Topic 7 Finance, credit and money circulation.

Finances of the enterprise, their content and essence.

Finance- financial resources of enterprises, for the normal operation of enterprises. Finance (macroeconomic level, public finance) is economic relations related to the formation, distribution and use of centralized and decentralized funds in order to perform the functions and tasks of the state and ensure the conditions for expanded production.

Finances are based on commodity-money relations, but they are not money.

With the transition to market relations in the Russian Federation, a trace is distinguished. fin. systems:

1) budgetary, 2) extra-budgetary state funds, 3) state credit, 4) state social property and its insurance, 5) finances of enterprises, organizations, institutions.

Systems from 1 to 4 groups are finances of the macro level.

The 5th system is the micro level.

The financial relations of the enterprise consist of 4 groups:

1) the relationship of the enterprise with other organizations and organizations.

2) relationships within enterprises,

3) relations within associations, which include relations with higher organizations and deviations within financial and industrial groups,

4) relations with the financial and credit system, which include relations with budgetary and non-budgetary funds, banks, insurance, and various funds.

Accordingly, these groups include:

1. relations with suppliers, buyers, with construction and installation and transport organizations, relations with the post office, telegraph, foreign trade organizations and foreign firms;

2. relations between subdivisions of enterprises, branches, workshops, departments, teams, relations with workers and employees related to payment for work and services, distribution of profits and working capital, and relations with workers and employees related to the payment of wages, benefits, dividends on shares, financial assistance, recovery of money for damages, payment of taxes;

3. attitudes about education, the use of centralized cash funds, especially investment financing, also includes the replenishment of working capital, financing of import operations and scientific work, incl. marketing;

4. relations with various budgets and off-budget funds that are associated with the transfer of taxes and deductions.

The most important aspect of the financial activity of the enterprise is the formation and use of various monetary funds through which:

1) providing pre-ty necessary. money Wed you

2) Finnish scientific and technical. progress

3) development and implementation new technology,

4) economic incentives,

5) settlements with budgets and banks.

These funds include:

1. Authorized capital, through which are formed working capital and Wed-va, cat. being the main source of own funds in pr-tion, it changes according to the results of work for a year after measuring the constituent documents, it is fashionable to increase or decrease by issuing or withdrawing shares from circulation, as well as by reducing or increasing the par value of shares (the value of shares);

2. Extra capital- includes results of revaluation of fixed assets and share premium (issuance of money and securities into circulation):

Income from the sale of shares in excess of their par value,

ITC money received free of charge for industrial purposes,

Allocation from the budget for the formation of capital investments,

Cash funds for replenishment of working capital.

3.Reserve capital:

The cash fund, which is formed by deductions from profits,

Designed to cover losses, in a JSC to redeem bonds and issue its shares,

4.Fund of social spheres:

- cash funds deducted from net profit, aimed at the development of production,

Creation from net profit,

is directed to the payment of dividends, one-time incentives, mater. assistance, payment vacations, meals, transportation, etc.

5. Sinking fund- designed for simple reproduction of the main. funds, as well as attracted borrowed sources.

6. Monetary Fund- is formed in industries that receive foreign exchange earnings from transport operations or buy foreign currency for import operations.

Methods of financial management of the enterprise.

1. Providing function Finance suggests that the company should have been fully provided with the necessary monetary resources. All expenses must be covered by their own income, the temporary additional need for wed-wah is covered by a loan and other borrowed sources, while optimizing the sources of money. Wed-in is one of the main tasks of managing the functions of an enterprise. The task of optimizing sources of resources is solved by financial management.

2. Distribution- the content at the macro level is the distribution and redistribution of the social product and national income. In this distribution process, national income covers 2 phases: - primary distribution, in which primary income or the main income of organizations and state income is formed, this is manifested in the form of wages, profits and centralized money in the state ; - secondary distribution and redistribution, while the totality of primary income forms nat. income, but primary income does not form target money. public funds, therefore, the redistribution of nat. income. After the primary distribution, which is carried out in the field of mat. pr-va occurs redistribution by means of withdrawal by will of a part of the income in the area of ​​the mat. pr-va. These incomes are directed to the non-productive sphere. This mechanism is implemented through the budget system with the help of taxes. At the micro level - a contract in the distribution and redistribution of proceeds from the sale of products, work performed, services rendered. Part of the proceeds goes to compensate mat. the costs necessary for the production of products, and a part for the payment of wages, profit generation, which are redistributed by the state in the form of income tax and the enterprise, at the expense of the remaining profit, forms accumulation, consumption and reserve funds.

3. Control - is expressed in direct control over the formation and use of centralized and decentralized fin.sr-in.

Financial control is the control of legislative and executive authorities at all levels, as well as specialized agencies for the financial activities of all economy. subjects (state, enterprises) using special methods.

State control affects the sphere of budgets of all levels, extra-budgetary funds and finances of enterprises, banks, etc. The bodies exercising state financial control include all government bodies those responsible for financial management (see above), as well as the Accounts Chamber of the Federal Assembly, the Control Department of the President of the Russian Federation, etc.

Non-state control is carried out by credit institutions, shareholders, external audit firms, internal control bodies of enterprises, etc.

Financial control can be conditionally classified according to various criteria:

1. Time of holding: preliminary, current, subsequent.

2. Subject of control: presidential, executive authorities, representative authorities and local government, financial and credit organizations, departmental, on-farm (to the enterprises themselves), audit.

3. Sphere of financial activity: budgetary, tax, currency, credit, insurance, investment, money supply control.

4. Form of holding: obligatory, initiative.

5. Method (method, method) of conducting: verification, examination, supervision, analysis of financial activities, observation, revision.

Financial control- this is cost control, which takes place in all spheres of social reproduction and accompanies the process of movement of money.

Financial mechanism - a system of state norms, types and methods of use public finance in order to ensure the implementation of appropriate financial policies. The elements of the financial mechanism are: legally established forms financial resources, methods of their formation, legislative norms and regulations (including taxes and non-tax payments), principles of formation of the budget system, methods of regulation of credit and stock markets, etc. The plurality of relationships determines the plurality of elements of the financial mechanism.

practical sides implementation of financial policy set. It is expressed through:

pricing system;

Tax policy and sources of budgeting;

monetary policy;

Privatization, etc.

Enterprise financial mechanism- This is a financial management system for an enterprise, which is designed to organize and interact with fin. relations with funds den. Wed-in.

Organization and interaction of fin. relations is achieved by using Fin. categories, in particular profit, taxes, working capital, depreciation, cashless payments, fin. categories, from the standards - profitability, payments to the budget, as well as through the use of various incentives, sanctions, etc. fin. leverage.

Fin. activity pr-tiya implemented fin. department, in a small enterprise, the financial department can be combined with the sales department or accounting department.

Head of fin. The department is subordinate to the leader of the pre-I and is responsible for the financial condition of the pr-tia.

Composition of the financial department: head, deputy head, senior expert, experts, cashier, collector, computer operator

Employees of the financial department carry out the following. types of jobs:

1) financial, credit, cash, planning, operational management of the implementation of plans;

2) issuance of payment documents to buyers and control over their payment;

3) payment of supplier invoices;

4) receipt and repayment of loans;

5) receiving cash from the bank for the payment of wages and other payments.

The main task of the employees of the department of fin. services are strengthening the financial position of the pre-tia due to:

1.Improve profitability;

2. increase in profit;

3.growth of labor productivity;

4.reduction of s/s products;

5.growth of its quality;

6. implementation of the achievements of scientific progress.

Tasks of the financial department:

1. creation of financial resources for prod. and social development, for profit growth, profitability;

2. fulfillment of financial obligations to the budget, bank, suppliers, higher organizations, for the payment of salary;

3. promoting more efficient use of production funds and investments;

4. development and implementation of fin., credit. and cash plans;

5. implementation of measures for the efficient use of industrial funds, bringing the size of their own working capital up to the established standards;

6. ensuring the safety and acceleration of the turnover of working capital;

7. control over the correct use of fin. resources.

Financial results of the enterprise, their content and procedure for determining.

Fin. result of the action of the pre-tia forms as a result of the main. dei-sti pre-tia, provided for by the charter or founding. documents, as well as, as a result of other activities that are not related to the main one, but take place.

All expenses must be covered by your own income. The task of optimizing the sources of the medium should be successfully solved by the fin. management. One of the chap. tasks of financial management pre-i - is to optimize the sources of money. wed-in, since with an excess of wed-in, the efficiency of their use decreases, and with a shortage, fin. difficulties, to-rye can lead to serious consequences.

Main source of money. Wed-in, developing pre-I yav-Xia profit. Its value depends on many factors. Main factor is the ratio of income and expenses. Profit is the main source of reserve capital formation. This capital is intended to compensate for unforeseen losses and possible losses from households. action. Fin. rez-you are expressed by the formation of gross profit.

VP \u003d Prp + Ppr + V (profit: from the sale of GP, from other sales, non-operating transactions). The planned value of profit from industrial. activities on the pre-yah is calculated for the year by months and quarterly. The main part of the profits from industrial. deya-sti yav-Xia profit from the sale of products. affect the growth of production. labor, reducing the material consumption of products and its s / s, increasing capital productivity, improving product quality, and other measures taken to intensify production and increase its efficiency. Profit yav-Xia DOS. source of income pre-tia, and DOS. the source of the increase in profits is the decrease in s / s products. The cost of production and sales of products is determined acc. with the provision on the composition of the costs of production and sale of products. The regulation includes the costs of agricultural products. grouping costs by economy. elements, the procedure for the formation of results taken into account in the taxation of profits. Final fin. rez-t profit or loss is composed of fin. result of the sale of products, works, services from the main. Wed-in and other property pr-tiya and income from non-operating activities, reduced by the amount of expenses for these operations. Pre-e carry out export activities when calculating profits, the export tariff is excluded from the proceeds from the reaction of products. For tax purposes, revenue from the sale of products is determined either as it is paid (for non-cash settlements), or as funds are received for goods and services on the accounts of institutions and banks. When calculating cash in cash, revenue is determined by the receipt of funds at the cash desk, or as the goods are shipped and the buyer is presented with settlement documents. Revenue from reaction-tion has a great impact on the fin. results of pre-tia.

Fin. the well-being of the pre-tion is ensured by the action of both internal and external factors. Of particular importance are external circumstances, which the entrepreneur cannot change and is forced to adapt to them. The internal possibilities of pre-tion are used to effectively use factors, while managers must control external factors in order to foresee the danger and in time to use the opportunities that have opened up in relation to the pre-ty. Fin. the success of the pre-tion largely depends on the coordinated work of the leader, Ch. accountant, lawyer To solve the problems, a cost management mechanism is needed. planning and cost accounting for agricultural products, incl. according to the assortment produced by the enterprise, while it is important to create an accounting analytical database and guarantee monthly imf-tion about the efficiency of work and about the structure of the s / s by assortment.

financial planning. the results of the pre-Ia implemented by the components separately for the first component - profit from the reaction of products, provides for taking into account the profit in the balances at the beginning and end of the reporting period: Prp = Png + Ptp-Pkg (profit at the beginning of the year + marketable output profit at the end of the year). To ensure the pr-va, stocks are planned: Zpl \u003d Zng + Ztp-Zkg (planned stocks \u003d balances at the beginning of the year + stocks for marketable products - at the end of the year). When determining GP, balances at the end and beginning of the year are taken into account: Vgp \u003d Ong + TP + Okg (GP issued = at the beginning of the year + commercial products - balances at the end of the year). Profit from tov. pr-tion determined Xia next. way:

1. The method of direct counting, where the range of manufactured products is insignificant and s / s products are determined for each type.

2. Calculated-analytical, the range of products is significant, s / s products are determined by individual representatives of groups of manufactured products.

3. In practice, a combined method is used.

Max is predicted. possible profit, while determining the proceeds from the reaction of products and compared with the total cost, all costs are divided into fixed and mixed. Dependence of profit on post. and altern. costs called-Xia efficient production. a lever under which with a change in revenue from the real-tion of products there is a more intensive change in profit in one direction or another. Effect indicator leverage is essential. Revenue from the real-tion of products yav-Xia DOS. source of wed-in on the production, the formation of centralization. and decentralization. funds den. Wed-in, the timely receipt of revenue provides n / a circulation of Wed-in and the continuity of the pr-th process.

With Fin. planning takes into account the totality of fin. relations of pre-tion, which can be systematized in the next. directions:

1. associated with the formation of the authorized capital of the pre-I, to-th being the source of the formation of prod. funds, acquisition of namater. pre-I assets;

2. associated with the production and reaction of products, as well as the emergence of a newly created article, include money. relations between suppliers and buyers, transport and clientele, customer and contractor;

3. m / y commercial. organizations and pre-yami fin. relations are connected with the emission and placement of securities;

4. fin. relations m / y pre-em and its divisions, with a higher organization, a member of which they are-Xia in the performance of mutual fin. obligations;

5. fin. relations m / y commercial. organizations, predecessors and individual employees arising from the distribution, use of income, the issuance, placement of shares, bonds, the payment of interest on bonds;

6. fin. relations between the enterprise and the banking system in the process of keeping money in the bank, obtaining loans, paying interest on a loan, providing banking services;

7. fin. m / y relations with enterprises and insurance companies, with insurance of property, certain categories of workers, entrepreneurship and com. risk.

The main functional elements of financial management include:

• financial planning;
• forecasting;
• programming;
• regulation;
• the control.

Planning in the theory of financial management is considered as a tool for the formation of target indicators, the analysis of the achievement of which in practice makes it possible to judge the quality of the plan, the completeness and sufficiency of the proposed measures, as well as the deviations of the actual and planned parameters. That is why some economists call planning and control interrelated functional elements of public and municipal finance management.

The implementation of financial planning involves raising questions about what sources of funding are available, in what areas they should be distributed, and how to achieve a balance between centralized and decentralized funds, sectors of the national economy and territories.

Consequently, the object of financial planning is the formation and distribution of income and savings, the formation and use of centralized and decentralized funds of funds. All planning entities in the system of centralized finance can be called "responsibility centers", as in the corporate sector. This means that each participant in financial planning is involved in making management decisions. All executive bodies are subjects of financial planning, but, of course, the executive branch is directly involved in the implementation.

In the financial management system of the public sector, the following types of financial plans are distinguished.

• 1. By terms:
  • - short-term (up to 1 year);
  • - medium-term (from 3 to 5 years);
  • - long-term (over 10 years).
• 2. According to the centers of responsibility of state and municipal financial management, the following financial plans can be distinguished:
  • - consolidated budget list;
  • - budget line;
  • - plans for financial and economic activities and estimates of institutions.
• 3. By levels of the budget system Russian Federation:
  • - national financial plan;
  • - financial plans of territories;
  • - financial plans or lists of municipalities, municipalities and settlements.

into the system financial plan states include:

• long-term financial plans, which contain data on the possibilities of the budget to mobilize revenues and finance expenditure items of the budget. In 2015, the federal budget was drawn up not for three years, as usual, but for one. This may be due to the unstable situation in the Russian economy. However, at the sub-federal and local levels of the budget system, three-year budget planning is retained. The plan is annually adjusted for indicators of the updated forecast of the socio-economic development of the state;
• consolidated financial balances compiled at the national and territorial levels, which reflect the balance of created and used financial resources. It is developed by the Ministry of Economic Development of Russia with the participation of the Ministry of Finance of Russia and covers the funds of all budgets, extra-budgetary trust funds and enterprises located in the relevant territory. The preparation of the consolidated financial balance is preparatory stage development of a targeted financial plan - budget;
• federal and local budgets. Budget planning is the main element of financial planning, and the budget is the main financial plan of the state. They are interconnected with each other. However, financial planning is carried out by many business entities, and budget planning is the prerogative of the state;
• budget forecasts, which characterize the main parameters of budgets, including consolidated ones. The need to draw up a budget forecast is associated with the implementation of state and municipal programs.

Consider the principles and methods of financial planning.

• 1. The most important principle of drawing up a plan is the principle of a scientific approach, which allows you to synthesize the achievements of the sciences (cybernetics, mathematics, economics, sociology, etc.) and form a reliable forecast of the budget system indicators.
• 2. Social orientation is one of basic principles financial planning, which allows you to take into account not only the economic, but also the social effect of the planned financing. The redistributive function of public sector finance is also implemented here.
• 3. The principle of proportional distribution of financing implies the assignment of income and expenditure obligations to specific participants in financial planning for each branch of the production and non-production spheres. It also implies a balance of interests of all subjects of economic activity.
• 4. The principle of priority indicates the redistribution of the rights of access to financial resources and their use in accordance with the developed concept of the socio-economic development of the state, territory and municipality.
• 5. The principle of mutual linkage of short-term and medium-term goals with the long-term concept of the development of the state.
• 6. The principle of unity of budgetary and economic planning, which is achieved through the interaction of relevant ministries and departments.
• 7. The principle of adequacy to objective regularities characterizes the process of identifying and evaluating sustainable phenomena, trends and their relationship in the development of budgetary relations.
• 8. The principle of alternative budget planning implies a difference in the development of individual parts of the budget system.
• 9. Program-target principles, which involve financing planning in mutual linkage with target indicators.

Thus spending budget funds should not mean only their complete “development”. Money must "show the effect" or "bring results", otherwise funding loses its meaning.

Compliance with these principles cannot be realized without the use of financial planning methods.

The basic method is the normative one, which is based on the definition and use of norms, i.e. values ​​indicating the maximum allowable or average allowable amount or the minimum required result.

Economically, standards reflect social requirements for performance results and characterize the required level of resource use for the final result or regulate relations in the course of distribution of performance results. The set of norms and standards used to develop forecast and planning documents, substantiate plan targets, and evaluate their implementation is called regulatory framework. Today, the use of the normative method is the basis for ensuring appropriate international standards the level of social development, the achievement of an optimal balance between production and consumption, the timely opening of reserves, the efficient use of resources, the rational management of the economy, the development of market relations. In addition, the development of evidence-based standards significantly improves the quality of financial planning.

Economic analysis involves data processing using the following methods:

• structural analysis to determine the share of the studied indicators in the total volume;
• horizontal analysis to identify the dynamics of parameters over several periods;
• factor analysis to determine the most important variables, affecting the final indicator;
• trend analysis to identify the development of predictive parameters in the future by building a long-term trend, which is possible with the availability of retrospective data.

Economic analysis includes methods of economic groupings, direct counting (indicators are determined based on scientifically based norms and standards of material, labor costs), the ratio method, or index, and the structuring method (target tree).

The balance method helps to identify the shortage of financial resources across the country, constituent entities of the Russian Federation and local administrations, since it allows to analyze the ratio of production and consumption of territories, the availability of resources and their use, cash and non-financial flows.

Mathematical methods and models make it possible to build probabilistic forecasts and preliminarily assess their viability. The mathematical model of an economic object is a set of equations, inequalities, logical relations, graphs that unite groups of relations of the elements of the object under study. This also includes methods of statistical analysis (index method, regression analysis) and extrapolation.

The method of expert assessments is also used when several expert opinions are collected. It is used in addition to other financial planning methods.

The program method has been used in financial planning relatively recently and has already shown its effectiveness. Of course, it cannot be used without the other financial planning methods discussed earlier.

The essence of the program approach is reflected in performance-based budgeting. The financial plan includes the target values ​​of the resulting indicators on the one hand and the amount of funding that will allow them to be achieved. The gradual introduction of the program-target method made it possible to move on to the formation of a “program” budget. The essence of such a financial plan lies in the mutual linking of the goals and amounts of funding for various activities. The transition to program-target indicative financial planning made it possible to move away from the practice of “budget funds development” to a report for each ruble of budget financing. It also improved the quality of financial control.

These methods make it possible to optimize financial planning at all levels of the budgetary system of the Russian Federation.

Management of centralized finances cannot be imagined without state and municipal financial control, which is carried out at all stages of management of state and municipal finances and implements the following tasks:

• 1) ensuring the completeness and efficiency of the targeted use of financial resources;
• 2) identification of reserves for the growth of financial resources;
• 3) the correctness of the preparation and execution of the financial plan, as well as reporting;
• 4) compliance with legislation in the field of taxation.

The objects of financial control are receipts of all types of budget revenues and contributions to off-budget funds, credit and borrowed funds, and their use. Control over the execution of the budget is carried out by representative authorities, the Accounts Chamber of the Russian Federation, as well as financial and tax authorities.

Among the basic principles of state financial control, one can single out the principle of planning; consistency; continuity; legality; objectivity; independence; publicity; control efficiency. It can be seen that all these criteria correspond to the principles of the organization financial system the state as a whole, as well as the budgetary system.

Classification of financial control can be presented in the following form.

• 1. State and non-state (audit).
• 2. By the time of the event:
  • - preliminary control - during the discussion and approval of draft laws (decisions) on the budget and other draft laws (decisions) on budgetary and financial issues;

current control - during the consideration of certain issues of budget execution at meetings of committees, commissions, working groups of legislative (representative) bodies during parliamentary hearings and in connection with deputy requests;

• - follow-up control - in the course of consideration and approval of reports on the execution of budgets.
• 3. By type of materials - actual and documentary control.

The subjects of implementation of state and municipal financial control include:

• - bodies of the Federal Treasury;
• - control and audit bodies;
• - Rosfinnadzor;

financial bodies of subjects and municipalities with independent budget execution.

Consider methods of financial control.

• 1. Documentary and cameral audits, which are carried out by the tax service, as well as the founders of state and municipal enterprises and organizations.
• 2. Survey, which is usually carried out in the form of a survey or questionnaire.
• 3. Monitoring (observation) or analysis of the activities of business entities based on generalized data.
• 4. Supervision in the field of budget legal relations.
• 5. Audit (documentary and factual verification) is carried out by Rosfinnadzor and its territorial bodies. The purpose of the audits is to determine the legitimacy, purposeful nature, efficiency and economy of the use of federal budget funds, state extra-budgetary funds, and material assets. Control actions for the actual study are carried out by inspection, inventory, observation, recalculation, examination, control measurements. The results of the audit (inspection) are documented in the act of the audit (inspection).

Summing up, we should take revenge on the trend towards the introduction of corporate approaches to financial management in the system of public and municipal finance management. This was facilitated by the network reform budget institutions, the transition to three-year budget planning and the introduction of performance-based budgeting. The next step is the development of a system for assessing the quality of personnel employed in the sector of state and municipal government. This system of indicators is necessary to assess the effectiveness of the management of companies with state participation.

Financial management

graduate work

1.1 The main tasks and methods of financial management of the enterprise

The financial system is the financial relations that exist within the framework of a given economic formation.

The financial system is a set of various spheres of financial relations (links of the financial system), in the course of which funds of funds are formed and used. This is a collection of centralized and decentralized monetary funds.

The construction of the financial system is based on the following principles:

Functional purpose. It consists in the fulfillment by each link of the financial system of its tasks (the state budget expresses the distribution relations between the state, enterprises and the population; the finances of enterprises express the relations for the creation and use of monetary funds intended to meet the primary needs of social reproduction).

The unity of the financial system is predetermined by the unified economic and political basis of the state. This leads to a unified financial policy pursued by the state through centralized financial bodies and common goals. Management of all links takes place on the basis of unified legislative and regulatory acts.

Territoriality - each region has its own financial system with its own territorial features.

Management is inherent in all spheres of human activity, including financial. Management is understood as a conscious purposeful impact on an object with the help of a set of techniques and methods to achieve a certain result. Management is based on knowledge of the objective laws of the development of society. At the same time, the state, represented by relevant management structures. An important area of ​​management activity is financial management. It is carried out by a special apparatus with the help of special techniques and methods, including a variety of incentives and sanctions.

Management of the financial resources of an enterprise is a set of targeted methods, operations, levers, methods of influencing various types finance to achieve a certain result. In financial management, as in any other managed system, objects and subjects of management are distinguished. The objects of management are various types of financial relations associated with the formation of cash income, savings and use by business entities and the state. The subjects of management are those organizational structures that manage.

In accordance with the classification of financial relations, according to their spheres, such groups of objects as the finances of organizations (enterprises, institutions), insurance relations, public finances and household finances are distinguished. They correspond to such management entities as financial services (departments) of enterprises, insurance authorities, financial authorities and tax inspectorates. The totality of all organizational structures carried out by financial management, is a financial apparatus.

The subjects of management use in each area and each link of financial relations specific methods of targeted impact on finances. At the same time, they also have common methods and methods of management. Methods of financial management are diverse. The main ones are: forecasting and planning financial condition, taxation, insurance, self-financing, lending, settlement system, financial assistance system, system of financial sanctions, system depreciation charges, incentive system, pricing principles, trust operations, pledge operations, transfer operations, factoring, rent, leasing. An integral element of these methods are special methods of financial management: credits, loans, interest rates, dividends, exchange rate quotation, excise tax, discount, etc. The basis of information support for the financial management system is any information of a financial nature:

financial statements;

reports from financial authorities;

information of institutions of the banking system;

information on commodity, stock and currency exchanges;

other information.

The technical support of the financial management system is an independent and very important element of it. Many modern systems based on paperless technology (interbank settlements, offsets, credit card settlements, etc.) are impossible without the use of computer networks, personal computers, and functional application software packages.

The functioning of any financial management system is carried out within the framework of the current legal and regulatory framework. These include: laws, presidential decrees, government decrees, orders and orders of ministries and departments, licenses, statutory documents, norms, instructions, guidelines and etc.

Planning occupies one of the most important places in the financial management system. When planning, any business entity comprehensively assesses the state of finances, reveals the possibility of increasing financial resources, determines the direction of their most effective use. Planned decisions are made on the basis of the analysis of financial information, which is based on accounting, statistical and operational reporting. There is operational management, which is a set of measures developed on the basis of an operational analysis of the emerging current financial situation and pursuing the goal of maximum effect at a minimum cost through the redistribution of financial resources. The main content of operational management is rational use financial resources to improve economic activity.

Control as a control element is carried out in the process of planning and operational management. It allows you to compile the actual results of the use of financial resources with the planned ones, to identify reserves for the growth of financial resources and their more efficient use. In a market economy, one of the key figures in the enterprise becomes a financial manager. He is responsible for raising financial problems, analyzing the feasibility of using one or another way to solve them, and sometimes for making the final decision on choosing the most appropriate course of action. However, if the problem posed is of significant importance for the enterprise, he can only be an adviser to senior management personnel. Finally, the financial manager, as a rule, is the responsible executor of the decision made, he also carries out operational financial activities. Its activities include:

General financial analysis and planning;

Providing the enterprise with financial resources (management of sources of funds);

Distribution of financial resources (investment policy and asset management).

The financial manager is often included in the top management staff of the company, as he takes part in solving all the most important issues.

In the most general view the activities of a financial manager can be structured as follows: general financial analysis and planning; providing the enterprise with financial resources (management of sources of funds); allocation of financial resources (investment policy and asset management).

The logic of identifying such areas of activity of a financial manager is closely related to the balance sheet structure, as the main reporting form, reflecting the property and financial condition of the enterprise.

The organizational structure of the financial management system of an economic entity, as well as its staffing can be built different ways depending on the size of the enterprise and the type of its activity. For a large company, the most typical is the isolation of a special service, led by a vice president for finance (financial director) and, as a rule, including accounting and a financial department

In a market economy, the art of enterprise management is increasingly focused on using the internal potential of the enterprise, on the economic justification of managerial decisions, which requires the improvement of techniques and methods of financial management. It follows that the financial management of an enterprise is the effective management of its cash flows, which consist of two interrelated areas: cash receipts and their use. In other words, financial management is a process whose purpose is to improve the financial condition of the enterprise and obtain certain financial results. In other words, it is associated with the optimization of the financial resources of the enterprise in order to obtain the maximum income for the owners.

Based on this goal, among the main tasks of effective financial management of an enterprise (financial management) can be identified:

1. Planning and forecasting the finances of the enterprise (among the main indicators of the financial plan, we single out the volume of capital investments and sales; profit; profitability).

2. Making appropriate decisions when investing (among the indicators, we highlight the optimal growth rate of sales, the structure of funds raised, methods of mobilizing them, methods of investing - through bank loans, issuing shares or bonds, the loan term).

3. Coordination of the financial activities of the company with all its services.

4. Carrying out operations in the financial market to mobilize additional capital, including the sale of own shares and bonds.

Based on the financial strategy of the enterprise, ensuring liquidity and profitability is a prerequisite for its economic development, and ensuring profitability can be combined with such tasks as conquering the market or simply the survival of the enterprise.

The financial results of an enterprise largely depend on what the enterprise prefers at each specific stage of its development - ensuring liquidity or profitability. Thus, the focus on increasing profitability, as a rule, increases the risk of insolvency and, consequently, liquidity. Conversely, the increase in liquidity is inversely proportional to profitability. With skillful financial management, the primary should be to ensure the liquidity of the enterprise on the basis of an accurate balance of needs and the availability of cash in circulation.

If an enterprise focuses on maximum profit and profitability, then it will mobilize all its resources. including by reducing liquidity, abandoning financial reserves, involving borrowed resources in large volumes, etc. If the goal is to conquer the market, then maximum profitability is sacrificed, and the requirements for liquidity and the availability of sufficiently large reserves are sharply increased here . If the goal is survival, the main thing for the enterprise is to maintain the level of zero profit with minimal deviations from it, while ensuring liquidity and the presence of certain reserves, and the main support should be its own sources.

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 from 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.

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. The optimal use of depreciation and profit for the intended purpose allows you to resume production on an expanded basis.

The purpose of depreciation is to ensure the reproduction of fixed production assets and intangible assets. Unlike depreciation deductions, 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 needs 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.

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, manages the 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 free funds of the enterprise can be separated from the total cash flow and placed in the bank on deposit accounts.

Self-financed -- required condition successful economic activity of enterprises in a market economy. This principle is based on the full cost recovery for the production of products and the expansion of the production and technical base of the enterprise and means that each enterprise covers its current and capital costs from its own sources. In case of temporary insufficiency of funds, the need for them can be provided by short-term bank loans and commercial loans (to cover current costs) and long-term bank loans (to be used for capital investments).

The financial resources of the enterprise directed to its development are formed at the expense of:

* depreciation charges;

* profit received from all types of economic and financial activities;

* additional share contributions of participants in partnerships;

* funds received from the issue of bonds;

* Funds mobilized through the issuance and placement of shares in joint-stock companies of open and closed types;

* a long-term loan from a bank and other creditors (except for bonded loans);

The detailing of the analysis methodology depends on the goals and objectives, as well as on various factors information, temporary, methodological, personnel and technical support.

The main purpose of the activities of enterprises in a market environment is to meet social needs, make a profit and ensure their own financial stability.

To achieve this goal, enterprises must:

To produce high-quality products, update them in accordance with demand;

Rational use of production resources, taking into account their interchangeability;

Develop a strategy and tactics for the behavior of enterprises in

market and adjust them according to changing circumstances;

To introduce everything new and advanced in production, in the organization of labor and management;

Take care of employees, the growth of their qualifications,

living standards, creating a favorable socio-psychological climate in the workforce;

Ensure the competitiveness of the enterprise;

Conduct a flexible pricing policy and implement other

The financial management system includes the following elements:

financial methods;

Financial levers (instruments);

Legal support;

Information and methodological support.

Financial methods are ways of influencing financial relations on the economic process, the formation and use of monetary funds

Financial leverage is the instruments used in financial methods. These include economic indicators through which the impact on economic activity: profit, income, taxes, financial sanctions, price, dividends and interest, wage, as well as depreciation, share contributions, contributions to the authorized capital, portfolio investments, etc. Finance is the most important tool through which the impact on the economy of an economic entity (country, region, enterprise) is carried out.

The financial mechanism is a system of organization, planning and use of financial resources.

The composition of the financial mechanism includes: financial instruments, financial techniques and methods that provide subsystems (personnel, legal, regulatory, information, technical and software).

Financial instruments are understood as various forms of short-term and long-term investment, which are traded on stock markets Key words: cash, securities, options, forward contracts, futures and swaps.

There are different approaches to the interpretation of the concept of "financial instrument". In its most general terms, a financial instrument is any contract that simultaneously increases the financial assets of one entity and the financial liabilities of another entity.

Financial assets include:

· cash;

· the contractual right to receive money or any other type of financial assets from another enterprise;

a contractual right to exchange financial instruments with another enterprise for a potentially favorable conditions;

shares of another company.

Financial obligations include contractual obligations:

pay cash or provide some other type of financial asset to another entity; exchange financial instruments with another company on potentially unfavorable terms (in particular, such a situation may arise in the event of a forced sale of receivables).

Financial instruments are divided into primary (cash, securities, accounts payable and receivables on current operations) and secondary, or derivatives (financial options, futures, forward contracts, interest rate swaps, currency swaps).

There is also a more simplified understanding of the essence of the concept of "financial instrument". In accordance with it, three main categories of financial instruments are distinguished: cash (funds on hand and on the current account, currency), credit instruments (bonds, forward contracts, futures, options, swaps, etc.) and methods of participation in the authorized capital (shares and shares).

In a market economy, the efficiency of an enterprise and the organization of its financial relations are influenced by a variety of factors that can be grouped into the following groups:

Positive factors - positively, beneficially influencing the activities of the enterprise;

Negative factors - negatively affecting its activities;

Internal - depending on the activities of the enterprise itself;

External - not dependent on it.

Internal factors include:

With the personality of the leader;

With the acceleration of NTP;

Improving the organization of production, labor and management (management) of the enterprise;

With the organizational and legal form of management;

With the specifics of production and industry;

With the quality and competitiveness of products;

With depreciation and investment policies, etc.

External factors include factors associated with changes:

Conjuncture of the world and domestic market;

political environment;

Inflationary processes and economic policy of the state

The successful operation of the enterprise is not possible without the reasonable management of financial resources. It is not difficult to formulate goals for the achievement of which rational management of financial resources is necessary:

the survival of the firm in a competitive environment;

avoiding bankruptcy and major financial failures;

leadership in the fight against competitors;

maximizing the market value of the firm;

acceptable growth rates of the economic potential of the company;

growth in production and sales volumes;

profit maximization;

cost minimization;

ensuring cost-effective activities, etc.

The priority of a particular goal can be chosen by the enterprise depending on the industry, position in this market segment and many other things, but successful progress towards the chosen goal largely depends on the perfect management of the financial resources of the enterprise.

Financial resource management is one of the key subsystems common system enterprise management. Within its framework, the following issues are addressed:

What should be the value and the optimal composition of the assets of the enterprise, allowing to achieve the goals and objectives set for the enterprise?

Where to find funding sources and what should be their optimal composition?

How to organize the current and prospective management of financial activities, ensuring the solvency and financial stability of the enterprise?

The finances of enterprises are monetary relations associated with the formation and distribution of cash income and savings and their use to fulfill obligations to the financial and credit system and finance the costs of expanded reproduction, social service and financial incentives for employees.

The finances of business entities can be divided into sub-links:

Finance of commercial enterprises and organizations,

Finance of non-profit organizations.

The provision of centralized monetary funds with financial resources depends on the state of the finances of enterprises. At the same time, the active use of enterprise finances in the process of production and sale of products does not exclude the participation of the budget, bank loans, and insurance in this process.

Based on the foregoing, it becomes clear that financial resource management is one of the key subsystems of the overall enterprise management system. The successful operation of the enterprise is not possible without the reasonable management of financial resources.

Financial activity of the state financial management - the activities of the state authorities, the content of which is the direct organization of the tasks of replenishing state funds in cash, their fair distribution and lawful use.

Management is conscious impact with the aim of developing and improving the object. State influence on business is carried out through tax policy, regulation of the financial market, the formation of an amortization fund, a system state support businesses through subsidies. That is, the state influences the economy and the social sphere through finances, mainly in the implementation of financial policy. Management is carried out through the adoption of financial legislation, the approval of the federal budget and the report on its execution, the introduction or abolition of certain taxes, the approval of the maximum amount of public debt, etc.

Public Financial Management- a set of incentives and sanctions to quickly solve the tasks public policy

Control object the system of finance or the totality of monetary relations.

Subjects of management - financial institutions, services, financial departments of organizations, etc. Financial management is expressed in financial policy - a set of methodological principles, practical forms of organization and methods of using finance.

The main subjects of state and municipal finance management in the Russian Federation are the President and the Government of the Russian Federation, legislative authorities, the Ministry of Finance of the Russian Federation, the Federal Tax Service of the Russian Federation, the Central Bank of the Russian Federation, the Federal Treasury and others.

Management Goals are financial stability and independence, manifested in macroeconomic balance, budget surplus, reduction of public debt, stability of the national currency and, ultimately, the combination of the interests of the state and society.

There are several forms and methods of managing the state finances:

Financial planning;

Forecasting;

Programming;

financial regulation;

Financial control;

Adoption of financial legislation;

System of methods for mobilizing financial resources.

financial planning- this is a management activity to achieve balance and proportionality in the movement of cash flows and financial resources, i.e. the optimal ratio between the financial resources at the disposal of the state and the income remaining with business entities.

financial forecasting- anticipation of the possible financial position state, substantiation of indicators of financial plans.

financial programming- method of financial planning based on the program-target approach. It is intended:

To prioritize public spending by areas;

Improving the efficiency of spending public funds;

Termination of funding in accordance with the choice of an alternative option.

financial regulation socio-economic processes is an activity organized by the state to use all aspects of financial relations in order to adjust the parameters of reproduction. The subjects of financial regulation are state structures, and the objects are the incomes and expenses of participants in the public system. The main task solved in the course of financial regulation is related to the establishment of proportions for the distribution of accumulation, ensuring the maximum possible satisfaction of the needs of society.

Financial control- this is the activity of authorized bodies regulated by the norms of law to verify compliance with the legality and expediency of actions in the field of formation, distribution and use of state and municipal funds for the effective socio-economic development of the state.

Financial management is regulated by the highest legislatures through acceptance of fin. legislation, state approval. budget and report on its execution, introduction or cancellation certain types taxes, approval of the maximum amount of public debt and other financial parameters.

Main methods of mobilizing financial resources state-vom: taxes, credit, insurance. Tax- obligatory, gratuitous cash payment levied by the state from organizations and individuals. Credit- the provision of a loan by a lender to a borrower in cash. or goods. form on the terms of return, urgency for def. remuneration (in the form of interest for the use of the loan), where the lenders and borrowers are legal entities and FL, state. authorities, government. Insurance- relations for the protection of property. interests of FL and LE upon the occurrence of def. events (insured events) at the expense of money. funds formed from the insurance premiums they pay.

The term "management" refers to the conscious impact on the object of management in order to develop and improve it. In financial management, as in any other managed system, objects and subjects of management are distinguished.

The objects of financial management are various types (spheres) of financial relations. Different subsystems of finance (objects of management) correspond to certain subjects of management. Public finances are managed by state authorities and administrations. The finances of business entities are managed by them
the highest executive management bodies, including financial services. The state regulates the financial activities of economic entities, i.e. in a market economy, the finances of economic entities are managed by them independently, but according to the rules established by the state.

The totality of all organizational structures that manage finances constitutes the financial apparatus, respectively, of the state or an economic entity.

The process of financial management includes not only the management of objects, but also the improvement of the activities and organization of the subjects of management themselves.

The purpose of state financial management is to ensure financial stability, manifested in macroeconomic balance, budget surplus, optimization of public debt, hardness of the national currency, lowering inflation rates, and improving the welfare of the population.

The purpose of managing the finances of economic entities is to ensure the financial stability of the enterprise, the creation of sustainable prerequisites for economic growth and profit.

General (strategic) financial management in the Russian Federation is carried out by the highest bodies of state power and administration: the Federal Assembly of the Russian Federation, consisting of two chambers - the Federation Council and the State Duma, the President of the Russian Federation and the Government of the Russian Federation.

The Federal Assembly of the Russian Federation approves the federal budget and the report on its execution, adopts laws on taxes, fees, mandatory payments. In addition, it establishes the maximum size of the state internal and external debt.

The President of the Russian Federation determines the goals of financial policy, regulates the activities of the financial system, has the right to veto financial legislation adopted by the Federal Assembly of the Russian Federation.

The Government of the Russian Federation develops and submits the federal budget to the State Duma of the Russian Federation and ensures its implementation, acts as a coordinating center for financial management.

The main body of executive power that ensures the development and implementation of the financial policy of the state is the Ministry of Finance of the Russian Federation. In particular, the Ministry of Finance of Russia submits to the Government of the Russian Federation draft federal laws, regulatory legal acts of the President of the Russian Federation and the Government of the Russian Federation and other documents that require resolution of issues related to the jurisdiction of the Ministry of Finance of Russia and federal services subordinate to it.

The Federal Treasury is responsible for the cash execution of the budget.

It operates directly and through its territorial bodies in cooperation with other federal executive authorities, executive authorities of the constituent entities of the Russian Federation, local governments, the Central Bank of the Russian Federation.

The most important body for the implementation of monetary and financial policy is the Central Bank of the Russian Federation. The Bank of Russia has a dual legal nature. On the one hand, he is legal entity and may carry out certain civil law transactions with commercial banks, the state (budget) and other entities. On the other hand, he is endowed with broad powers to manage the monetary system of Russia.

In financial management, one can single out such important methods and forms (functional elements) as planning (including programming), forecasting, operational management, and control.

In relation to financial planning, this is an activity to ensure the balance and proportionality of financial resources.

Financial programming is a method of financial planning that uses a program-target approach, which is based on clearly formulated goals and means to achieve them.

Financial forecasting is a prediction of the possible financial situation of the state and business entities. The purpose of financial forecasting is to determine the realistically possible volume of financial resources, the sources of their formation and their use in the forecast period.

Forecast and planned calculations are based on the use of various methods: extrapolation, normative, mathematical modeling, balance.

The extrapolation method lies in the fact that the planned financial indicators are determined on the basis of an analysis of their dynamics for a number of previous periods and the identification of emerging trends of growth or decline.

The normative method is based on the use of established norms and standards (economic, technical, financial, etc.). The method of mathematical modeling is to build financial models that simulate the course of real economic, social and financial processes.

Control as a control element is carried out in the process of planning and operational management. It allows you to compare actual results from the use of financial resources with planned targets, to identify reserves for increasing efficiency.

Financial management is based on knowledge of objective economic laws, patterns of development of society, as well as knowledge and strict observance of financial, budgetary, tax and other laws.