Financial planning in the company's activities. II. tools, methods and techniques of financial management

The system of current planning of the financial activity of the company is based on the developed financial strategy and financial policy for certain aspects of financial activity. This type financial planning is to develop specific types of current financial plans that enable the company to determine for the coming period all sources of financing for its development, form the structure of its income and costs, ensure its constant solvency, and also determine the structure of assets and capital of the company at the end of the planning period.
The result of the current financial planning is the development of:
- movement plan Money;
- the plan of the report on profits and losses;
- balance sheet plan.
The main purpose of constructing these documents is to assess the financial position of the company at the end of the planning period. Current financial plan is compiled for the year, broken down by quarters, since such periodization complies with legal reporting requirements. Current financial plans entrepreneurial firm are developed on the basis of data that characterize:
- Financial strategy of the company;
- results of financial analysis for the previous period;
- planned volumes of production and sales of products, as well as other economic indicators of the company's operating activities;
- a system of norms and standards for the costs of individual resources developed at the company;
the current system taxation;
- the current system of depreciation rates;
- average rates of credit and deposit interest in the financial market, etc.
To draw up financial documents in the process of current financial planning, it is important to correctly determine the volume of future sales (volume of sales). It is necessary for the organization production process, efficient allocation of funds. As a rule, sales forecasts are made for three years, the annual forecast is divided into quarters and months, while the shorter the forecast period, the more accurate and specific the information contained in it. The sales volume forecast helps to determine the impact of production volume, the price of products sold on the financial flows of the company. The forecast of sales volumes for a specific type of product can be presented in the form of a table (Table 10.2).
Table 10.2
Sales forecast for 2001

Based on the sales forecast data, the required amount of material and labor resources is calculated, and other component production costs are also determined. Using the data obtained, a planned profit and loss statement is developed, with the help of which the amount of profit received in the upcoming (planned) period is determined.

Table 10.3

Particular attention in drawing up the plan of the profit and loss account is given to determining the proceeds from the sale of products. As a rule, the value of sales proceeds for the previous year is taken as the starting point. This value is determined in the current year, taking into account changes:
- cost of comparable products;
- prices for products sold by the company;
- prices for purchased materials and components;
- evaluation of fixed assets and capital investments of the company;
- remuneration of employees of the company.
The planned average annual amount of depreciation is determined on the basis of data on the average annual book value of fixed assets and depreciation rates.
Cost planning by responsibility centers is carried out by developing a cost matrix, which includes:
- dimension of the center of responsibility, i.e. an indication of the department in which this cost item occurs;
- dimension of the production program, i.e. indication of the purpose of the occurrence of this cost item;
- the dimension of the cost element, i.e. specifying the type of resources used.
As a result, when summing up the costs in the cells by the rows of the matrix, planned data on responsibility centers are obtained.
A cash flow plan is developed that takes into account cash inflow (receipts and payments), cash outflows (costs and expenses), net cash flow (surplus or deficit). In fact, it reflects the movement of cash flows for current, investment and financial activities. Differentiation of activities in the development of a cash flow plan allows you to increase the effectiveness of management cash flows in the course of the financial activity of the company.
The cash flow plan is compiled for the year, broken down by quarters and includes two main parts: receipts and expenses. The income section reflects proceeds from the sale of products, from the sale of fixed assets and intangible assets, income from non-sales operations and other income that the company expects to receive during the year.
The expenditure part reflects the costs of production of sold products, the amount of tax payments, the repayment of long-term loans, the payment of interest for using a bank loan, the directions for using net profit

Table 10.4
Cash flow plan for 2001

The balance plan, as a rule, is built according to the following scheme:
1. Assets:
Current assets
Fixed Assets
2. Liabilities and equity of the firm:
Long term duties.
Short-term liabilities
3. Total liabilities
4. Equity of the firm
5. Total liabilities and equity of the firm

With the help of such a cash flow plan, the company, when planning, covers the entire turnover of funds, which makes it possible to analyze and evaluate cash receipts and expenditures and make prompt decisions on possible financing methods in the event of a shortage of these funds. In this case, the plan is considered to be finalized if it provides for sources to cover a possible shortage of funds.
The final document of the current annual financial plan is the planned balance of assets and liabilities (in the form of a balance sheet) at the end of the planning period, which reflects all changes in assets and liabilities as a result of planned activities and shows the state of property and finances of the entrepreneurial firm. The purpose of developing a balance plan is to determine the necessary increase certain types assets with ensuring their internal balance, as well as the formation of an optimal capital structure that would provide sufficient financial stability firms in the future.
The balance sheet serves as a good check on the profit and loss plan and cash flow. In the process of its compilation, the acquisition of fixed assets, changes in the value of inventories are taken into account, planned loans, issuance of shares and other securities, etc. are noted.
The process of current financial planning is carried out at the firm in close connection with the process of planning its operations.

More on the topic Current financial planning:

1. 7.2. Financial planning 7.2.1. The role and objectives of financial planning
2. FINANCIAL PLANNING OF ORGANIZATIONS (ENTERPRISES) Fundamentals of organizing financial planning
3. Lecture No. 29 Topic: Financial planning. Business planning
4. Chapter 11 TYPES AND METHODS OF FINANCIAL PLANNING AND FORECASTING. BUDGETING AS A NEW MANAGEMENT TECHNOLOGY OF PLANNING AT THE ENTERPRISE
5. Analysis of financial activity as a tool for managing financial planning
6. Financial strategy and its role in managing financial planning
7. MONITORING OF CURRENT FINANCIAL ACTIVITIES
8. Choosing a policy for the integrated operational management of current assets and current liabilities
9. The main types of current financial plans developed at the enterprise are:
10. 11.4. Financial forecasting and its role in financial planning
11. Net working capital and current financial needs of the enterprise
12. 44. Analysis of cash flows from the current, investment and financial activities of the organization
13. An in-depth analysis of own working capital - and current financial needs
14. Chapter IV Financial planning and forecasting of financial statements
15. 7. FINANCIAL WORK AND FINANCIAL PLANNING IN THE ENTERPRISE MANAGEMENT SYSTEM

Financial plan - component internal planning, the process of developing a system of indicators to provide the enterprise with the necessary funds and improve the efficiency of its financial activities in the future. Financial planning is one of the main management functions, including determining the required amount of resources from various sources and rational distribution of these resources in time and by structural divisions of the enterprise.

Financial planning is necessary to provide the necessary resources for the company's activities for:

• choice of options for effective investment of capital;
• identification of on-farm reserves to increase profits through the economical use of funds.

It helps to control the financial condition, solvency and creditworthiness of the enterprise.

There are many methods for calculating financial planning, but there are also general rules, principles that are unchanged regardless of how the financial plan is drawn up.

It is important. Financial planning should be targeted, operational, real, managerial, collective, regulated, continuous, comprehensive, continuous, balanced, transparent process for management. The cost of financial planning should not overlap the effect of it.

financial planning- a responsible process, so you can not approach it formally.

In the course of planning, it is necessary to draw conclusions about the reasons for failures in work, to take into account these factors, along with positive experience, when drawing up financial plans for the next period.

Financial planning should be comprehensive in order to provide financial resources for various areas:

• innovations (that is, the development and implementation of new technologies that affect the maintenance of competitiveness of products, the creation of new products, industries, etc.);
• supply and marketing activities;
• production (operational) activities;
• organizational activity.

When drawing up financial plans, the following are used: information sources:

• accounting and financial reporting data;
• information on the implementation of financial plans in previous periods;
• agreements (contracts) concluded with consumers of products and suppliers of material resources;
• forecast calculations of sales volumes or product sales plans based on orders, demand forecasts, sales price levels and other characteristics of market conditions;
• economic standards approved by legislative acts (tax rates, tariffs for contributions to state social funds, depreciation rates, bank discount rate, minimum monthly wage, etc.).

In the course of planning, it is necessary, if possible, to take into account or analyze all factors: analytical materials, market trends, the general political and economic situation, the opinions of analysts and experts, moral and ethical standards, etc.

The analysis should be subjected to economic(the refinancing rate of the Central Bank, exchange rates, interest rates on loans in local banks, the amount of available free cash, the maturity of accounts payable, and many others), and non-economic factors (possibility of recovering accounts receivable, level of competition, changes in legislation, etc.). Before making a decision, it is important to evaluate all available alternatives. Moreover, it is more expedient for the accuracy of the plan to evaluate not the strict value of the indicator, but the range of values. It is important to take into account possible force majeure situations.

Note. Plans should be focused on achieving the set goals (the basis of the plan is the real capabilities of the company, and not its achievements at the moment).

For example, the company's turnover is currently 1,000,000 rubles, and if the shortcomings in the work are eliminated, then the turnover can be relatively easily doubled. If in such a situation the plan is based on the existing indicators, then we will not take into account the potential of the company (the financial plan will be ineffective).

The financial plan should (if you do not consider various scenarios for the development of events) contain a certain strategy of action in the event of the most likely forecast situations. For example, a company in its calculations uses conventional units - US dollars. The management of the company needs to have a strategy of action in case of abrupt change the dollar exchange rate and consolidate their ideas in the financial plan, so that subordinates also clearly represent this strategy.

When drawing up a plan, it is necessary to foresee the possibility of revising the planned indicators as they are achieved. One way to achieve flexibility in plans is to establish minimum, optimal, and maximum outcomes.

Note. It is impossible to draw up a financial plan so that, in accordance with it, the company does not have a cash reserve.

Such a situation can lead to the fact that any force majeure, unplanned payment or delay in receipts can lead not only to the collapse of such a financial plan, but also to the company itself. Still, it is easier to profitably invest excess funds than to find the missing ones.

When attracting additional financial resources, it is necessary to adhere to conformity principle, that is, it is irrational to take a short-term loan to purchase expensive equipment, knowing that during this period the company will not have free cash and will have to borrow money again to repay the loan.

Suppose a company needs funds to replenish inventory, the average implementation period of which is one month. In this case, it is unreasonable to take a long-term loan, overpaying for it.

Many are mistaken, considering the net or retained earnings of the company as some real assets that can be put into economic circulation. Often this is far from the case. Therefore, when carrying out financial planning, determining the need for additional sources of financing, one cannot make a mistake referring to such indicators as retained earnings, retained losses.

One of the stages of planning is the financial analysis , during which the solvency of the company is analyzed. A common mistake is that financiers include indicators in the plan, which they themselves criticize during the analysis of actual indicators. Often a situation arises when poorly liquid and insolvent financial plans are created. To avoid this, it is necessary to remember about the indicators for assessing liquidity and solvency, as well as focus on them when drawing up a financial plan.

Types of financial planning and financial plans

The time periods for which financial plans are drawn up may be different. Typically, financial plans are drawn up for some rounded period (month, quarter, six months, 9 months, 1–3 years or more). This tradition is due to the convenience of work: it is much better to make a plan and use it for a year than a year and 10 days.

Depending on the period for which the plan is drawn up, there are long-term, medium-term and short-term plans (Table 1).

This classification has its drawbacks. medium term financial plan we call a plan drawn up in 1-3 years. But if we take a construction company, it turns out that it takes an average of 1-3 years to build one object. Therefore, a plan drawn up for three years (formally medium-term) will be for the company short-term. The time period for which a financial plan is drawn up is essential.

Financial plans can be basic and auxiliary (functional, private). Auxiliary plans designed to ensure the preparation of the main plans. For example, master plan includes planned indicators of revenue, cost, tax payments and many others.

To bring all the indicators into one plan (basic), you must first draw up whole line auxiliary plans for almost every indicator. You should plan the amount of revenue, cost and other indicators (only then you can bring everything together, having received the main plan).

Note. Plans can be formed both for individual divisions of the company, and for the entire company as a whole. The consolidated aggregated financial plan of the company, which includes the main plans of individual divisions, will be the master financial plan.

By the time of drawing up financial plans can be:

• introductory (organizational) - are formed on the date of organization of the company;
• current (operational) - compiled periodically during the entire period of the company's operation;
• anti-crisis;
• unifying (connecting, merger plans);
• separating;
• liquidation.

In a relationship anti-crisis, unifying (connecting),separating, liquidation financial plans, it is easy to conclude that they are drawn up when the company undergoes reorganization (recovery) procedures, the organization is merged, divided or is at the stage of liquidation.

The need for the formation of an anti-crisis financial plan arises when the company is at the stage of apparent bankruptcy. With the help of an anti-crisis financial plan, you can determine what the company's real losses are, whether there are reserves to pay off accounts payable and what is their estimated value, as well as ways out of this situation.

Dividing and unifying(connecting, merging plans) financial plans can be called antipodal plans. Connecting(unification, merger plans) and separating financial plans are drawn up when one company joins another or when a company is divided into several legal entities. That is, connecting (unification, merger plans) and separation plans are formed during the reorganization legal entity, which can be in the form of a merger, accession, division, spin-off or transformation. unifying(connection, merger plans) financial plans are drawn up when two or more companies merge (merger) into one or when one or more structural units join this company. Dividing financial plans are drawn up at the time of division of the company into two or more companies or when one or more structural units of this company are separated into another. Liquidation financial plans are drawn up at the time of liquidation of the company. The reasons for liquidation may be bankruptcy, closure due to reorganization.

EXAMPLE 1

LLC "Static" has drawn up a financial plan, in which certain planned indicators are fixed. This financial plan does not provide for changes in indicators due to changes in any external or internal conditions. Such a financial plan will be static.

In Dinamik LLC, the financial plan contains various options for the values ​​​​of indicators, depending on what situation will actually be implemented. That is, with an increase in sales of products by 20%, some indicators and a development option are planned, with an increase of over 40%, other indicators and a development option, etc. In fact, the dynamic financial plan of this enterprise will be a set of static financial plans.

Dynamic plans more informative, but compiling them is more difficult than static ones. If in static financial plans one version of the situation is developed, then in dynamic financial plans - two or more. Accordingly, the complexity and laboriousness of compilation increase proportionally.

According to the volume of information, plans can be single and consolidated (consolidated). Single plans display the strategy for one company. Summary (consolidated) plans constitute an action strategy for whole group companies. Such financial plans are most often drawn up when it comes to a group of companies controlled by one person or group of persons. For the purpose of compiling financial plans can be divided into trial and final.

Trial Plans are compiled in order to implement control, analytical procedures. Trial plans are not distributed to interested users, as they are documents of internal control and analysis. final plans are official documents of the company and serve as sources for various interested users to study its financial plans.

Usersfinancial plans can be:

• tax authorities;
• statistical bodies;
• creditors;
• investors;
• shareholders (founders), etc.

According to user information plans will be divided into plans submitted to the fiscal authorities, statistics authorities, creditors, investors, shareholders (founders), etc. By the nature of the activity plans can be divided into plans for core and non-core activities. Previously core business called the types of activities specified in the charter of the enterprise. But at present, this approach is unwise. The distinction between the main and non-main activities is possible on the basis of revenue indicators.

EXAMPLE 2

Revenue from type of activity No. 1 - 18,000,000 thousand rubles, from type of activity No. 2 - more than 1,000,000 thousand rubles.

Revenue from type of activity No. 1 will be more than 94% of all revenue (18,000,000 / (18,000,000 + 1,000,000)). The main activity for the company in this case will be activity No. 1.

At the same time, the distinction between core and non-core activities can also be made on the basis of other indicators (in particular, the amount of income from various types of activities).

Suppose the profit from activity No. 1, despite such serious gross revenue indicators, is only 300,000 thousand rubles. , and from the type of activity No. 2 - 800,000 thousand rubles. In this case, the main activity for the company will be activity No. 2.

The classification of activities into core and non-core is a rather subjective process and depends on the direction of the company's management.

When planning long-term investments and sources of their financing, future cash flows are considered from the perspective of the time value of money, based on the use of discounting methods to obtain commensurate results.

With the help of a cash flow forecast, you can assess how much of the latter you need to invest in the economic activities of the organization, the synchronism of the receipt and expenditure of finance, and also check the future liquidity of the enterprise.

The forecast of the balance of assets and liabilities (in the form of a balance sheet) at the end of the planning period reflects all changes in assets and liabilities as a result of planned activities and shows the state of property and finances of an economic entity. The purpose of developing a balance forecast- determination of the necessary increase in certain types of assets, ensuring their internal balance, as well as the formation of an optimal capital structure that would ensure sufficient financial stability of the organization in the future.

Unlike the income statement forecast, the balance sheet forecast reflects a fixed, static picture of the company's financial balance. Exist several methods for making a balance forecast:

1) methods based on the proportional dependence of indicators on sales volume;

2) methods using mathematical apparatus;

3) specialized methods.

The first of them consists in the assumption that balance sheet items that depend on the volume of sales (stocks, costs, fixed assets, receivables, etc.) change in proportion to its change. This method also called percentage of sales method.

Among the methods using the mathematical apparatus, the following are widely used:

• simple linear regression method;
• non-linear regression method;
• multiple regression method, etc.

Specialized methods include methods based on the development of separate predictive models for each variable. For example, receivables are evaluated according to the principle of optimizing payment discipline; the forecast of the value of fixed assets is based on the investment budget, etc.

EXAMPLE 3

Let's consider financial planning of profit by a direct method. The procedure of this method is based on the assumption that the change in the need for funds for the manufacture of products is proportional to the dynamics of sales. Let us illustrate the essence of the direct method of financial profit planning (Table 2).

An increase in sales by 50% affects many indicators. It is assumed that the cost of goods sold, as well as selling expenses, will change in direct proportion to the growth rate of sales, but interest on loans depends on the financial decisions made.

One of the planning documents developed by the organization as part of long-term planning is business plan. It is developed, as a rule, for 3-5 years (with a detailed study of the first year and an enlarged forecast for subsequent periods) and reflects all aspects of the production, commercial and financial activities of the organization.

The most important part of a business plan is financial plan, summarizing the materials of all previous sections and presenting them in value terms. This section is necessary and important for businesses, as well as for investors and lenders. After all, they must know the sources and amount of financial resources necessary for the implementation of the project, the direction of the use of funds, the final financial results of their activities. Investors and creditors, in turn, should have an idea of ​​how cost-effectively their funds will be used, what is the payback period and return.

7.3. Current financial planning

Current planning is considered as part of a long-term one and is a specification of its goals. It is carried out in the context of the three above-mentioned documents. The current financial plan is drawn up for the year with a quarterly and monthly breakdown. This is due to the fact that seasonal fluctuations in market conditions are leveled out over the year, and the breakdown allows you to track the synchronism of funds flows.

The annual cash flow plan is divided into quarters and reflects all receipts and directions of expenditure of funds.

The first section "Receipts" considers the main sources of cash inflows, in the context of activities.

one). From current activities: proceeds from the sale of products, services and other receipts;

2). From investment activities: proceeds from other sales, income from non-sales transactions, from securities and from participation in the activities of other organizations, accumulation for construction and installation work performed by an economic method, funds received in the order of equity participation in housing construction;

3). From financial activities: an increase in the authorized capital, the issue of new shares, an increase in debt, obtaining loans, issuing bonds.

The second section "Expenses" reflects the outflows of funds in the same main areas.

Production costs, payments to the budget, payments from the consumption fund, increase in own working capital.

Investments in fixed assets and intangible assets, R&D costs, lease payments, long-term financial investments, expenses from other sales, non-sales operations, maintenance of social facilities, others;

Repayment of long-term loans and interest on them, short-term financial investments, payment of dividends, deductions to the reserve fund, etc.

Then the balance of income over expenses and the balance for each section of activity is revealed. Thanks to this form of plan, planning covers the entire cash flow of the enterprise, which makes it possible to analyze and evaluate the receipts and expenditures of funds, and make decisions on financing the deficit. The plan is considered drawn up if it provides sources for covering the deficit. The development of a cash flow plan takes place in stages:

1. the planned amount of depreciation is calculated, because it is part of the cost and precedes the planned profit calculations. The calculation is based on the average annual cost of fixed assets and depreciation rates.

2. based on the standards, a cost estimate is compiled, including the costs of raw materials, materials, direct labor costs, overhead costs / for the economic maintenance of production and management /

In modern conditions, the process of cost planning by responsibility centers, which involves the division of an enterprise into structures, the head of which is responsible for the costs of this unit, is becoming more widespread. Planning consists in developing a cost matrix that shows three dimensions of information:

The dimension of the responsibility center where the cost item originated;

The dimension of the production program, for what purpose it arose;

The dimension of the cost element (what type of resource was used).

When summing the costs in the cells by rows, planned data is obtained by responsibility centers, which is important for management. When summarized by columns, planned data on item costs are obtained, which is necessary to determine the price and profitability of the program. The matrix makes it possible to determine the cost of sales of products for the development of annual plans and helps to reduce costs, taking into account the responsibility of specific departments.

3. revenue from the sale of products is determined taking into account the factors of influence in the planning period.

The next document of the annual financial plan is the planned profit and loss statement, which specifies the projected amount of profit received. The final document is a balance sheet reflecting all changes in assets and liabilities as a result of planned activities.

As the measures laid down in the financial plan are implemented, actual data are recorded and financial control is carried out.

The foreign method of developing financial plans is the method of developing a financial plan on a zero basis, which is based on the fact that each of the activities at the beginning of the current year must prove the right to exist by substantiating the future economic efficiency of the funds received. Managers prepare a cost plan for their line of business at a minimum level of production, and then profit from the incremental increase in production for which they are responsible. Top management thus has the information to prioritize and direct the use of resources in order to maximize their effectiveness.

Financial planning is the planning of all income and directions of spending money to ensure the development of the enterprise. Financial planning is carried out by drawing up financial plans of different content and purpose, depending on the tasks and objects of planning.

It should be noted that in a planned economy, each enterprise, on the basis of the control figures that were brought to it by a higher organization, without fail calculated a technical industrial financial plan.

With the transition to market relations, no one sets targets for enterprises and does not require them to submit and approve financial and other plans. This led to the fact that some enterprises began to pay less attention to forecasts, calculations and planning their activities, which resulted in bankruptcy.

At present, the enterprises themselves must understand the importance and necessity of competent calculations for the future of their activities according to plans: production of products, works, services; production costs; investments; social development the team of the enterprise; according to the financial plan.

The purpose of financial planning is to increase the effective use of long-term and short-term financial resources. In the planning process, measures are developed to increase the return on capital, the stability of the company, minimizing risks, etc.

The quality of decisions made in the field of finance depends entirely on the quality of financial planning.
In order for planning to be of high quality and comprehensive, one should be guided by the following principles:
1) continuity of planning;
2) scientific character;
3) the focus of plans on the rational use of all the resources of the enterprise, on achieving maximum profit;
4) mutual linkage and coordination.
In Russian practice, various methods planning.

The balance method is the most used in the enterprise. Its essence is to draw up various balances and achieve their balance, for example: balance of income and expenses, balance sheet, cash balance, balance work force and wages and etc.

The normative method lies in the fact that when planning, a whole system of norms and standards for the use of enterprise resources is used (rates for the consumption of raw materials and materials, norms for production and maintenance, labor intensity, norms for the use of machinery and equipment, the duration of the production cycle, norms for inventories). The use of this method is possible if the enterprise has an extensive and effective regulatory framework.

The planning method based on production and economic factors is designed to take into account the influence of internal and external factors that change production and financial performance. The calculation is based on basic indicators: sales proceeds, production costs, etc. In the planned year, these indicators may change depending on the decisions included in the planning: growth or decrease in sales, reduction or increase in production and sales costs, development of new types of products or services, changes in prices and profitability of production, the impact of inflation. Accounting for these changes gives a fairly accurate predictive nature of planning.

In the new economic conditions, planning is completely dependent on the administration of enterprises and organizations, so the modeling method is used. Most of the plans being developed are based on the methodological approaches of previous years. Planning at many enterprises begins with the volume of production, but it is necessary to decide how many products can be sold. Various types of classification of financial plans have appeared: by levels - strategic and tactical; for planning methods - systemic and situational approaches (development of scenarios for future situations, expert assessments, methods of mathematical modeling, etc.); by terms - for a long period and a year with any degree of detail.

Using the terms of economic English literature, financial plans began to be called the budget. There are certain differences in the concepts of "plan" and "budget". They are in the indicators used. The plan includes natural and monetary indicators that are used for the planning period. The budget is drawn up for the year.

If we take as a basis the interpretation of these concepts of Western management, then we can formulate the following. "Plan" and "program" correspond to the concept of "strategic financial plan", and the concept of "budget" - "tactical financial plan".

The purpose of budgets is to answer the questions: how, where, when it is necessary to use financial resources in order to increase the overall efficiency of the company's development.

If we apply budgeting to Russian conditions, then it should include: budget - a financial plan for specific items; financial reporting as a result of budget execution; a consistent chain of financial management actions aimed at integrating various management approaches.

The practice of foreign firms shows that the entire management apparatus should be involved in financial planning and possible options development: optimistic, pessimistic and weighted average.

The financial plan is important not only for potential investors, tax authorities, creditor banks, but also for internal use, so its preparation should be treated with particular care. The financial plan reflects own funds, borrowed funds for investment programs, this also includes the use financial resources for material incentives for personnel and development of the social sphere.

All activities of the enterprise should be considered in the future, in current activities and operational. Based on this, financial plans can be divided into strategic, current, operational. All of them are interconnected and carried out in a certain sequence.

The financial strategy of an enterprise should be understood as the formation of a system of long-term goals of financial activity and the choice of the most effective ways to achieve them. At the same time, the financial strategy itself has a significant impact on the formation of the overall strategy. economic development enterprises.

The process of forming the financial strategy of an enterprise goes through a number of stages:
1) formation of strategic goals of financial activity;
2) specification of financial strategy indicators;
3) evaluation of the developed financial strategy.

The goals of the financial strategy of individual companies can be the following:
■ increase in own capital;
■ achieving a minimum level of asset liquidity;
■ achieving an optimal ratio of own and borrowed
funds;
■ profit and profitability growth;
■ renewal of key assets and release of competitive
products.

The concretization of the indicators of the financial strategy provides for the establishment of the sequence and timing of achieving individual goals and strategic objectives.

The assessment of the developed financial strategy is carried out according to the following parameters: its consistency with the overall strategy of economic development; the feasibility of the strategy, taking into account the forecasting of the financial market conditions; the effectiveness of the strategy. The development of a financial strategy allows you to take effective management decisions associated with the development of the enterprise.

The current planning of financial activity consists in the development of a system of financial plans for certain aspects of the financial activity of the enterprise. It allows you to determine the tactics of the enterprise for more short period, as a rule, for a year broken down by quarters. Unlike strategic plans, which are always predictive, probabilistic in nature, financial plans are more specific and accurate.

The purpose of the formation of tactics is to determine the amount of investment in current assets and the sources of their financing. The size of current assets depends on the scale of current activities: the volume of production and / or sales, and enterprise management tactics. Since current investments require an appropriate source, then Financial Manager determines their structure in terms of the chosen
them tactics of enterprise management. Short-term financing is provided by the short-term loans and credits of banks, as well as all types of accounts payable. These sources fund current activities.

Financial management of an enterprise involves control over the main characteristics of the balance: long-term and short-term investments, sources of financing - and linking them with the current activities and development prospects of the enterprise.

In the process of current financial planning, the enterprise develops different kinds financial plans: income and expenses, receipts and expenditures of funds, balance sheet, formation and use of financial resources. The degree of detail of the indicators of each type of financial plan is determined by the enterprise independently, taking into account the specifics of its activities.

The plan of income and expenses for the main activity has the goal - to determine the amount of net profit. The indicators of this plan are the volume of production (goods, services), the amount and level of income from the sale of products, the amount of fixed costs, the amount and level of variable costs, rates and types of tax payments, the amount of balance sheet and net profit.

The purpose of developing a plan for the receipt and expenditure of funds is to ensure constant solvency at all stages of the planning period. The plan consists at all stages of two parts: the receipt of funds and the expenditure of funds. When planning, it is necessary to take into account not only the receipt and expenditure, but also the presence of certain reserves.

The balance sheet reflects the calculation of the composition of assets and liabilities. The purpose of developing this plan is to determine the possibility of growth of individual assets and the formation of an optimal financial structure capital of the enterprise, providing its financial activity.

When planning liabilities, the ratio of own and borrowed funds, the composition of borrowed - short-term and long-term - obligations are optimized.

The development of a plan for the formation and use of financial resources consists of two parts: sources of formation of financial resources and directions for the use of financial resources.

Operational planning of financial activity consists in the development of operational plans. Operational plans have a short term
period (up to a year) and serve as an addition to the current financial plans. These include a cash plan, a credit plan, a calendar of cash receipts.

The cash plan reflects the receipt of cash and their use for the payment of wages to staff, for travel, stationery and other expenses.

The credit plan consists of the amounts of planned bank loans for the coming year and interest for their use, as well as the volume and maturity of bank loans.
The calendar of cash receipts includes the receipt of cash flows from all types of activities and their use for entrepreneurial activities.

The payment calendar provides prompt tracking of all settlement and payment obligations.

Operational plans are closely linked to the current planning and contribute to their concretization and refinement of the planned indicators.

Financial planning has been carried out in Russia since the 1930s, but since then it has changed significantly and has taken various forms. Initially, financial plans were part of the technical and financial plan of the enterprise. Financial planning was subordinate to technical and industrial plans. Then came the financial plan, consisting of four sections:
Section I - “Income of the enterprise”;
Section II - “Expenses of the enterprise *;
III section - "Budget financing";
Section IV - "Bank lending".

In the early 1960s the form of the financial plan was changed and contained the following sections:
Section I - "Income sources of the enterprise";
Section II - "Economic Stimulation Funds";
III section - "Directions of spending funds";
Section IV - "Capital investments of the enterprise".

Currently, the financial plan form consists of two main sections. The financial plan (balance of income and expenses) can be viewed as a task for individual indicators, where they are linked in all areas.

Financial resources are the object of financial planning. These are funds that provide the formation of working capital, long-term investments and special purpose funds.

Financial resources include profits and income from all types of entrepreneurial activity, depreciation fund for the restoration of fixed assets. According to the rating of use, long-term loans of the bank, other income and receipts are equated to financial resources.

The planning process focuses on guaranteeing the fulfillment of obligations to the budget and banks, identifying reserves and using resources in order to effectively use profits and other income.

When planning financial indicators, a financial manager is guided by reports containing information about the enterprise's funds, their sources and movement. The degree of reliability of the development plan, completeness and complexity depends on this.

The financial plan provides for the interconnection of financial indicators and their use for the development of entrepreneurial activity, the increase in working capital, the creation of the necessary cash funds purposeful use.

Financial planning reflects the totality of cash income that is used in financial and economic activities and ensures the achievement of economic, social and consumer effects. Development of a plan for income and expenses is final stage ongoing financial planning. Financial planning allows you to completely and fully fulfill monetary obligations and payments, ensure the proper circulation of financial resource flows and ensure strategic development enterprises in the planned period.

Budgeting is a system of short-term planning, accounting and control of resources and results of an enterprise.

The budgeting process should be standardized with budget forms, instructions and procedures. Different divisions of the company are involved in the preparation of budgets based on the sales forecast. When compiling separate parts The budget of the enterprise can use two approaches:
1) direct, based on specific calculations of gross revenue, costs for raw materials and materials, receivables for positions, finished products etc.;
2) indirect, more simplified (based on the balance of income and current expenses, initial costs and external financing).

Budgeting provides better coordination of economic activities, increased manageability of the enterprise, reduces abuses and errors in economic activities.

Before the new budget is finalized, there is a process of reporting data on budget execution.

The analysis of the actual data makes it possible to identify the problem areas of economic activity that require priority attention and to identify the possibilities for their coordination according to the actual level.

In the process of budgeting, the forecast financial condition of the company is calculated and the impact of various indicators on it is assessed.

The Russian practice of transition to budgeting shows that the majority of business leaders still do not own the philosophy of budgeting. Indeed, budgeting is a laborious process that involves the participation of many specialists united common goal and the idea of ​​development.

1 For Russian entrepreneurship, the following problems of financial and economic activity continue to be relevant:
1) forecasting the financial results of economic activities, setting target performance indicators and limits on resource costs;
2) determination of the most promising business projects, as well as the possibility of their financing;
3) analysis and evaluation of the performance of various structural divisions, control over the correctness of decisions made by the heads of structural units.
These questions are needed for strategic planning and budgeting, based on a deep analysis of their capabilities, correctly chosen goals, and the presence of serious financial investments. The internal needs of budgeting consist, as already noted, in the usefulness of a systematic business analysis, as well as in the formation of an enterprise development program in such a structured form that allows constant analysis and make operational decisions based on it.

In order for the specialists of the enterprise to master the basics and subtleties of budget planning, they must be trained, consultants and auditors should be invited. The use of budgeting in the activities of an enterprise is a condition for the success of a business.

Current financial planning involves the preparation of short-term financial plans. Companies develop short-term financial plans to achieve budgetary and investment goals within one financial year. These plans have more high level reliability compared to long-term plans. Short-term plans are often adjusted as financial and investment goals change. Often, enterprises under the current financial planning (operational financial management) understand short-term plans to manage the shortage of funds.

Components of working capital

For many businesses, elements of working capital provide greatest influence on their short-term cash flows. These elements typically include inventories of raw materials or finished goods, debtors, creditors, and cash. The movement of working capital sometimes creates large voids or shortfalls in cash (so-called "cash gaps") that threaten the business. This is due to the difference in accounts payable and cash cycles. The accounts payable cycle is the time it takes a company to pay for its inventory, while the cash cycle is the time it takes for debtors to pay for goods.

Money deficit

Exist various reasons for which there is a significant cash deficit. For example, a business may follow an aggressive marketing policy in which it allows its customers to pay their bills over a longer period. Such a policy can affect a company's cash flows in two ways. First, it locks money in customer receivables, and second, the company can finance additional inventory for new sales without resorting to business-based cash inflows, but using bank loans, for example. Businesses also have to deal with cash shortages when they buy new equipment, pay heavy court fines, or because of natural disasters such as hurricanes.

Cash flow forecast

When it becomes apparent that a severe cash shortfall will occur, a cash flow forecast is needed. The forecast should estimate total cash receipts and total cash payments during each quarter under at least three different scenarios: worst case, most likely and best case. At the same time, you need to know the difference between total receipts and payments in order to find out if there is a deficit in each quarter of the year. For each element of cash inflows and outflows, all related increases and decreases must be accounted for, such as creditor discounts for prepaid goods/services, deferred expenses and cash sales.

Funding the cash gap

If the cash flow forecast indicates that a shortfall is likely to occur within the year, then the company must take steps to cover it. One way to finance short-term deficits is through short-term measures such as increasing current liabilities, which may include negotiations for longer loan terms and short-term bank loans. The company may also sell certain unwanted assets and offer discounts to debtors to encourage earlier payments.

Sources of short-term lending

• Operating loans

Operating bank loans are the most common way to finance temporary cash shortages. This is an agreement in which a company can borrow up to a certain amount for a certain period. Operating loans may be unsecured or secured by collateral. The interest charged on the loan is set by the bank. This is usually the bank's base lending rate plus an additional percentage. The bank may increase the rate over time as it is affected by the risk assessment of the borrower.

Banks provide loans mainly to borrowers with low level risk. Many of the loan requests denied by banks come from small businesses, particularly start-ups. Therefore, startups usually turn to alternative sources of funding.

Financial institutions may require collateral (collateral) for a loan, such as real estate, receivables, or equipment. Such loans are called secured loans. For secured loans, the interest rate is often lower than for unsecured loans.

• Letter of credit

Letters of credit allow borrowers to pay the balance and borrow funds as needed. It differs from a short-term loan where the borrower receives a lump sum of cash and can only borrow more after the short-term loan is repaid.

• Other sources

Large companies use a variety of other sources of short-term funds, such as promissory notes.

Strategies for dealing with cash flow problems

When carrying out ongoing financial planning, the following strategies can be used.

• Cycle time reduction

Reducing cash cycle times can greatly reduce the chances of cash flow problems. This is why companies often try to shorten inventory and receivables cycles. The duration of the cash cycle can be reduced if it is possible to defer payments to suppliers.

• Cash reserves

Keeping cash reserves and a few short-term liabilities helps to avoid financial problems. However, this comes at a cost. The presence of "idle" money that is not invested in the business, respectively, does not bring future income.

• Maturity hedging

Maturity hedging is a term that means paying short-term expenses such as inventory with short-term loans. It is generally best to avoid financing long-term assets (such as investment in equipment) with short-term borrowing. This type of timing mismatch requires frequent refinancing and is riskier because short-term interest rates are more volatile than long-term ones. Maturity mismatches also increase risk, as short-term financing may not always be available.

It is important to note that short-term interest rates are usually lower than long-term ones. This means that it is generally more expensive to use long-term loans than short-term loans.

• Cash budgeting

The main tool for short-term financial planning is the cash flow budget (BDDS). This budget simply records planned estimates of cash receipts and payments. More detailed information see our article for a detailed discussion of cash budgeting.

Document "Budget" in the software product "WA: Financier".