Profit and income are the main indicators of the financial results of production economic activity enterprises.
Income is the proceeds from the sale of products (works, services) minus material costs.
He is monetary form net production of the enterprise, i.e. includes wages and profits.
Income characterizes the total amount of funds that an enterprise receives for a certain period and, after taxes, can be used for consumption and investment. Income is sometimes subject to taxation. In this case, after tax is deducted, it is subdivided into consumption, investment and insurance funds. The consumption fund is used for remuneration of personnel and payments based on the results of work for a certain period, for a share in the authorized property (dividends), material assistance, etc.
Material costs include costs included in the corresponding element of the cost estimate for production, as well as costs equated to them for: depreciation of fixed assets, deductions for social needs, as well as "other costs", i.e. all elements of the cost estimate for production, with the exception of labor costs.
Profit is the part of the proceeds that remains after the reimbursement of all costs for the production and marketing of products.
In conditions market economy profit is one of the main sources of accumulation and replenishment of the revenue part of the state and local budgets; the main financial source for the development of the enterprise, its investment and innovation activities, as well as a source of satisfaction of the material interests of the members of the labor collective and the owner of the enterprise.
The amount of profit (income) is significantly affected by both the volume of products and its range, quality, cost, improvement of pricing and other factors. In turn, profit affects such indicators as profitability, solvency of the enterprise and others.
The total profit of the enterprise (gross profit) consists of three parts:
- profit from product sales- as the difference between the proceeds from the sale of products (excluding VAT and excise duty) and its full cost;
- profits for the sale of material assets and other property(this is the difference between the selling price and the cost of acquiring and selling). Profit from the sale of fixed assets will represent the difference between the proceeds from the sale, the residual value and the costs of dismantling and selling;
- profit from non-operating operations, i.e. transactions not directly related to the main activity (income from securities, from equity participation in joint ventures; renting out property; excess of the amount of fines received over those paid, etc.).
Gross income- the total amount of income of the enterprise from all types of activities in monetary, tangible or intangible forms. Distribution- reimbursement of material costs, depreciation of fixed assets; taxes and other obligations. payments; salary and deductions for social needs; financing of other expenses; profit.
Profitability of resources and products
Unlike profit, which shows the absolute effect of activity, there is a relative indicator of the effectiveness of the enterprise - profitability. IN general view it is calculated as the ratio of profit to costs and is expressed as a percentage. The term is from rent (income). Profitability indicators are used for a comparative assessment of the performance of individual enterprises and industries that produce different volumes and types of products. These indicators characterize the profit received in relation to the spent production resources. The most commonly used indicators are the profitability of products and the profitability of production.
Distinguish the following types profitability:
1) profitability of production (profitability production assets) - Rp, is calculated by the formula:
Where P- total (gross) profit for the year (or other period);
OFP- the average annual cost of fixed production assets;
NOSE- the average annual balance of normalized working capital.
2) product profitability Prod. characterizes the cost effectiveness of its production and marketing:
Where Etc- profit from the sale of products (works, services);
Wed- total cost of goods sold;
Financial results of economic activity of the organization
Coursework in the discipline "Finance and Credit"
2.3 . Determination of the financial results of the enterprise. Basic indicators economic analysis ……………...…………………………..…………………………………………………...…….9
2.4 . Financial statements of the enterprise………………………………………………..…….....11
2.4.1. Elements and currency of financial statements in international standards… .……11
2.4.2. Financial analysis in international standards……………………………………….12
3.1. Sources of capital growth………………………………………………………………..………...14
3.2.1. The content of the accounting policy………………………………………………………….17
3.2.2 . Assessment method material resources………………………………………………….17
3.2.3. Methods for calculating depreciation of low-value and wearing items ... ..18
3.2.4. Accounting for the repair of fixed assets……………………………………………..…20
3.2.5. Ways of grouping and including costs in the cost of goods sold, products…………………………………………………………………………………………..………20
3.2.6 . Methods for determining the proceeds from the sale of goods, products, works, services for tax purposes……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
4. Control of the results of the financial and economic activities of the enterprise…………………...24
4.1. The objectives of monitoring the results of the enterprise's activities…………………………………………….24
4.2 . The tasks of monitoring the results of the enterprise’s activities…………………………………………..24
4.3. The model for monitoring the results of the enterprise’s activities…………………………………………..25
4.4 . General scheme technologies for monitoring the results of an enterprise’s activities………………...…27
4.4.1 . Determination of benchmarks and values…………………………………………..27
4.4.2. Identification of deviations…………………………………………………………………..….28
4.4.3. analysis of deviations…………………………………………………………………………..30
5. Evaluation of the financial performance of the enterprise (on the example of CJSC "Uralselenergoproekt")…………………………………………………………………………………..31
5.1. Dynamics and structure of financial performance of the enterprise and profit analysis by factors………………………………………………………………………………………..……… ...31
5.2. Optimization of production volume, profit and costs in the system
direct costing………………………………………………………………………………………..….35
6. Conclusion………………………………………………………………………………………………..47
7. List of used literature………………………………………………………………...……48
1. Introduction
In a market economy, the efficiency of production, investment and financial activities is expressed in financial results.
In market conditions, each economic entity acts as a separate commodity producer, which is economically and legally independent. An economic entity independently chooses a business area, forms a product range, determines costs, forms prices, takes into account sales proceeds, and therefore reveals profit or loss based on the results of activities. In market conditions, making a profit is the direct goal of the production of a business entity. The implementation of this goal is possible only if the business entity produces products (works, services) that, in terms of their consumer properties, meet the needs of society. Society does not need ruble equivalents, but specific commodity and material values. The act of selling a product (works, services) also means public recognition. Receiving revenue for manufactured and sold products does not mean making a profit. To identify the financial result, it is necessary to compare the revenue with the costs of production and sales:
The essence of the activity of each enterprise determines the features of its functioning, the content and structure of assets, in particular fixed assets; forms a significant part of the final financial result.
sustainable financial position has a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.
Thus, consideration of the issue of the nature and formation of the financial results of an economic entity is important and relevant in a market economy.
The relevance of this issue determines the choice of topic and the content of this work.
The aim of the work is to study the essence, structure and formation of the financial results of the enterprise.
In accordance with the goal, the following tasks are to be solved:
Consider theoretical aspects economic content of financial results;
Financial results of the enterprise as a guarantee of the successful operation of the enterprise;
Analyze financial results at a separate enterprise CJSC Uralselenergoproekt.
2. Organization of enterprise finance
An enterprise is an independent economic entity created to conduct economic activities that are carried out in order to make a profit and meet social needs.
An enterprise is, as a rule, a legal entity, which is determined by a combination of features: the isolation of property, liability for obligations with this property, the presence of a bank account, and actions on its own behalf. The isolation of property is expressed by the presence of an independent balance sheet on which it is listed.
The content of the economic activity of the enterprise is the organization of production and sale of goods. In this capacity, products of a natural-material nature (for example, products of the mining, manufacturing and processing industries, agriculture, construction), performance of works (industrial, installation, design and survey, geological exploration, research, loading and unloading, etc.) provision of services (transport, communication services, utilities, household, etc.).
The enterprise interacts with other enterprises - suppliers and buyers, partners in joint activities, participates in unions and associations, as a founder contributes a share in the formation of the authorized capital, enters into relationships with banks, the budget, extra-budgetary funds, etc.
Financial relations arise only when, on a monetary basis, the formation of the enterprise's own funds and its income, the attraction of borrowed sources of financing of economic activity, the distribution of income generated as a result of this activity, and their use for the development of the enterprise.
The organization of economic activity requires appropriate financial support, i.e. initial capital, which is formed on the contributions of the founders of the enterprise and takes the form of authorized capital. This is the most important source of formation of the property of any enterprise. Specific methods of formation of the authorized capital depend on the organizational and legal form of the enterprise.
When creating an enterprise authorized capital is directed to the acquisition of fixed assets and the formation of working capital in the amount necessary to conduct normal production and economic activities, is invested in the acquisition of licenses, patents, know-how, the use of which is an important income-generating factor. Thus, the initial capital is invested in production, in the process of which value is created, expressed by the price of products sold. After the sale of products, it takes on a monetary form - the form of proceeds from the sale of manufactured goods, which is credited to the company's current account.
Revenue is a source of reimbursement for the funds spent on the production of products and the formation of cash funds and financial reserves of the enterprise. As a result of the use of proceeds, qualitatively different components of the created value are distinguished from it.
First of all, this is due to the formation of an amortization fund, which is formed in the form of depreciation deductions after the depreciation of fixed production assets and intangible assets takes the form of money. A prerequisite The formation of a depreciation fund is the sale of manufactured goods to the consumer and the receipt of proceeds.
The material basis of the created goods is made up of raw materials, purchased components and semi-finished products. Their cost, along with other material costs, depreciation of fixed production assets, salary workers is the costs of the enterprise for the production of products, taking the form of cost. Until the proceeds are received, these costs are financed from the working capital of the enterprise, which are not spent, but are advanced into production. After the receipt of proceeds from the sale of goods, working capital is restored, and the costs incurred by the enterprise for the production of products are reimbursed.
The separation of costs in the form of cost makes it possible to compare the proceeds received from the sale of products and the costs incurred. The purpose of investing in the production of products is to obtain net income, and if the proceeds exceed the cost, then the company receives it in the form of profit.
Profit and depreciation are the result of the circulation of funds invested in production, and relate to the company's own financial resources, which it manages independently. Optimal use of depreciation and profit for the intended purpose allows you to resume production on an expanded basis.
The purpose of depreciation deductions is to ensure the reproduction of fixed production assets and intangible assets. Unlike depreciation deductions, the profit does not remain completely at the disposal of the enterprise, a significant part of it goes to the budget in the form of taxes, which defines another area of financial relations that arise between the enterprise and the state regarding the distribution of the generated net income.
The profit remaining at the disposal of the enterprise is a multi-purpose source of financing its needs, but the main directions of its use can be defined as accumulation and consumption. The proportions of the distribution of profits for accumulation and consumption determine the prospects for the development of the enterprise. Depreciation deductions and part of the profit allocated for accumulation constitute the financial resources of the enterprise used for its production and scientific technical development the formation of financial assets - the acquisition of securities, contributions to the authorized capital of other enterprises, etc. the other part of the profit used for accumulation is directed to the social development of the enterprise. A part of the profit is used for consumption, as a result of which financial relations arise between the enterprise and persons, both employed and not employed in the enterprise.
IN modern conditions management, the distribution and use of depreciation and profits at enterprises are not always accompanied by the formation of separate monetary funds. The depreciation fund as such is not formed, and the decision on the distribution of profits to special purpose funds remains within the competence of the enterprise, but this does not change the essence of the distribution processes that reflect the use of the financial resources of the enterprise.
The objective nature of financial relations arising in the course of economic activity does not preclude their state regulation. This applies to taxes levied on enterprises and affecting the amount of profit remaining at the disposal of enterprises, the procedure for calculating depreciation, the formation of financial results of economic activity and the formation of certain financial reserves.
On the basis of repayment, the enterprise attracts borrowed financial resources: long-term bank loans, funds of other enterprises, bonded loans, the source of return of which is the profit of the enterprise.
Because enterprise finance as a relationship is part of economic relations arising in the process of economic activity, the principles of their organization are determined by the fundamentals of economic activity of enterprises. Based on this, the principles of organizing finance can be formulated as follows: independence in the field of financial activities, self-financing, interest in the results of financial and economic activities, responsibility for its results, control over the financial and economic activities of the enterprise.
The economic activity of the enterprise is inextricably linked with its financial activity. The enterprise independently finances all directions of its expenses in accordance with production plans, disposes of available financial resources, investing them in the production of products in order to make a profit.
Directions for investing funds can be different: related both to the main activities of the enterprise for the production of products (works, services), and to purely financial investments. In order to receive additional income, enterprises have the right to acquire securities of other enterprises and the state, to invest in the authorized capital of newly formed enterprises and banks. Temporarily available funds enterprises can isolate from the total cash flow and place in the bank on deposit accounts.
2.2. Profit - the financial result of the enterprise
The efficiency of production, investment and financial activities is expressed in financial results.
To identify the financial result, it is necessary to compare the revenue with the costs of production and sales: when the revenue exceeds the costs, then the financial result indicates a profit. With the equality of revenue and costs, it is only possible to reimburse costs - there is no profit, and therefore, there is no basis for the development of an economic entity. When costs exceed revenue, the business entity receives losses - this is an area of critical risk, which puts the business entity in a critical financial position that does not exclude bankruptcy. Losses highlight errors, miscalculations in the directions of using financial resources of the organization of production, management and marketing of products.
Profit reflects a positive financial result. The desire to make a profit directs commodity producers to increase the volume of production, reduce costs. This ensures the implementation of not only the goals of the business entity, but also the goals of society - the satisfaction of social needs. Profit signals where you can achieve the greatest increase in value, creates an incentive to invest in these areas.
Profit is a surplus product produced and necessarily sold. It is created at all stages of the reproduction cycle, but it receives its specific form at the stage of implementation. Profit is the main form of net income (along with excises and VAT).
The amount of profit, its dynamics is influenced by factors both dependent and independent of the efforts of the economic entity.
Factors of the internal environment are studied and taken into account in economic practice, they can be influenced in terms of increasing profits. TO internal factors include: the level of management, the competence of the manager, the competitiveness of products, wages, the level of prices for products sold, the organization of production and labor.
Practically outside the sphere of influence are environmental factors: the level of prices for consumed resources, competitive environment, entry barriers, tax system, government bodies management, political, social, cultural, religious and others.
The amount of profit depends on the activities of the economic entity: production, commercial, technical, financial and social.
Profit as a result of financial activity performs certain functions. Profit reflects the economic effect obtained as a result of the activities of a business entity. It forms the basis economic development business entity. Profit growth creates a financial base for self-financing, expanded reproduction, and solving problems of the social and material nature of the labor collective. At the expense of profit, the obligations of enterprises (firms) to the budget, banks and other organizations are fulfilled. Profit is not only a financial result, but also the main element of financial resources. It follows that profit performs reproductive, stimulating and distributive functions. It characterizes the degree of business activity and financial well-being of the enterprise. Profit determines the level of return of advanced funds in the return on investment in assets.
In the conditions of market relations, a business entity should strive, if not to obtain the maximum amount of profit, then to the amount of profit that will ensure the dynamic development of production in a competitive environment, allow it to maintain its position in the market for this product, ensure its survival. The solution of these problems involves not only knowledge of the sources of profit formation, but also the determination of methods for their optimal use. Profit management acts as one of the two basic directions of financial policy and aims to maximize income from available sources of financial results while expanding general nomenclature these sources.
Profit is possible due to the monopoly position or the uniqueness of the product in the market of a particular product. The implementation of this source is possible due to the constant updating of the product and the retention of the share of production and sales. However, one should take into account the influence of such factors as growing competition from other business entities and the antimonopoly policy of the state.
Making a profit, concerning almost all enterprises and firms, is associated with production and entrepreneurial activities. The implementation of this source is possible under the appropriate conditions of today's market research. The amount of profit in this case depends on the correct choice of business, on the creation of competitive conditions for the sale of goods, on production volumes, on the magnitude and structure of production costs.
In modern conditions, the most important source of increasing profits is innovation. The implementation of this source involves permanent job to change the consumer properties of products, works and services.
In some cases, enterprises may also receive a loss, which is the result of mismanagement, a low level of economic performance.
Profit and loss characterize the financial result of the enterprise and can only be determined in the system accounting.
Financial result - the final economic result of the economic activity of the enterprise is expressed in the form of profit or loss. The procedure for determining profit is regulated by the Law of the Russian Federation "On income tax of enterprises and organizations".
2.3. Determination of the financial results of the enterprise. Basic indicators of economic analysis
The financial performance of the enterprise is evaluated using absolute and relative indicators. Absolute indicators include: profit (loss) from the sale of products (works, services); profit (loss) from other sales; income and expenses from non-sales operations; balance sheet (gross) profit; net profit.
As relative indicators, various ratios of profits and costs (or invested capital - own, borrowed, investment, etc.) are used. This group of indicators is also called profitability indicators. The economic meaning of profitability indicators is that they characterize the profit received from each ruble of capital (own or borrowed) invested in the enterprise.
Further, in this paragraph of the course work, it will be shown that the financial results of the enterprise, in addition to production, also depend on the results of investment activities, financial transactions, amendments that do not reflect cash flows, methods and procedures of the accounting policy chosen in the current period and other factors .
First, let's name the main financial results determined by absolute values. Revenues from sales(gross income) - the total financial result from the sale of products (works, services). According to Russian regulatory documents, it includes: proceeds (income) from the sale of finished products, semi-finished products own production; works and services; construction, research works; goods purchased for resale; services for the transportation of goods and passengers at transport enterprises, etc.
The proceeds from the sale can be determined by the moment the money is received on the current account or at the cash desk. This is documented by a bank statement from the current account of the enterprise or cash documents, on the basis of which cash is credited to the account.
Revenue should be measured at the fair value of the consideration received or receivable. Usually in cash. IFRS 18 emphasizes the importance of taking into account the transfer of significant risks, the loss of control over the goods, a reliable assessment of the likelihood that an entity will receive economic benefits as a result of this transaction. Revenue from the provision of services should be recognized in accordance with the stage of completion at the balance sheet date. An entity is required to disclose information about the accounting policies used to record revenue, including how the stage of completion is determined. In addition, an entity must disclose information about the amount of each material item of revenue recognized during a given period, incl. revenue that arises from the sale of goods, the provision of services, the receipt of interest, royalties and dividends. The standard also requires disclosure of the amount of revenue arising from the exchange of goods or services (for example, from a barter exchange).
Russian enterprises can also determine the sales revenue and financial result at the time of shipment of products (performance of work, services), which is documented by the relevant shipping documents.
The difference between the proceeds from the sale of products (works, services) without value added tax and excises and the costs of production of sold products (works, services) is called gross profit from implementation.
The overall financial result (profit, loss) at the reporting date, which is also called book profit, are obtained by calculating the total amount of all profits and all losses from the main and non-main activities of the enterprise. The balance sheet profit includes: profit (loss) from the sale of products, works, services; profit (loss) from the sale of goods; profit (loss) from the sale of tangible working capital and other assets; profit (loss) from the sale and other disposal of fixed assets; income and losses from exchange rate differences; income from securities and other long-term financial investments, including investments in the property of other enterprises; costs and losses associated with financial transactions; non-operating income (loss).
The balance sheet profit minus taxes (mandatory payments) is called clean profit .
To predict the values of profit, to manage it, it is necessary to conduct an objective system analysis of its formation, distribution and use. Such an analysis is important for both internal and external partner groups, since profit growth determines the growth of the enterprise's potential, increases the income of founders and owners, and characterizes the financial condition of the enterprise.
Main goals analysis of financial results according to the traditional method includes an assessment of the dynamics of profit and profitability indicators for the analyzed period; analysis of sources and structure of balance sheet profit; identification of reserves for increasing the balance sheet profit of the enterprise and net profit spent on the payment of dividends; identification of reserves for increasing various profitability indicators.
In order to fulfill these tasks, the following is carried out: assessment of the implementation of the plan in terms of financial indicators (profit, profitability and funds allocated for the payment of dividends) and study of their dynamics; general assessment of the implementation of the plan for balance sheet profit, the study of its dynamics in comparison with the corresponding base period, consideration of its structure; determination of the influence of individual factors on profit from the sale of products (works and services); consideration of the composition of non-operating income left at the disposal of the enterprise, and losses reimbursed at the expense of balance sheet profit; determination of the impact of non-operating income and losses on balance sheet profit; identification of factors affecting the profitability of products and production; identification of reserves for a further increase in profits, funds allocated for the payment of dividends, elimination of non-operating losses and expenses; identification of reserves to increase profitability.
Preliminary analysis of financial indicators consists in comparing their values with basic values, as well as in studying their dynamics for the reporting period and for a number of years. As basic values, recommended standards can be used, averaged over a time series, the values of indicators of a given enterprise related to past periods that are favorable in terms of financial condition, and indicator values calculated according to the reporting data of successful enterprises.
2.4. Enterprise financial statements
An idea of the performance of any enterprise gives financial statements. Financial statements are a set of reporting forms compiled on the basis of accounting (financial) accounting data. Financial reporting allows you to evaluate the property status, financial stability and solvency of the company and other results necessary to justify many decisions (for example, the feasibility of granting or extending a loan, the reliability of business ties). Financial reporting must meet the requirements of external and internal users.
2.4.1. Elements and currency of financial statements in international standards
The financial statements should include: balance sheet, income statement, statement of changes in equity, or statement of changes in equity not related to contributions from owners or distributions to owners, cash flow statement, statement of accounting policies and explanatory notes. IFRS 1 does not provide guidance on what the standard format for preparing financial statements should be, although an appendix to this document contains examples. However, this document indicates what should be the minimum amount of information required to be included in the financial statements and explanatory notes. This standard also requires the use of comparative figures for all items, unless a standard specifically permits or prescribes otherwise. When preparing financial statements, the reporting currency is usually the local currency. In the event that a different currency is used, or the reporting currency is changed, in accordance with IAS 21, the reasons for this must be disclosed.
In the IASB Newsletter insight(June 1998) emphasizes that entities can no longer, as they used to, claim that their financial statements are in accordance with IFRS, with a few specific exceptions. In accordance with the requirements of IFRS 1, if the financial statements do not comply with all the requirements of each applicable standard and each applicable interpretation of the CIP (Standing Committee on Interpretations), it is not allowed to claim that they comply with IFRS.
According to the reporting, the need for financial resources is determined; evaluate the effectiveness of the capital structure; predict the financial results of the enterprise, as well as solve other problems related to the management of financial resources and financial activities. The latter applies primarily to financial firms engaged in the issuance and placement of securities.
All Russian enterprises, regardless of their form of ownership, present: "The balance sheet of the enterprise" (f. No. 1); "Report on financial results and their use" (F. No. 2); "Reference to the report on financial results and their use"; "Appendix to the balance sheet of the enterprise" (f. No. 5). "Balance of the enterprise" contains information for assessing the property and financial condition of the company. The balance sheet determines the final financial result of the company (profit or loss). The balance sheet data serve as the basis for operational financial planning; used to control the movement of cash flows; they are necessary for tax authorities, credit institutions, authorities government controlled. "Report on financial results and their use" contains information on profit received from production, investment and financial activities. It supplements the information contained in the balance sheet. This report consists of the following sections: financial results; use of profits; payments to the budget; costs and expenses taken into account when calculating income tax benefits. In combination with the balance sheet, the “Report on financial results and their use” allows you to calculate and analyze the profitability of the company.
The appendices to the balance sheet provide the following data: the movement of funds; movement of borrowed funds; receivables and payables; composition of intangible assets; availability and movement of fixed assets; financial investments; social indicators; the movement of funds to finance capital investments and other financial investments.
2.4.2. Financial analysis in international standards
IFRS 1 encourages management of entities to provide, in addition to reporting, an analysis of the financial performance and position of the entity, as well as key uncertainties external environment that management has to deal with. Such an analysis corresponds in content to a Management Discussion and Analysis (MDA) or an Operational and Financial Analysis (OFA). These forms of analysis are already mandatory for US and UK listed businesses. This analysis may include determining the main factors affecting the performance of the enterprise, an analysis of changes in the environment in which the enterprise operates, dividend policies, as well as financing and risk management policies.
The International Organization of Securities Commissions (ISCO) also encourages the "internationalization" of financial reporting. In September 1998, IOSCO issued "International Standards on Disclosure by Foreign Issuers for International Offerings and Initial Listings of Shares". These disclosure rules may also apply to annual reports. This set of rules includes recommended standards for providing information, incl. operational and the financial analysis and discussion of development plans. Such information in non-financial reporting should help improve data comparability, provide a high level of investor protection, and provide the quality analysis that investors need to make decisions.
3. Reserves for improving financial performance
3.1.Sources of capital growth
We have already said that there are many factors that affect the profit of an enterprise. In addition, profit, as you know, is only one of the sources of increasing the capital of the enterprise. Other sources are: credits, loans, issue of securities, contributions of founders, others.
In this case, the key indicators, along with profitability indicators, are capital turnover indicators. This approach becomes even more relevant in the context of inflation. It is no coincidence that since 1988 the United States introduced a standard according to which enterprises, instead of the statement of changes in financial position they had compiled before that date, must draw up a statement of cash flows. In Russia, there is also a corresponding regulatory provision (see form No. 4 BU). This approach makes it possible to more objectively assess the capital of an enterprise (recall the interpretation of capital in the interpretation of the supporters of the “fund theory”).
It is possible to analyze the intensity of capital turnover on the basis of the “Cash Flow Statement” - a financial statement document (Form No. 4 BU), which reflects the receipt, expenditure and net changes in cash in the course of current business activities, as well as investment and financial activities for a certain period.
· Calculate current assets and short-term liabilities based on the cash flow method. That is, when adjusting the value of current assets, their increase should be subtracted from the amount of net profit, and their decrease over the period should be added to net profit.
· When adjusting short-term liabilities, on the contrary, their growth should be added to net profit, since this increase does not mean an outflow of funds; the decrease in short-term liabilities should be deducted from net income.
· Adjustment of net income for expenses that do not require the payment of cash. To do this, the corresponding expenses for the period must be added to the amount of net income. An example of such expenses is the depreciation of tangible non-current assets.
· Eliminate the impact of profits and losses from non-core activities, such as results from the sale of non-current assets and securities of other companies.
3.2. Enterprise accounting policy
Investing activities mainly include transactions relating to changes in non-current assets. This is the purchase and sale of real estate, securities, the provision and receipt of long-term loans, the receipt of funds from the repayment of loans.
Financial transactions, such as changes in long-term liabilities of the enterprise and equity, sale and purchase of own shares, issue of company bonds, payment of dividends, repayment by the company of its long-term obligations are recorded in a special section of the report. Each section separately provides data on the receipt of funds and on their expenditure for each item, on the basis of which the total change in cash at the end of the period is determined as the sum of cash at the beginning of the period and changes for the period.
a) depreciation of fixed assets and intangible assets ( A);
b) loss from the sale of fixed assets and intangible assets (U oa);
c) profit from the sale of fixed assets (P os);
d) the cost of research and development work (R&D).
The amount of adjustment of the reported profit will be the value of DП:
DP = A+ U oa - P os - R&D.
The total “cash” profit or real cash inflow will be the value of Pd:
Pd = Pch + DP,
where: Pd - change in cash on the balance sheet; Pch - profit reporting on f. No. 2;DP - adjustment amount.
The reason for the discrepancy between the values of Pch and Pd is, as shown, the method of accounting for income. Thus, in order to adjust the value of the final financial result in the right direction, an enterprise can use various methods of accounting for income and expenses. At present, the laws of Russia governing accounting rules allow the use of several options for assessing certain types of property, forming the cost of products (works, services) at the choice of the company's management. According to the Accounting Regulation "Enterprise Accounting Policy", approved by Order of the Ministry of Finance of the Russian Federation No. 100 dated June 28, 1994, any enterprise has the opportunity to independently choose certain accounting operations for a number of accounting elements that directly affect the results of its economic activity. Therefore, a reasonable choice of certain provisions of the accounting policy allows the company to reduce costs and minimize taxes.
Studies of the behavior of 127 distressed firms have shown that choosing accounting methods that produce more favorable results, that is, show higher accounting profits, is not so tempting for the management of such enterprises. In the years when enterprises experienced unplanned layoffs of senior managers, enterprises seemed to have incentives to prefer accounting practices that lower financial results (this could help in certain ways when negotiating with creditors, trade unions, lobbying for beneficial decisions in government, etc. .).
However comparative analysis reporting successful firms and hard-pressed firms showed that the choice of calculation methods differed little in both cases.
The accounting policy is approved by the order of the head of the enterprise and is subject to mandatory disclosure (announcement) in the explanatory note to the annual report submitted to the tax authorities. The declared accounting policy of the enterprise should be stable for a number of years. Changes in accounting policies can only be in the following cases: reorganization of the enterprise (merger, division, accession); change of owners; changes in the legislation of the Russian Federation and the system regulation accounting in the Russian Federation; development of new ways of accounting.
In practice, changes in legislation occur more often than once a year, therefore, tax inspectorates require that the principles of accounting policy be maintained for at least one financial year, and a change in accounting policy during the transition to a new reporting year must be justified and explained. In addition, it is required that the consequences of changes in accounting policies that are not related to changes in the legislation of the Russian Federation be evaluated in monetary terms.
In this regard, the preparation and announcement of accounting policies is a serious undertaking, the consequences of which directly affect the financial position of the enterprise. The choice of one or another method of assessing property, determining certain calculated values leads to different taxable bases, tax amounts payable to the budget, and differences in other final indicators of the enterprise.
It should be taken into account that once chosen inefficient accounting policy can lead the company to financial losses throughout the reporting year. Therefore, the choice of an effective accounting policy by an enterprise is one of the important procedures for planning financial and economic activities.
From the point of view of determining the financial result, the following elements of the accounting policy are of greatest interest:
· Establishing the boundary between fixed and working capital. This choice further determines the criteria for dividing costs into fixed and variable, and, hence, the value of the cost of production in the current period.
· Valuation of reserves and calculation of the actual cost of material resources in production.
3.2.2. Method for estimating material resources
The method of estimating material resources written off to production at average cost is traditional for domestic practice, while the FIFO and LIFO methods provided for by international standards and the current Russian legislation are relatively new for Russia.
In conditions of inflation, that is, with an increase in prices for material resources, the FIFO method leads to an underestimation of the cost and to an overestimation of the balance of material resources on the balance sheet. The LIFO method under the same conditions overestimates the cost and underestimates the balance of material resources on the balance sheet. Accordingly, the application of the LIFO method, ceteris paribus, will reduce the amount of taxes on profits and property of the enterprise, since the taxable base includes the balances of material resources reflected at the beginning of the reporting periods (3, 6, 9 and 12 months).
The LIFO method allows an enterprise to better adapt to inflationary conditions and save money by understating the taxable income of the reporting period. In the next reporting period, the previously saved funds will depreciate and cannot be used with the same benefit as in the previous reporting period.
The FIFO method leads to an underestimation of the cost of the reporting period and, consequently, to an overestimation of profit. It can be used by enterprises that have income tax benefits (which employ 70% or more of disabled and retired people), as well as enterprises whose purpose at this stage is to finance development. In addition, the FIFO method can be used by enterprises whose prices for services are lower than those of competitors, and the level of profit is low. In this case, the use of the FIFO method will allow these enterprises to avoid sanctions from the tax authorities for selling services below their cost.
3.2.3. Ways of accruing depreciation of low-value and wearing items (IBE)
The first method provides for depreciation in the amount of 50% of the initial cost of the MBP transferred from the warehouse to operation and in the amount of the last 50% of the cost (minus the cost of these items at the price of their possible use) upon their disposal.
The second method provides for depreciation in the amount of 100% upon transfer of the MBP from the warehouse to operation.
Choosing one of possible ways depends on the number of MBPs and their specific gravity in the total value of the property of the enterprise, on the intensity of the movement of means of labor in circulation, as well as on the goals of the financial policy of the enterprise.
With the first method of calculating depreciation, in the case of a significant number of IBEs and their intensive movement, the cost of services in the reporting period is relatively underestimated and more evenly distributed throughout the year. In this case, the tax on the property of the enterprise may increase accordingly, since the residual value of the IBE is taken into account in the taxable base.
In the second method of calculating the depreciation of the IBE under the same conditions, the cost of services is relatively overestimated, the tax on the property of the enterprise is correspondingly reduced by reducing the residual value of the IBE.
The choice of the IBE depreciation method is especially relevant for public catering establishments, where crockery, cutlery and other utensils are included in the IBE, as well as for hotels where bed linen is included in the IBE.
3.2.4. Accounting for the cost of repairing fixed assets
In order to evenly include in the cost of production (works, services) the costs of all types of repair of fixed assets, enterprises can create a reserve of funds (repair fund), based on the book value of fixed assets and deduction rates approved in the prescribed manner by the enterprises themselves. This action is carried out in accordance with clause 10 of the Regulations on Accounting and Reporting, approved by Order of the Ministry of Finance of the Russian Federation No. 170 dated 12/26/94.
The use of this option provides a more uniform formation of the cost of production at enterprises with significant costs for periodic repairs to fixed assets. This makes it possible to avoid cases of selling products at a price not exceeding the cost and, therefore, the necessary additional taxation on value added, on profit, on road users, based on market prices for products sold.
The second possible option for accounting for the costs of repairing fixed assets is their accounting as part of deferred expenses. The costs of repairing fixed assets, with this accounting option, are included in the cost of products (works, services), based on the standard established by the enterprise, reflecting the difference between the total cost of repairs and the amount attributable according to the standard to the cost of products (works, services) as part of expenses future periods, which also makes it possible to achieve a fairly uniform cost formation.
The third possible option for cost accounting is to include them in the cost of products (works, services) of the reporting period in which the repair work. This option of accounting for the cost of repairing fixed assets is the simplest. It can be used by enterprises with low repair costs that do not lead to significant fluctuations in the cost of production, or in cases where an expensive repair of fixed assets is planned for a period during which the enterprise is expected to receive significant proceeds from the sale of products. In the latter case, the inclusion of the cost of repairing fixed assets in the cost of production will reduce taxable profit and, consequently, the corporate income tax.
3.2.5. Ways of grouping and including costs in the cost of goods sold, products (works, services)
The legislation of the Russian Federation allows two methods of grouping and including costs in the cost of goods sold, products, works, services: the traditional method of forming the full cost of production and the direct costing method.
A) The traditional way. The essence of the traditional method is to monthly determine the total actual cost of products, works, services by grouping all costs associated with the production of the relevant products, according to the method of inclusion in the cost of certain types of products, works, services. This sign of grouping costs provides for their division into direct and indirect.
b) Method "direct costing". In accordance with the legislation of the Russian Federation, this method can be used in the Russian Federation from 01.01.96. Recall that this method is based on the grouping of costs depending on the volume of production, performance of work, provision of services.
The direct costing system is an attribute of a market economy. It achieves a high degree of integration of accounting, analysis and acceptance management decisions. The main attention in this system is paid to the study of the behavior of resource costs depending on changes in production volumes, which allows you to flexibly and quickly make a decision to normalize the financial condition of the enterprise. The most important analytical capabilities of the direct costing system are as follows:
optimization of profit and product range;
Determination of the price of new products;
calculation of options for changing the production capacity of the enterprise;
Evaluation of the efficiency of production (acquisition) of semi-finished products;
Evaluation of the effectiveness of accepting an additional order, replacing equipment, etc.
For the purposes of profit and cost management, costs are classified according to various criteria. The essence of the direct costing system is the division of production costs into variable and fixed depending on changes in the volume of production. Variables include costs, the value of which changes with a change in the volume of production:
cost of raw materials and materials;
wages of the main production workers;
fuel and energy for technological purposes;
Other costs directly related to the production of products, and therefore proportional to its volume.
Depending on the ratio of the growth rate of production volume and various elements of variable costs, the latter, in turn, are divided into:
proportional,
progressive,
· degressive.
It is customary to refer to fixed costs such costs, the value of which does not change with a change in the volume of production:
· rent,
interest on loans,
accrued depreciation of fixed assets,
some types wages heads of the enterprise, firm and other expenses.
It should be noted that the division of costs into fixed and variable is somewhat arbitrary, since many types of costs are semi-variable (semi-permanent) in nature. However, the shortcomings of cost-sharing conditionality are many times overridden by the analytical advantages of the direct costing system.
The "direct costing" method is essentially based on subtracting variable (conditionally variable) costs from sales proceeds and determining the gross profit margin, which differs from real profit by the amount of fixed costs. With the help of the "direct costing" method, the goals of accounting (financial) and production (management) accounting are converged, since this method is widely used in the economic analysis of the economic activity of enterprises and has the following advantages:
1. allows you to avoid complex calculations for the distribution of fixed costs between different types of products;
2. allows you to write off all fixed costs in the current reporting period and, as a result, reduces income tax in the reporting period by reducing the amount of profit from sales by the amount of fixed costs compared to the traditional method of grouping and writing off costs as products are sold;
3. allows you to evaluate the balance of products, work not performed, services not rendered at conditionally variable costs, which reduces business risk in the absence of implementation in the future period.
Until the end of 1995, the legislation of the Russian Federation allowed the use of two methods for determining the moment of implementation and the financial result, both for accounting purposes and for taxation purposes:
2. at the time of shipment of goods, products, performance of work, provision of services and presentation of settlement documents to buyers (customers) (accrual method).
With the help of these methods in accounting, an assessment was made of the presence and condition of the company's receivables. Moreover, the "cash" method provided an assessment of receivables at actual cost, and the "accrual" method - an assessment at sales prices. The choice by the enterprise of the method of accounting for revenue from sales depended on the conditions of management and the nature of the contracts concluded.
In 1996, there was a change in the procedure for determining sales revenue, according to which, for accounting purposes, only one possible method for determining the moment of sale and financial result is used - at the time of shipment and presentation of settlement documents to buyers (customers), that is, the accrual method.
An exception is stipulated for cases where the supply contract stipulates a different general order the moment of transfer of the right of possession, use and disposal of the shipped products (goods) and the risk of its accidental loss on the way from the organization to the buyer (customer).
At the same time, for tax purposes enterprises are allowed to determine the sales revenue, both at the time of payment and at the time of shipment goods, products, performance of work, provision of services.
The method of determining sales proceeds for accounting and taxation purposes is established by the enterprise for a long period, based on the business conditions and contracts concluded. Tax purposes include the calculation of the following taxes:
income tax;
value added tax:
tax on road users;
tax on the maintenance of the housing stock and objects of the socio-cultural sphere,
Other taxes, the basis for the calculation of which is the proceeds from the sale of goods, products (works, services).
Thus, if an enterprise in the order on accounting policy for the current year announced the accrual method for determining sales proceeds for tax purposes, then this enterprise has accounting data that coincides with the taxable base, and there are no questions regarding the determination of sales proceeds for tax purposes. .
In a different position is an enterprise that in its accounting policy for the current year has announced a "cash" method for determining sales revenue for tax purposes, since this enterprise has a discrepancy between accounting data and the taxable base.
This enterprise must calculate two amounts of proceeds from sales: one - directly for the purposes of accounting and evaluating the financial result, determined by the accrual method, and the second - for tax purposes, which is obtained by adjusting the first value.
In addition, for tax purposes, the financial result itself, which is the profit from sales, must be adjusted, since this indicator is used in the calculation of income tax.
Adjustment of sales proceeds and financial result to obtain taxable bases is carried out in several stages:
1) the proceeds from the sale of paid products are calculated by the "cash" method or by the formula:
TR k = Q he + Q o p - Q o to where
TR k - sales proceeds, calculated by the "cash" method; Q he - the cost of the balance of shipped, but not paid for products at the beginning of the reporting period; Q o p - the cost of all shipped products for the reporting period; Q o to - the cost of the balance of shipped, but not paid for products at the end of the reporting period;
2) the adjusted amount of taxes payable to the budget in the reporting period is calculated, the basis for the calculation of which is the proceeds from sales (value added tax, tax on road users, tax on the maintenance of housing stock and social and cultural facilities), according to the formula:
T = TR kk × t, Where
TR kk - adjusted sales proceeds calculated on a cash basis; t- the rate of the corresponding tax;
3) the adjusted value of the financial result is calculated (F r) according to the formula:
| F r= F f × | TR To | , Where |
| TR n |
F f- financial result obtained on the basis of financial accounting data; TR k - sales proceeds, determined by the "cash" method; TR n - sales revenue, determined by the "accrual" method.
At the same time, there are and are subject to mandatory registration two differences:
the difference between the amount of value added tax (VAT) to be received from buyers for goods sold, products, works, services, and its amount to be transferred to the budget according to the calculation;
between the financial result (sales profit) obtained on the basis of accounting data and the financial result (sales profit) adjusted for taxation purposes in this reporting period;
If the company has a significant receivables, then for tax purposes it should declare in the accounting policy the "cash" method for determining the proceeds from the sale of goods, products, works, services. This will significantly save working capital in the current reporting period. Moreover, the savings will be not only in income tax, but also in value added tax in terms of the cost of goods (works, services) not exempt from VAT.
4. Control of the results of the financial and economic activities of the enterprise
4.1. The objectives of monitoring the results of the enterprise
Increasing competition in global and domestic markets, the rapid development and change of technologies, the growing diversification of business, the complication of business projects and other factors determine new requirements for the internal control system of an enterprise. In modern conditions internal control the company must be present at all levels of management, as it is a guarantee of the success of the enterprise.
Control should be aimed at ensuring the main performance indicators at all stages of enterprise management. In this regard, the purpose of control at the enterprise is to identify possible deviations of the planned indicators, to establish the causes of these deviations and to develop measures to eliminate them.
Analysis of the activities of a number Russian enterprises showed that when building a control system at an enterprise, it is recommended to establish a three-stage control: preliminary, current, final. The establishment of three-stage control is due to the need to increase the adaptability of the enterprise to changes in the external and internal environment, including through control as a function feedback not only for the entire management cycle, but also at each of its stages (Fig. 3).
Rice. 3. Place of control in the enterprise management cycle
This will significantly increase the efficiency of control actions to adjust the goals of the enterprise and adapt plans to a changing situation.
4.2. Tasks of monitoring the results of the enterprise
To achieve the goal of control, it is necessary to form control tasks at the enterprise in relation to the stages of the management cycle.
At the stage of preliminary control, control is carried out:
the process of forming goals (the correct choice of goals, checking them for validity and consistency between stakeholders and groups, the adequacy of the compliance of quantitative indicators with the degree of achievement of goals, etc.);
restrictions used in setting goals; forecasts needed to set goals;
plans (validity planned assignments, checking plans for completeness and consistency, turning planned values into controlled ones, establishing permissible limits for deviations of controlled values, realism, adaptability, etc.).
Planning control allows you to evaluate and improve the quality of the plan. Assessing planned values, it is possible to assess the reality of the plan and the reality of the conditions considered during its development, the situations under which it was drawn up (the degree of stability of the enterprise in the market, price dynamics, the degree of demand for products, etc.), as well as possible errors in drawing up the plan. At the same time, in addition to inaccurate estimates of possible situations, there may be other reasons for deviations from the plan, for example, errors in calculations, heterogeneity in the content of planned and actual indicators, etc. Identification of these reasons will improve the planning process itself and coordinate plans with reality. The sooner a change in the situation is fixed, the sooner plans can be updated and correlated with reality.
Monitoring the implementation of the goals and objectives allows you to identify possible errors and shortcomings in management and propose measures to eliminate them.
At the stage of the final control of the enterprise's activities, the results of the enterprise as a whole in achieving the goals set are summed up and measures are developed to eliminate possible deviations in the future.
Thus, in a broad sense, the control function contains the analysis and measurement of quantitative and quality characteristics(indicators) of the enterprise, as well as identifying the causes of deviations of control values from the planned ones in order to increase the adaptability of the enterprise to the emergence of possible adverse situations.
4.3. Model of monitoring the results of the enterprise
Taking into account the remarks made, it is advisable to present the control model within the framework of the enterprise management system in the form of fig. 4.
Rice. 4. Model of organization of control
The main elements of the control system model are:
objects of control - plans and budgets of the enterprise and its structural divisions;
Items of control - indicators of receipts and expenditures, changes in balance sheet items, a system of indicators that characterize the activities of the enterprise as a whole or by certain areas, etc.;
· subjects of control - the management of the enterprise and its structural divisions, the management of the enterprise, exercising control over the observance of budgets;
· budget control technology - control procedures and their implementation procedure, necessary to identify deviations of controlled indicators and values from the planned ones.
This model of control should be based on information support for control activities, including operational, planned, regulatory and reference information, classifiers of technical and economic information, documentation systems (unified and special). The complexity of collecting real information about financial and economic activities depends on the availability of automated accounting, the development of information technologies generally.
4.4. General scheme of technology for monitoring the results of an enterprise
Technologically, in the most general form, the control process includes the implementation of the activities presented in Fig. 5.
Rice. 5. Technology system control process
4.4.1. Definition of benchmarks and values
When determining control values, two important questions should be answered: how much and what indicators and values should be monitored.
Management should try to find an acceptable approach to determining the rational number of indicators assigned to the manager personally for control. Although the choice of the number of indicators depends largely on qualitative analysis activities of the enterprise (subdivision), you can specify the upper limit of their number. This task can be solved on the basis of typological groupings. Calculations show that for an integral assessment of the state of an enterprise (subdivision), no more than 4-5 indicators can be dispensed with.
To optimize the structure of controlled indicators within integral indicators, it is advisable to use the ABC analysis method, which is based on the Pareto principle.
For example, the analysis of the cost structure of the photo printing factory "Expertfoto" (Table 1) revealed 10 integral types of costs (indicators), of which, according to the ABC analysis method, it is recommended to leave 4 controllable indicators: costs for production, storage of raw materials, sorting of finished products and obtaining order, giving more than 90% of the costs.
Table 1
The cost structure of the photo printing factory "Expertphoto"
4.4.2. Identification of deviations
The next step in control technology is to identify deviations. The definition of deviations helps to identify areas of effectiveness or inefficiency of the entire activity or individual areas and functions of the organization.
The source of information about actual values and deviations of controlled indicators and values is the accounting system of the enterprise, and the source of data on planned values is the system of plans and budgets of the enterprise. It is quite laborious, and it is inexpedient to identify the causes of all deviations. The object of analysis should be only those deviations that significantly affect the achievement of the final goal.
After analyzing the causes of deviations, the following main options for action are possible (Fig. 6):
Rice. 6. Dynamics of change in the controlled indicator
a) a decision on the analysis of deviations is made only after establishing the fact that the controlled indicator goes beyond the deviations. In this regard, a variant approach to planning is possible;
b) the decision on the analysis of the causes of deviations is made only after the establishment of a stable trend (forecast) of the change in the controlled indicator in the direction of going beyond one of the controlled limits Xmax or Xmin. In this case, an adaptive approach to planning the activities of the enterprise is appropriate;
c) a decision on the analysis of the causes of deviations is made for some, less important, indicators only after the controlled indicator goes beyond the deviations, and for others, more important, only after establishing a stable trend in the change of the controlled indicator towards one of the controlled boundaries as a result of the forecast .
For this case, an adaptive-situational approach to planning the activities of an enterprise is desirable.
The use of one or another of the above options depends on the specific situation in the enterprise. If the time delay in considering the causes of deviations is not so important, then, probably, option a) will be more preferable than others, since it does not require the use of sufficiently complex and expensive forecasting methods. Conversely, if a time delay in identifying the causes of deviations is highly undesirable, then option b) will be more preferable.
Naturally, option c) is more universal, since, in accordance with it, the entire set of indicators is divided into two groups: less and more important, decisions on which are made individually. The advantage of this approach is also the fact that the analysis of the causes of deviations and the development of measures to eliminate deviations are carried out in advance. However, the use of this option is difficult if the enterprise has an undeveloped information base about its state and there are no proven methods for predicting changes in indicators.
Each top-level indicator is a function of the lower-level indicators. The deviation of the values of the lower level of the pyramid is an explanation of the deviation of the value of another - the nearest higher level. The splitting of key indicators into factors (multipliers), their components, allows you to determine and give a comparative description of the main reasons that influenced the deviation of a particular indicator and present requirements for the magnitude of its deviation. In addition, the pyramidal structure of indicators and their deviations allows you to quickly receive and communicate information about the indicators achieved in each unit to a higher manager and take appropriate measures.
Using the idea of a pyramidal structure of indicators, we can consider the order of its construction on the example of a two-level system for monitoring indicators and their deviations (Fig. 7).
Rice. 7. Scheme for monitoring indicators by management levels
4.4.3. Variance Analysis
Variance analysis is a kind of early warning subsystem of undesirable deviations of actual indicators and values from the planned ones. Its task is to identify the causes of such deviations in the activities of the enterprise, assess their significance for the future and develop appropriate corrective measures.
Moreover, it is necessary to distinguish between an analysis focused on the past and an analysis focused on the future.
The reasons for possible deviations can be divided into two main groups:
The first group of reasons refers to errors in predicting the state of the external environment of the enterprise in the implementation of the planning process, in particular regarding the behavior of consumers and competitors;
The second group of reasons is hidden in internal environment enterprises and is associated with "blunders" in the financial and economic activities of the enterprise, in particular with the determination of the norms for the consumption of raw materials and materials per unit of output.
Such reasons should be identified in the process of ongoing monitoring of the implementation of plans and budgets, and on their basis, appropriate proposals and measures should be developed to bring the enterprise to the planned indicators or to adjust the indicators themselves.
Thus, in this section of my course work, we examined the goals, objectives and model of monitoring the results of the financial and economic activities of the enterprise.
5.1. Dynamics and structure of the financial results of the enterprise and profit analysis by factors
The financial results of the enterprise are reflected in the system of indicators. A large number of indicators characterizing the financial performance of the enterprise creates methodological difficulties in their systematic consideration. Differences in the purpose of indicators make it difficult for each participant in the commodity exchange to choose those of them that best satisfy his needs for information about the real state of a given enterprise. For example, the administration of an enterprise is interested in the amount of profit received and its structure, factors affecting its value. Tax inspections are interested in obtaining reliable information about all the components of the balance sheet profit: profit from the sale of products, profit from the sale of property, non-operating results of the enterprise, etc. The analysis of each component of the enterprise's profit is not abstract, but quite specific, because it allows the founders and shareholders to choose significant direction of revitalization of the enterprise. Profit analysis allows other participants in market relations to develop the necessary strategy of behavior aimed at minimizing losses and financial risk from investing in this enterprise.
Analysis of the financial performance of the enterprise includes, as required elements study:
1. changes in each indicator for the current analyzed period;
2. structures of relevant indicators and their changes;
3. dynamics of changes in financial performance indicators for a number of reporting periods (at least in the most generalized form).
To analyze and assess the level and dynamics of the indicators of the financial performance of the enterprise, a table is compiled that uses the reporting data of the enterprise from form No. 2.
Table data. 2 show that in the reporting period the company has achieved high results. The balance sheet profit increased by 118%, and the net profit remaining at the disposal of the enterprise increased by the same amount. A positive factor in the growth of balance sheet profit was an increase in profit from product sales due to an increase in sales volume and a relative decrease in production costs. Further analysis should specify the reasons for the change in profit from the sale of products for each factor.
Factor analysis of profit from the sale of products (works, services)
Profit from sales marketable products Generally, it is influenced by the following factors:
change in the volume of sales;
change in the structure of products;
Changes in selling prices for products sold;
Changes in prices for raw materials, materials, fuel;
change in the level of costs of material and labor resources.
Below is a formalized calculation of the influence of these factors on the profit from the sale of products.
table 2
ANALYSIS OF THE LEVEL AND INDICATORS OF THE FINANCIAL PERFORMANCE OF THE ENTERPRISE
1. Calculation of the total change in profit (P) from the sale of products:
ΔP=P 1 - P 0 , where P 1 - profit of the reporting year; P 0 - profit of the base year.
2. Calculation of the impact on profit of changes in selling prices for products sold (DP 1):
where - sales in the reporting year at the prices of the reporting year, where p 1 - the price of the product in the reporting year; j 1 - the number of products sold in the reporting year;
Sales in the reporting year at the prices of the base year, where p 0 is the price of the product in the base year.
Calculation of the impact on profit of changes in the volume of production () (actual volume of production in the assessment of the planned (base) cost):
DP 2 \u003d P 0 K 1 - P 0 \u003d P 0 (K 1 -1), where P 0 is the profit of the base year; K 1 - coefficient of growth in the volume of sales of products:
K 1 \u003d S 1.0 / S 0,
where S 1.0 - the actual cost of goods sold for the reporting period in prices and tariffs of the base period;
S 0 - the cost of the base year (period).
4. Calculation of the impact on profit of changes in the volume of production due to changes in the structure of products (DP 3):
DP 3 \u003d P 0 K 2 - P 0 K 1 \u003d P 0 (K 2 -K 1)
where K 2 - the growth rate of sales in the assessment of selling prices;
K 2 = N 1.0 / N 0
where N 1.0 - sales in the reporting period at the prices of the base period;
N 0 - implementation in the base period.
5. Calculation of the impact on profit of savings from reducing the cost of production (DP 4):
DP 4 = S 1.0 - S 1
where S 1.0 - the cost of sales of the reporting period in prices and conditions of the base period;
S 1 - the actual cost of sales of the reporting period.
6. Calculation of the impact on profit of savings from reducing the cost of production (DP 5):
DP 5 = S 0 K 2 - S 1.0 .
A separate calculation based on accounting data determines the impact on profit of changes in prices for materials and tariffs for services (DP 6), as well as savings caused by violations of economic discipline (DP 7). The sum of factor deviations gives the total change in profit from sales for the reporting period, which is expressed by the following formula:
where DP is the total change in profit;
DP i - change in profit due to the i-th factor.
In table. 2 shows the initial data and a digital example of the analysis of profit from the sale of products.
Let's determine the degree of influence on the profit of factors:
1. Change in selling prices for products:
The difference between the proceeds from the sale of marketable products in current prices and sales in the reporting year at the prices of the base year is calculated. In the given example, it is equal to
31835 rubles (243853–212000).
Additional profit was received mainly as a result of inflation. Analysis of accounting data will reveal the causes and magnitude of overpricing in each specific case;
2. Changes in material prices, energy and freight rates, tariff rates(salaries) wages:
We use information about the cost of production. Prices for materials, tariffs for energy and transportation were increased by 10,000 rubles, wages - by 9,910 rubles, which resulted in a decrease in profits by
19910 rubles \u003d (10000 + 9910).
3. Violation of economic discipline:
The influence of these factors is established by analyzing the savings resulting from the violation of standards, specifications, non-fulfillment of the action plan for labor protection, safety, etc. In this case, no additional profit received due to these reasons was revealed
Table 3 PROFIT ANALYSIS BY FACTORS
4. Increase in the volume of production in the assessment at the basic full cost (the actual volume of production):
The coefficient of growth in the volume of sales of products is calculated in the assessment at the basic cost. In our case, it is equal to
1,210435 = (151682:125312).
Then we adjust the basic profit and subtract the basic profit from it:
32705 * 1.210435 - 32705=+6882 rub.
5. Increasing the volume of production due to structural changes in the composition of products:
We determine the difference between the coefficient of growth in the volume of sales of products in the assessment at selling prices and the coefficient of growth in the volume of sales of products in the assessment at the basic cost.
6. Cost reduction per 1 ruble of products:
We find the difference between the basic full cost of actually sold products and the actual cost, calculated taking into account changes in prices for material and other resources, and the reasons associated with violations of economic discipline. In our case, this effect was
RUB 158.0
7. Change in cost due to structural shifts in the composition of products:
We find the difference between the basic full cost, adjusted for the growth rate of production, and the basic full cost of actually sold products:
125312 1.341628–151682=+16444 rub.
The total profit deviation is 39,714 rubles, which corresponds to the sum of factor influences. Thus, in our case, the main factors that caused the growth in profits are:
· inflation;
· increase in the volume of production by 6882 rubles;
· change in cost due to structural changes by 16,444 rubles.
5.2. Optimization of production volume, profit and costs in the system
direct costing
A necessary condition for making a profit is a certain degree of development of production, which ensures the excess of proceeds from the sale of products over the costs (costs) for its production and marketing. The main factor chain generating profit can be represented by the following scheme:
Costs -> Output -> Profit
The components of this scheme must be under constant attention and control. This problem is solved on the basis of organizing cost accounting according to the system that we described earlier - “direct costing”, the importance of which increases in connection with the transition to a market economy.
In foreign practice, to increase the objectivity of the division of costs into fixed and variable, a number of effective practical methods have been proposed:
the method of the highest and lowest point of production for the period;
the method of statistical construction of the estimated equation;
graphical method
The total cost of production (Z) consists of two parts:
constant (Z const) and
variable (Z var),
which is reflected by the equation Z = Z const + Z var
or in the calculation of the cost per product:
Z = (C 0 + C 1)X,
where Z - total production costs;
X - production volume (number of units of products);
C 0 - fixed costs per unit of product (product);
C 1 - variable costs per unit of product (rate of variable costs per unit of product).
The following algorithm is used to construct an equation for total costs and divide them into fixed and variable parts using the highest and lowest point method:
1. Among the data on the volume of production and costs for the period, the maximum and minimum values are selected, respectively, of volume and costs.
2. Differences are found in the levels of production volume and costs.
3. The rate of variable costs per product is determined by referring the difference in cost levels for the period (the difference between the maximum and minimum cost values) to the difference in production levels for the same period.
4. The total value of variable costs for the maximum (minimum) volume of production is determined by multiplying the rate of variable costs by the corresponding volume of production.
5. The total value of fixed costs is determined as the difference between all costs and the value of variable costs.
6. An equation of total costs is drawn up, reflecting the dependence of changes in total costs on changes in production volume.
Let's show the order of calculations on an example. In table. 3 shows the initial data on the volume of production and costs for the analyzed period (by months).
From Table. 4 shows that the maximum production for the period is 170 units, the minimum is 100 units. Accordingly, the maximum and minimum production costs amounted to 98 rubles. and 70 rubles.
The difference in output levels is
70 pcs. = (170 - 100),
and in cost levels -
28 rub. = (98 - 70).
The rate of variable costs per product will be
0.400 RUB = (28:70).
The total variable costs for the minimum volume of production will be
40 rub. = (100 * 0.4),
and for the maximum volume -
68 rub. = (170 * 0.4).
The total value of fixed costs is defined as the difference between all costs for the maximum (minimum) volume of production and variable costs. For our example, it will be
30 rub. = (70 - 40), or (98 - 68).
Cost equation for this example has the form
Z = 30 + 0.4X,
where Z - total costs;
X - production volume.
Table 4
INITIAL DATA ON THE VOLUME OF PRODUCTION AND COSTS FOR THE ANALYZED PERIOD
| Moments of observation (report), month | Volume of production (number of products), pcs. | Production costs, rub. |
| 1 | 100 | 70 |
| 2 | 120 | 85 |
| 3 | 110 | 80 |
| 4 | 130 | 90 |
| 5 | 124 | 87 |
| 6 | 121 | 82 |
| 7 | 136 | 93 |
| 8 | 118 | 78 |
| 9 | 124 | 90 |
| 10 | 120 | 84 |
| 11 | 170 | 98 |
| 12 | 138 | 93 |
| Total | 1,511 | 1,030 |
Graphically, the cost equation is displayed as a straight line passing through three characteristic points on the ordinate axis (the axis of production costs), the line passes through the point corresponding to the value of fixed costs. The line of fixed costs is parallel to the x-axis (the axis of output). The cost line also passes through the points of intersection of the maximum and minimum production volumes with the corresponding values of the total production costs.
The degree of response of production costs to changes in the volume of production can be assessed using the so-called cost response factor. This coefficient is calculated by the formula:
,
where K - coefficient of cost response to changes in production volume;
Z - changes in costs for the period, in%;
N - changes in production volume, in %
ABC- cost change line;
HELL- line of fixed costs;
A- point corresponding to the value of fixed costs;
IN- the lowest point of the volume of production (costs);
WITH- the highest point of production volume (costs)
Table 5
BUSINESS MODEL SITUATIONS
For fixed costs, the cost response factor is zero ( K= 0). Depending on the value of the response coefficient, economic typical situations are distinguished, which are listed in Table. 5.
Table 6
COST BEHAVIOR OPTIONS DEPENDING ON CHANGES IN PRODUCTION VOLUME
| Volume of production | Options for changing costs per unit of output | |||
| products, units | K=0 | K=1 | K=0.8 | K=1.5 |
| 10 | 1 | 4 | 4.00 | 4.00 |
| 20 | 0.5 | 4 | 3.20 | 6.00 |
| 30 | 0.33 | 4 | 3.16 | 9.00 |
| 40 | 0.25 | 4 | 2.69 | 13.50 |
| 50 | 0.20 | 4 | 2.16 | 20.20 |
| 60 | 0.16 | 4 | 1.72 | 30.30 |
| 70 | 0.14 | 4 | 1.37 | 45.50 |
In table. 6. presents various options for the behavior of costs depending on changes in the volume of production.
From Table. 6 shows that the total costs for all options with a production volume of 10 units. coincide and are equal to 50 rubles. With an increase in production up to 70 units. with a proportional increase in costs ( K = 1) general, the costs will be
290 rub. = (0.14 * 70 + 4 * 70).
With a progressive increase in costs ( K = 1.5) total costs will be
3186 rub. = (0.14 * 70 + 45.5 * 70).
Digressive change in costs ( K = 0.8) will give total expenses in the amount of 106 rubles. On fig. 3 gives a graphical representation of the behavior of costs depending on the change in production volume. Similarly, you can plot the behavior of costs per unit of output.
To ensure cost reduction and increase the profitability of the enterprise, it is necessary that the rate of decrease in digressive costs exceed the growth rate of progressive and proportional costs.
An important aspect of the analysis of fixed costs is to divide them into useful And useless(single). This division is associated with a spasmodic change in the majority of production resources. For example, an enterprise cannot purchase half a machine. In this regard, resource costs do not grow continuously, but in leaps and bounds, in accordance with the dimension of a particular resource consumed. Thus, fixed costs can be represented as the sum of useful costs and useless costs that are not used in the production process:
Z const = Z useful + Z useless.
The value of useful and useless costs can be calculated, having data on the maximum possible (N max) and the actual volume of production (N eff)
It is easy to calculate the amount of useful expenses:
The analysis and evaluation of useless costs is complemented by the study of all unproductive costs.
Separating costs into fixed and variable costs, and fixed costs into useful and useless is the first feature of direct costing. The value of such a separation is to simplify accounting and increase the efficiency of obtaining data on profits.
The second feature of the direct costing system is the combination of production and financial accounting. According to the direct costing system, accounting and reporting at enterprises are organized in such a way that it becomes possible to regularly monitor data according to the scheme
“costs -> volume -> profits”.
The basic report model for profit analysis is as follows:
Marginal income is the difference between sales revenue and variable costs. It represents, on the other hand, the sum of fixed costs and net income. This circumstance allows you to build multi-stage reports, which is important for detailed analysis.
The multi-stage preparation of the income statement is the third feature of the direct costing system. So if in the above report the variable costs are divided into production and non-production, then the report will become three-stage. In this case, the production marginal income is determined first, then the income as a whole, then the net income. For example:
The fourth feature of the direct costing system is the development of a methodology for economic-mathematical and graphical presentation and analysis of reports for forecasting net income.
In a rectangular coordinate system, a graph of the cost (costs and income) of the number of units of output is plotted. Data on cost and income are plotted vertically, and the number of units of production is plotted horizontally (Fig. 4) At the point of critical production volume (K), there is no profit and no loss. To the right of it, the area of net profits (revenues) is shaded. For each value (number of units of production), net profit is defined as the difference between marginal income and fixed costs.
To the left of the critical point, the area of net losses is shaded, which is formed as a result of the excess of fixed costs over marginal income.
The analytical capabilities of the direct costing system are most fully revealed when studying the relationship between the cost price and the volume of product sales and profit. Let's write the initial equation for analysis.
If the enterprise is profitable, then the value R> 0, if unprofitable, then R< 0. Если R = 0, то нет ни прибыли, ни убытка, а выручка от реализации равна затратам. Точка перехода из одного состояния в другое (при R= 0) называется критической точкой. Она примечательна тем, что позволяет получить оценки объема производства, цены изделия, выручки, уровня постоянных расходов и др. показателей, исходя из требований общего финансового состояния предприятия. For the critical point we have M = R * + KZ or 
. If the revenue is presented as the product of the sales price of a unit of product (z cf) and the number of units sold (q), and the costs are recalculated per unit of product, then at the critical point we get the expanded equation
N crit \u003d pq \u003d Z c + Z v q,
where p - selling price of a unit of a product at a critical point;
q - production volume (number of units sold) at the critical point;
Z c = Z const - fixed costs for the entire volume of production;
- variable costs at the critical point per unit of product.
Legend:
N is the volume of production in value terms,
Z is the total cost of production (production costs);
Z v - variable costs;
K is the critical production volume point.
This equation is the main one for obtaining the necessary estimates.
1. Calculation of critical production volume:
q (p - Zv) = Zc; ;
where d \u003d p - Z v - marginal income per unit of product, rub.
Marginal income for the entire issue is defined as the difference between revenue and the sum of variable costs.
2. Calculation of the critical amount of revenue (sales).
To determine the critical volume of sales, the equation of the critical volume of production is used. Multiplying the left and right sides of this equation by the price ( p ), we get the required formula:
; 
;
Where conventions correspond to those previously accepted.
To calculate the critical volume of sales, subject to a decrease in the price of the product and maintaining the same marginal income, the following ratio is used:
d 0 q 0 = d 1 q 1 ,
whence it follows that .
where the index “0” marks the values of the indicators in the previous period, and the index “1” is the value of the same indicators in the reporting period.
3. Calculation of the critical level of fixed costs
,
hence we have
,
Z const = qd.
This formula is convenient in that it allows you to determine the amount of fixed costs if d is the level of marginal income per unit of product in% of p - the price of the product, or if D is the level of marginal income in% of N - sales volume (revenue). Then the formula for calculations will be as follows:
,
where d is given as a percentage of p, or
,
where D is given as a percentage of N.
4. Calculation of the critical selling price
The selling price is determined based on the given sales volume and the level of fixed and variable costs per unit of product.
For the calculation, the original revenue formula for the critical point is used:
or pq = Z c + Z v q,
N crit = pq = Z c + Z v q.
If d / p is known - the ratio between the value of marginal income per unit of product and the price of the product, then from where.
If D/N is known - the ratio between marginal income and revenue, then 
, where.
5. Calculation of the level of minimum margin income
If Z c is known - the amount of fixed costs and N - the expected amount of revenue, then d / p - the level of the minimum marginal income per unit of product in% of the price of the product is determined from the formula:
and the same value has D / N - the level of the minimum marginal income in% of revenue:
6. Calculation of the planned volume for a given amount of planned (expected) profit
If fixed costs, unit price, variable costs per unit, and the amount of the estimated (desired) profit amount are known, then the sales volume will be determined by the following formula:
,
where q plan - the volume of sales, providing the planned amount of profit;
R plan - the planned amount of profit.
This formula directly follows from the definition of marginal income as the sum of fixed costs and planned profit:
(p - Z v)q plan = Z c + R plan
7. Calculation of the volume of sales that gives the same profit for different production options(various options for technology, prices, cost structure, etc.). The number of options doesn't matter.
The solution of the problem follows from the formula for determining profit:
R plan = (p - Z v)q plan - Z c .
Equating the profit received from the two options, we get:
(p 1 - Z v1)q - Z c1 = (p 2 - Z v2)q - Z c2 ,
where Z c1 and Z c2 - fixed costs for various options;
(p 1 - Z v1) = d 1 and (p 2 - Z v2) = d 2 - marginal income per unit of product (product) for various options.
Where do we get:
A graphical solution to this problem is also possible. On fig. 8 Roman numeral I denotes the line of dependence of profit on sales for the first production option, Roman numeral II - for the second option, III - for the third option.
Rice. 8. Graph of the dependence of profit on sales volume, where the designations are accepted:
q - sales volume,
R - profit,
c - fixed costs,
I, II, III- production options,
q M - sales volume, giving equal profit for all options.
For q = 0 options differ in the difference in fixed costs.
At R = 0, the variants differ in the magnitude of the difference between the critical volumes. At the point M the intersection of the lines, the sales volume q M gives equal profit for all options.
With small sales volumes, option III is the most preferable, in which the critical point is at the origin and profit comes from the sale of the first unit of goods. Then preference can be given to the I production variant, in which the critical point is closer to the origin than in the II variant, and hence the profit will begin to arrive earlier.
After the lines intersect at a point M the situation is changing. Option II becomes the most preferable, then Option I, and Option III becomes the least profitable.
These are the main provisions of profit optimization and cost analysis in the direct costing system.
In the field of production and economic activity, items are reflected that are used in calculating net profit in the profit and loss statement. This includes such receipts as payments by buyers for goods and services rendered, interest and dividends paid by other companies, receipts from the sale of non-current assets. The outflow of funds is caused by such operations as payment of wages, payment of interest on loans, payment for products and services, expenses for paying taxes, and others. These items are adjusted for receipts and expenses accrued but not paid or accrued but not requiring the use of cash. In addition, to avoid double counting, items that affect net income, which are considered in the sections of financial and investment activities, are excluded.
Thus, in order to calculate the increase or decrease in cash as a result of production and economic activities, it is necessary to carry out the following operations:
1. Calculate current assets and short-term liabilities based on the cash flow method. When adjusting the items of current assets, their increase should be subtracted from the amount of net profit, and their decrease over the period should be added to net profit. This is due to the fact that when evaluating current assets using the cash flow method, we overestimate their amount, that is, we underestimate profit. In fact, the increase in working capital does not entail an increase in cash to the same extent as profits. When adjusting short-term liabilities, on the contrary, their growth should be added to net profit, since this increase does not mean an outflow of funds; the decrease in short-term liabilities is deducted from net income.
2. Adjustment of net profit for expenses that do not require the payment of cash. To do this, the corresponding expenses for the period must be added to the amount of net income. An example of such expenses is the depreciation of tangible non-current assets.
3. Exclude the impact of profits and losses from extraordinary activities, such as results from the sale of non-current assets and securities of other companies. The impact of these transactions, which is also taken into account when calculating the amount of net income in the income statement, is eliminated to avoid double counting: losses from these transactions should be added to net income, and profits should be subtracted from net income.
Investing activities mainly include transactions related to changes in non-current assets:
“Realization and purchase of real estate”,
“Selling and buying securities of other companies”,
“Provision of long-term loans”,
· “Receipt of funds from the repayment of loans”.
The financial sector includes such operations as changes in the company's long-term liabilities and equity, the sale and purchase of its own shares, the issuance of company bonds, the payment of dividends, and the repayment by the company of its long-term obligations. Each section separately provides data on the receipt of funds and on their expenditure for each item, on the basis of which the total change in cash at the end of the period is determined as an algebraic sum of cash at the beginning of the period and changes over the period.
Consider the algorithm for working with a cash flow statement.
In the section of production and economic activities, the amount of net profit is adjusted for the following items:
1. added to net profit: depreciation, decrease in accounts receivable, increase in deferred expenses, losses from the sale of intangible assets, increase in tax arrears;
2. subtracted: profit from the sale of securities, an increase in advance payments, an increase in the minimum wage (inventory), a decrease in accounts payable, a decrease in liabilities, a decrease in bank credit.
In the investment activity section:
1. added: sale of securities and tangible non-current assets;
2. deductible: purchase of securities and tangible non-current assets.
In the field of financial activity:
1. the issue of ordinary shares is added;
2. deducted: bond redemption and dividend payment.
At the end of the analysis, cash is calculated at the beginning and end of the year, which allows us to talk about changes in the financial position of the company.
Factors of change in profit are costs included in the cost of production, changes in the volume of sales on credit, taxes and dividends, etc.
Reported profit is also adjusted for the amount of adjustments that do not reflect cash flows:
Is, as noted above, a method of accounting for income.
An important component of the financial condition is the movement of working capital or current assets of the enterprise. With the turnover of mobile assets, the whole process of circulation of capital begins, as it were, the entire chain of economic activity of the enterprise is set in motion. Therefore, the factors of accelerating working capital, synchronizing the movement of working capital with profit and cash should be given maximum attention.
6. Conclusion
In conclusion of my course work, I can conclude that the main task of an enterprise in a market economy is to fully meet the needs of the national economy and citizens in its products, works and services with high consumer properties and quality at minimal cost, increasing the contribution to the acceleration of social economic development of the country. For the implementation of its main task the enterprise provides an increase in the financial results of its activities.
As discussed in this paper, in a market economy, the importance of profit is enormous. The desire to make a profit directs commodity producers to increase the volume of production needed by the consumer, reduce production costs. With developed competition, this achieves not only the goal of entrepreneurship, but also the satisfaction of social needs. For the entrepreneur, profit is a signal that indicates where the greatest increase in value can be achieved, creates an incentive to invest in these areas. Losses also play their part. They highlight mistakes and miscalculations in the direction of funds, organization of production and marketing of products.
To improve the efficiency of the enterprise, it is of paramount importance to identify reserves for increasing production and sales, reducing the cost of products (works, services), and increasing profits. The factors necessary to determine the main directions for the search for reserves to increase profits include natural conditions, state regulation prices, tariffs, etc. (external factors); change in the volume of funds and objects of labor, financial resources (internal production extensive factors); increasing the productivity of equipment and its quality, accelerating the turnover of working capital, etc. (intensive); supply and marketing activities, environmental protection activities, etc. (non-productive factors).
The paper considers the following areas: the composition and structure of balance sheet profit; profit from the sale of products (works, services) and from other sales; profits (losses) from non-sales operations and the impact of these factors on the financial results and directions for using the enterprise's profits.
List of sources used
1. K.A. Rantsky "Economics of Organizations" M.: Dashkov and Co., 2003
2. I.V. Sergeev "Enterprise Economics", Moscow: Finance and Statistics, 2001
3. Finance of organizations (enterprises): textbook - M .: TK Welby, Prospekt Publishing House, 2005
4. Kovalev A.I., Privalov V.P. "Analysis of the financial condition of the enterprise" M .: Center for Marketing Economics, 2001
5. Methodology of financial activity of commercial organizations 2-T BPL. Author(s) Sheremet A.D., Negashev E.V. Publisher. Infra-M
6. Journal "Financial Management" №1, 2005
7. Financial Director No. 1, 2000
8. Eliseeva I.I., Rukavishnikov V.O. Grouping, correlation, pattern recognition. - M.: Finance and statistics, 1977
9. Journal Audit and Financial Analysis No. 1, 2000
10. Grishchenko O.V. Analysis and diagnostics of the financial and economic activities of the enterprise: Tutorial. Taganrog: Publishing House of TRTU, 2000
11. Economics of the enterprise / Fundamentals of the economics of the enterprise (Tutorial) - T.V. Yarkina
12. Journal "Finance and Credit", No. 10, 2007
13. Internet resources
Finance of organizations (enterprises): textbook - M .: TK Welby, Prospekt Publishing House, 2005
Kovalev A.I., Privalov V.P. "Analysis of the financial condition of the enterprise" M .: Center for Economics and Marketing, 2001
Methodology of financial activity of commercial organizations 2-T BPL. Author(s) Sheremet A.D., Negashev E.V. Publisher. Infra-M.
Journal "Financial Management", №1, 2005
Eliseeva I.I., Rukavishnikov V.O. Grouping, correlation, pattern recognition. - M.: Finance and statistics, 1977.
Financial director. - 2003. - No. 1.
Journal Audit and financial analysis №1, 2000
Economic activity of the enterprise is the production of products, the provision of services, the performance of work. Economic activity is aimed at making a profit in order to satisfy the economic and social interests of the owners and the workforce of the enterprise. Economic activity includes the following stages:
- scientific research and development work;
- production;
- auxiliary production;
- maintenance of production and sales, marketing;
- sales and after-sales support.
Analysis of the economic activity of the enterprise
Makes the FinEkAnalysis program.
Analysis of the economic activity of the enterprise this is a scientific way of understanding economic phenomena and processes, based on the division into component parts and the study of the variety of connections and dependencies. This is an enterprise management function. Analysis precedes decisions and actions, justifies the scientific management of production, increases objectivity and efficiency.
Analysis of the economic activity of the enterprise consists of the following areas:
- The financial analysis
- Solvency analysis, %20%20%D0%B8%20
- Solvency analysis, %20%20%D0%B8%20
- Management analysis
- Evaluation of the place of the enterprise in the market of this product,
- Analysis of the use of the main factors of production: means of labor, objects of labor and labor resources,
- Evaluation of the results of production and sales of products,
- Making decisions on the range and product quality,
- Development of a strategy for managing production costs,
- Determination of the pricing policy,
Indicators of economic activity of the enterprise
The analyst, according to the specified criteria, selects indicators, forms a system from them, and makes an analysis. The complexity of the analysis requires the use of systems, rather than individual indicators. The indicators of economic activity of the enterprise are divided into:
1. value and natural, - depending on the underlying meters. Cost indicators - the most common type of economic indicators. They generalize heterogeneous economic phenomena. If an enterprise uses more than one type of raw materials and materials, then only cost indicators can provide information on the generalized amounts of receipts, expenditures, and the balance of these items of labor.
natural indicators are primary, and cost - secondary, since the latter are calculated on the basis of the former. Economic phenomena such as production costs, distribution costs, profit (loss) and some other indicators are measured only in cost terms.
2. quantitative and qualitative, - depending on which side of phenomena, operations, processes is measured. For results that can be quantified, use quantitative indicators. The values of such indicators are expressed as some real number that has a physical or economic meaning. These include:
1. All financial indicators:
- revenue,
- net profit,
- fixed and variable costs,
- profitability,
- turnover,
- liquidity, etc.
2. Market indicators:
- volume of sales,
- market share,
- size/growth of the customer base, etc.
3. Indicators characterizing the efficiency of business processes and activities for training and development of the enterprise:
- labor productivity,
- production cycle,
- lead time,
- staff turnover,
- number of employees trained, etc.
Most of the characteristics and results of the work of the organization, departments and employees are not amenable to strict quantitative measurement. They are used to evaluate qualitative indicators. Qualitative indicators are measured with the help of expert assessments, by monitoring the process and results of work. These include, for example, indicators such as:
- relative competitive position of the company,
- customer satisfaction index,
- staff satisfaction index,
- command at work
- the level of labor and performance discipline,
- quality and timeliness of submission of documents,
- compliance with standards and regulations,
- execution of orders of the head and many others.
Qualitative indicators, as a rule, are leading, as they affect final results performance of the organization and "warn" about possible deviations of quantitative indicators.
3. Volumetric and specific- depending on the application of individual indicators or their ratios. So, for example, the volume of output, sales volume, production cost, profit are volume indicators. They characterize the volume of this economic phenomenon. Volumetric indicators are primary, and specific indicators are secondary.
Specific indicators calculated on the basis of volume indicators. For example, the cost of production and its cost are volume indicators, and the ratio of the first indicator to the second, that is, the cost per ruble of marketable products, is a specific indicator.
Results of economic activity of the enterprise
Profit and income- the main indicators of the financial results of the production and economic activities of the enterprise.
Income is the proceeds from the sale of products (works, services) minus material costs. It represents the monetary form of the net output of the enterprise, i.e. includes wages and profits.
Income characterizes the amount of funds that the company receives for the period, and minus taxes is used for consumption and investment. Income is sometimes subject to taxation. In this case, after tax is deducted, it is subdivided into consumption, investment and insurance funds. The consumption fund is used for remuneration of personnel and payments based on the results of work for the period, for a share in the authorized property (dividends), material assistance, etc.
Profit- part of the proceeds remaining after reimbursement of production and marketing costs. In a market economy, profit is the source of:
- replenishment of the revenue part of the state and local budgets,
- enterprise development, investment and innovation activities,
- satisfaction of the material interests of the members of the labor collective and the owner of the enterprise.
The amount of profit and income is influenced by the volume of products, assortment, quality, cost, improvement of pricing and other factors. In turn, profit affects the profitability, solvency of the enterprise and others. The value of the gross profit of the enterprise consists of three parts:
- profit from the sale of products - as the difference between the proceeds from the sale of products (excluding VAT and excise duty) and its full cost;
- profits on the sale of tangible assets and other property (this is the difference between the sale price and the costs of acquiring and selling). Profit from the sale of fixed assets is the difference between the proceeds from the sale, the residual value and the costs of dismantling and selling;
- profit from non-sales operations, i.e. transactions not directly related to the main activity (income from securities, from equity participation in joint ventures, leasing property, exceeding the amount of fines received over those paid, etc.).
Unlike profit, which shows the absolute effect of activity, profitability- a relative indicator of the efficiency of the enterprise. In general, it is calculated as the ratio of profit to costs and is expressed as a percentage. The term is derived from the word "rent" (income).
Profitability indicators are used for a comparative assessment of the performance of individual enterprises and industries that produce different volumes and types of products. These indicators characterize the profit received in relation to the spent production resources. Product profitability and production profitability are often used. There are the following types of profitability:
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- Analysis of FCD to identify signs of intentional bankruptcy K1 - characterizes the general provision of the enterprise with working capital for conducting business activities and timely repayment of urgent obligations of the enterprise
Various areas of the main activity of the enterprise, which is associated with the production and sale of products, as well as financial and investment activities, receive a monetary value in the aggregate of indicators of financial results. The financial results of the enterprise are characterized by the amount of profit received and the level of profitability. .
Net profit is the basis of economic and social development enterprises, since it is a source of financing for the development of production, the payment of dividends, the creation of reserve funds, and the satisfaction of the social and material needs of the employees of the enterprise.
The profit of the enterprise is received mainly from the sale of products, as well as from other activities (leasing fixed production assets, commercial activity on financial and currency exchanges, etc.)
Profit is a part of net income, which is directly received by business entities after the sale of products. Only after the sale of products does net income take the form of profit. Quantitatively, it is the difference between net revenue (after paying value added tax, excise duty, and other deductions from revenue to budget and non-budget funds) and the full cost of sales. This means that the more an enterprise sells profitable products, the more profit it receives, the better its financial condition. Therefore, the financial performance should be studied in close connection with the use and sale of products. .
The volume of sales and the amount of profit, the level of profitability from the production, supply, marketing and financial activities of the enterprise, in other words, these indicators characterize all aspects of management.
The main objectives of the analysis of financial performance are:
- o systematic control over the implementation of plans for the sale of products and profit;
- o determination of the influence of both objective and subjective factors on financial results;
- o identifying reserves to increase the amount of profit and profitability;
- o development of measures for the use of identified reserves.
The main sources of information in the analysis of financial results of profit are invoices for the shipment of products, analytical accounting data on the accounts of financial results, financial statements F.2 “Profit and Loss Statement”, as well as the corresponding tables of the business plan of the enterprise. .
The sequence of formation of the net profit (loss) of the enterprise is shown in Figure 1.1.
Consider the factors that affect net profit.
The main factor is the income (revenue) from the sale of products. The amount of proceeds from sales depends on the volume and structure of production by type of product and the market prices of each type. Total production and marketing expenses: includes cost of goods sold, administrative expenses (general expenses associated with the management and maintenance of the enterprise) and distribution expenses (expenses for the maintenance of units that sell products, advertising, delivery of products to consumers).
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income (revenue) from the sale of products (010) |
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VAT, excise duty, other deductions from income (015, 020, 025) |
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net income (revenue) from product sales (035) |
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cost of goods sold (040) |
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gross profit (loss) from product sales (050,055) |
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other operating income(060) |
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administrative costs (070) |
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distribution costs (080) |
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other operating expenses (090) |
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profit (loss) from operating activities (100,105) |
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equity income, other income (110,120,130) |
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finance costs and other costs (140,150,160) |
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profit (loss) from ordinary activities before tax(170,175) |
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income tax from ordinary activities (180) |
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extraordinary (income (200) - expenses (205) - tax (210)) |
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net profit (loss) (220,225) |
Fig.1.1 Formation of net profit
Source: .
Analysis of the level, dynamics and structure of financial results is carried out according to Thomas No. 2, in the form of horizontal and vertical analysis data that is grouped. The calculation algorithm is presented in Table 1.1.
Table 1.1. Analysis of the dynamics of financial results
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Indicator, thousand UAH |
size for the period, thousand UAH |
change over period |
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previous |
reporting |
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Net income (revenue) from product sales |
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Cost of goods sold |
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Gross profit from sales (line 1- line 2) |
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Administrative expenses |
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Marketing expenses |
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Cost of goods sold, including administrative and marketing expenses (page 2 + page 4 + page 5) |
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Profit from sales (p. 1- p. 6) |
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Other operating income |
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Profit from operating activities (page 7 + page 8) |
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Equity Profit |
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Other financial income |
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Profit from ordinary activities (page 9 + page 10 + page 1 1) |
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income tax |
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Net income (p. 12 - p. 13) |
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Cash flow (net income + depreciation) |
Profit is one of the forms of net income, which expresses mainly the value of the surplus product, but also includes part of the value of the necessary product.
To identify the financial result of the enterprise, it is necessary to compare revenue with the costs of production and sales (product cost):
- if the revenue exceeds the cost, then the financial result indicates a profit;
- if the revenue is equal to the cost, then it was only possible to reimburse the costs of production and sales of products. There are no losses here, but there is also no profit as a source of production, scientific, technical and social development;
- if the costs exceed the revenue, then the company receives a negative financial result, i.e. losses. This puts him in a very difficult financial situation, which may result in bankruptcy.
- Profit characterizes the economic effect that is obtained as a result of the activities of the enterprise. But it is impossible to evaluate all aspects of the enterprise's activity with the help of profit. In this regard, when analyzing the production, economic and financial activities of enterprises, they use a system of indicators;
- profit has a stimulating function, the essence of which is that it is the financial result and the main element of the financial resources of the enterprise. Ensuring the principle of self-financing depends on the profit received by the enterprise. The share of net profit that remains at the disposal of the enterprise after paying taxes and other obligatory payments should be sufficient to finance the expansion of production activities, material incentives for employees, scientific, technical and social development of the enterprise;
- profit is a source of formation of budgets of different levels, as it comes to budgets in the form of taxes. Profit, along with other revenues, is used to finance the satisfaction of social needs, to ensure that the state performs its functions, state investment, production, scientific and technical and social programs.
- the first source is formed due to the monopoly position of the enterprise in the market for the production of a particular product or the uniqueness of the product. This source requires constant product updates;
- the second source is based on production and entrepreneurial activity. It requires knowledge of market conditions and the ability to adapt the development of production to this constantly changing environment. In this case, the amount of profit depends on:
- the correct choice of the production direction of the enterprise for the production of products (the choice of products that are in stable and high demand);
- creating competitive conditions for the sale of their goods and services (price, delivery time, customer service, after-sales service, etc.);
- production volumes (the larger the production volume, the greater the mass of profit);
- cost reduction structures;
- the third source comes from the innovative activity of the enterprise, it involves the constant renewal of products, ensuring their competitiveness, growth in sales volumes and an increase in the mass of profits.
Balance sheet profit is the sum of profits (losses) of the enterprise from the sale of products and income (losses) not related to its production and sale. Under the sale of products is understood the sale of manufactured goods that have a natural-material form, as well as the performance of work, the provision of services. The balance sheet profit is the final financial result of the activity, therefore it is determined on the basis of the accounting of all business operations of the enterprise and the assessment of the balance sheet items. This term "balance sheet profit" is used due to the fact that the final financial result of the enterprise is reflected in its balance sheet, which is compiled based on the results of the quarter, year.
Balance sheet profit includes the following aggregated elements:
- gross profit is the financial result that is obtained from the main activity of the enterprise, carried out in any form, fixed in its charter and not prohibited by law. It is calculated as the difference between the proceeds from the sale of products (works, services) without value added tax and excises and production and sales costs included in the cost of products (works, services). The financial result is calculated separately for each type of activity of the enterprise, which relates to the sale of products, the performance of work, the provision of services.
Revenue is taken into account except for value added tax and excises (these are indirect taxes received by the budget), as well as the amount of markups (discounts) received by trade and supply and marketing enterprises involved in the sale of products.
The costs of production and sale of products (works, services), which constitute the cost, are regulated by law;
- profit (loss) from the sale of products (works, services) is the difference between gross profit and commercial and administrative expenses;
- profit (loss) from the sale of fixed assets, their other disposal, the sale of other property of the enterprise is a financial result that is not related to the main activities of the enterprise. This indicator reflects gains (losses) on other sales (sales to various kinds property on the balance sheet of the enterprise: buildings, structures, equipment, vehicles and other fixed assets, material values obtained in the process of demolition and dismantling of buildings, structures, sale of individual objects, inventory items and other types of property (raw materials, materials, fuel, spare parts, intangible assets, currency values, securities));
- financial results from non-sales operations - this is profit (loss) on operations of a different nature, which are not related to the main activity of the enterprise and are not related to the sale of products, fixed assets, other property of the enterprise, the performance of work, the provision of services.
- income from long-term and short-term financial investments. Long-term financial investments are the costs of an enterprise for investing in the authorized capital of other enterprises, acquiring shares and other securities, and lending funds for a period of more than a year. Short-term financial investments are the acquisition of short-term treasury bills, bonds and other securities, the provision of loans for a period of less than a year;
- income from leasing property (they are included in non-operating profits if leasing property is not the main activity of the enterprise);
- profit of previous years, revealed in the reporting year;
- income from revaluation of goods;
- receipt of amounts on account of repayment of receivables written off in previous years at a loss;
- positive exchange differences on foreign currency accounts and operations in foreign currency;
- interest received on funds in the accounts of the enterprise.
- losses on operations of previous years, identified in the reporting year, from the markdown of goods, write-off of uncollectible receivables;
- shortages of material assets identified during the inventory;
- costs for canceled production orders and for production that did not produce products, excluding losses reimbursed by customers (the cost of material assets used is deducted);
- negative exchange rate differences on foreign currency accounts and operations in foreign currency;
- uncompensated losses from natural disasters, taking into account the costs of preventing or eliminating the consequences of natural disasters (this excludes the cost of received scrap metal, fuel, and other materials);
- uncompensated losses as a result of fires, accidents, other emergency events caused by extreme situations;
- the cost of maintaining mothballed production capacity and facilities, with the exception of costs reimbursed from other sources;
- court costs and arbitration fees, etc.
The profit that is received by the enterprise is subject to distribution, that is, to the budget and according to the items of use at the enterprise (taxes and other obligatory payments). The profit that remains at the disposal of the enterprise after paying taxes and other obligatory payments is called net profit. It is also subject to distribution in order to form funds and reserves of the enterprise to finance the needs of production and development. social sphere.
The procedure for the distribution and use of profits at the enterprise is written in the charter of the enterprise. It is determined by the regulation, which is developed by the relevant departments. economic services and approved by the governing body of the enterprise. In accordance with these documents, enterprises can draw up cost estimates financed from profits, or form special purpose funds:
- an accumulation fund is a fund for the development of production or a fund for industrial and scientific and technological development, a fund for social development;
- the consumption fund is a material incentive fund.
- expenses for research, design, engineering and technological work;
- financing the development and development of new types of products and technological processes;
- costs of improving technology and organization of production, upgrading equipment;
- costs for technical re-equipment and reconstruction current production, the expansion of enterprises;
- expenses for repayment of long-term bank loans and interest on them, etc.
operation of social facilities that are on the balance sheet of the enterprise, financing the construction of facilities non-production purpose, organization and development of subsidiary agriculture, holding health-improving, cultural events, etc.
Costs for financial incentive- these are one-time incentives for the performance of especially important production tasks, the payment of bonuses, the cost of providing material assistance to workers and employees, lump-sum benefits for labor veterans retiring, pension supplements, etc.
Consequently, the profit that remains at the disposal of the enterprise is divided into two parts: the first increases the property of the enterprise and participates in the accumulation process, and the second characterizes the share of profit used for consumption.
Profitability is a relative characteristic of the financial results and performance of the enterprise, the indicators of which characterize the relative profitability of the enterprise, measured as a percentage of the cost of funds or capital from various positions. To assess the level of efficiency of the enterprise, the result (gross income, profit) is compared with the costs or resources used. This comparison of profits with costs means profitability or, to be more precise, the rate of return.
The main indicators of profitability include:
- return on assets is the percentage of the balance sheet profit (or net profit) of the enterprise to the value of its assets (fixed working capital). This indicator shows how many rubles of profit one ruble invested in the assets of the enterprise brings;
- return on current assets is the efficiency of using current assets, that is, the ratio of the balance sheet profit (or net profit) of an enterprise to the value of its current assets;
- return on equity - the ratio of profit to the value of equity capital. This indicator allows you to determine the efficiency of using equity capital, compare it with the possible income from investing these funds in other securities, and also show how many monetary units of net profit each monetary unit invested by the owners of the enterprise earned;
- profitability of fixed production assets - the ratio of the balance sheet profit (or net profit) of the enterprise to the value of fixed assets and other non-current assets. This indicator shows the efficiency of the use of fixed assets and other non-current assets;
- return on sales (sales) - the ratio of gross profit (or net profit) to sales proceeds. This indicator shows how much profit falls on a unit of products sold;
- product profitability is an indicator that is calculated:
- for all products sold - the ratio of profit from the sale of products to the costs of its production and sale. Also, this indicator can be calculated as the ratio of profit from the sale of marketable products to the proceeds from the sale of products. The indicators give an idea of the effectiveness of the current costs of the enterprise and the profitability of products sold;
- By certain types products - this indicator depends on the price at which the product is sold to the consumer, and the cost for this type of product;
- profitability of long-term financial investments - the ratio of the amount of income from securities and equity participation in other enterprises to the total volume of long-term financial investments. This indicator shows the effectiveness of the company's investments in the activities of other organizations.
The financial condition of an enterprise is the ability of an enterprise to finance its activities, which is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal and individuals, solvency and financial stability.
Indicators for assessing the financial condition of the enterprise.
1. Indicators of financial stability characterize the state and structure of assets, the level of borrowed capital and the ability of the organization to service this debt:
- the autonomy coefficient shows what part of the total capital is own funds, i.e. independence of the enterprise from borrowed sources of funds. The higher this indicator, the more financially stable, stable and independent of external creditors is the organization;
- the financial stability ratio shows what part of the total capital is borrowed funds. If this indicator grows, then this means an increase in the share of borrowed funds in the financing of the enterprise. Conversely, if its value drops to one, this means that the owners are fully financing their enterprise;
- the coefficient of provision with own working capital shows the extent to which the financing of working capital depends on borrowed sources;
- the maneuverability coefficient shows what part of the enterprise's own funds is in a mobile form (in the form of current assets) and allows them to freely maneuver;
- the ratio of borrowed funds to equity ratio allows you to see what proportion of borrowed funds covers equity capital. If this figure is growing, then this indicates an increase in dependence on external investors. The permissible level of dependence is determined by the operating conditions of each enterprise, but primarily by the speed of turnover of working capital;
- the coefficient of security of material stocks with own working capital shows the extent to which material stocks are covered with own working capital. If the value of inventories is significantly higher than the reasonable need, then own working capital can cover only a part of the inventories (the indicator will be less than one). If the enterprise does not have enough material reserves for the uninterrupted implementation of production activities (the indicator may be higher than one), then this will not be a sign of a good financial condition of the enterprise.
Financial stability enterprises also characterize such indicators as liquidity and solvency.
The liquidity of an asset is its ability to be converted into cash. The degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets. Speaking about the liquidity of an enterprise, they mean that it has working capital in the amount necessary to repay short-term obligations (even with violation of the repayment periods stipulated by contracts).
The liquidity of the balance sheet is the degree to which the organization's liabilities are covered by its assets, the period of transformation of which into money corresponds to the maturity of the liabilities. The liquidity of the balance sheet of the enterprise is closely related to the solvency of the enterprise.
Solvency is the availability of cash and cash equivalents sufficient for the settlement of accounts payable requiring immediate repayment.
The main signs of solvency:
- availability of sufficient funds in the current account;
- no overdue accounts payable.
Depending on the degree of liquidity, the property of the enterprise is divided into four groups:
- the most liquid funds are cash and short-term financial investments;
- easily marketable assets are accounts receivable, finished products and goods;
- slow-moving assets are inventories, IBE, work in progress, distribution costs;
- hard-to-sell or illiquid assets are intangible assets, fixed assets and equipment for installation, capital long-term financial investments.
- the most urgent liabilities - accounts payable, loans not repaid on time;
- short-term liabilities - short-term bank loans;
- long-term and medium-term liabilities - long-term and medium-term bank loans;
- permanent liabilities - sources of own funds.
- the most liquid funds are greater than or equal to the most urgent liabilities;
- marketable assets are greater than or equal to short-term liabilities;
- slow-moving assets are greater than or equal to long-term and medium-term liabilities;
- hard-to-sell or illiquid assets are greater than or equal to permanent liabilities.
For a more detailed analysis of liquidity, a set of the following indicators is used:
- the value of own working capital is a part of the company's own capital, which is a source of coverage of current assets. Ceteris paribus, the growth of this indicator in dynamics is a positive trend. Profit acts as the main and permanent source of increasing own working capital;
- the maneuverability of functioning capital is a part of own working capital, which is in the form of cash, which have absolute liquidity. This indicator ranging from zero to one is considered normal for a functioning enterprise. The growth of the indicator in dynamics is considered as a positive trend;
- coverage ratio (general) - this indicator gives an overall assessment of the liquidity of assets, showing how many rubles of the company's current assets account for one ruble of current liabilities. The enterprise repays short-term liabilities mainly at the expense of current assets, therefore, if current assets exceed current liabilities, the enterprise is considered to be successfully functioning;
- quick liquidity ratio - this indicator is similar to the coverage ratio, but is calculated for a narrower range of current assets (the least liquid part of them, inventory, is excluded from the calculation). This exception is made because the cash that can be obtained in the event of a forced sale of inventories may be significantly lower than the cost of acquiring them. By international standards the indicator level should be higher than 1. In Russia, its optimal value is defined as 0.7 - 0.8;
- absolute liquidity ratio (solvency) - this indicator shows what part of short-term debt obligations can be repaid immediately if necessary. According to international standards, its value should be greater than or equal to 0.2 - 0.25;
- the share of own working capital in covering stocks is an indicator that characterizes that part of the value of stocks that is covered by own working capital. The lower limit of the indicator is 50%;
- inventory coverage ratio - this indicator is calculated by correlating the value of "normal" sources of inventory coverage (own current assets, short-term loans and borrowings, trade payables) and the amount of inventory. If the value of this indicator is less than one, then the current financial condition of the enterprise is unstable.
