The economic result of the deceleration of the turnover acceleration formula. Catalog: economic effect as a result of accelerated turnover. Accounts payable turnover ratio

Level business activity reflected in the assessment of the comparative efficiency of the use of material resources of the enterprise and in the value financial investments into these assets. Business activity in terms of resource efficiency is assessed by a system of turnover indicators that characterize the rate of return moneyinvested in the current production and economic activities.

The amount of cash used to purchase necessary resources, begins the process of capital circulation, which is in continuous motion. Capital goes through three stages: procurement, production, marketing.

Procurement - the first stage - is the process of acquiring fixed assets, production stocks and other types of values \u200b\u200bnecessary for the production. At the first stage, money is transformed into material resources.

At the second stage of production, funds in the form of inventories are transferred to work in progress. This stage ends with the release finished products... Part of the funds goes to pay employees, taxes, social security payments and other expenses.

The third stage - marketing - includes the sale of finished products, the finding of funds in the calculations (accounts receivable) and the receipt of funds, in magnitude exceeding the initial investment, for the amount of profit received from commercial activities... The described circuit process includes several cycles:

• operating cycle (OTs) - this is the total time spent by financial resources in stocks, debts, including those received in the form of payment deferrals, commercial or commodity loans (accounts payable). Characterizes the period of one full turnover of the entire amount of current assets;
• the production cycle combines the storage of inventories from the moment they arrive at the warehouse until the moment they are shipped to production; direct production of products; storage period for finished products in the warehouse. Its duration depends on the specifics of production, scale, industry. It is the production cycle that determines the duration of the operating cycle;
• financial cycle - the period of time between the repayment of accounts payable to suppliers of raw materials and materials and the receipt of money from debtors (buyers) for the shipped products. It starts from the moment of purchase of inventories and ends with payment products sold buyers. The financial cycle includes the time required for payment to the supplier (advance payment), shipment of raw materials, materials, their delivery (if necessary - customs clearance), posting to the warehouse, shipment of goods to the buyer, deferred payment (accounts receivable), receiving money from the buyer for the goods sold. Reducing the time at any stage leads to an increase in the efficiency of use working capital... The faster the capital makes a circuit (or in a shorter period), the less time it takes to return the invested funds, taking into account the increase in the amount of profit. Consequently, the volume of necessary financial resources decreases, more finished products are sold and the profit received by the enterprise increases. Thus, the duration of the funds being in circulation is directly related to the financial and financial results obtained. economic activity... Effective management of the turnover process requires a deep understanding of both the process itself in all its diversity, and the reasons that influence its change.

All factors leading to a decrease or increase in turnover, it is advisable to divide into external and internal. External factors include the impact of inflationary processes, market conditions, geographic location of consumers, suppliers, subcontractors, customer solvency, quality of banking services, rigidity of competition, information and lack of economic ties. Internal factors are the sphere, scale of activity, industry affiliation, level of specialization and cooperation, settlement system, level of organization, production management, degree of mechanization and automation, progressiveness of applied technologies, qualification level of management, structure and range of products, etc.

The system of turnover criteria includes several groups of indicators:

turnover rates characterize the rate of turnover of funds and show how many turnovers the capital makes for certain period (number of revolutions), they also estimate the amount of products sold per one ruble of funds:

where LA - coefficient ^) asset turnover; No. р - revenues from sales; L is the average value of assets.

An increase in turnover leads to a reduction in the costs required per turn. As a result, resources are freed up, since the invested funds turn into real money faster. The rate of turnover of funds depends on the level financial sustainability and the degree of solvency, the relative size of conditionally fixed costs, the amount of funds invested;

turnover period indicators () give an idea of \u200b\u200bthe average period for which funds invested in production and commercial activities are returned, or show the duration of one turnover in days:

where T - the period in question in days. Number of days (T) in the analyzed period, it is customary to count in a quarter (90), half a year (180), in a year (360).

The faster capital makes a circuit, the fewer days it takes to transform it into monetary form, the better and more efficient its use. Reducing the time spent on assets leads to a decrease in the need for working capital;

load factor (consolidation or capital intensity ratio) of current assets characterizes the amount of current assets advanced for one ruble of proceeds. It is calculated by the ratio of the average value of current assets to the volume of sales (the reciprocal of the traditional ratio of current assets turnover):

The ratio evaluates the dynamics of fixed current assets in one ruble of sales proceeds and serves as a measure of work efficiency: the lower the ratio, the more intensively the assets are used. It reflects the level of management of accounts receivable, inventory;

economic effect from deceleration release ) working capital as a result of acceleration (deceleration) of their turnover is determined on the basis of one-day turnover, which is calculated by dividing the sales revenue by the number of days of the analyzed period, followed by multiplication by the change in the turnover period:

where ± EF - economic effect; - change in the turnover period.

The indicator of economic effect may have a value with a plus sign, which is regarded as additional funding required, and a minus sign, indicating the amount of funds released from circulation. If the duration of the turnover has increased, additional days of the operating cycle will need to be financed in the amount of funds of one day turnover for each extra day. And vice versa: a reduction in turnover days (-D1) will indicate that as a result of more efficient use of resources in the next cycle, less funds will be required by the amount of the effect obtained.

The release of working capital due to the acceleration of their turnover can be absolute and relative:

• if the actual balances of working capital are less than the standard or the balances of the previous period, such a release is considered absolute. This means that current assets were more fully involved in circulation and more products were produced;
• in a situation of accelerated growth of production in the presence of circulating assets within the limits of the previous demand, there is a relative release.

A comprehensive assessment of turnover is carried out using economic and mathematical models to identify the causes and relationships of a number of indicators. The sequence of calculation procedures using the example of the turnover of current assets (Table 13.2) includes the analysis and assessment of the factor dependencies of the turnover ratio, sales proceeds and the turnover period.

The change in the turnover ratio is influenced by two factors: sales proceeds and the average value of current assets. The method of chain substitutions determines the quantitative effect of each of them on the turnover ratio:

The impact of changes in sales revenue ( AX ^ P)):

Influence on the turnover ratio of changes in the average balances of current assets for the period (Yes ^^):

Sales volume may change due to the amount of consumed resources, i.e. extensive factor in the use of assets, and their intensive use - the turnover ratio. The increase in revenue due to the turnover ratio characterizes the increased quality of the functioning capital management.

The calculation of factors in the multiplicative model \u003d \u003d AOxN AO can be carried out by the method of absolute differences:

Change in revenue due to the average annual value of current assets (DL ^ 0)):

Change in revenue due to the turnover ratio (LA "Dlo,"):

The influence of factors on the period of turnover in the multiple model is carried out by the method of chain substitutions:

• change in the period of turnover due to current assets
• (D ^ (LO)):

Change in the turnover period due to proceeds from sales ():

At present, the total amount of the company's accounts receivable is about 1,474 thousand rubles. In 2009 - 2010 the balance of short-term accounts receivable at the end of the year has a tendency to decrease, which makes it possible to increase the monetary component of working capital, accelerate their turnover. To further reduce accounts receivable, it is planned to: increase the share of prepayment and intensify the work of the legal service to collect the overdue part of the debt.

Also, in order to increase the efficiency of the use of working capital (by reducing the turnover period), it is recommended to develop measures for the sale and write-off of stale materials, since their presence leads to the "death" of working capital, an increase in storage costs, etc.

Let's calculate the effectiveness of the proposed measures. The data for calculations will be presented in the form of table 22.

Table 22. Initial data for the analysis

In the reporting year 2010, the revenue increased 1.5 times compared to the previous year 2009, when it was 12,941,694 thousand rubles, so in the base period it is planned to increase revenue by 1.65 times, which will amount to 33090560 thousand rubles. (see table 22).

In addition, it is planned to reduce accounts receivable, according to the proposed measures, by 4 times, which will amount to 168,523 thousand rubles.

In connection with a doubling of revenue, an increase in inventory turnover should occur, which in turn should be due to a decrease in inventory and materials in warehouses.

Let's analyze the dynamics of the economic potential of the enterprise for 2009-2011, taking into account the planned indicators.

The analysis is shown in Table 23.

Table 23. Dynamics of the economic potential of KAMAZ-DIESEL OJSC for the period 2009-2011 (taking into account the planned indicators), thousand rubles.

The following ratio of tempo indicators is optimal:

> > > 100%, (14)

where, -, respectively, the rate of change in profit from product sales, sales proceeds and total cost of sales.

During 2009-2010. the fulfillment of this inequality is observed, despite the fact that the financial condition of the enterprise is not stable, there was a decrease in loss, and the growth rate of profit was 167.39%. Inequality indicates that, in comparison with an increase in economic potential, the volume of sales increases at a higher rate, that is, the organization's resources are used more efficiently, the return on each ruble invested in the company increases, since the rate of revenue growth outstrips the rate of cost price growth, which cannot be said the rate of profit growth. If the growth rate of revenue increases by 10%, revenue will increase by 1.65 times. It is necessary that in the planned year the profit growth rate was higher than the revenue growth rate, which should increase the economic potential of KAMAZ-DIESEL OJSC. In order for profit to grow at a faster pace, it is necessary in the reporting period to have a relative reduction in production and distribution costs as a result of actions aimed at optimization technological process and relationships with contractors.

Thus, with the planned reduction of losses by 88 times, the proceeds from sales will increase by 1.65 times, and full cost 1.62 times and the inequality will be observed. Consequently, it is planned to increase the economic potential of KAMAZ-DIESEL OJSC.

The time of stock circulation, is expressed in days of turnover and is calculated by the formula (15)

OT \u003d Z * T: Q (15)

Ot - average stock;

T is the number of days in the period;

Q - sales proceeds.

Let's calculate the turnover time of stocks for the enterprise OJSC KAMAZ-DIESEL for 2010.

From \u003d 1127103 * 365: 20054885

This means that in 2010 the company had enough reserves for 20 days. It is necessary to plan a decrease in the level of inventories, therefore, according to formula (15), in the planned 2011 the time of inventory circulation should decrease due to an increase in sales proceeds, which will entail a decrease in the average annual cost of circulating production assets.

So, we have in 2011 according to the plan:

From \u003d 985650 * 365: 33090560

This means that with a decrease in the level of stocks by 1.14 times, in the planned year, the turnover time of stocks is reduced by 2 times, which can increase the speed and reduce the time of commodity circulation, increase sales proceeds with a smaller amount of stock, which has an effect on reducing costs of storing goods, reducing product losses, etc.

Firms strive to increase inventory turnover in order to get the most sales and, therefore, profits with a smaller warehouse area and lower inventory costs. High inventory turnover requires tighter inventory control.

Achieving high turnover is no easy task for large enterprises, since they are forced to store part of the stocks of the irregular demand item in warehouses.

If for economically efficient trading need to support high level inventory turnover, then in order to ensure the demand for any product included in the trade nomenclature, it is necessary to store a wide range of rarely sold goods, which slows down the overall inventory turnover.

Inventory turnover is an important criterion that needs to be carefully analyzed.

As a result of all measures, there should be a decrease in the average annual value of working capital assets by 1.5 times.

To assess the turnover of working capital, the formula (16) is used:

Turnover ratio

Cob \u003d Vр / CO (16)

where Kob is the turnover ratio (in turns);

Vр - proceeds from the sale of products (works, services), thousand rubles;

CO - the average value of working capital, thousand rubles.

The duration of one revolution is calculated using the formula (17):

L \u003d T / Cob (17)

where Dl is the duration of the circulation period of working capital, in days;

T - reporting period, in days.

In 2009 Kob 0 \u003d 20054885/2653719 \u003d 7.56

L 0 \u003d 365 / 7.56 \u003d 78.28 days.

In 2010 Cob 1 \u003d 33090560/1822700 \u003d 18.15

For 1 \u003d 365 / 18.15 \u003d 20.11 days.

The calculation shows that there is a decrease in the duration of the circulation period of working capital by 4 times, which indicates an acceleration of its turnover, which is a positive effect of planning.

The amount of absolute savings (attraction) of working capital can be calculated in two ways.

1. The release (attraction) of working capital from circulation is determined by the formula (18)

D CO \u003d (CO 1 -CO 0) * Kvp (18)

where CO is the amount of savings (-), attraction (+) of working capital;

CO 1, CO 0 - the average value of the organization's working capital for the reporting and base periods;

Kvp is the growth rate of production (in relative units).

D CO \u003d (1822700-2653719) * 1.65 \u003d - 1371181 thousand rubles.

2. The release (attraction) of working capital as a result of changes in the duration of the turnover is calculated by the formula (19)

DSO \u003d (Dl 1 - Dl 0) * V 1un, (19)

where Dl 1, Dl 0 - the duration of one turnover of working capital, in days;

V 1day - one-day sales of products, million rubles.

DSO \u003d (20.11-78.28) * 91 \u003d - 5293 million rubles.

The increase in the volume of production due to the acceleration of working capital (all other things being equal) can be determined using the method of chain substitutions:

D Vr \u003d (Kob 1 -Ko 0) * CO 1

D Vr \u003d (18.15-7.56) * 985650 \u003d 10438033 thousand rubles.

The increase in the volume of production in the planned year will be 10438033 thousand rubles.

The influence of the working capital turnover on the increment of profit DR is calculated by the formula (20)

D R \u003d P 0 * (Kob 1 / Kob 0) - P 0 (20)

where Р 0 - profit for the base period;

Kob 1, Kob 0 - the coefficients of the turnover of working capital for the reporting and base periods:

DR \u003d -4160 * (18.15 / 7.56) - (- 4160) \u003d -5824 thousand rubles.

From the calculations of the effectiveness of the proposed measures, it can be seen that in the future, after their implementation, it is required to slow down the turnover of working capital again, since the value of the base year 18.15 is high and the company will increase its loss.

The slowdown in turnover will be accompanied by the diversion of funds from the economic turnover and their relatively longer death in production stocks, work in progress and finished goods, which will help to strengthen financial condition enterprises of OJSC "KAMAZ-DIESEL".

Thus, as the calculations show, at the OJSC KAMAZ-DIESEL enterprise, the implementation of measures for the efficient use of working capital (namely, reducing the level of stocks to the optimal level, timely collection of receivables and taking measures to reduce the level of debt in the future) leads to reduce the loss of the enterprise, and as a consequence of increasing the efficiency of the use of working capital, improving the financial condition of the enterprise and increasing the business activity of the enterprise.

The economic effect as a result of the acceleration of turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of revenue and profit.

The amount of funds released from circulation due to acceleration (-E) or additionally attracted funds into circulation (+ E) with a slowdown in the turnover of current assets is determined by the following formula:

t \u003d 41 src \u003d "images / referats / 24337 / image007.png"\u003e

(turnover period of current assets of the reporting year - turnover period of the previous year) (1)

Let's calculate the economic effect for 2005:

... (27.40-22.22) \u003d + 7042.78 thousand. rub.

The duration of the operating and financial cycles is of great importance in the analysis of business activity (Table 3)

Table 3 Calculation and dynamics of turnover indicators

The table shows that in the period under review there is a decrease in the turnover ratios of accounts receivable, inventory and accounts payable, as a result of an increase in the duration of turnover.

A decrease in the inventory turnover ratio and an increase in the duration of inventory turnover indicates a slow turnover of goods or a decrease in demand. In general, the lower the inventory turnover rate, the more funds are associated with this least liquid item, the less liquid structure the working capital has and the less stable the financial position of the enterprise. The organization is interested in reducing the periods of inventory and accounts receivable turnover and increasing the turnover period of accounts payable in order to reduce the turnover period of working capital.

For the financial condition of the enterprise, it is favorable to receive a deferred payment from suppliers, employees of the enterprise, the state, since the deferred payment provides an additional source of financing. It is unfavorable to freeze part of the funds into stocks and grant deferred payments to customers. This gives rise to the need of the enterprise for financing. The turnover ratio of accounts receivable is decreasing due to the increase in the amount of accounts receivable. The decrease in the inventory turnover ratio was influenced by the increase in the amount of inventories and costs. As a result, the duration of the business cycle increases by 15.38 days. The decrease in the turnover ratio of accounts payable was caused by an increase in the amount of accounts payable to a greater extent than the increase in cost. The financial cycle in 2005 is 16.56, but in 2006 it increases by 15.38.

The economic effect of accelerating turnover commodity stocks is expressed in the release of working capital, reducing the company's need for them in connection with the improvement of their use. Distinguish between absolute and relative release of working capital.

The absolute release reflects a direct decrease in the need for working capital. The magnitude of the absolute release is determined as the difference in the values \u200b\u200bof the circulating assets invested in inventories in the analyzed periods.

Let's look at an example. In 2016, the trade turnover amounted to 2,500,000 rubles, while average annual cost commodity stocks - 500,000 rubles. The turnover was 5 turns. In 2017, there was an acceleration in turnover, the turnover was also 2,500,000 rubles, but the average annual value of inventories was 300,000 rubles. The turnover was equal to 8.33 turnover, and the absolute release of working capital is defined as 500,000 rubles - 300,000 rubles \u003d 200,000 rubles.

The relative release reflects the difference in working capital that would be needed in the current period with the turnover of the previous period. When do we need to define relative release? In the previous example, the turnover has not changed over the year, but it is often possible to observe a situation when, with an acceleration of turnover, the cost of inventory remains the same, but the turnover increases. That is, to increase sales, the company did not need to raise additional working capital.

Let's look at an example. In 2016, the turnover amounted to 2,500,000 rubles, while the average annual cost of inventories was 500,000 rubles. The turnover was 5 turns. In 2017, there was an acceleration in turnover, the average annual cost of inventories was 500,000 rubles, and the turnover was 4,000,000 rubles. There was no absolute release of working capital: they were all invested in inventory, but the company benefited from the fact that it did not need to raise additional funds to increase sales. Let's define this benefit. The logic is as follows.

We need to determine the average annual cost of inventories, which would be if the turnover remained the same as in 2016. The difference between this value and the actual value in 2017 will be the economic benefit from the acceleration of turnover in this case.

The turnover in 2016 was 5 turns. Let me remind you that turnover in turnover is defined as the ratio of turnover to the average annual cost of inventory. In our case, this is 2,500,000 rubles / 500,000 rubles - 5 turns. If in 2017 the turnover did not change, the average annual cost of inventories would be 4,000,000 rubles / 5 revolutions \u003d 800,000 rubles. That is, we would need to attract an additional 300,000 rubles: 800,000 rubles - 500,000 rubles. The company did not need to raise these funds due to the fact that it carried out measures to accelerate turnover.

If you calculate the turnover in days, then the effect of its acceleration is determined by the formula:

Economic effect \u003d (turnover in the previous period - turnover in the current period) * turnover per year / 365 days

In the period under review, the economic effect is equal to:

Turnover in 2016 \u003d 500,000 rubles * 365 days / 2,500,000 rubles \u003d 73 days

Turnover in 2017 \u003d 500,000 rubles * 365 days / 4,000,000 rubles \u003d 45.625 days

Economic effect \u003d (73 days - 45.625 days) * 4,000,000 rubles / 365 days \u003d 300,000 rubles.

According to my observations, almost every company has large reserves for accelerating turnover. More and more often I am asked how to achieve the turnover, which the head / owner of the company sets as the target. The site has several articles on this topic. For example, "How to identify reserves for increasing turnover" "6 important steps to increase the turnover of goods."