balance.

1. By type of currency, DP can be formed as follows:

• in national currency(a flow is considered as such if the banknotes of the state where the company is located and operates are involved in the calculations);
• in foreign currency(such a flow has the right to exist if the banknotes of another country are used in the turnover of the enterprise).

1. The predictability of a company's cash flows is defined as:

• planned DP (if it is possible to predict in advance when the money will go to the company, how much it will be, and also to establish approximate expenditure items for these funds);
• unplanned DP (when there is an unexpected, unplanned movement of the money supply).

1. According to the continuity of creation, streams are:

• regular, determining the received or consumed cash for each business transaction (DP of one type), which in a particular period are carried out systematically at a fixed interval;
• discrete, reflecting the received or used cash, which is aimed at performing certain business operations of the company in a specific time period.

11. According to the constancy of time intervals, the creation of a DP can have:

• uniform time intervals within the study period (annuity-type flows);
• uneven time intervals within the study period. Such cash flows of an enterprise, for example, can be schedules of leasing payments for leased property with uneven intervals for their implementation during the life of the asset, agreed upon by both parties to the agreement.

12. According to the time assessment method, financial flows are divided into:

• real, qualifying DP organizations as a single commensurate value tied in value to a specific point in time;
• future flows (a single commensurate value of the company's financial movement, tied in value to some future point in time). The wording "future" DP indicates its certain nominal volume in the future (or within the intervals of a given period), is the basis for discounting to bring it to true value.

Such a classification will help form a qualified cash flow management, analyze the company's cash flows and plan them.

• Cost Forecasting: Step by Step Analysis and Budget Planning

4 principles of enterprise cash flow management

The most important component unified system financial management is the organization of the cash flow of the enterprise. It helps to realize a variety of tasks of financial management and pursues its main goal.

The process of coordinating the DP of an enterprise is based on a number of principles, the main of which we will consider below.

1. Informative reliability.

Like any management system, enterprise cash flow management must have a sufficient information base. However, its creation causes some difficulties, since there is no direct financial reporting based on uniform accounting methods. Even more complicates the task of forming a reliable reference base for control over the organization's DP is the discrepancy between the methods of conducting Russian accounting and international standards and practice. foreign countries. Under such circumstances, the implementation of the principle of informative reliability is associated with difficult calculations that require unified methodological approaches.

2. Balance guarantee

Cash flow management of an enterprise is associated with their numerous types and options, identified during the classification. They pursue the same goals as management, providing for the creation of balanced DPs in the organization in terms of types, scale, timing and other important characteristics. Compliance with this principle is due to the optimization of financial flows in the process of their management.

3. Ensuring efficiency.

The main cash flows of the enterprise are characterized by a noticeable unevenness of the receipt of money and their use in the context of specific periods of time, which leads to the formation of large and temporarily free financial assets. In essence, these unused balances of money serve as a kind of unproductive assets (before they are spent on the economic process), losing their value over time as a result of inflation and other negative reasons. The introduction of the principle of efficiency into the management of DP implies the fruitfulness of their use with the help of financial investments of the enterprise.

4. Liquidity guarantee.

Significant unevenness of some types of DP causes a temporary shortage of funds for the company, which negatively affects its solvency. Therefore, when controlling financial flows, their liquidity should be maintained at the proper level during the analyzed period. The implementation of this principle occurs due to the reasonable synchronization of positive and negative DP for each time interval in a given period.

The main goal of accounting for the cash flows of an enterprise is to create its financial balance in the course of promotion by balancing the amounts of receipt and use of money, as well as their distribution over time.

• The business is successful, but the loan is not given: what is the reason for the refusal and what to do?

What is the purpose of managing the cash flow of an enterprise

Given the above principles, it is possible to ensure high efficiency in managing the cash flows of an enterprise.

The organization of the DP is based on a complex system of principles and methods for developing and implementing guiding strategies regarding the creation, planning and use of funds, as well as ensuring their turnover in order to maintain the financial stability of the company, its unshakable growth.

Like all practical methods of financial management, cash flow management has the main goal of increasing the company's market value. Its main task is to guarantee financial stability during the development of the structure by balancing the amounts of receipt and use of money, as well as their distribution over time.

In the process of achieving its fundamental goal, the management of the DP is called upon to solve a number of key tasks.

1. Creation of a large stock of financial resources of the enterprise to meet its needs in the future economic activity. To accomplish this task, it is necessary to calculate the required amount of funds for the future period, determine the sources for their formation in the right quantities to minimize the cost of their involvement.
2. Optimization of the division of the company's available cash by types of economic activity and methods of use. When performing this task, the necessary commensurability is observed in the allocation of money for the development of operational, financial activity and investments. And for each field of activity of the enterprise, the most promising directions investments of material resources, where the maximum final results of management and the general goals of strategic development will be achieved.
3. Formation of high financial stability while moving forward. This is ensured in several ways: by creating a well-thought-out structure of capital formation channels and, above all, by the ratio of the volume attracted from own and borrowed sources; optimization of the scale of the inflow of money in terms of further terms of their return; accumulation of a sufficient amount of finance involved on a long-term basis; appropriate restructuring of obligations to return money in a crisis state of the enterprise.
4. Maintaining stable solvency. To accomplish this task, first of all, it is required: effective management of balances of financial assets (equivalents); creation of the required volume of their spare (insurance) part; uniform flow of money to the organization; consistency in the formation of incoming and outgoing DP; the most favorable means of payment for settlements on economic transactions with counterparties.
5. Maximum growth of the company's net cash flow to ensure the planned pace of its economic development with self-financing. This task is realized by creating a turnover of funds that forms a record profit in the course of financial, operational activity and investments; productive depreciation policy of the organization; prompt sale of unused assets; reinvestment of temporarily idle money.
6. Reducing losses in the cost of DS during their economic use by the organization. Financial assets (their equivalents) lose their value over time under the influence of inflation, risks, etc. For this reason, when forming the company's cash turnover, it is necessary to avoid the accumulation of excess capital (unless business practice requires it), diversify the forms and methods of consuming financial resources, do not allow certain material risks or provide for their insurance.

All these tasks of managing the cash flows of an enterprise are strongly interconnected, despite the fact that some of them are incompatible (for example, maintaining stable solvency and reducing the loss in the cost of DS when using them). Thus, in the course of managing the DP, individual moments are subject to mutual optimization for a better implementation of the main goal.

• How to turn budgeting into a real business management tool

Improving the cash flows of the enterprise and the formation of a policy for managing them

The efficiency of cash flow management of the enterprise is ensured by the implementation of a special policy as part of the unified financial strategy of the organization.

This policy is formed according to a number of key stages.

1. Analysis of the cash flow of the enterprisein the previous period.

The main goal of such an analysis is to determine the degree of sufficiency in the accumulation of financial resources, the productivity of their use, the consistency of positive and negative DP in time and volume. The study of DP is carried out throughout the enterprise, according to its main types of economic activity, for certain structural divisions (the so-called responsibility centers).

In the initial phase of the analysis, the dynamics of a single monetary turnover of the organization is studied, for which the rate of its growth is commensurate with the rate of increase in assets, the scale of production and sale of goods. To determine the degree of formation of DP in the course of the economic activity of the enterprise, the characteristic of the specific volume of money turnover per unit of assets used is used. It is calculated by the formula:

Udoa \u003d (ODP + RDP) : A,

wherein:

Udoa - the specific volume of the organization's money turnover per unit of assets used;

NFP - set of negative gross CF (use of financial resources) in a particular period;

RAP - the totality of positive gross DP (inflow of financial resources) in a particular period;

A- average price assets of the organization in a particular period.

An increase in this parameter in dynamics indicates that the company's cash flows are more intensively generated in the course of its management and vice versa.

The second stage of the analysis is devoted to the dynamics of the size and structure of the formation of a positive DP (inflow of financial resources) of the organization for each source separately. The main goal at this stage is to study the sources of material income by type of economic activity of the organization.

CUod =RAP : RAP,

wherein:

KUod is the coefficient of use of operating activities in creating a positive DP of the enterprise in a particular period;

RAP - the total set of positive DP of the organization in a particular period;

RAPo - a set of positive DP of the organization regarding operating activity in a particular period.

When studying the dynamics of the scale and structure of the formation of a positive DP on the operating activity of the organization, emphasis should be placed on the ratio of sources of cash profits from the sale of goods and other similar activities.

In the third phase of the analysis, the dynamics of the volume and composition of the negative DP (use of financial resources) of the company for each type of cost is studied. Here, first of all, it turns out how harmoniously these expenses were distributed among the key types of economic activity of the organization, whether they are regular or unscheduled, and how objectively necessary.

QUID \u003d ODPi: ODP,

wherein:

KUid is the ratio of the use of investment activity in creating a negative DP in a particular period;

ODP - the total set of negative DP of the organization in a particular period;

ODPi - the amount of the negative DP of the organization for investment activity in a particular period.

In the fourth phase, the ratio of the total volume of positive and negative DP for the whole enterprise is analyzed. In this case, the formula for the balance sheet model of the financial flow of an organization of this type is used for calculation:

DAn + PDP \u003d ODP + DAK,

wherein:

DAn - the amount of financial assets of the organization at the beginning of the period under study;

ODP - the total amount of negative DP of the organization in a particular period;

RAP - the total volume of positive DP of the organization in a particular period;

DAK - the total financial assets of the organization at the end of the period under study.

As we can see from this equation, an indicator of the imbalance of some types of cash flows of an enterprise, causing a deterioration in its financial condition in terms of solvency, is a reduction in the volume of tangible assets at the end of the period under study (relative to their amount observed at the beginning).

The fifth phase of the study gives an idea of ​​the dynamics of the formation of the value of net CF as the most important indicator of the effectiveness of general financial management, the purpose of which is to increase the market value of the company.

A separate place in this analysis is given to the quality of pure DP - the total indicator of the structure of the sources of its creation. The calculation of the quality of the net DP of the organization is carried out according to the formula:

UKchdp = ChPrp: NDP,

wherein:

MCvp is the quality level of the organization's pure DP;

NPR - the total net profit from the sale of goods in the study period;

NPV - the total amount of the organization's net CF in the study period.

The sixth stage of analysis examines the uniformity of the creation of the company's DP over certain time periods of a specific period. In view of the fact that the irregularity of the occurrence of financial flows in time creates a series of serious economic, commercial and investment risks or becomes their reflection, the studied time intervals should be the smallest (no more than a month).

To calculate the uniformity with which the company's cash flows are formed for some time fragments of the analyzed period, indicators of the standard standard deviation and the variation index are used.

The standard deviation of the DP in a particular period is calculated by the formula:

wherein:

σ dp is the standard standard deviation of DP in the study period;

DPt - the sum of DP in certain time periods of the study period;

Pt is the specific weight of the time interval t in the cycle under study (frequency of deviation formation);

DP - the average set of DP in one interval of the study period;

n is the total number of intervals in the study period.

We determine the coefficient of variation of DP in the period of interest to us, using the following formula:

СVdp = σ dp: DP,

wherein:

СVdp - coefficient of variation of DP in a specific time period;

σ dp is the standard standard deviation of DP in the studied interval of action;

DP - the average set of DP in one interval of the study period.

In the seventh phase, the synchronism of the creation of positive and negative DP is analyzed for individual intervals of the period of interest to us. The need for this study is due to the fact that with a large unevenness in the creation of different financial flows in certain periods of time, the enterprise accumulates decent amounts of monetary assets that are not yet used, or there is a temporary shortage of them.

The eighth stage of the analysis determines how liquid the company's cash flows are. The maximum generalized indicator of their mobility reflects fluctuations in the liquidity ratio of DPs in certain time intervals of the period of interest to us. This value is calculated by the formula:

KLDp \u003d RDP: ODP,

wherein:

KLdp - index (coefficient) of the organization's DP liquidity in the study period;

RDP - total gross positive DP in the studied interval;

NDP is the total gross negative DP in the study period.

When conducting an analysis, the dynamic liquidity ratio of the financial flow can be supplemented with the characteristics of current and absolute liquidity (solvency).

The ninth phase of the analysis shows how effective the company's cash flows are. General indicator of this assessment is the organization's DP efficiency index, calculated in accordance with the formula:

Kedp \u003d NDP: ODP,

wherein:

КЭдп - index (coefficient) of the efficiency of the organization's DP in the study period;

NPV - the total net DP of the enterprise in the studied period of time;

ODP - the total gross negative DP of the organization in the studied interval.

These generalizing indicators can be supplemented with several frequently used characteristics, such as the index of profitability of spending the average balance of financial assets for short-term cash investments; profitability index of spending the average balance of cumulative investment reserves in long-term financial investments, etc.

The results of the analysis make it possible to identify reserves for optimizing the organization's DP and their distribution for the future period.

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2. The study of factors affecting the movement of cash flows of the enterprise.

During this study, which determines the rules for the formation of the organization's DP in the future period, it is proposed to distribute all factors into internal and external.

In Group external factors the main ones are the following:

• commodity market conditions. The instability of the situation of this market affects the fluctuation of the main component of the positive DP of the enterprise - the amount of money received from the sale of goods;
• stock market position. The nature of this conjuncture determines, first of all, the possibility of creating financial flows through the issuance of securities of the enterprise (shares, bonds);
• the procedure for taxation of organizations. Fiscal deductions form a significant part of the negative DP of the organization, and the approved schedule for their implementation affects the temporary nature of this flow;
• the reality of attracting funds from free targeted financing. This option is usually provided government organizations different subordination.

In Group internal factors The main focus is on the following:

• organization life cycle. In each of its phases, not only different volumes of financial flows are formed, but their types also change (according to the content of the sources for creating a positive DP and the purpose of a negative DP);
• duration of the operating cycle. The shorter it is, the higher the turnover of money invested in current assets, which means that the volume and intensity of positive and negative financial flows of the organization grow;
• seasonality of production and sales. This factor is important in the formation of the company's cash flows along the length, affecting their liquidity in relation to certain periods of time;
• depreciation strategy of the organization. The methods of depreciation of fixed assets used by it and the terms of depreciation of intangible assets form depreciation DPs of varying intensity, which are not directly serviced by cash.

3. Argumentationtype of management of financial flows of the enterprise.

This justification is carried out on the basis of the results of the analysis of the organization's DP in the previous period and the study of a number of factors that determine their formation.

In financial theory, there are several main types of enterprise DP management strategy.

• Aggressive DP management policy is distinguished by high growth rates of incoming VA, mainly from loan sources, with a rather low reinvestment of the net financial flow (a significant part of which goes to pay dividends and interest to owners).
• A moderate strategy for the management of the company's DP has deliberate proportions of involving its own and borrowed financial resources for the development of its economic activity.
• The conservative policy of analysis and management of the company's cash flows has minimized the amount of attraction of DS from loan sources. This strategy is aimed at restraining the development of the economy of a business entity, while at the same time reducing the degree of financial risks associated with the creation of cash flows.

4. Electionmethods and directions for optimizing the enterprise's DP for the implementation of the chosen policy of control over them.

This optimization is one of the defining functions of managing financial flows, which allows increasing their productivity in the near future.

The main tasks that are solved at this stage of regulation of DP:

• disclosure and use of reserves that reduce the company's dependence on external sources of raising funds;
• a guarantee of a more perfect balance of positive and negative DPs in terms of content and time;
• creation of a stronger relationship of financial flows by types of economic activity of the enterprise;
• increase in the quality and amount of net DP generated in the course of the organization's business activities.

5. Planning of cash flows of the enterprise in the context of their individual types.

Such planning is predictive in nature due to the uncertainty of a number of its initial prerequisites. Therefore, cash flows for the future are set in the form of multivariate planned calculations of these indicators under various scenarios for the development of individual factors (optimistic, realistic, pessimistic). Methodological foundations of this planning are set out in subsequent special sections.

6. Implementation of effective control over the implementation of the chosen strategy of the organization enterprise cash flows.

Objects this control: implementation of planned targets to achieve the required amount of financial resources and their use for approved purposes; the regularity of the creation of monetary movements in time; tracking the effectiveness of DPs and their liquidity. These characteristics are controlled by monitoring the day-to-day financial activities of the organization.

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Optimization of enterprise cash flows

One of the most significant and complex stages of financial management of a company is the optimization of cash flows. It is a procedure for choosing the most profitable forms of managing the DP, taking into account the circumstances and characteristics of the economic activity of the organization.

1) Consistency of the volume of financial flows.

This direction of optimizing the DP of the enterprise allows you to create a reasonable proportionality of the filling of positive and negative cash flows.

Deficit and excessive cash flows have a negative impact on the economic activity of the company.

Methods for balancing the deficit DP are designed to increase the volume of positive and reduce the negative movement of finance.

In the future, an increase in the filling of positive DP can be obtained as a result of taking such measures as:

• mobilization of strategic investors to increase equity capital;
• additional issue of shares;
• long-term lending;
• implementation of a part (or all) of financial investment instruments;
• sale (lease) of free fixed assets.

In the future, a reduction in the filling of the negative financial flow can be obtained through the following actions:

• reducing the volume and content of existing investment programs;
• termination of financial investments;
• reduction in the size of the organization's fixed costs.

Methods of matching the company's excess cash flow are closely related to the intensification of its investment activity. In combination with these methods, you can use:

• expanding the scale of increased reproduction of non-current operating assets;
• reduction of time for the development of feasible investment projects, as well as the start of their implementation;
• conducting territorial diversification of the company's operations;
• early repayment of long-term financial loans (credits);
• intensive registration of a portfolio of financial investments.

2) Optimizationcash flowsenterprises over time.

This direction of optimizing the DP will create the required level of solvency of the organization in each of the segments of the prospective period with a simultaneous reduction in the volume of insurance reserves of monetary assets.

Synchronization of financial flows is designed to smooth their filling in each interval of the studied time period. The optimization method will help to some extent get rid of cyclical and seasonal discrepancies in the formation of DC (positive and negative), at the same time increasing liquidity and streamlining the average balances of DC.

Accelerating the mobilization of finance in the short term can be carried out by implementing the following measures:

• increase in price discounts for cash settlement on goods sold to customers;
• receiving full (incomplete) prepayment for manufactured products with high market demand;
• speeding up the issuance of commercial (or commodity) credit to consumers;
• reduction of collection time for unpaid receivables.

Delaying payments in the short term can be implemented through the following actions:

• use of float;
• extension of the terms for obtaining a commercial (or commodity) loan by the enterprise (by agreement with suppliers);
• replacing the purchase of long-term assets in need of renewal with leasing or renting;
• restructuring the portfolio of issued financial loans by replacing their short-term types with long-term loans.

The results of optimizing the company's cash flows over time are expressed using the correlation index, which tends to +1 during this process.

3) Maximizing net DP.

This optimization method is considered the most significant and reflects the results of its previous stages.

An increase in net financial flow causes an acceleration in the rate of economic growth of an enterprise on the principles of self-financing, reduces the dependence of such development on third-party sources of formation of financial resources, and increases its exchange value.

The addition of a company's net DP is possible through several significant activities, such as:

• reduction of fixed costs;
• reduction of variable costs;
• maintaining an effective pricing policy to increase the profitability of operating activities;
• reduction of the amortization period of applied intangible assets;
• activation of claim work for timely and full collection of fines.

The results of the company's cash flow optimization are displayed in integrated planning creation and use of finance in the future period.

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Planning the cash flow of an enterprise or how to draw up a financial plan

The results of the optimization of the DP should be taken into account when preparing the annual financial plan of the organization, broken down into quarters and months.

The main goal of such a plan, along with the receipt and use of DS, is the ability to provide for the cash flows of the enterprise in time for each type of economic activity, as well as maintaining stable solvency in all segments of the year. This planning document is presented in the form of a payment calendar.

The financial mechanism for the operational management of the flow of funds in the work of the company allows you to create payment calendars of several types.

• Calendar (budget) of share issue.

This type of payment schedule is of two types. If it was approved prior to the sale of the shares on the original securities market, it contains a single section "Schedule of payments to ensure the preparation of the issue of shares." When the budget is formed for the time of the sale of shares, it consists of two sections - "Schedule of receipt of funds from the issue of shares" and "Schedule of payments to ensure the sale of shares."

• Budget (calendar) of the bond issue.

This planning document is drawn up periodically and is formed according to principles similar to those described above for the case of equity shares.

• Payment calendar for amortization of accounts payable.

This type of operational financial plan has only one section in the form of a principal amortization schedule. Its indicators are grouped for each loan that requires repayment. The amounts and terms of payments are approved in accordance with the requirements of loan agreements signed with commercial banks or financial institutions.

The decision to apply for a loan is made in the presence of the maximum economic feasibility of this method of third-party financing, among other available opportunities to compensate for the cash gap (increase in advance payments from customers, change in commercial lending conditions, increase in stable liabilities).

So, effective organization cash flows of the enterprise in its financial activities requires the development of a special management strategy in the context of general economic policy.

CEO speaking

Use management reporting to budget cash flow

Dmitry Ryabykh, General Director of Alt-Invest Group of Companies, Moscow

A budget that contains factual information is best formed from management reporting. But do not ignore the indicators of accounting forms, as they indicate the most accurate and up-to-date data on all financial movements of the company. Before proceeding with the cash flow budget, you should find out with what accuracy its indicators should correspond to accounting reports. For example, you can use three rules.

1. The cash flow (cash flow) budget is based on accounting figures, however, it does not require exact copying of all accounting data into it. It doesn't have to be as detailed as the accounting forms.
2. When processing accounting indicators, it is necessary to reflect the economic essence of financial transactions, discarding unimportant details (for example, the subtleties of posting costs).
3. It is necessary to strive for the coincidence of the final figures with the data on the turnover on the accounts of the enterprise. Any little things are important here, since knowing the details will help to check the correctness of the budget, detecting errors in a timely manner.

Information about the expert

Dmitry Ryabykh, General Director of Alt-Invest Group of Companies, Moscow. The Alt-Invest company operates in the market of consulting services and software for analysts since 1992. Until 2004, the company operated as a department economic analysis research and consulting company "Alt", in May 2004 this business was separated into an independent structure. Today "Alt-Invest" is not only the leading developer of software for evaluating investment projects in Russia, but also the only company offering in the complex software products and training, as well as advisory services in the field of investment and financial analysis and planning. Dmitry Ryabykh is a member of the Board of Directors of CFA Russia, in 2015 he was elected Chairman of the Technology Council of the CFA Institute. Received a technical education at Moscow State Technical University. Bauman, studied finance as part of the CFA program (now on the board of directors of the CFA Society Russia), completed an Executive MBA course at the University of Oxford. Dmitry Ryabykh takes part in the work of the Investment Policy Council of the RF Chamber of Commerce and Industry. Co-author of the books "Financial Diagnostics and Project Evaluation", "Business Planning on a Computer". Scientific translation editor foreign literature on finance and management.

Cash flows are a set of time-distributed receipts and payments of funds generated in the course of its business activities. To be able to rationally direct these flows in the right direction is a quality that a competent head of an organization must possess in order to increase the profitability of a business. We offer formulas for calculating cash flows and methods for their effective optimization.

You will learn:

• What is the cash flow of the enterprise.
• Why manage the cash flow of the enterprise.
• What are the types of business cash flows.
• What is cash flow analysis.
• How to analyze the cash flows of an enterprise.
• What is a cash flow statement and how is it prepared?
• What factors affect cash flows.
• How to predict the cash flows of a company.
• What types of cash flow budgets exist.

Classification and types of cash flows of the enterprise

The very concept of "cash flow" is collective and includes many different financial flows that ensure the continuous conduct of business processes. For optimal management of all flows in the enterprise, they are divided into separate groups depending on their inherent characteristics.

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1. By type of economic activity in accordance with international accounting standards:

• For operating (core) activities - DP (OD).

The expenditure part includes settlements with suppliers and contractors for goods and services, payments to employees, payments to the budget and extra-budgetary funds, as well as other expenses related to the main activities of the enterprise. Revenues include transfers of funds from buyers of goods, reimbursement or refund of overpaid tax payments, etc.

• For investment activities - DP (ID).

Credits and expenses of finance in the course of investment operations: income from the disposal of fixed assets and intangible assets, changes made to long-term instruments of the investment portfolio, and other financial flows associated with the investment activities of the enterprise.

• For financial activities - DP (FD).

Payments and cash receipts related to the attraction of share and equity capital, loans and credits of various maturity, payment of dividends and income on deposits to the company's owners and other external cash flows of the enterprise.

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2. According to the direction of cash flow of the company:

• Positive - RAP.

Cash inflow, that is, the sum of all transfers received from the economic activity of the enterprise to its current account.

• Negative - ODP.

Cash outflow is the total cost of financial resources incurred as a result of the business activities of the enterprise.

3. According to the volume calculation method:

• Gross - VDP.

This is a set of income and expenses of the enterprise in a certain period for each of the time intervals.

• Net - CDP.

This is the difference arising from the receipts and expenditures of funds, also in a specific period and over time intervals. It is this indicator that determines the result of the organization's activities and its financial balance.

4. According to the level of volume sufficiency:

• Excess - IZDP.

A situation where the receipts of financial flows are significantly higher than the actual needs of the company in the costs incurred. A characteristic feature is a large positive indicator of net cash flow, which is not used in the operating activities of the enterprise.

• Deficient - DFDP.

The opposite is the situation in which the volume of expenses significantly predominate over the level of income. Moreover, even if the net cash flow has a plus sign, but cannot cover all the planned expenses of the organization, the financial flow can be defined as a deficit. If the net cash flow indicator has a minus sign, this clearly defines it as a deficit.

5. According to the method of evaluation over time:

• The real one is NDP.

This is the financial flow of the enterprise, which is planned to be received in the future, reduced by value to the real time.

• Future - BJP.

This is the cash flow of the enterprise, value-adjusted to a certain point in the future. It is the basis for calculating the real value of goods and determines the nominal value of the cash flow at a specific moment in the future or in a certain time interval.

6. According to the continuity of formation in the period under review:

• Regular - RDP.

It is defined as a cash flow associated with the receipt or expenditure of funds as a result of specific operations that are carried out regularly in a specified time period at clear interval intervals. Such flows include most of the financial transactions at the enterprise: servicing loans, implementing long-term investment projects, etc. Thus, the bulk of the company's cash flows within its life cycle can be described as regular.

• Discrete - DDP.

Shows financial income and expenses for one-time business transactions for a certain period of time. This indicator can be used, for example, in the case of a single purchase of any real estate, industrial complex, franchise license, as well as receiving assistance on a gratuitous basis. In the case of considering the cash flows of the enterprise within the minimum period of time, any of them can be defined as discrete.

7. By the scale of servicing the economic process:

• The cash flow of the firm as a whole is the DFT.

The most generalized type of financial flow, which includes all the others related to the economic activity of the enterprise.

• For individual structural divisions - DPCO.

The distribution of the financial flow among various divisions of the company, which can be defined as separate objects in the integral structure of the economic and organizational structure of the enterprise (the so-called responsibility centers).

• For individual business transactions - DPHO.

In the general structure of the business process in the enterprise, this is the initial object of independent management.

8. According to the stability of time intervals of formation:

• cash flows with uneven time intervals within a certain period. As an example, we can cite the procedure for paying lease payments when, by agreement of the parties under the contract, they are made during the entire period of its validity at various time intervals;
• financial flows with uniform time intervals within a certain period, which can be characterized as annuity.

It is from the quality of management of various cash flows that the overall financial condition of the company depends.

Factors that determine the important role of effective cash flow management in an organization

1. From the rational management of cash flows, from their correspondence with each other in time and in volume depends financial stability organization in the process of business development, as well as its pace.
2. A clear organization of cash flows shows the level of "financial health" of the company and helps to achieve a high rate of profitability and profitability of all business processes, since cash flows are used in each of them.
3. Effective management of financial flows makes it possible to reduce the share of credit or other borrowed funds, while optimizing the use of internal resources of the enterprise as much as possible and reducing the dependence of the business development rate on external sources of financing.
4. Violations in the movement of payments negatively affect the volume of sales of goods, labor productivity indicators, the creation of material and raw materials, etc., therefore, the effective direction of cash flows affects the improvement of the rhythm of the entire operational process.
5. Active cash flow management has a positive impact on profits. Thus, temporarily free financial reserves that are part of working capital, as well as attracted (investment) resources, can be effectively used with a competent approach.
6. Rational cash flow management at the enterprise directly affects the rate of capital use: the faster the turnover, the greater the profit.
7. Efficient cash flow management allows you to correlate the receipt and expenditure of funds and thereby reduce or completely eliminate the risk of insolvency of the enterprise.
8. In general, the cash flow at the enterprise can be represented as a system of "financial blood circulation". Thus, if you effectively organize its work, you will have the opportunity to achieve high business profitability.

Calculation of enterprise cash flows and optimization methods

If the cash flows at the enterprise are scarce, then this may affect the decrease in the level of liquidity and solvency of the organization, an increase in volumes in front of counterparties, which will eventually lead to a low profitability of the company's assets and own funds.

There are also adverse consequences when excess cash flows occur. This is the non-receipt of possible income from temporarily free cash (for example, they can be invested in short time), and inflationary losses of unused cash flows. The result is the same - low profitability.

An increase in the future volume of cash receipts can be achieved in the following ways:

• additional issue of shares;
• increase in own capital by attracting investors;
• partial or full realization of financial investment instruments;
• sale or lease of unused real estate of the enterprise and other fixed assets;
• attracting long-term loans.

To reduce expenditure items in strategic planning, it is necessary to:

• reduce or completely eliminate investment;
• reduce the volume and number of existing investment projects;
• reduce the operating costs of the organization.

For more efficient use of cash flows in the presence of an excess, it is recommended, on the contrary, to expand investment activities. For these purposes, you can:

• accelerate the development and implementation of real investment programs;
• increase the expanded reproduction of current non-current assets;
• form an investment portfolio as quickly as possible;
• partially or fully repay the loan debt ahead of schedule;
• divide the activities of the enterprise by regions.

At the same time, special attention should be paid to the balance of positive and negative cash flows over time.

Financial flows can be divided according to the level of predictability: completely and insufficiently predictable cash flows are distinguished. There are also absolutely unpredictable flows, but it makes no sense to study them as part of optimization.

Predictable cash flows that can change over time are optimized most effectively. For these purposes, synchronization and alignment methods are used.

Synchronization of cash flows is based on the interdependence between positive and negative financial flows. To implement synchronization, it is necessary to increase the level of correlation between both categories of cash flows. Its result is determined using the appropriate coefficient, the value of which should tend to "+1".

QC DP (cash flow correlation coefficient) is determined by the following formula:

Р p.o - possible probabilities of deviation of cash flows from their average value in the planning period;

RAP i- options for the amount of positive cash flow in certain time intervals of the planning period;

RAP - the average amount of positive cash flow in one time period of the planning period;

ODP i- Variants of amounts of negative cash flow in certain time intervals of the planning period;

ODP - the average amount of negative cash flow in one time period of the planning period;

δ RDP, δ RDP - root mean square (standard) deviation of the amounts of positive and negative cash flows, respectively.

An important step in optimizing the financial flows of an enterprise is to maximize net cash flow. It is its increase that will ensure the acceleration of business growth at the expense of its own funds and reduce the dependence of the level of its development on external sources of financing, while increasing market value the company as a whole.

Movement and analysis of enterprise cash flows

Cash flow analysis is the determination of the values ​​of received and expended material resources. The main goal of this process is to analyze the financial stability and profitability of the organization. His first step is the calculation of cash flows from the main operating activities of the enterprise.

As a result of the analysis of financial flows, it is possible to identify the level of self-sufficiency of the organization, its economic potential, profitability, etc.

Economic sustainability of the organization for the most part depends on cash receipts, which should correspond as much as possible to the volume of existing liabilities. If the enterprise does not have the minimum required amount of cash flows, this may be a factor indicating the presence of financial problems. If the situation is reversed and cash is in excess, this may be a sign of unprofitable activities.

Such losses can be caused not only by the occurrence of lost profits in a situation where temporarily free cash is not invested in assets, but also by the depreciation of money and high inflation in the country. Thus, it is the analysis of cash flows that will help determine the economic condition of the business in reality.

When conducting a financial analysis of a company as a whole, the study of cash flows can be attributed to one of the most revealing moments, because it is precisely by analyzing these data that one can see how optimally financial management is organized at the enterprise in order to constantly have sufficient funds.

The main report for the analysis of financial flows is a cash flow statement, which, in accordance with international standard IAS 7 is compiled in the context of the types of activities of the organization (financial, current, investment), and not depending on the sources of funds and directions of their expenditure. Thus, it is this report that serves as the main source of data on cash flows in the enterprise.

The cash flow statement is formed in order to determine how the financial, investment and current activities of the enterprise affect the cash flow in a given time period, and at the same time makes it possible to determine the causes of changes in the movement of financial flows.

Such a report is a source of important information not only for business owners and leaders of the organization, but also for creditors and investors.

Financial managers use the cash flow statement to determine the level of liquidity of the enterprise, to calculate dividends, to analyze certain decisions made in order to implement investment projects.

In turn, creditors and investors study this report in order to determine the level of competence of enterprise managers who solve the problem of generating a sufficient amount of funds when accruing dividends and paying off credit debt.

The cash flow statement consists of sections that reflect information on the receipt and expenditure of money with their distribution to the financial, current and investment activities of the enterprise.

1. Current activities implies business transactions which ultimately lead to profit. This may be the sale or purchase of goods, works, services that provide production processes on, payment of earnings to employees, tax and other obligatory payments, deduction of interest for the use of borrowed and credit funds.

It is the current activity that is the main channel for making a profit, so it should also be the main source of cash flows.

tributary	outflow
1. Income from the sale of goods, works or services. 2. Receipt of advance payments from contractors. 3. Other receipts (return of unused accountable funds, excessively transferred amounts from suppliers, etc.).	1. Payment of invoices. 2. Labor costs for employees. 3. Transfers of funds to the Fund social insurance and other off-budget funds. 4. Payment of taxes. 5. Payment of interest for the use of borrowed and credit funds. 6. Transferred advances.

2. Investment activity- these are operations for the purchase and sale of fixed assets and other intangible assets, securities, the provision of loans and credits, etc.

As part of this activity, positive cash flows include the sale of fixed assets and other assets, as well as the receipt of income from long-term investments. Negative cash flows include purchases of property, plant and equipment, long-term financial investments and other capital investments.

Temporary cash outflows can be attributed to normal business practices, because you should always strive to increase production and improve product quality.

3. Under financial activities understand the operations of receipt or return of funds from business owners. This also includes cash flows from issuing shares, obtaining loans and credits (both short-term and long-term), other targeted financing, and as an expense - the issuance of dividends, the return of credit debt of any urgency, the repayment of bills.

Generation of a traffic report material resources involves identifying cash flows from:

• current activities of the enterprise;
• its investment activities;
• financial activities of the organization.

This report uses the information shown in the balance sheet and income statement, and the latter must be appropriately converted to determine cash flows. As adjustments, the amount of income is determined only on the basis of actually received funds, and expenses - only on the amount of real payments.

You can apply direct and indirect methods of adjusting the income statement:

• When using the direct method (Cash Flow), each individual report item is converted, as a result of which it becomes possible to identify actual data on the receipt and expenditure of funds.
• To apply the indirect method, it is not necessary to convert each item, but it is necessary to start the adjustment from the profit or loss indicator for the reporting period of interest. Further, this figure increases by the amount of expenses not related to cash flows (for example, depreciation), and decreases by the amount of similar income.

Prior to the formation of the cash flow statement, it is necessary to determine which balance sheet items were the main sources of cash receipts and expenditures (at least during the last two reporting periods). This can be done using a special table that identifies the sources of cash flows in the enterprise, as well as the direction of their consumption.

Factors affecting the cash flow of an enterprise

The reasons that affect the financial flows of the organization are divided into internal and external.

Internal factors are, first of all, the level of development at which currently organization, seasonality of production and sale of products, duration of production and operating cycles, urgency of investment projects, depreciation strategy of the company, level of professionalism of top managers.

External factors - the applicable taxation system, the financial and commodity market conditions, the principles used for settlements, the methods of crediting counterparties used (rules of business), the possibility of attracting external financing.

The cash flow management system is based on the basic principles:

• planning and control;
• transparency and reliability of information;
• efficiency and rationality;
• liquidity and solvency.

The main principle of cash flow management is the availability of up-to-date and accurate accounting data, the source of which is management and accounting. Such information may include accounts payable and accounts receivable, cash in the organization’s cash desk and on current accounts, the procedure for repayment and issuance of borrowed funds, as well as the payment of interest, the amount of tax and other obligatory payments, funds necessary for future purchases on an advance payment, etc. d.

Such data is accumulated from several sources, so it is necessary to ensure their correct reflection in the accounting, because the late entry of primary data or the entry of erroneous information can lead to consequences for the entire enterprise. However, each company, at its own discretion, decides in what form and at what time intervals this information is accumulated, and also determines the basic principles of workflow.

Wherein the main objective in cash flow management - to achieve the optimal balance in terms of their types, volumes, time intervals and other fundamental parameters. To effectively solve such problems, it is necessary to introduce appropriate accounting, planning, control and analysis systems.

Estimation of cash flows of the enterprise and their management

In order to conduct a comprehensive analysis of the “financial health” of an organization, an assessment of cash flows and their strategic planning must be carried out without fail. This will determine the following:

• the main areas of spending money;
• volume and sources of financial receipts;
• the reasons for the difference between the amount of profit and the actual amount of cash;
• sufficiency of own funds of the organization for long-term investments.

To assess the actual movement of cash flows, the synchronism of the receipt and expenditure of funds, to identify the dependence of the volume of profit on cash flow management, it is necessary to conduct a qualitative full analysis all sources of their income and disposal.

There are the following basic principles of cash flow management:

• Increasing the rate of full turnover of all categories of inventories, eliminating the occurrence of shortages (may lead to a decrease in sales).
• Increasing sales volumes at the best prices. It should be noted that the components of the sale price are not only actual costs, but also depreciation costs.
• Repayment of accounts payable on time without prejudice to business processes in the future.
• Ensuring the timely and prompt return of receivables (at the same time, attention should be paid to the fact that excessive intrusiveness in this matter may lead to a decrease in sales in the future).

There are two main methods for calculating the amount of cash flow.

The direct method is based on the analysis of cash flows on the settlement accounts of the organization and makes it possible to:

• draw conclusions regarding the sufficiency of financial resources to pay off current liabilities;
• identify the main sources of cash flows and areas of their spending;
• determine the relationship between the level of sales and income received in the reporting period.

This method is used in operational management to control the formation of profits and analyze the sufficiency of financial resources to pay off current liabilities.

However, the direct method will not show the dependence of the profit received on changes in the volume of cash flows at the enterprise, while in comparison with other methods such an assessment will take quite a long time, and the information obtained will be less meaningful.

It is possible to assess all sources of income and directions for spending the organization's financial resources using the direct method according to the following table:

You should also pay attention to the fact that the total cash flow must correspond to the difference between the opening and closing balance of financial flows for the reporting period.

The indirect method is that the indicator of net profit is converted into the amount of cash. At the same time, this indicator is adjusted so that it is not affected by expenditure items that are not related to the outflow of finance, and income items that do not lead to their inflow.

The indirect method is based on the study of balance sheet items and data from the income statement and at the same time makes it possible to:

• determine the dependence of the volume of net profit on changes in the assets of the company in a given period of time;
• establish the relationship of various activities of the organization.

An important advantage of this method of calculating the amount of cash flow can be called the identification of the dependence of the final financial result of the activity on the working capital of the enterprise. For the purposes of long-term planning, the indirect method helps to determine the directions in which "stagnation" in the movement of cash flows is observed and to find the most optimal solution to the identified problems.

There are the following stages of generating a cash flow statement using the indirect method:

1. Determination of changes for each balance sheet item and identification of factors associated with an increase or decrease in volume.
2. Study of the F-2 report, systematization of sources by income and directions by expenditure of the organization's finances.
3. Accumulation of the information received in the report on the movement of funds.

It is possible to assess all sources of income and directions for spending the organization's financial resources using the indirect method according to the following table:

The use of this method makes it possible to identify the company's capabilities to form the main internal financial source - the cash flow from current and investment activities - as well as the factors that influence this process. At the same time, an additional advantage will be the low labor costs required to create a report, because most of the information is already available in other standard reporting forms.

Expert opinion

In practice, cash flow is often analyzed by the direct method.

Dmitry Ryabykh,

The cash flow budget can be presented in the form of a table that contains all the financial receipts and expenses of the organization. You can create such a table for any time interval.

There are direct and indirect ways to create such a report. In the first case, cash flows are divided into income and expense items (for example, sales proceeds, payment of salaries to employees, transfer of tax payments).

In the second case, current cash flows are calculated on the basis of net profit, adjusted for changes in working capital and depreciation.

In most situations, generating a report using the indirect method is easier, but it will not be very convenient to analyze such a report in the future. Based on this, the direct method is most often used to calculate cash flow.

Planning the company's cash flows and developing a payment calendar

The sources of cash receipts planned for the next year and the directions of their spending by months represent only the basis for managing cash flows, however, in order to effectively use finances every day, it is necessary to form the so-called "payment calendar".

The main purpose of creating such a document is to determine the exact dates for the receipts and expenditures of the enterprise's cash flows, based on which plans and tasks for the employees of the organization will be set.

When generating a payment calendar, the reporting form is divided into two parts:

1. Schedule of planned financial receipts.
2. Schedule of future expenses.

The standard breakdown of the expense schedule is daily, but it is also possible to form a payment schedule in other time intervals (by weeks, by quarters).

In order to effectively manage the cash flows of an enterprise, the following types payment calendar:

1. As part of the current activities of the organization:

• receivables collection calendar - payments are included in it in such amounts and terms as specified in the relevant agreements. In the presence of overdue debts, it is recommended to include payments in the calendar upon their preliminary agreement by the parties under the contract;
• tax payment calendar - all amounts of taxes and other obligatory payments to the budget and extra-budgetary funds are indicated;
• payroll calendar - most often used in organizations in which wages are paid according to a multi-stage schedule and structure staffing however, it is rather complicated;
• calendar of repayment of accounts payable - it contains only the section "schedule of payments on the loan", while the amounts and terms of payments are determined in accordance with the terms of loan agreements (loan agreements);
• sales calendar - consists of two sections:

Schedule of costs associated with the implementation (advertising, maintenance of the distribution network, etc.);

Schedule of receipt of payments on account of payment for the delivered goods (crediting of cash from the sale of products);

• calendar for the creation of inventories - is formed for departments that are engaged in the logistics of the enterprise. This includes costs for the purchase of materials, raw materials, components, storage and insurance of products, as well as logistics costs. It is allowed to include in such a calendar information on the repayment of accounts payable to counterparties;
• management cost calendar - the cost of acquiring office supplies, software and Supplies for office equipment, travel expenses, postal and other services. The total amount of costs under this article is preliminarily determined by the estimate, and the terms are agreed with the relevant management units.

2. As part of investment activities:

• a calendar for creating a long-term investment portfolio, consisting of the following sections:

Schedule of expenses for the purchase of long-term investment instruments;

Schedule of receipt of interest and dividends from investment investments;

• the real investment project calendar also consists of two sections:

Schedule of receipts of resources for investment with the allocation of each of the sources;

Capital cost schedule;

• the calendar for the implementation of individual investment programs consists of similar sections and is formed depending on the centers of responsibility.

3. As part of financial activities:

• share release calendar - is divided into two types: in the case when such a budget is drawn up before the start of the sale of shares on the primary stock market, it contains only the section "payment schedule for the preparation of the issue of shares"; if the calendar is created during the process of selling securities, then it should consist of two parts: sections "schedule of payments to ensure the sale of shares" and "schedule of positive cash flows from the issue of shares";
• bond issue calendar - is formed as the need arises in accordance with the principles used to create a share issue calendar;
• principal debt amortization calendar for loans - consists of a single section "principal amortization schedule". The indicators in such a calendar are divided for each loan agreement separately, according to the terms of which the amounts and terms of repayment of the debt are determined.

All of the above types of payment calendars can be supplemented depending on the direction of the organization and the intricacies of doing business. At present, the formation of various payment calendars is greatly simplified due to the possibility of using special software for this purpose.

Expert opinion

Use management reporting to budget cash flow

Dmitry Ryabykh,

General Director of Alt-Invest Group of Companies, Moscow

The best way to form a budget with actual information is to use management reports for this purpose. At the same time, it will not be superfluous to also borrow information from accounting reports, because they reflect the most recent data on the entire operating activity of the enterprise. Thus, before forming a cash flow budget, it is necessary to find out how much the information in this report should correspond to the data from the accounting reports. You can use the following rules for this:

1. The cash flow budget will not necessarily be as detailed as the financial statements, that is, this document will only be based on accounting data.
2. It is necessary to come to the correspondence of the final amounts in the budget with the turnover on the current account of the enterprise, while taking into account all the nuances and paying attention to the slightest inaccuracies, which in the future will help to effectively control the correctness of budget formation.
3. When analyzing information from financial statements, it is necessary, first of all, to highlight the economic meaning of operations, omitting unnecessary nuances (for example, not taking into account the subtleties of cost accounting when categorizing them into articles).

Expert opinion

When analyzing cash flows, consider the planning horizon

Dmitry Ryabykh,

General Director of Alt-Invest Group of Companies, Moscow

When budgeting, the planning horizon must be taken into account using the following principles:

• for long-term plans (for example, for 5 years), the payment schedule is drawn up approximately, taking into account the expected volume of turnover;
• for short-term plans (from several weeks to several months), the payment schedule is formed by the direct method, indicating clear amounts and terms for both income and expenses of the enterprise. To do this, within the framework of each individual contract, it is necessary to describe in detail the payment schedule, as well as information on the shipment of products or the performance of work / the provision of services;
• to draw up an annual plan, a mixed approach is most often used, in which some of the sections are planned using the direct method, and most of the payments are determined by the principle of turnover (indirect method).

Thus, the longer the planning period, the less specifics (data from financial or accounting reports) will be in the budget and the more indicative calculations.