Methods for determining the planned need for working capital

The efficiency of an enterprise depends to a large extent on the correct determination of the need for working capital Oh. This, in turn, helps to minimize costs, improve the financial position of the enterprise as a whole and the rhythm of production. The specific size of working capital is determined by many factors:

1. technological complexity of production;

2. duration of the production cycle;

3.seasonality of production;

4. terms of production and marketing of products;

5. the rate of change in the volume of production and sales;

6. procedure and forms of payment, etc.

To determine the needs of the enterprise in working capital, the following methods are used:

- direct account- calculation of the need for working capital for raw materials and materials. For each type of raw materials and basic materials, purchased semi-finished products, the total stock in days and one-day consumption are calculated.

- normative- the enterprise develops for itself the norms of stocks for each type of inventory in days and determines the need for working capital by multiplying these norms by the average daily costs for these inventory items provided for by the production program.

- analytical- the need for working capital is determined on the basis of the planned growth in revenue from sales of products and the envisaged acceleration of the turnover of working capital. Calculation: we determine the ratio of working capital in the base year

Kob \u003d OSb / RPb,

where OSb is the average annual cost of working capital in the base year, RPb is the volume of products sold in the base year. Based on the assessment of the reserves for reducing the duration of the turnover of working capital, we determine the planned coefficient of working capital supply Kop. We calculate the total need for working capital in the planned year

Osp \u003d Rpb *Jrp*cop,

where Jрп is the index of growth in the volume of sold products in the planned year.

- order optimization method- consists in determining such a batch of the order, in which the costs of fulfilling and storing the order will be minimal.

25. Classification of costs by economic elements.

1. According to the method of attribution to the cost of production:

Direct - costs that are associated with the production of certain types of products and can be directly included in the cost;

Indirect costs are costs associated with production. various kinds products, in connection with which they cannot be directly attributed to the cost of a particular type of product.

2. In relation to production volume:

Semi-fixed - costs that do not significantly depend on the volume of production (depreciation);

Conditionally variable - costs that depend on the volume of production, in connection with which they grow (decrease) in proportion to the change in its volume.

3. According to the degree of homogeneity:

Elemental - have a single economic content, regardless of their purpose. The purpose of this kind of costs is to identify all costs for the production of products by their types;

Complex - include several cost elements that are heterogeneous in composition and are determined for a specific economic purpose.

Currently, the classification by cost elements includes 5 groups:

1. material costs. The cost is reflected: raw materials, materials, purchased semi-finished products and components; works and services of an industrial nature performed by third parties; fuel, energy; costs for the purchase of containers and packaging.

2. labor costs: all labor costs of the main production personnel of the enterprise; performance bonuses; incentive and constitutional payments.

3. deductions for social needs: deductions to state pension insurance bodies, as well as compulsory medical insurance; UST and insurance against occupational diseases and accidents at work.

4. depreciation of fixed assets: the amount of depreciation of fixed assets and intangible assets, calculated in accordance with the constituent norms as a percentage of the original cost.

5. other monetary costs: include costs that, by their nature, cannot be attributed to any of the above elements (taxes and fees - water, property of organizations).

With simple reproduction and in the absence of inflation, the turnover of mobile assets does not require additional financing of working capital. With the expansion of production or inflation, the company needs additional financial resources.

The need for current assets serving the production and financial cycles is not the same for different types of economic activity and even for individual enterprises in the same industry. The need of enterprises for working capital is determined by a combination of factors: the material content and turnover rate of working capital, production volume, technology and organization of production, the procedure for selling products and purchasing raw materials and materials, etc. Let's consider the influence of these factors in more detail.

1. The size of enterprises. So, the required amount of working capital in the form of inventories is directly proportional to the volume of production (because the stock standard material resources for the sustainable operation of the organization is determined by the product of the stock rate by one-day consumption). Enterprises with large volumes of production have the opportunity to reduce the stock rate compared to smaller ones. The above ratio can be extended to other elements of working capital.

2. The specifics of production (branch of the economy, the nature of the applied technical processes). The higher the material consumption of products, the greater the need for the enterprise in stocks, and, consequently, in working capital. The need for working capital also increases with the increase in the duration of the production cycle.

3. Conditions for the acquisition of material resources and payment finished products. Obtaining commercial loans for the acquisition (obtaining the right to defer payment) of resources reduces the need for working capital, the provision of commercial loans increases accounts receivable and the need for working capital.

4. Risk of loss. The higher the risk of losses (markdowns, damage, shortages) of working capital, the more working capital is required.

5. The influence of the seasonality factor, as a result of which there is a significant unevenness in the need for working capital in different periods of the year (agricultural enterprises, enterprises for the processing of agricultural products).

The discrepancy between the required and available working capital has a significant impact on the profitability of the organization and the level of risk of partnering with it. The level of risk is the lower, the higher the level of provision of the company with working capital, since the organization’s dependence on partners decreases, its ability to withstand short-term adverse changes in market conditions, etc. increases. conclusion of unprofitable contracts, decrease in production volumes. With a high (excessive) level of stocks, profitability decreases, since excess stocks mean the immobilization of part of the working capital, an increase in storage costs, etc.

The level of profitability and risk is affected not only by the availability of working capital, but also by the structure of the latter in terms of liquidity.

6. Accounting policy of the enterprise and the settlement system. Application various methods assessment of stocks of inventory items affects the formation of costs and the need for working capital. So the use of the LIFO method for enterprises is more profitable, because. allows you to reduce the amount of VAT on the balance of material resources, i.e. save working capital.

Flaw Money at the right moment determines the probability of interruption production process, non-fulfillment of obligations, loss of profits. The lack of liquid funds generally reduces the solvency of the enterprise, worsens credit conditions, etc.

Question 6. Methodology for determining the need for working capital

Most of the authors of textbooks and teaching aids on finance of enterprises / Sheremet A.D. Molyakov D.S. Balabanov T.V. and others/. when presenting issues related to determining the need for working capital, current assets are divided into normalized and non-standardized. The normalized (according to which the norms and standards of working capital are calculated) include current assets serving the production cycle - raw materials, materials, semi-finished products, work in progress, finished products. To non-standardized - all other elements of working capital serving the financial cycle - cash and funds in settlements / accounts receivable/.

Economic entities have the opportunity to indirectly manage these funds using the system of crediting and settlements (provision of commercial loans, prepayment, choice of the form of settlements). Control over the expenditure of these elements of working capital is carried out through the current procedure for settlements between enterprises, which provides for a system of economic sanctions by the state against the growth of non-payments. To calculate the norms and standards of working capital, three methods are used: the method of direct counting, analytical and coefficient.

Author training course"Fundamentals financial management» Blank I.A. considers the determination of the need for working capital for newly created enterprises for all types of current assets serving the operating cycle using the direct account method and the coefficient method. Let's consider these methods in more detail.

The direct counting method provides for a scientifically based calculation of stock rates in days for each element of working capital, taking into account the upcoming changes in all factors and the one-day consumption of certain types of material assets, gross, marketable products. The standard in monetary terms (the need for working capital) is determined by multiplying the stock rate in days by one-day costs (expenditure).

The analytical, or experimental-statistical method involves the calculation of the working capital rate in days based on the data of the reporting period. The norm is calculated by dividing the average actual balance of certain types of material assets, with the exception of superfluous and unnecessary ones, by their one-day consumption in the reporting period. The standard in monetary terms is determined by the product of the received norm, adjusted for changes in the conditions for organizing production, supply and marketing, by the one-day consumption of material assets in the planned period.

With the coefficient method, all normalized working capital is divided into two groups: dependent and directly independent of changes in the production program. The first group includes current assets serving the production cycle. The standard in monetary terms for this group is determined by adjusting the consolidated standard of the previous period for the planned change in production volumes and for accelerating the turnover of working capital. For the second group (spare parts, deferred expenses), the working capital ratio is set on the basis of the ratio between the growth of marketable products and the level of actual balances of values ​​for this group over the past few years.

Analytical and coefficient methods are acceptable at enterprises with a fairly stable production program. If the enterprise had sufficient current assets in the reporting period, then in the planning period the required current assets in accordance with the analytical method change in direct proportion to the change in production volume. The coefficient method is more accurate, since the growth of current assets is considered for individual elements at various coefficients.

When using the analytical and coefficient methods, it is important to assess the validity of the actual balance of working capital and its compliance with the standard. To do this, first of all, the structure of working capital is analyzed, uncollectible receivables are written off, illiquid assets in stocks and work in progress are assessed, stocks of finished products in the warehouse are analyzed, etc. Assets thus cleared should be compared with the regulations for the individual elements. If this work is not carried out, then the application of analytical and coefficient methods gives unreasonable results even with a stable production program.

The method of direct counting is very time-consuming, but it allows you to most accurately calculate the company's need for current assets.

Using the above methods, the amount of necessary investments is determined for the formation of own working capital for a newly created enterprise, new types of production at existing enterprises, as well as for the planned expansion of production volume.

Determining the need for own working capital (rationing of working capital) begins with the development of the minimum required norms for stocks of all working capital according to certain types inventory items, for the implementation of economic activities, expressed in days or as a percentage of planned requirement the upcoming period. The norms of stocks of inventory items of each type are set by each enterprise independently for several years based on the industry and other features of its economic activity (for new enterprises, these norms are included in the indicators of the business plan).

For averaged calculations in foreign practice, when developing business plans, the following standard stock rates are used: for raw materials and materials - 3 months (90 days); for finished products - 1 month (30 days); for goods sold by trade enterprises - 2 months (60 days). Then, on the basis of the developed norms, estimates of production costs, expenses not taken into account by the estimate, but covered by working capital, the company's need for its own current assets is determined.

The need for working capital for the whole enterprise (the standard of own working capital) in monetary terms is calculated by multiplying the sum of one-day expenses of the enterprise covered by working capital by the stock rate in days or by multiplying the corresponding absolute value of these costs by the established working capital rate in percent.

The need for stocks of inventory items is calculated differentially in the context of the following types:

a) the need for working capital advanced in stocks of raw materials and materials; b) the need for working capital advanced in stocks of work in progress and finished products (for industrial enterprises); c) the need for working capital advanced in stocks of goods (for trade enterprises).

The need for working capital advanced in stocks of inventory items of each type is determined by multiplying their one-day consumption by the stock rate in days and can be expressed by the following formula:

P = O: T * D, (54)

where P - the need for own working capital (the standard of own working capital) by type;

O - turnover (expenditure, costs) by types of working capital;

T is the duration of the period in days (meaning O: T is one-day (consumption of materials, one-day costs for output);

D - the rate of working capital in days.

The duration of the period in days is taken for a year in the amount of 360 days, for the corresponding quarter - 90 days. To calculate the standards in seasonal industries, a quarter with a minimum production volume is taken, in non-seasonal industries - the 4th quarter.

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An important place in the organization of working capital is their planning, which allows you to determine the planned need of the enterprise for working capital.

Optimal availability of working capital leads to minimization of costs, improvement of financial results, to the rhythm and coherence of the enterprise.3 An increase in working capital leads to their excessive diversion into reserves, to freezing and deadening of resources. A decrease in working capital can lead to interruptions in production and sales of products , to untimely fulfillment by the enterprise of its obligations. In both cases, the consequence is an unstable financial condition, irrational use of resources, leading to loss of benefits.

The specific sizes of working capital are determined by the current need and depend on:

nature and complexity of production;

the duration of the production cycle; seasonality of work;

production growth rates, changes in volumes and terms of sales of products;

the procedure for settlements and the organization of settlement and cash services;

financial capabilities of the enterprise;

periodicity at the timing of receipt of payments, etc.

According to the degree of planning, working capital is divided into standardized and non-standardized. Normalized are only own working capital, but not all, but only working capital assets and partially circulation funds, namely, the remains of unsold finished products in the warehouse of the enterprise. To non-standardized funds include the remaining elements of circulation funds: goods shipped, cash and funds in settlements. However, this does not mean that their magnitude is uncontrollable. Management of non-standardized elements of working capital, the impact on their value, the company carries out through the system of crediting and settlements.

Rationing is the establishment of the optimal amount of working capital necessary for the organization and implementation of the normal economic activity of the enterprise.

Rationing of working capital is carried out on the basis of industry methods in the process of drawing up the financial plan of the enterprise.

Basic principles of normalization of working capital:

Standards are set in medium sizes.

Separately normalized working capital for the main activities, construction, trade and supply activities.

Rationing is carried out in accordance with the cost estimates for the production of off-season industries, based on the costs of the fourth quarter, and in seasonal - the quarter where the largest share of costs.

When planning, measures are developed to improve the use of working capital.

Rationing is the development of norms and standards.

Working capital norms - this is the volume of stock for the most important inventory items necessary for the enterprise to ensure normal, rhythmic work. Norms are relative values ​​that are set in days of stock or as a percentage of a certain base (commodity products, volume of fixed assets) and show the duration of the period provided by this type of stock of material resources. As a rule, they are established for a certain period of time (quarter, year), but they can also be valid for a longer period. The norms are revised with fundamental changes in the range of products, conditions of production, supply and marketing, changes in prices and other parameters.

The standards are set separately following elements normalized working capital:

production inventories (according to production inventories based on material costs 4 blocks);

work in progress and semi-finished products of own production (for work in progress based on the cost of gross output (the cost of gross output for the 4th quarter). The rate of working capital for work in progress is set based on the duration of the production cycle and the degree of readiness of products);

deferred expenses;

stocks of finished products in the warehouse of the enterprise (one-day costs for finished products are determined based on their production cost of commercial products in the 4th quarter).

Working capital ratio- this is the monetary value of the minimum required stock for the planning period.

There are several methods for calculating the norms of working capital: the method of direct counting, analytical and coefficient.

Analytical ( experimental-statistical) method involves an enlarged calculation of working capital in the amount of their average actual balances. This method involves taking into account various factors affecting the organization and formation of working capital, and is used in cases where significant changes are not expected. operating conditions of the enterprise and when the funds invested in material values and reserves occupy a large proportion.

Ratio method is based on the definition of a new standard on the basis of the existing one, taking into account amendments for the planned change in the volume of production and sales of products, for accelerating the turnover of working capital. When applying this method, all stocks and costs of the enterprise are divided into:

dependent on changes in the volume of production - raw materials, materials, costs of work in progress and finished products in stock;

not dependent on the growth of production volume - spare parts, low-value and wearing items, deferred expenses.

The main method for determining the planned need for working capital is the direct counting method, which is the most accurate, justified, but at the same time quite laborious. It is based on the determination of scientifically based reserve norms for individual elements. working capital and the norm of working capital, i.е. the cost expression of the stock, which is calculated for each element (private standards) and in general for normalized working capital (total standard).

The normalization process includes:

1) development of stock standards for certain types of inventory items of all elements of normalized working capital;

2) determination of frequent standards for each element of working capital;

3) calculation of the aggregate standard for own normalized working capital.

At this method the standard of working capital is calculated as the product of one-day resource consumption in value terms by the stock rate expressed in days.

Need rev. sr-in \u003d OR x H

OR- is the average one-day inventory or leave, determined by the enterprise on the basis of the cost estimate of the 4th quarter (OP = costs of the 4th quarter: 90)

H - this is the stock rate, which is set based on the time required to create conditions for the efficient and uninterrupted functioning of production.

General norm stock includes:

1. a transport stock is created for the time of the discrepancy between the payment of documents and the receipt of goods, i.e. when the duration of the document circulation is less than the duration of the cargo circulation;

2. preparatory stock is the time required for unloading, warehousing and placement of goods. Determined based on timing;

3. technological reserve is the time required to prepare raw materials and materials for production;

4. current stock - planned based on the time between deliveries in the amount of 1/2 of this interval;

5. safety stock - created in case of interruptions in supplies to guarantee continuity in the production process, it is planned in the amount of 50% of the current stock.

Stock rates are calculated separately for each type of raw materials and materials and for each major supplier. After calculating private rates, the total rate of demand is determined for each element of inventories and for all working capital in general. It is defined as the sum norms. The actual total need for working capital is compared with the availability of working capital in the reporting period to determine the necessary increase or surplus.

An increase in demand means an increase in the cost of replenishing working capital. It is included in the expenditure side of the financial plan of the enterprise. The surplus means the release of working capital and is reflected in the revenue side of the financial plan. Financial plan reflects not the very need for working capital, but its change.

20.Planirovanie need for working capital. Rationing of working capital.

The norm is a relative indicator expressed in days, rubles, percent. It is used to calculate the planned requirement - the standard. The working capital ratio is an absolute value that characterizes the planned need for working capital in monetary terms. Thus, through the standard is the required amount of working capital advanced in the relevant current assets.

There are the following planning methods (rationing) of own working capital:

1. Analytical- all current assets are combined into 2 groups: dependent and not directly dependent on the growth of production volume.

Group 1 includes: raw materials, basic and auxiliary materials, purchased semi-finished products, fuel, packaging, work in progress, goth. products. For this group, the standard for the planned year is determined on the basis of the standard for the current year, taking into account the planned growth in output and the acceleration of the turnover of working capital. Standard for the plan.year = Standard for the current year (or balances at the end of the base period) x growth rate of marketable products - acceleration of turnover of working capital

The second group includes: expenses bud. periods, other stocks (eg spare parts for repairs). To determine the standard, the ratio between the growth of these reserves and the increase in the output of marketable products that has developed over a number of years is analyzed. Based on the identified regularity, the calculated value of the standard is determined, which is reduced by the size of the expected acceleration of inventory turnover.

2. Ratio method involves the adjustment of stocks due to changes in supply conditions, production and sales volumes. For example, a dynamic series of average balances of current assets for the year is taken, they are attributed to the sales volume of the base year, we get a certain value, cat. means that for each ruble of sale, such a number of current assets is needed. Then we take the sales volume in the planned year and multiply the value of the coefficient by this value.

3. Method of direct counting- allows you to calculate with sufficient accuracy the standard that reflects the features of the work of each business entity. When using this method, the standard for each element is preliminarily determined, and then, by summing them up, the total need for working capital is calculated (according to stocks of materials and raw materials; when planning OA, work in progress; planning expenses for bud periods; finished products).

Rationing (forecasting) of inventories.The main method for calculating the need for OS - direct counting method. The essence of the method : the need is determined for each type, name of raw materials, materials and other mats of values ​​\u200b\u200bby direct account, and then by summing them up, the need for funds as a whole for the article is calculated.

ObS standard for raw materials, materials and other similar values: H =O* N, where O - one-day consumption; N is the stock rate in days.

ObS normalization algorithm :

1) ObS elements are normalized according to the most important stocks. The most significant types of materials are selected for which rationing will take place.

2) The relative rate of stocks of materials is determined: N = t 1 + t 2 + t 3 + Current stock + Safety stock

t 1 - time required for advance payment, purchase of stocks;

t 2 - time for the transportation of materials from the place of delivery to the place of consumption.

t 3 - time for unloading. Preparation of raw materials for production, laboratory analysis.

current stock designed to ensure the normal course of production. activities between two successive shipments. The current stock rate depends on the delivery interval. The more often materials arrive at the enterprise and are put into production, the less the current stock for them and vice versa. Normally current stock = 0.5 Esr (average delivery interval).

Isp = (Σqi * I) / (Qe – Qi), where Σqi is the volume of the i-th supply; And - the interval between deliveries; Qe total supply; Qi - volume of atypical deliveries

Insurance (warranty ) stock created to ensure the continuity of production. process in the event of interruptions in supply due to violation of the terms of delivery in terms of timing and completeness, delays in transit and in some other cases. The lead-well stock in days is affected by the remoteness of suppliers from consumers, the size of the current stock, etc.

The duration of funds in the insurance stock is calculated in relation to the norm of ObS in the current stock. The norm ObS in days for the safety stock is usually set for each group of materials within the limits of up to 50% of the norm of the current stock.

In some cases, the safety stock rate may be increased in excess of 50% if:

Certain types of materials are produced for a given enterprise by only one supplier;

The enterprise is located far from suppliers and from convenient transport routes.

Determining the need for working capital in work in progressproduction.

WIP includes products (works) that have not passed all the stages (phases, redistributions) provided for by the technological process, as well as incomplete products that have not passed testing and technological acceptance. Consequently, the amount of the standard for funds in WIP determines the amount of funds necessary for the enterprise to advance investments in raw materials used for production, basic and auxiliary materials, fuel, electricity, salary costs, deductions and other expenses of the enterprise. The amount of funds invested in WIP for each product is determined the volume of its production, the duration of the production cycle ( T P ) and the intensity of the increase in costs in the production process (TO) .

The duration of the production cycle is determined by the period from the first technological operation to the complete manufacture of the product. The total duration of the production cycle (T p) includes the period of direct technological processing of products (T c), the time spent in transport (T t), reverse ( That ) and insurance (T c) reserves and can be determined by the formula:

T P = T c +T t +T 0 +T With

To determine the value of the standard of own working capital in WIP, you first need to establish the rate of funds in days and the amount of costs for the production of planned s / s. The rate of funds in days for the i-th product directly depends on the duration of the production cycle and the cost escalation factor. It can be determined by the formula:

N i = T ni * K i

where N i - WIP rate in days of the i-th product; Tni – duration of the cycle of the i-th product; K i -coefficient of increase in costs of the i-th product.

Cost escalation factor represents the ratio of the s / s WIP of the i-th product to its planned production cost. With a uniform increase in costs, it is calculated by the formula:

K i \u003d Zedinovr + 0.5 Zseq / sum Z

where Ki - coefficient of increase in costs of the i-th product; 3 ei - one-time costs at the beginning of the production process; 3ni- - subsequent production costs.

One-time costs include the consumption of raw materials, basic materials and p / f. Other costs (wages, depreciation, overheads, etc.) increase gradually throughout the cycle.

WIP standard in monetary terms is determined by the formula:

H With = (P With * T P * K) / D

where N s is the standard for WIP and p / f of own production for the enterprise; P s - production of s / s of marketable products according to the estimate of production costs for the planned period (IV quarter); T p - the duration of the production cycle; To- coefficient of increase in costs; D - the number of days in the planning period (IV quarter).

Deferred expense standard. Deferred expenses - expenses incurred by organizations in the current reporting period, but related to the next reporting periods, are reflected in the balance sheet as a separate item as deferred expenses. Large RBP in mechanical engineering, mining, agriculture.

For deferred expenses, unlike work in progress, they do not determine the rate of working capital in days. The standard in monetary terms is calculated by the direct account method according to the formula: RBP at the beginning of the year + RBP planned in next year(RBP increase) - RBP to be written off to cost in the planned year.

The standard of working capital for finished products. This standard is calculated as the product of the one-day output of marketable products in rubles. at the cost of production and the stock rate in days.

The need to form a stock of finished products in the warehouse is due to the fact that the company cannot ship each product immediately after the end of its production. Since the products are sold in batches, complete and in a certain assortment, in order to ensure its systematic shipment in full accordance with the contractual condition, certain warehouse operations must be performed.

The need for OA depends on:

operating cycle characterizes the period of turnover total. Amounts of working capital pre-I.

one-day costs for the production of TPRU +

changes in the financial cycle. Fin. Cycle = production. + period of turnover DZ-period of turnover short circuit.

Current FEP=Tek.A-den. Means-KZ

tax factor

Approaches to the formation of OA:

conservative – normal current stock large insurance

moderate - normal and current and safety stock

aggressive - minimization and abandonment of all insurance stocks.

The efficiency of the enterprise largely depends on the correct determination of the need for working capital. This, in turn, helps to minimize costs, improve the financial situation of the enterprise as a whole, and the rhythm of production. An overestimation of the volume of working capital leads to an increase in the cost of attracted resources for the enterprise, an increase in property taxes, an increase in storage costs and, in general, reduces the efficiency of their use. Lack of working capital can cause interruptions or temporary stop production. In any case, both a shortage and an excess of working capital negatively affect financial position business entity. The specific size of working capital is determined by many factors: the technological complexity of production, the duration of the production cycle, the seasonality of production, the conditions for production and marketing of products, the rate of change in the volume of production and sales, the procedure and forms of payments, the financial situation, the state of financial discipline.
As far as possible to manage working capital, they are classified into:
Normalized
Non-standardized
Normalized - these are own working capital advanced to working capital and individual elements of circulation funds (raw materials, materials, fuel, semi-finished products, finished product residues). Non-standardized working capital - goods shipped, cash, receivables.
Rationing is the establishment of the optimal amount of funds necessary for the normal implementation of the production process and the sale of products. Rationing is one of the most important elements of intra-company planning and financial management of the enterprise. There are several ways to plan the need for working capital: the method of direct counting, analytical, coefficient.
The analytical method (experimental-statistical) involves an enlarged calculation of working capital, in the amount of their average actual balances. It involves taking into account various factors affecting the organization and formation of working capital, and is used in cases where significant changes in working conditions are not expected, and funds invested in inventories have a large proportion.
The coefficient method is based on the definition of a new standard based on the existing one, taking into account amendments for changes in the volume of production. In this case, all reserves and costs are divided into:
dependent on the volume of production (raw materials, materials, costs of work in progress and finished products on a salary);
not dependent on the volume of production (spare parts, deferred expenses, etc.).
For dependent elements, the need is planned based on their size in the base year, the rate of production growth and the possible acceleration of turnover. For the remaining elements of stocks and costs, the planned requirement is determined at the level of their average actual balances.
The direct counting method is the most accurate, but also the most time-consuming. It is based on the definition of science-based stock standards for individual elements of working capital and the standard of working capital. The normalization process includes the following steps:
development of stock standards for certain types of inventory items, all elements of normalized working capital;
determination of private standards for each element of working capital;
calculation of the total standard.
The norm of working capital represents the volume of the stock of a production resource necessary for the rhythmic operation of the enterprise. It is set in relative terms, or in days of stock by type of inventory, or as a percentage of a certain base, and shows the duration of the time period that is provided by this type of resource. The norms are developed and established separately for the following elements of working capital:
Productive reserves;
Work in progress and semi-finished products of own production;
Future expenses;
Finished products in warehouses.
Stock standards in days for production stocks (raw materials, materials, purchased semi-finished products), are established for each type or group and include the time spent by materials in transit (transport stock); unloading, acceptance and storage; being in the warehouse in the form of current or insurance stock; preparatory operations (technological reserve).
The main one is the current warehouse stock, the value of which is related to the frequency and rhythm of the supply and launch of materials into production. The safety stock is set within the limits of the warehouse stock. A similar amount is usually the transport stock. The general rule is made up of listed species stocks. Similarly, there is a calculation for other elements of working capital (fuel, containers, spare parts, etc.)
Stock rates for finished products are calculated separately for products in stock and shipped but unpaid products. The norms are determined for each nomenclature group and take into account the duration of the following operations: packaging and labeling; storage in a warehouse; acquisition of batches; loading, transportation and delivery; issuance of settlement documents, etc.
The next step is to determine private cost standards for each element of working capital.
Working capital ratio - the minimum required amount of cash to ensure economic activity enterprises. The algorithm for calculating the standards for individual elements of working capital is calculated by the formula:
H = Inventory rate (days) * one-day consumption or output for this element of working capital One-day consumption = Costs / number of days in the period
The calculation of standards for work in progress and deferred expenses has a certain specificity. In the first case, the norm depends on the production cycle and the degree of product readiness, which is expressed through the cost escalation factor (1> Kn> 0), since production costs are not carried out simultaneously, but throughout the entire production cycle, and subsequent costs are superimposed on the previous ones. In the second, the balances of deferred expenses at the beginning and end of the planning period, as well as the amount planned to be written off as expenses in the planning period, are taken into account.
The rationing process ends with the establishment of an aggregate standard of working capital, which is the mathematical sum of all private norms of working capital.