Theoretical foundations of logistics activities. Self-control. questions for self-examination Analysis of the duration of the production and commercial cycle and the sources of its financing

Funds invested in certain types of current assets in the course of current activities consistently go through all stages of the production and commercial cycle (PCC) and at each of them change their material form, again turning into cash. This movement reflects the circulation of current assets. The duration of one circuit in individual industries is different. However, the financial condition and, above all, the solvency of the organization in each area of ​​activity depends on the speed of the transition of certain types of working capital from one stage to another, i.e. from their turnover. Therefore, the turnover indicators characterize the level of business activity of the organization and the efficiency of using current assets.

Acceleration of the turnover of circulating assets leads either to an increase in sales (with a constant volume of circulating assets), or to the release of funds from circulation, which will reduce the need for sources to finance them. Consider the following conditional example.

The sales amount to 7200 thousand rubles, the volume of working capital - 1800 thousand rubles. The number of turnovers per year 7200: 1800 = 4 times. Let's say that the number of circuits has increased up to 4.5 times. Then, to obtain the same volume of sales in each cycle, it will be necessary to involve working capital: 7200: 4.5 = 1600 thousand rubles, i.e. for 200 thousand rubles. smaller.

To assess the effectiveness of the use of working capital, a system of generalizing and particular indicators of turnover is calculated.

Generalizing characterize the average duration of the circulation of funds invested in current assets. Therefore, to calculate them, data on the average cost of all current assets for the period are used. It is calculated using the chronological average formula:

- the average cost of current assets for the period; - balances of current assets at the beginning of the corresponding period; NS- the number of terms in the numerator.

The indicator of the total turnover (About total) is the proceeds from the sale, since it is this that characterizes the final stage of the PCC - the return of funds again in monetary form.

There are three ways to measure the speed of movement of working capital:

1. The number of circuits for the period (or the rate of turnover -):

The coefficient shows how many complete circuits were made by current assets during the analyzed period. The indicator should have an upward trend. However, it is not descriptive enough. Therefore, a different calculation option is used more often.

Duration of one circuit in days ():

,

where is the number of days in the analyzed period.

The indicator characterizes the average period from the moment of purchasing inventories (or goods) to receiving proceeds from sales. This indicator should tend to decrease. Its value can be obtained if the number of days in the period is divided by the number of revolutions:

The ratio of current assets to sales proceeds (consolidation ratio -):

It shows how much working capital falls on 1 ruble of products sold. The indicator is the inverse of the turnover rate, so it should tend to decrease.

Indicators of the total turnover of current assets are calculated and studied in dynamics for a number of reporting periods and are compared with similar indicators of related enterprises or with industry average values ​​that can be taken as a criterion for assessing the efficiency of using working capital and the level of business activity of an organization. The fact is that the indicators of this group cannot have a single standard criterion value acceptable for all spheres of activity, since they, to a greater extent, if any other indicators, reflect industry, technological and other features of the enterprise's functioning, which is expressed by different duration of the PCC ... However, when comparing, it is necessary to take into account the differences in the methods for assessing inventories, work in progress, etc.

The influence of changes in the turnover of working capital on the volume of sales is determined by the formula:

The relative release (involvement) of funds from circulation as a result of changes in turnover is calculated as follows:

∆ .

According to the data of the analyzed enterprise, the average annual value of current assets was: in the previous year 1696 thousand rubles, and in the reporting year 2338 thousand rubles. Sales proceeds are reflected in the “Profit and Loss Statement” (see Appendix 2).

In this example, the turnover of working capital is characterized by the following data:

Table 6.11. Characteristics of the turnover of working capital

The given data indicate a slowdown in the turnover of current assets in the reporting year compared to the previous one. This required additional involvement of funds in circulation in the amount of 484.8 thousand rubles, which can be seen from the calculation:

.

The average turnover of all circulating assets depends on the speed of transition of each element or type from one stage of the PCC to another. To establish this relationship, a system of indicators of private turnover is calculated. When calculating them, analytical accounting data are used to determine the average cost of certain types of working capital for the period, as well as indicators of private turnovers. They are reflected in the credit of the account on which the corresponding element (type) of current assets is taken into account.

Private turnover indicators are calculated using the formula:

,

where is the period of residence time i-th type of current assets at this stage of the PCC; - the indicator of private turnover for a given element of working capital; - average cost i th element of current assets.

For example, the private turnover for raw materials and materials shows the period of time that passes before they are written off for production, therefore, the indicator of private turnover is the consumption of raw materials and materials for production (credit turnover for this account).

The indicators of private turnover reflect not only the efficiency of using certain types of circulating assets, but serve as the basis for calculating and analyzing the activities of the PCC.

To link the general and private turnover, the so-called terms of the total turnover are calculated. To do this, the average cost of certain types of current assets should be divided by the one-day total turnover. The calculation formula is as follows:

.

The duration of an industrial production cycle is the period of time required for one circuit.

The production and commercial cycle includes the following stages:

· The duration of the finding of funds in advances to suppliers;

· Duration of storage of stocks;

· Duration of the production process;

· Duration of storage of finished products;

· The average maturity of accounts receivable.

To calculate the duration of the cycle, we will use the data on the average balances of individual elements of working capital and indicators of private turnovers, which are given in table 6.12.

Table 6.12 ... Characteristics of private turnover of working capital

Average annual balances of working capital Amount, thousand rubles Indicators of private turnovers Amount, thousand rubles
for the beginning of the year at the end of the year for the beginning of the year at the end of the year
1. Raw materials and semi-finished products. 2. Work in progress 3. Finished goods in stock 4. Accounts receivable from buyers and customers 5. Advances issued to suppliers 6. Other current assets 7. Total current assets 8. Advances received 9. Accounts payable to suppliers Consumption of raw materials and materials for production Cost of manufactured products Cost of shipped products Proceeds from sales Purchases of materials, semi-finished products on a prepayment basis - Sales proceeds Sales proceeds on a prepayment basis -

According to columns 5 and 6 of the table. 6.12 it is possible to judge the duration of the individual stages of the MCC.

Table 6.13. Changes in the indicators of the private turnover of working capital

These calculations show that an increase in the duration of the operating cycle by more than 23 days was mainly due to an increase in the storage period of stocks of raw materials by 18.8 days and finished products by 11.7 days, as a result of which the total turnover of working capital slowed down by 9 , 8 days 9.4 days. This necessitates a more in-depth analysis of the reasons for the accumulation of certain types of inventories and finished goods. The diversion of funds to these assets has become one of the reasons for the decrease in the liquidity and solvency of the organization.

CASE - Production and commercial cycle (fig. 6)

  • 1. The company has 300 rubles. (a little, but this is just the beginning).
  • 2. The company purchased 100 rubles. materials and paid the workers an advance of 100 rubles. for future work. Now the value of the company's property has not changed - its form has changed. The company owns funds (100 rubles), materials (100 rubles) and the obligations of workers to work for it for a certain time (100 rubles) - this is also property belonging to the company, the right to use other people's labor 1.
  • 3. Workers began to process the material. The company no longer has material in its pure form, and workers no longer owe it 100 rubles. - they worked their way. But both those and other resources (and for a company both materials and labor are resources acquired for their activities) are currently invested in something that in the future should turn into finished products. Thus, the total value of the company's property (money, leftover materials, the remainder of workers' debts and the so-called work in progress) is still 300 rubles.
  • 4. The production process has ended and the finished product has been received. The company still has 300 rubles. (100 rubles - in cash and 200 rubles - invested in finished products). The materials and labor of the workers turned into a product ready for sale. Please note that until now, nothing has really been added to the total value of the company's property, but nothing has disappeared from it. Most likely, the company already has the potential for making a profit (after all, only now the products can be sold), but only the potential, which is not yet quantitatively measured. In this case, we do not have the right to evaluate our ready-to-sell products at the so-called "market" price, since this price de facto does not exist yet, it has not manifested itself in real sales documents, the market price is an assumption, and accounting operates only with facts. And the only thing that already exists is the cost price actually invested in the product. From the point of view of financial accounting, no market value in nature exists at all until the moment when the fact of communication with the market takes place, i.e. with a specific buyer. There is an assumption about the market value, but the assumptions are not the object of our consideration.
  • 5. All finished products were shipped to the consumer for 300 rubles, but he promised to pay the money only in a month. Let's calculate what the company currently owns. Firstly, it's all the same 100 rubles. cash. What else? The finished product has completely disappeared, the company no longer has it. But it is possible to demand 300 rubles from the consumer over time. These 300 rubles. can also be considered as the property of the enterprise - it owns part of other people's funds, has the right to them, the right to claim and withdraw. Thus, only now there has been a change in the cost of the company's resources, which means that a profit has been made. At the same time, the amount of funds in comparison with the initial situation decreased by 200 rubles. The profit (as an increase in the value of all property as a whole belonging to the company) amounted to 100 rubles. It turns out that profit is when, as a result of operating activities, you have something more than it was before.
  • 6. Received payments from the buyer. The company has 400 rubles. cash. Note that at this moment there is no increase in the value of the property again, debts in the amount of 300 rubles. just transformed into money. And only at that moment did you have the opportunity to remember the main thing and finally pay dividends to the shareholder - until that moment you could only promise them to him.

Rice. 6.

From the example above, you can see that:

  • 1) profit potential arises in the production process, it is there that the opportunity arises to offer something to the market and earn something. “Expectations” of profit (but so far only expectations) reach their apogee at the moment when we have a finished product in our hands - there is only one step left to take to the client;
  • 2) the profit itself appears at the time of sale (shipment) of the manufactured products, i.e. at the moment of a kind of "nonequivalent" exchange, when there is a formal change, increase or decrease in the value of the resources at the disposal of the enterprise. It is at this moment that the formation of the income statement begins. Please note that making a profit does not at all mean getting real money in your hands. Profit - a jump in the value of the company's own resources as a result of the company's activities;
  • 3) the monetary content of the profit appears at the time of the actual receipt of payments from buyers. These payments can either precede shipment (when receiving advances from customers), or occur simultaneously with shipment (in a retail store, in particular) or follow it (see the example above). The appearance of real money, in turn, makes it possible to generate a cash flow statement.

We can formulate the conclusion that profit appears when a company changes one type of property to another with a change in the total value of this property (in the simplest case, this is the sale of finished goods). Moreover, this profit is not always expressed in a corresponding increase in cash.

But it is the profit that reflects the overall increase in the value of the company, and hence the shareholder's capital, expressed in the increase in the price of the resources that it has.

The last statement, of course, will be true only if the indicated value really more or less reflects the amount of money for which this or that property can be sold.

The physical meaning of profit is, first of all, the increase in the cost of resources achieved as a result of the company's activities. Calculated as the difference between income and expenses.

And now let us once again recall two wishes of the shareholder: to receive more dividends and do it as much as possible earlier, and once again refer to the scheme described above.

  • 1. In order for the shareholder to receive more dividends, it is necessary to manage the difference between income and expenses, total sales and total cost of sales, i.e. in the end a profit.
  • 2. And in order for the shareholder to receive dividends earlier, it is necessary to manage the period of time during which the entire cycle is completed, i.e. the speed of purchasing resources, the period of their storage in the company, processing time, storage time of finished products and the period of waiting for money from buyers. That is, you need to manage the cash flows that are constantly invested in the individual components of the operating cycle.

It turns out that profit itself is only one of the aspects of managing the financial activities of a company, but far from the only one. The profit demonstrates the amount that the shareholder can now claim, but it does not show a real opportunity to withdraw this amount if he wants to.

Now let's return directly to the description of the company's activities and depict the same operating cycle, the circulation of funds in business, only this time in a little more detail (Fig. 7).

In the middle of the model is drawn a "cauldron" of funds, which in reality, as already mentioned, may not exist. It is nothing more than a universal and universal equivalent for measuring everything that happens in the company.

Rice. 7.

The previous scheme (in Fig. 5) did not indicate where the company initially got the money from in order to launch the very first operating cycle. In fact, there are only two principal sources of business financing - creditors 'funds and shareholders' capital.

It is with these funds that the company buys the necessary resources: labor, materials and equipment. A purchase, like a sale, can take place both for cash and on credit.

Then the resources are used in business, gradually transforming into finished products.

Finished products are sold for cash or on credit. Profit appears, i.e. within the framework of the production and commercial cycle, more resources are generated than they were originally. This increase is formally recorded at the time of shipment, at the time of transfer of ownership of the company's products.

Ultimately, the buyer's cash flows into the company.

Due to the aforementioned increase, in turn, an increase in the next turnover is provided in comparison with the previous one, as well as "third-party" payments are made: to creditors (interest), owners (dividends) and the state (taxes). That is, the profit earned in the company's operations is “divided” between the state and the owners of the sources of financing for the enterprise.

And this sequence repeats itself indefinitely, representing a basic diagram of the work of any company.

By the way, please note that in the diagram, all expenses of the company (i.e. directions of use of funds) can be divided into three main categories:

  • 1) related to what, how and in what quantities the company is engaged (wages, materials, costs of fixed assets, etc.) - a kind of technological costs of the business;
  • 2) related to where and how the company received funds for subsistence (interest on loans, dividends) - financial costs;
  • 3) related to where and in what form the company was registered and conducts its activities (taxes).

In addition, all operations shown in fig. 7 can be classified according to the type of managers responsible for them.

The entire upper part of the diagram is the area of ​​responsibility of various functional divisions, it is there that the entire added value of the company is formed, it is there that all the key competencies and competitive advantages of the enterprise are concentrated. This activity can be considered as the main and primary, to ensure it, the enterprise itself is organized.

The activities at the bottom - secondary, auxiliary and regulatory - are the responsibility of the CFO: it is he who communicates with shareholders, banks and the tax office. This work is not self-sufficient - it is only needed to ensure that our operating cycle (above) can function.

As we can see from the diagram in fig. 6, any business requires an initial investment, i.e. capital, which can be formed at the expense of own and borrowed sources (funds of the owners of the enterprise and its creditors).

This capital is invested in the means of labor, the subject of labor and directly into the labor itself (in accounting terminology, in fixed and circulating assets).

At the same time, cash is a kind of intermediate reservoir, the filling of which changes as a result of individual business transactions performed by the enterprise. This reservoir is filled when raising capital and selling finished products, and then emptied when purchasing materials and other resources necessary for carrying out the production and commercial activities of the company, as well as returning capital and its current maintenance. The presence of money in this reservoir, at the same time, does not always indicate the profitability of the business, but rather speaks of solvency, liquidity and financial stability.

In this case, cash is nothing more than an intermediate form of materialization of enterprise funds between two successive production cycles. The current level of funds may, to one extent or another, with some adjustments, characterize the effectiveness of previous activities.

So, let's formulate an interim summary of the company's activities.

The model of the circulation of resources in business shows that:

  • 1) sources of financing for the company's activities can be its own and borrowed;
  • 2) the capital of the enterprise can be invested:
    • into the means of production;
    • the subject of labor and the labor itself;
    • as well as in objects not related to the main activity, third-party investments (in the case of availability of "free" cash

At the moment, we have formulated the goals of the company and described the scheme of its work in the process of achieving these goals. Now let's return to financial accounting and formulate the tasks facing it, in the context of all of the above:

  • take into account all business transactions in primary documents;
  • fix the operations shown in the above diagram (as well as many others), i.e. describe the business in commensurate financial terms;
  • evaluate transactions in monetary terms (if they were not in the primary documents);
  • classify all recorded transactions according to certain criteria;
  • summarize in the final financial statements;
  • evaluate the results of activities for their effectiveness and riskiness.

That is, financial accounting will describe the activities of an enterprise in monetary terms and show the process depicted in the above diagram (see Fig. 7).

SELF-CONTROL. Self-test questions

  • 1. Try to explain the physical meaning of the concept of "profit" in the light of the examples given in the section.
  • 2. Why is the profit not always equal to the real increase in funds in the company's accounts? At what point is the profit generated and when does the company have real cash in the operating cycle?
  • 3. Take a close look at fig. 7 and try to formulate what kind of management decisions and what kind of managers make at all stages of the enterprise.
  • It must be understood that the assessment of materials at 100 rubles, like all subsequent assessments, does not mean at all that we have the opportunity to sell these materials for this amount. But we agreed that financial accounting is post-facto accounting by documents. And the documents indicate that the materials were purchased exactly for 100 rubles. - this is the only value we know for certain. In the same way, the employees, judging by the documents, owe us exactly 100 rubles in time.
  • An intermediate state of the company's material resources between raw materials that are no longer there and finished products that do not yet exist - semi-finished products.
  • According to Karl Marx, everything is labor, object of labor and means of labor.
  • More on this later.

Assignment 2

Topic: Business cycle and EC entry strategies

Purpose of work:

· Teach to highlight the subjects and objects of commercial activity;

· To consolidate the understanding of the general commercial cycle of the enterprise and the previous (subsequent) stages;

· Learn to formulate the content of a commercial cycle for an arbitrary type of activity;

· To consolidate the content, input and output entities of each stage of the commercial cycle in the framework of e-commerce;

· To consider the implementation of various strategies for entering EC, the advantages and disadvantages of each of them in comparison with related strategies.

Job assignment:

1. Read a brief description of the subject's e-commerce activities;

2. Answer the questions:

§ Who or what are the subjects of commercial activity / objects of commercial activity;

§ What are the requirements for customers (what they need to interact with the seller);

§ Are there any stages in the activities of entities that are not related to e-commerce, but related to e-business;

3. Draw up a business cycle diagram for this type of activity;

4. Expand the content of the main stages of the commercial cycle and their implementation from the point of view of the seller and the buyer;

5. Make an assumption about running a similar business in the OFF-LINE (traditional) model and using e-commerce technologies to implement certain stages of the cycle. Describe the options received;

6. Identify the advantages and disadvantages of the options for doing business proposed in clause 5 in comparison with related options

Business cycle and EC entry strategies

Option 1

The Orion company is engaged in the production of various stationery products (pencils, pens, notepads, calendars, paper clips, clips, staples, stickers, weeklies, posters, etc.) and distributes it between its own stores, which independently pre-order the required goods and also accepts orders from third-party companies. Orders can include both simple catalog orders for any type of product in the required quantity, and the development of a special configuration, design and other characteristics at the request of the customer. In this regard, specific orders are processed and controlled by managers at all stages of parameter coordination. After the final registration, the client has the opportunity to view the details and the total cost of the order and make a calculation both in the traditional way and on the website. Upon payment, the order is delivered to the client. At all stages, the client has the ability to track the status of the application.

Option 2

The company LLC "Ukrainian Souvenir" is an on-line store without off-line support. The online store offers a wide range of Ukrainian-made Gzhel and ceramics souvenirs. The firm works with several large factories. Well-established relationships with suppliers allow you to conduct business without using your own warehouse (goods are delivered directly from the manufacturer's warehouse), which significantly reduces the costs of the company. Delivery of goods to the client is carried out either by courier or by mail (government or "ExPost" DHL). Payment for goods can be made in the following ways: cash on delivery (when the goods are delivered by mail), cash (when the goods are delivered by courier), electronic cash (webMoney, Yandex-money). If the client chooses the courier delivery method, the buyer must confirm the order (the system generates a notification that is sent to the buyer's e-mail). In other cases, the goods are delivered upon payment.

Option 3

Internet auction "Aukro". On the site, an individual who has reached the age of 18, or a business entity registered by the state in accordance with the established procedure. The auction is organized as follows: an individual seller puts information about his lot on the site (photo, description). The interested person offers his price. One lot is put up for sale for a limited time. Bargaining can take place both directly between the seller and the buyer (with self-organizing delivery), and through a third party - the auction manager, who organizes the bargaining and delivery of the goods, while receiving a certain percentage. Payment for the goods is carried out through Internet payment systems (WebMoney, Yandex-money) or using credit cards (other payment methods are possible upon mutual agreement of the parties).

Option 4

The company "DlyaVas", which has launched a business on the Internet for the provision of short-term loans on-line for purchases in the amount of up to UAH 5,000. without leaving your home. You, as an individual, can become its client by providing the required information about yourself and certifying the documents with an electronic signature. In case of successful verification of your documents, you will be able to use a loan in a form convenient for you - from direct payment of your account in the online store to transferring funds to your wallet in the Web Money system or any others. All operations for the necessary paperwork are carried out directly through the site in on-line mode. Also, subsequent settlements with the company are carried out through the website by crediting funds to its account in almost any settlement system of the network in the Ukrainian segment.

Option 5

On the website of the Kharkiv city administration, individuals are given the opportunity to pay for utilities. When making a payment, so-called "service" cards are used, which payers can purchase at branches of Sberbank, Privat Bank and Megabank. The payment system is organized as follows: the client registers on the website (opens an account), fills out a form identical to the payment form, enters the code from the service card (replenishing his account with a certain amount of currency units). Operations with service cards are carried out by the Bank of Communications, transferring money from the client's account to the Sberbank account of the city administration.

Option 6

The company CJSC "Start" is engaged in the placement of investments for the implementation of high-tech projects in the service sector. Until now, interaction with potential borrowers has been carried out in traditional ways by means of e-mail and paper documents. Recently, the company entered the Internet with the implementation of a full cycle of customer service from accepting an application to transferring the amounts to be credited to customers and carrying out the subsequent payment for the company's services and payments for loans and interest issued. At the same time, the client has the ability to promptly monitor the current repayment schedule, upcoming and credited payments, as well as interact with the company on the issues of conducting a periodic audit of the client's company and the implementation of the initial business plan.

Option 7

Anubis company is engaged in providing a full range of funeral services:

Hearse rental

Singumator services

Production and sale of ritual products (wreaths, baskets, monuments, fences, coffins, urns ...)

Payment by citizens of Ukraine is made in hryvnia at the rate of the National Bank of Ukraine on the date of payment. For foreign citizens, payment is made in foreign currency (US dollars or EURO):

Payment Methods:

- Bank transfer... An invoice and instructions are sent electronically by e-mail or fax for payment for services. Payment can be made at any bank in Ukraine. The bank transfer fee is paid by the firm.

- Money transfers using international systems... Western Union, CONTACT, MoneyGram, Migom, UNISTREAM, Anelik, LEADER, Fast mail, AVERS, PrivatMoney, VIGO, Coinstar Money Transfer, ALLURE. After making the transfer, you must inform the country, city, name / surname, transfer amount and transfer number. The commission for this translation is paid by the customer.

- System of instant Internet payments WebMoney: WMU (hryvnia), WMR (Russian rubles), WMZ (US dollars), WME (euros).

- International systems for making electronic payments: PayPal, Moneybookers and VISA.

Option 8

Online store Electronic world offers the widest range of electronics and home appliances, goods for home, renovation, garden,

Payment in cash upon receipt of the goods. By transferring funds to a current account, or in cash at a branch of any bank. By plastic card VISA or MasterCard. You can pay for your order with a plastic card online. Cards of Ukrainian banks are accepted for payment. Through the payment system WebMoney Transfer. By transferring funds to a current account, in cash at a branch of any bank through IBOX (self-service terminals through which you can make an instant transfer in cash in hryvnia).

In Kharkiv, the goods can be picked up at the store that you indicated when placing an order or order delivery by courier to your home. Delivery by courier, most often, is carried out the next day after placing the order (if the goods are in stock) or the next day after the goods arrive at the warehouse (if the goods are ordered).

Delivery across Ukraine is carried out by the transport company "New Mail".

Sample reports

option

Progress report:

1.1 Answers to questions

Commercial cycle diagram

1.3 Detailed content of the stages of the commercial cycle

1.4 Brief description of similar business under different options

1.5 Advantages and disadvantages of each of the described options in comparison with adjacent

Output

option

Progress report:

1.1 Answers to questions

Production and commercial activity can be represented as a constant process of purchasing raw materials and materials by a company, manufacturing products, storing finished products in a warehouse, selling them and, finally, receiving money from buyers, which can again be directed to the purchase of raw materials and materials. Thus, the current production and commercial activity is cyclical.

Production and commercial cycle- this is the period between the purchase of raw materials and materials by the company and the receipt of money from debtors for the products sold. As a rule, the production and commercial cycle lasts less than one year, and therefore assets that can be converted into money within one year are classified as current assets.

The average length of time during which raw materials and materials are stored in the warehouse before they are issued for production can be determined by the speed of stock movement in two ways:

1) on account 10 "Materials", but this method is not accurate enough, since the total amount of materials is taken;

2) according to sub-accounts of the account "Materials": basic materials, auxiliary materials, fuel, etc.

The second method is more accurate.

The time spent on the manufacture of goods is equal to the period from the moment the materials enter production until the release of finished goods. When homogeneous goods are released, a single account "Main production" is used, where the actual cost of goods is formed. The mobility of this account is determined by the duration of the production phase. With the diversified nature of production, the duration of the stage is determined by the mobility of each sub-account open for each type of product, the average duration is determined as a weighted average. The duration of the storage period for finished goods (determined by the mobility of account 40 "Finished goods") corresponds to the time spent by the finished goods in the warehouse of the organization. The stage of sale depends on the established maturity of the accounts receivable in the organization. When analyzing, it should be borne in mind that internal turnovers must be excluded from account turnovers.

The duration of cash flow in the production and commercial cycle is determined using the following calculations. The duration of the funds in advances to suppliers is determined by the calculation: days ..,
where Av is the average value of advances issued to suppliers; Z p - production stocks received on a prepayment basis; Avn (k) - advances issued to suppliers at the beginning of the period (at the end of the period).

The resulting value is adjusted for the share of inventories received on a prepayment basis in the total amount of receipts of inventories for the period:, where is the total amount of receipts of inventories. Duration of storage of inventories (tzap): days, where Z1 is the average balances of raw materials, materials and other similar values, rubles, Mz is the amount of material costs attributed to the prime cost, rubles.
The duration of the production process is determined (tпр): days, where Zс is the average value of residues in work in progress, thousand rubles; Cф - the actual cost of goods released, thousand rubles.
Duration of storage of finished goods (tхр):, days, where Z4 - average balances of finished goods and goods for resale, thousand rubles; Cp - actual production cost of goods sold, thousand rubles.
If the average period of stay of finished goods and goods for resale in the warehouse is longer than the storage period of inventories, this indicates a lack of demand for products, i.e. there is an overstocking in the organization.
If the average period of finding finished goods and goods for resale is less than the shelf life of inventories, this indicates an insufficient volume of production of goods and the absence of a safety stock in the warehouse, which can lead to losses, called "lost profits", since an urgent order for the supply of goods cannot be performed.

Accounts receivable repayment period (tcalc): days, where Ra is the average amount of accounts receivable, thousand rubles; Q pr is the amount of proceeds (net) from the sale of goods, products, works, services, thousand rubles.
The period for finding funds will be shortened if buyers provide advances.
The resulting value is adjusted for the share of funds received from buyers and customers in the form of advances in the total sale (d):, days, The total duration of the production and commercial cycle of the enterprise (DC):, days. Average maturity of accounts payable by suppliers and contractors (tcred):, days. ,
where Rп is the average amount of accounts payable, thousand rubles;
Po - the amount of extinguished (paid) obligations of suppliers, thousand rubles.
It is also advisable to calculate the need for own working capital. This need is defined as the difference between the average amount of capital invested in current assets and the average balances of accounts payable plus advances received from buyers.
The amount of the required working capital is significantly influenced by the amount of accounts payable as a way of financing the organization. The study of trends in the timing of repayment of accounts payable is an important component of the analysis of the organization's solvency.

Sources of financing for current activities... Funding sources include:

Own funds are part of the earned profit. Long-term borrowed funds - a long-term loan for the purchase of new equipment necessary to master the release of a new product. Short-term liabilities to ensure financing of current assets (accounts payable to suppliers, short-term bank loans, accrued liabilities, etc.).
The financing of current activities, the growth of current assets, the choice of sources for their coverage depends on which target setting in relation to risk and sustainability has been chosen by the company.

What is profit for?

Profit is needed by a commercial organization for the development of production in the interests of satisfying further, including new, needs. It is directly invested in the development of production or serves to stimulate investors. Enterprises should pursue a rational policy in the area of ​​distribution of the net profit remaining at their disposal after taxes and interest on loans. For this purpose, joint-stock companies are developing dividend policy society, which is viewed primarily as a decision on the financing of investments.

The dividend policy does not directly relate to commercial activities and is one of the functions of the strategic management of the enterprise. But it decisively depends on the results of the search for needs, the satisfaction of which is aimed at the activities of the enterprise.

What is the search for needs.

The search for needs should answer the questions: where (in what market), in what goods (or in what property) and in what volume is there a need? What are the consumer's requirements for goods? How stable is the demand for certain goods? What are the outlook for demand growth and profitability prospects in various markets? What is the intensity of competition for them? Depending on the answer to these questions, enterprises specialize or diversify their activities, determine the directions of development of goods and technologies, develop their assortment policy, choose a strategy for increasing the company's potential, including the scale of production (intensive growth, limited growth, reduction, combination of various strategies) , their marketing strategy and the strategy of competition in the market and when creating new products, carry out strategic planning and the choice of strategic positions in competition. In turn, the choice of these strategies predetermines the field (set of areas) of the enterprise's commercial activity.

Modern business system

A manufacturing enterprise (organization) has, as a rule, three areas (directions) of commercial activity (Scheme 1.1):

  • o area of ​​production and commercial activities;
  • o the area of ​​trade turnover of industrial assets;
  • o the area of ​​capitalization of own funds and trade turnover of paper assets.

In each of these directions business cycle consists of three stages (Fig.1.1):

  • o stage of cost optimization when purchasing objects of trade (production and trade) turnover;
  • o stage of building the potential for profitability;
  • o stage of optimization of profit from sales.

These cycles are repeated to form continuous business process.

Rice. 1.1.

The stages of optimization of purchase costs and optimization of profit from sales relate mainly to commercial activities, although they are related to production or research and development activities (for example, testing of technological equipment, raw materials and intermediate products when purchasing factors of production; service of goods sold from a consumer). The stage of generating the potential for profitability is predominantly of a scientific and production nature (contains the functions of R&D, production, production development and (or) management).

Scheme 1.1.

Field of production and commercial activities

Production and commercial activity at the entrance to the production process is aimed at optimizing the costs of purchasing factors of production and innovations necessary to maintain and increase the profitability of the enterprise, as well as to optimize the management of production inventories; at the exit from the production process - to optimize the profit from the sale of goods (provision of services, performance of work). The stages of the commercial cycle, in addition to the material flows shown in p. "A" of Diagram 1.1, have informational links that give consistency to the commercial process. The algorithm of the production and commercial process is differentiated depending on the nature of production development tasks - on whether the direct or inverse task is being implemented.

V direct task of production development, characteristic of the industrial era (diagram 1.2), to satisfy su

Scheme 1.2.

F - the conjuncture of the commodity market and technology markets: need, demand, quality requirements, profitability prospects; F - requirements for production factors and innovations (scientific and technical level, quality, volume, timing); @ - market conditions for factors of production and innovations: opportunities to meet production requirements, cost; ® - opportunities to meet the requirements of the product market and the technology market] !; © - selection of the best option to meet market requirements; © - selection of the best option to meet production requirements; F - the flow of factors of production and innovations; ® - the flow of goods and technologies.

Material connections; - informational connections.

of existing and forecasted needs, the creation of products in traditional technologies is carried out. Therefore, the production and commercial process begins with a study of the conjuncture of commodity markets and technology markets in which the company plans to sell its goods and technologies developed by it. (link 1 on diagram 1.2). To create the products necessary to meet these needs and achieve an acceptable potential for profitability, in addition to our own projects, factors of production and innovations can be purchased, to which the enterprise has certain requirements. (link 2). For this purpose, the conjuncture of the respective markets is being studied. (link 3). The results of processes 1, 2, 3 allow us to evaluate possible options for satisfying the requirements of the product market and the technology market. (link 4) and choose the optimal (in terms of profit) option (connection 5), and already on this basis, choose the optimal (in terms of costs) option for acquiring production factors and innovations necessary to form an acceptable profitability potential (link 6). These processes of production and commercial activity create the necessary prerequisites for the formation of an optimal flow of production factors and innovations. (connection 7), as well as the optimal flow of goods and technologies (link 8).

V the inverse task of production development characteristic of the post-industrial era, when the demand for goods to meet existing needs is saturated, fundamentally new technologies and new goods are created to instill and meet new needs. The demand for such a product will arise only if the potential consumer recognizes the usefulness of the proposed product for him. Therefore, in this task, the production and commercial process (Scheme 1.3) begins with the proposal by the enterprise to the market of design options for new goods and new technologies for their manufacture. (link 1 in diagram 1.3). This is followed by a forecast of their acceptance by the consumer, the level of demand for them and the prospects for profitability. (link 2). This enables the enterprise to develop requirements for production factors in new technologies necessary to create the potential for profitability for each option of goods, the demand for which is confirmed by the forecast. (connection U). For optimization

Scheme 1.3. Algorithm of the production and commercial process in the inverse problem of production development (version):

F - design options for new products and new technologies; F - forecast of the recognition of new products: possible demand, prospects for profitability; Ф - requirements for production factors in new technologies; ® - market conditions for factors of production: possible options for meeting requirements, purchase costs; © - selection of the best option for a new product and a market penetration strategy; © - selection of the optimal variant of a set of production factors; F - the flow of factors of production; ® - the flow of new goods and technologies.

"- material connected; - informational connections.

The numbers indicate the sequence of actions.

The study of the cost of purchasing factors of production studies the conjuncture of their market, identifies possible options for meeting the requirements of the enterprise and the cost of purchasing (link 4). The results of studying the prospects for the profitability of new products from their sales and the possible costs of purchasing the required factors of production allow the company to choose the best option for a new product and develop a strategy for market penetration (connection 5), as well as the optimal variant of a set of production factors (link 6).