The financial policy of an organization is the purposeful use of financial resources for the implementation of its strategic and tactical tasks established by founding documents(Charter).

To implement the financial policy, such tasks can be solved as: strengthening positions in the market of goods (works, services), achieving an acceptable sales volume, profit, return on assets and equity, maintaining the solvency and liquidity of the balance sheet, increasing the welfare of owners or shareholders.

development of an optimal concept for managing cash (financial) flows, providing a combination of high solvency and profitability with protection from risks; *

determination of the main directions for the use of financial resources for the current period (ten days, months, quarters, years) and the near future. *

definition practical action aimed at achieving the set goals.

The unity of the three most important links determines the content of the financial policy, the strategic objectives of which are: *

profit maximization; *

optimization of the structure and cost of capital; *

ensuring financial stability, business and market activity; *

achieving financial openness; *

use of market methods of attraction; *

development of an effective financial management mechanism.

Based on the duration of the period and the nature of the tasks to be solved, financial policy is divided into financial strategy and tactics.

A financial strategy is a set of key goals and the main ways to achieve them. A strategy cannot be considered a simple definition of desired goals and possible ways to achieve them. The strategy should not reflect the desire of the organization's management, but the real possibilities for its development. Therefore, the strategy expresses the organization's response to the objective internal and external conditions of its activities. Financial strategy is a long-term course of financial policy, designed for the future and involving the solution of large-scale development problems.

In the process of its development, the main trends in the development of financial activity are predicted, the concept of the formation and use of financial resources is formed, and the principles of financial relations with the state and counterparties are outlined.

From the position of strategy, they form specific goals and objectives of production and financial activities and make current management decisions.

The most important areas for developing a financial strategy include: *

analysis and assessment of the financial and economic condition; *

development of accounting and tax policies; *

development of credit policy; *

financial planning; *

fixed capital management; *

depreciation policy; *

working capital management and accounts payable; *

management of borrowed funds; *

management of current (operational) costs, sales of products, income and profit; *

financial logistics (purchase management); *

pricing policy; *

choice of dividend and investment policy; *

assessment of activity and market value.

An integral part of the financial strategy is long-term financial planning, sales volume and costs, profit and profitability, financial stability, solvency, etc.

Financial tactics is aimed at solving more particular problems of a particular stage of the organization's development by timely changing the ways of organizing financial ties, redistributing financial resources between types of expenses and structural divisions (branches). With a relatively stable financial strategy, financial tactics should be flexible, which is caused by changes in market conditions (supply and demand for resources, goods, services and capital).

Strategy and tactics are integral parts of financial policy. For acceptance management decisions in the field of financial policy use the information provided in the accounting and statistical reporting and in operational and management accounting, which serves as the main source of data for determining the indicators used in financial analysis, intra-company planning and control.

Control questions: 1.

Describe the purpose and objectives of the financial policy of the enterprise (corporation). 2.

Introduction

financial policy tactical

Financial policy is the most important basic element of the functioning of the enterprise.

The company's financial policy is the most important characteristic his economic activity. It is an integral part of the overall enterprise management system and can be defined as a system of rational and effective management use of the organization's finances.

The finances of enterprises, being part of the general system of financial relations, reflect the process of formation, distribution and use of income at enterprises of various sectors of the national economy and are closely related to entrepreneurship, since the enterprise is a form of entrepreneurial activity.

In a market economy, fierce competition increases the importance and relevance in the development and use of long-term financial policy. It is obvious that the well-being of an enterprise fundamentally depends on the proper organization of financial policy.

Financial policy as a concept of financial management covers all activities modern enterprise, representing the basis for the functioning of the organization in a market economy, reflects all aspects of the enterprise - its profitability and profitability (profitability), solvency and liquidity, as well as financial stability.

Enterprises conduct their own financial policy, carried out within the framework of the current legal and regulatory framework. Among them are federal laws of the Russian Federation, decrees of the President of the Russian Federation, decrees of the Government of the Russian Federation, regulatory and instructional documents of the Central Bank, the Federal Tax Service, ministries and departments, licenses, statutory documents, norms, instructions and guidelines.

The relevance of this topic lies in the fact that in the conditions of an unstable economic environment, high inflation, unpredictable tax and monetary policy of the state, many enterprises are forced to pursue a survival policy, i.e. be limited to solving current, momentary financial problems. However, the market situation requires the development of financial policies for the future.

The subject of the study is the financial policy of the organization.

Target term paper consists in a comprehensive study of the process of formation and implementation of the financial policy of the organization.

In accordance with the goal, the following tasks can be defined:

1. Reveal theoretical basis financial policy of the organization.

2. Conduct an analysis of the financial policy of the enterprise on the example of JSC "LGEK".

3. Review the implementation of the financial policy of the organization.

Theoretical foundations of the financial policy of the organization

The concept, essence, goals and objectives of the financial policy of the organization

The interrelation of the directions of development of the enterprise, as well as the construction of a mechanism for achieving its goals with the help of financial resources, are implemented through financial policy.

Financial policy is the methods of solving financial problems in the most important areas of financial strategy. Enterprises, being business entities, have their own financial resources and have the right to determine their financial policy.

The financial policy of an enterprise is a set of measures for the purposeful formation, organization and use of finance to achieve the goals of the enterprise. (4, p. 109)

The financial policy of an enterprise is manifested in the system of forms and methods of mobilization and optimal distribution of financial resources, determines the choice and development of financial mechanisms, methods and criteria for assessing the effectiveness and feasibility of the formation, direction and use of financial resources in management.

The developed financial policy allows the enterprise not to slow down the pace of development, especially when the most obvious reserves of growth, such as uncovered markets, scarce products and empty niches, have been exhausted. At such a moment, companies that are able to correctly identify their strategy and mobilize all resources to achieve their strategic goals come to the fore in the competition.

The financial policy is the most important component of the overall development policy of the enterprise, which also includes investment policy, innovation, production, personnel and marketing policies.

The object of the financial policy of the enterprise is the economic system and its activities in conjunction with financial condition and financial results of the enterprise, as well as the cash flow of an economic entity, which is a flow of cash receipts and payments.

The subject of the financial policy of the enterprise is intra-company and inter-company financial processes, relations and operations, including production processes that form financial flows and determine the financial condition and financial results, settlement relations, investments, acquisition and issue issues valuable papers.

The subjects of the financial policy of the enterprise are the founders of the organization and management (employers), financial services that develop and implement strategies and tactics financial management in order to increase the liquidity and solvency of the enterprise through the receipt and efficient use of profits. (7, p. 13)

Financial policy consists in setting goals and objectives financial management, as well as in the definition and use of methods and means of their implementation, in the constant monitoring, analysis and assessment of the compliance of ongoing processes with the intended goals.

The financial policy of the enterprise is comprehensive and is not limited to solving local, isolated issues, such as market analysis, development of procedures for the origin and agreement of contracts, organization of control over production processes.

The achievement of any task facing the enterprise, in one way or another, is necessarily associated with financial costs, income and cash flows, and the implementation of any solution, first of all, requires financial support. (4, p. 122)

Financial policy does not study the essence of financial relations and does not develop mechanisms and methods for optimizing income, expenses and cash flows, but uses the existing ones considered in financial management. At the same time, its role and significance do not become less significant from this. There are many ways to generate, distribute and use financial resources, which ultimately allow the enterprise to develop. (4 p.130)

The basis of financial policy is a clear definition of a single concept for the development of an enterprise, both in the long and short term, the choice of the most optimal mechanisms for achieving the set goals from the whole variety, as well as the development of effective control mechanisms. (9, p. 79)

Enterprises must actually become truly financially stable, economic structures that effectively operate according to the laws of the market.

The main goal of creating an enterprise is to ensure the maximization of the welfare of the owners of the enterprise in the current period and in the future. This goal is expressed in ensuring the maximization of the market value of the enterprise, which is impossible without the effective use of financial resources and building optimal financial relations both at the enterprise itself and with contractors and the state. (5, p. 82)

The purpose of developing the financial policy of an enterprise is to build effective system financial management aimed at achieving the strategic and tactical goals of the enterprise.

The strategic objectives in the development of financial policy at the enterprise are:

1) optimization of the capital structure and ensuring the financial stability of the enterprise;

2) profit maximization;

3) achieving transparency (not secrecy) of the financial and economic activities of the enterprise;

4) ensuring the investment attractiveness of the enterprise;

5) the use by the enterprise of market mechanisms for raising funds (commercial loans, budget loans on a repayable basis, issuance of securities, etc.)

To implement the main goal of the financial policy of the enterprise, it is necessary to find the optimal balance between such strategic objectives as profit maximization and financial stability. (6, p. 113)

The implementation of the strategic goals of the enterprise contributes to the solution of tactical tasks.

Tactical financial tasks are individual for each enterprise. They stem from strategic objectives, tax policy and the possibility of using the company's profits for the development of production. In contrast to the financial strategy, financial tactics is associated with the implementation of local tasks of enterprise management.

The priority of strategic goals periodically changes both at one enterprise and from enterprise to enterprise. Many factors influence the priority of a particular strategic goal, which together can be divided into two categories - internal and external.

Main internal factors:

1. The scale of the enterprise - in small and medium-sized enterprises, autonomy usually occupies a dominant place, while in large enterprises, the rate of return prevails in the strategic direction, and the greatest attention is paid to economic growth.

2. The stage of development of the enterprise, which significantly affects the ranking of its strategic goals. The concept of "life cycle" allows you to define the problems that arise in the enterprise throughout the entire period of its development, and to clarify the various combinations of financial objectives that successfully guide its activities. (5, p. 93)

3. Subjective factor of the enterprise management and owners. As a rule, the main goals are formed by the owners of the enterprise. In large enterprises, when there are many owners, the main strategic directions can be formed by the board of directors or the general director, but in the interests of the owners. Although shareholders do not directly make business decisions, especially daily ones, they remain loyal to the enterprise as long as their interests are satisfied.

External factors can also influence the priority of a particular strategic goal of an enterprise. For example, the main parameters of the functioning of an enterprise can be influenced by the state financial market, tax, customs, budgetary and monetary policy of the state, as well as the legislative framework of the state. (10, p. 98)

The financial policy of an enterprise cannot be unshakable, determined once and for all. On the contrary, it should be flexible and adjusted in response to changes in external and internal factors.

The organization of financial policy is based on certain principles:

1) The principle of self-sufficiency and self-financing. Self-sufficiency implies that the funds that ensure the functioning of the organization must pay off, i.e. generate income that corresponds to the minimum possible level of profitability. Self-financing means full payback of costs for the production and sale of products, investment in the development of production at the expense of own funds and, if necessary, at the expense of bank and commercial loans.

2) The principle of self-government or economic independence, which consists in independently determining the prospects for the development of the organization, independent planning of its activities and ensuring the production and social development of the enterprise.

3) The principle of liability, meaning the presence of a certain system of responsibility of the organization for the maintenance and results economic activity. Financial methods for implementing this principle are different for individual organizations, their managers and employees, depending on the organizational and legal form.

4) The principle of interest in the results of activities, which is determined by the main goal of entrepreneurial activity - the systematic profit.

5) The principle of exercising control over the financial and economic activities of the enterprise. The finances of the enterprise perform a control function, tk. Since this function is objective, subjective activity - financial control - is based on it.

6) The principle of the formation of financial reserves, associated with the need to ensure the continuity of business, which is associated with a high risk due to fluctuations in market conditions.

Also, one of the basic principles of financial policy is that it should be based not so much on the actual situation as on the forecast of its change. Only on the basis of foresight does financial policy acquire stability.

Thus, the financial policy of an enterprise is always a search for a balance that is optimal for this moment the ratio of several directions of development and the choice of the most effective methods and mechanisms to achieve them.

In conditions of economic uncertainty, for the successful growth of an enterprise, it is necessary to clearly determine the direction of its development, both in the long and short term, and also to search for internal reserves that contribute to a more effective achievement of the goals. The relationship of the directions of development of the enterprise, as well as the construction of a mechanism for achieving these goals with the help of financial resources, are implemented through financial policy.
Financial policy of the organization- an integral element of the general development policy, which should include tax, accounting, investment, innovation, production policies, etc.
The financial policy of an economic entity is a set of measures for the purposeful formation, distribution and use of financial resources to achieve the goals of the organization.
The basis of the financial policy of the organization is a clear definition of a single development concept both in the long and short term, the choice of the most optimal mechanisms for achieving the goals set, as well as the development of effective control mechanisms.
As you know, the achievement of any task facing an entrepreneur is to some extent necessarily connected with finances, since the implementation of any decision requires financial justification and support. Thus, financial policy is not limited to solving such local, isolated issues, such as, for example, developing a procedure for passing and agreeing sales contracts, organizing control over production and sales processes, the receipt and expenditure of funds, but is comprehensive. The purpose of financial policy is not to study the methodology or methodology of financial relations, not to develop mechanisms and methods for optimizing income, expenses, cash flows, etc., but to use these existing mechanisms and methods considered in financial management. However, its role and significance does not become less significant from this. There are many ways of formation, distribution and use of financial resources that will ultimately allow the organization to develop, but only the development and implementation of financial policy will more accurately determine the main directions for the development of an economic entity.
The financial policy of an organization expresses the interests of those who organize or determine it. The financial policy of the organization is determined by the founders, owners, organizes financial management, performs financial services, production structures departments and individual employees.
So, a set of measures for the formation, distribution and use of financial resources to achieve goals, determined and carried out by the owners and management in the interests of this organization through financial relations and mechanisms, is called financial policy organizations.
The financial policy pursued by the organization should answer the following questions:
1. How to optimally combine the strategic and tactical goals of the organization's financial development?
2. How to achieve the set goals in specific financial and economic conditions?
3. What mechanisms are best suited to achieve the set goals?
4. Is it worth changing the financial structure of the organization using financial instruments?
5. How and by what criteria can the achievement of the goals be monitored?
Only with a well-designed financial policy is it possible to achieve the goals set for the organization at the lowest cost and in the shortest possible time.
Financial management of an organization is the process of implementing financial policy. The external reflection of the ongoing financial policy is found in the balance sheet - the main form reflecting the financial condition of the organization (Fig. 1.1).
The main elements of the financial policy of the organization:
. management of investment projects - both real and financial, while not only the justification and selection of an investment project, but also the search for the most effective source of financing;
. working capital management - both current assets and their elements, and sources of their financing;

Rice. 1.1. Structure of financial policy
. management of capital and reserves - both the formation and use of their individual elements;
. management of borrowed capital - both long-term and short-term in terms of substantiating the attracted source of financing and the direction of their investment.
In turn, financial policy includes strategic and tactical financial decisions, which can be divided into two groups:
. investment decisions;
. financing solutions.
Investment decisions are related to the formation and use of the organization's assets (property) and provide an answer to the question "where to invest?".
Financing decisions are related to the formation and use of liabilities and provide an answer to the question "where to get the funds?".
The two types of financial decisions are interrelated. For the organization, the priority is the direction of financial policy in the field of investment decisions, since their goal is to receive income from the effective investment of capital.
The key goal of developing the organization's financial policy is to create a rational system for managing financial resources aimed at ensuring the strategic and tactical objectives of its activities.
The goal of financial policy is related to the main goal of financial management, which, as you know, is to ensure the maximization of the wealth of owners in the current period and in the future, which is achieved by ensuring the maximization of the market value of the organization, and this is impossible without the efficient use of financial resources and building optimal financial relations both within organizations, as well as with contractors and the state.
Achieving this goal is possible with the help of financial policy as a result of finding the optimal balance between the following tasks:
. profit maximization;
. ensuring financial stability.
The first direction allows owners to receive a return on invested capital, and the second provides stability and security and relates to risk control.
Undoubtedly, in order to maximize the profits of the organization, it is necessary to increase the volume of sales; uninterruptedly provide production with financial resources; control costs; minimize the period of the production cycle; optimize the amount of reserves, etc.
The task of ensuring financial stability implies minimizing financial risks; synchronization of cash flows; careful analysis of counterparties; financial monitoring, etc.
Undoubtedly, these two directions contradict each other to some extent. Profit maximization tends to increase risk, while avoiding debt, holding substantial cash balances, and other financial soundness measures reduce profitability. Thus, it is not possible to maximize both security and profit at the same time.
It is necessary to rank the goals, for example, by setting weights, or using a prioritization method. When optimizing the capital structure, managing current assets or any type of cash flow, it is important to correctly prioritize development, since both the degree of financial stability of the enterprise and the level of profit depend on this.
The prioritization of goals can vary both within one organization and from organization to organization. Many factors influence the choice of target at a particular point in time. Together, all factors can be divided into two internal and external.
The main internal factors influencing the choice of goal are the size of the organization; the stage of its development; subjective factor of the management of the organization, its owners.
Activity scale plays important role. In small and medium-sized enterprises, autonomy (independence) usually occupies a dominant place. In large enterprises, the rate of profit prevails in the strategic direction, and the greatest attention is paid to economic growth.
The stage of development of the organization significantly affects the ranking of goals. The concept of the "cycle of life" allows you to identify the problems that arise in the organization throughout its development, and to clarify the various combinations of financial objectives that successfully guide its activities.
During the "childhood" period, when the turnover is small, the management is mainly faced with the problems of survival that arise in financial sector in the form of difficulties with money; he needs to find funds not only directly to cover economic expenses, but also for the necessary investments for future development. This is where financial stability plays the most important role. During adolescence, growth in sales, early profits solve cash problems, and executives can gradually shift goals from financial sustainability to economic growth. In the period of “maturity”, when the organization has already occupied its niche in the market and the ability to self-finance is significant, the desire to extract the maximum profit from all the opportunities that give volume, as well as technical and commercial potentials, dominates. In the period of "old age", when the growth of turnover slows down, the goal again moves towards financial stability.
In addition, the development of the organization depends on the subjective factor. As a rule, the main goals are formed by the owners of the organization. In large enterprises, when there are many owners, for example, a large joint-stock company, the main strategic directions can be formed by the board of directors or the general director, but in the interests of the owners. Indeed, despite the fact that shareholders do not directly make business decisions, especially daily ones, they remain loyal to the enterprise as long as their interests are satisfied.
External factors also influence the priority of the strategic goal. In particular, the state of the financial market, tax, customs, budgetary and monetary policies of the state, legislative framework affects the main parameters of the functioning of the organization.
Thus, the financial policy of an organization is always a search for a balance, the optimal ratio of several development directions at the moment and the choice of the most effective methods and mechanisms for achieving them.
The financial policy of an enterprise cannot be unshakable, determined once and for all - on the contrary, it must be flexible and adjusted in response to changes in external and internal factors.
The purpose of choosing a short-term financial policy is to determine the optimal value current assets and sources of their financing, both own and borrowed.
Priority operational management finance (short-term financial policy) of the organization is to ensure its liquidity and financial stability in the short term. A weighty argument in favor of maintaining sufficient liquidity of the balance sheet are such dangerous consequences of insolvency as the declaration of bankruptcy and the termination of the activity of an economic entity. To maintain the solvency and liquidity of the enterprise's balance sheet, it is advisable to effectively manage its cash flows (cash inflow and outflow). Cash is the most scarce resource in a market economic system, and the success of an enterprise is largely determined by the ability of its management to constantly generate cash flows.
In general, the content of financial policy is multifaceted and includes the following links:
1) development of an optimal concept for managing the organization's financial resources, providing a combination of high profitability and protection from entrepreneurial risk;
2) determination of the main directions for the use of financial resources for the current period (month, quarter) and for the future (a year or longer period). At the same time, they take into account the prospects for the development of production and commercial activities, the state of the macroeconomic environment (taxation, discount rate bank interest, tariffs for contributions to state non-budgetary funds in the form of a unified social tax, depreciation rates for fixed assets and intangible assets, etc.);
3) implementation of practical actions aimed at achieving the set goals (financial analysis and control, choice of ways to finance an enterprise, evaluation of real investment projects, etc.).
The effectiveness of the financial policy is determined by the degree of achievement of the set goals and objectives; As a rule, these are absolute indicators of the work of both each department and the organization as a whole.
The effectiveness of financial policy is defined as the level of achievement of the final result at the costs incurred and is measured by indicators of the financial efficiency of the work of departments, both individually and as a whole for the enterprise (gross, economic or financial profitability).

Objects, subjects and subjects of the financial policy of the organization

financial policy consists in setting the goals and objectives of financial management, determining and using the methods and means of their implementation, constant monitoring, analysis and assessment of the compliance of ongoing processes with the intended goals.
Financial policy is manifested in the system of forms and methods of mobilization and optimal distribution of financial resources, determines the choice and development of financial mechanisms, methods and criteria for assessing the effectiveness and feasibility of the formation, direction and use of financial resources in management.
The object of financial policy is the economic system and its activities in conjunction with the financial condition and financial results, the cash flow of an economic entity, representing the flow of cash receipts and payments.
The subject of financial policy is intra-company and inter-company financial processes, relationships and operations, including production processes that form or affect cash flows and form the financial condition and financial results.
The subjects of financial policy include:
. capital management: determination of the total capital requirement; capital structure optimization; minimization of the price of capital; ensuring the efficient use of capital;
. profit management: determination of the optimal proportions between the current consumption of profit and its capitalization;
. asset management, i.e. determination of the need for assets; optimization of the composition of assets from the standpoint of their effective use; ensuring the liquidity of assets; acceleration of the asset turnover cycle; selection of effective forms and sources of asset financing;
. current cost management: TFR analysis; cost minimization; cost rationing; optimization of the ratio of fixed and variable costs;
. cash flow management (for operating, investment and financial activities): formation of incoming and outgoing cash flows, their synchronization in terms of volume and time; effective use balance of temporarily free funds.
The subjects of financial policy are the founders of the organization and management (employers), financial services that develop and implement the strategy and tactics of financial management in order to increase the liquidity and solvency of the enterprise through the receipt and effective use of profits.

Principles of organizing the financial policy of the organization

The organization of financial relations in an organization is based on certain principles (Fig. 1.3).
The principle of self-financing assumes that the funds that ensure the functioning of the organization must pay off - bring income that corresponds to the minimum possible level of profitability, i.e. full cost recovery for the production and sale of products. Investing in the development of production at the expense of own funds and, if necessary, at the expense of bank and commercial loans, is self-financing. The implementation of this principle is one of the main conditions for entrepreneurial activity, which ensures the competitiveness of the organization. In countries with developed market economies, the level of self-financing is considered high if the share of own funds of an entrepreneurial firm reaches 70% or more.
The principle of self-financing means that the organization independently finances its current, investment and financial activities, primarily from its own sources, and only in case of their lack - from borrowed sources.


Rice. 1.3. Basic principles of financial policy organization

The principle of self-government or economic independence is to independently determine the prospects for the development of the organization (primarily on the basis of demand for manufactured products, work performed or services rendered); independent planning of their activities; ensuring the production and social development of the company; independent determination of the direction of investment of funds in order to make a profit; disposal of manufactured products sold at prices independently set; independent disposal of the resulting net profit. In a market economy, the rights of organizations have significantly expanded, but one cannot speak of complete economic independence, since certain areas of economic activity of entrepreneurial organizations are determined and regulated by the state.
The principle of liability means the presence of a certain system of responsibility of the organization for the conduct and results of economic activity. Financial methods for implementing this principle are different for individual organizations, their managers and employees, depending on the organizational and legal form. In accordance with Russian legislation, organizations that violate contractual obligations (as a rule, in terms of terms and quality), settlement discipline, allowing untimely repayment of bank loans or repayment of promissory notes, violation of tax laws, are subject to various types of liability depending on the nature of the financial offense.
In accordance with the Federal Law of the Russian Federation “On Insolvency (Bankruptcy)”1, untimely performance by an entrepreneurial debtor company of its obligations or obligations within three months from the date of their execution is a sign of bankruptcy.
Interest in the results of activities. The objective necessity of this principle is determined by the main goal of entrepreneurial activity - systematic profit. The interest in the results of economic activity is equally inherent in the employees of the company, the management of the company and the state. In order to interest the company's employees in the results of its activities, the management develops forms, systems and amounts of remuneration, incentive and compensatory payments, and also uses certain social guarantees.
The principle of exercising control over the financial and economic activities of the organization. As you know, the finances of the organization perform a control function; since this function is objective, subjective activity, financial control, is based on it.
On-farm financial control is carried out by the financial services of entrepreneurial firms, primarily the financial department or financial department, accounting, and the audit commission. Their functions include checking the production and financial activities of the enterprise itself, as well as its structural divisions. The main task of on-farm control is internal audit, inspections on behalf of the company's management. Internal audit should be carried out continuously, cover all areas of the company's business activities, be substantive in nature and be effective.
Independent financial control is carried out by audit firms (services), as well as individual auditors. The object of this control is the activity of all economic entities. The main objectives of an external audit are: verification of the reliability of financial and accounting statements and their compliance with laws and regulations, examination of the financial and economic condition, assessment of solvency and, finally, development of recommendations for improving, streamlining financial and economic activities, tax planning, financial strategy.
The principle of formation of financial reserves is associated with the need to ensure business continuity, which is associated with a high risk due to market fluctuations. Financial reserves can be formed by entrepreneurial firms of all organizational and legal forms from net profit, after taxes other obligatory payments. It is advisable to keep the funds allocated to reserve funds in a liquid form so that they generate income and, if necessary, can easily be converted into cash capital.

1. Essence, goals and objectives of financial policy

2. The essence, goals and objectives of the financial policy of the organization

3. Object, subject and subject of the financial policy of the organization

4. Principles of organization of financial policy

5. The concept and general principles of formation of the accounting policy of the organization

6. Technology for the formation of the accounting policy of the organization

7. The concept and principles of the tax policy of the organization

8. The system of taxes and fees in the Russian Federation

9. Tax behavior of the organization

10. The main directions of the tax policy of the organization

11. The concept of the pricing policy of the organization

12. Forecasting market conditions and the financial strategy of the enterprise. The main aspects of marketing in the enterprise

13. Demand and supply curves

14. Pure competition

15. Price adjustments: discounts, surcharges, offsets

16. State policy of price regulation

17. Variable and fixed costs

18. The threshold of profitability, the concept and graphic method its definitions

19. Current assets of the organization: concept and types

20. Indicators of the efficiency of the use of current assets

21. Factoring

22. Management of monetary assets of the organization.

23. Financial strategy and tactics, goals and main directions

24. Financial planning at the enterprise, principles, content and tasks

25. Features of the pricing policy of the enterprise

26. Financial resources

1. Essence, goals and objectives of financial policy

Financial policy - a set of purposeful actions using financial relations (finance). Financial policy involves the establishment of goals and means to achieve the goals. Financial policy - a set of government measures to use financial relations to carry out the functions of the state.

Development of a general concept of financial policy, determination of its main directions, goals, main tasks.

Creation of an adequate financial mechanism.

Management of the financial activity of the state and other subjects of the economy.

The basis of financial policy is strategic directions that determine the long-term and medium-term prospects for the use of finance and provide for the solution of the main tasks arising from the peculiarities of the functioning of the economy and social sphere countries. At the same time, the state selects the current tactical goals and objectives for the use of financial relations. All these activities are closely interconnected and interdependent.

The objectives of the financial policy are:

providing conditions for the formation of the maximum possible financial resources;

establishment of a rational distribution and use of financial resources from the point of view of the state;

organization of regulation and stimulation of economic and social processes by financial methods;

development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy;

creation of an effective and maximally business-like financial management system.

In the process of conducting financial policy, it is especially important to ensure its interconnection with other components of economic policy - credit, price, monetary.

Evaluation of the results of the financial policy of the state is based on its compliance with the interests of society and the majority of its social groups, as well as on the results achieved, arising from the goals and objectives set. Important component financial policy - the establishment of a financial mechanism through which all the activities of the state in the field of finance are carried out.

Financial mechanism - a system of forms, types and methods of organizing financial relations established by the state.

Elements of the financial mechanism:

forms of financial resources;

methods of their formation;

system legislative norms and standards that are used in determining the revenues and expenditures of the state;

organization of the budget system, enterprise finance and the securities market.

The goals of financial policy may be:

political goals, i.e. achieving goals in the field of foreign and domestic policy

economic goals, that is, the achievement of economic goals at various levels

social goals, that is, the achievement of goals in the sphere of social relations (social classes and strata of the population, social benefits, distribution of social benefits).

Financial policy, as a set of targeted actions using financial instruments, levers and incentives, can be implemented at various levels:

regional

national

at the level of individual regions within the country

at the level of an enterprise, organization (economic entity)

individual entrepreneur

at the household level

The most important components of financial policy at the state level are:

budgetary policy

tax policy

customs policy

money-credit policy

investment policy

Financial policy is part of the overall economic policy.

2. The essence, goals and objectives of the financial policy of the organization

The financial policy of an enterprise is the purposeful use of finance to achieve strategic and tactical objectives. The content of the financial policy of the enterprise is multifaceted and includes the following aspects:

development of the concept of financial management of the enterprise, providing a combination of high profitability and low risk;

determination of the main directions for the use of financial resources for the current period (month, quarter) and for the future (a year or more), taking into account the plans of enterprises and commercial activities;

practical achievement of the set goal (financial analysis and control, choice of financing methods, assessment economic efficiency investment projects.

As part of financial policy, financial strategy and tactics are distinguished.

A financial strategy is a financial course designed for the long term and involving the solution of large-scale enterprise development problems. In the process of its development, they predict the main trends in the development of finance, form the concept of their use, outline the principles of financial relations with the state (tax policy) and partners. The strategy involves the choice of alternative ways of enterprise development. At the same time, forecasts, experience, and intuition of specialists are used to mobilize financial resources to achieve the goal. From the position of the strategy for the formation of a specific goal and objectives of production and financial activities, they make operational management decisions.

The strategic objectives of financial policy are as follows: profit maximization; optimization of capital and support for the financial stability of the enterprise; achieving information transparency for owners, investors and creditors; ensuring investment attractiveness; use of market mechanisms for raising funds (issue of securities); effective financial management based on the diagnosis of the financial condition and the choice of strategic goals of the enterprise, adequate market conditions and a plan for how to achieve them.

When developing an effective management system, problems of the unity of such conflicting goals as the development of production and the maintenance of a sufficiently high liquidity of the enterprise constantly arise.

The development of a financial strategy for an enterprise offers decision-making on accounting, tax, credit, depreciation, pricing and dividend policies; management of working capital and accounts payable, operating expenses, product sales and profit.

The financial strategy is implemented through long-term financial planning, focused on achieving a given level of the main parameters of the enterprise: sales volume and cost, profit and profitability, financial stability and solvency, price competitiveness.

Financial tactics determines the ways and means of solving local problems of a particular stage of enterprise development by changing financial ties in a timely manner, redistributing monetary resources between certain types of expenses. If the financial strategy is relatively stable, financial tactics should be flexible, providing a quick response to changes in market conditions (supply and demand for resources, goods and services). The strategic and tactical aspects of financial policy are closely interrelated: right choice strategy creates favorable opportunities for solving tactical problems.

3 . Object, subject, subject of the financial policy of the enterprise

The financial policy of the organization is an integral part of its economic policy. It expresses a set of measures for the organization and use of finance to carry out its functions and tasks, a qualitatively defined direction of development regarding the spheres, means and forms of its activities, the system of relationships within the organization, as well as the position of the organization in the external environment.

The object of financial policy is the economic system and its activities in conjunction with the financial condition and financial results, the cash flow of an economic entity, which is a flow of cash receipts and payments. Certain sources must correspond to each direction of spending money funds: in an enterprise, sources can include equity and liabilities that are invested in production and take the form of assets. In general, the constant process of cash flow can be represented in Fig. 1.2.

In an operating organization, it is impossible to determine the starting and ending points of cash flow. The amount of money that an organization has (the central part of the figure) changes over time and depends on the nature of production process, sales volume, repayment of receivables, etc. The amount of stocks of raw materials, work in progress, finished goods in stock, receivables and payable commercial credit also fluctuate depending on the implementation, production process and financial policy of the organization in relation to accounts payable and receivables, formation stocks.

The subject of financial policy is intra-company and inter-company financial processes, relations and operations, including production processes that form financial flows and determine the financial condition and financial results, settlement relations, investments, issues of acquiring and issuing securities, etc.

The subjects of financial policy are the founders of the organization and management (employers), financial services that develop and implement the strategy and tactics of financial management in order to increase the liquidity and solvency of the enterprise through the receipt and effective use of profits.

Financial policy consists in setting the goals and objectives of financial management, as well as in determining and using methods and means of their implementation, in constant monitoring, analysis and assessment of the compliance of ongoing processes with the intended goals.

Financial policy is manifested in the system of forms and methods of mobilization and optimal distribution of financial resources, determines the choice and development of financial mechanisms, methods and criteria for assessing the effectiveness and feasibility of the formation, direction and use of financial resources in management.

4 . Principles of organization and types of financial policy of the enterprise

The organization of financial policy is based on certain principles.

The principle of self-sufficiency and self-financing. Self-sufficiency implies that the funds that ensure the functioning of the organization must pay off, i.e. generate income that corresponds to the minimum possible level of profitability. Self-financing means full payback of costs for the production and sale of products, investment in the development of production at the expense of own funds and, if necessary, at the expense of bank and commercial loans.

The principle of self-government or economic independence consists in:

independent determination of the prospects for the development of the organization (primarily on the basis of demand for manufactured products, work performed or services rendered);

independent planning of their activities;

ensuring the production and social development of the company.

The principle of liability means the presence of a certain system of responsibility of the organization for the conduct and results of economic activity. Financial methods for implementing this principle are different for individual organizations, their managers and employees, depending on the organizational and legal form.

The principle of interest in the results of activities. The objective necessity of this principle is determined by the main goal of entrepreneurial activity - the systematic profit.

The principle of exercising control over the financial and economic activities of the enterprise. As you know, the finances of an enterprise perform a control function, since this function is objective, subjective activity is based on it - financial control.

There are several types of control depending on the subjects exercising it:

1) national (non-departmental) control is carried out by state authorities and administrations;

2) departmental control is carried out by the control and audit departments of ministries, departments;

3) independent financial control is carried out by audit firms.

The principle of formation of financial reserves is associated with the need to ensure business continuity, which is associated with a high risk due to market fluctuations.

5. The concept and general principles of formation of the accounting policy of the organization

Compiled by the chief accountant and approved by the head of the organization, the general scheme and features of accounting for the coming year; one of the main documents that establishes the rules for maintaining accounting and tax accounting, submitted upon request to the tax authorities to clarify the reporting indicators; the most important element of tax control.

Key Accounting Policies

Although accounting is regulated by general regulations for all enterprises, each of them may have various purposes and tasks. In this regard, it is relevant to consider various approaches to the development of an accounting policy by an enterprise.

The following factors influence the choice and justification of the accounting policy of the organization: Anishchenko A.V. Accounting policy for the purposes of accounting and taxation for 2009. M.: Status Quo 97, 2010. 340 p.

1. organizational and legal form of the enterprise (company with limited liability, joint-stock company, state enterprise);

2. industry affiliation or type of activity (industry, construction, trade, intermediary activities);

3. scope of activities, structure of the organization, number;

4. order of taxation of the organization (exemption from various types of taxes, tax rates);

5. the degree of freedom of action in a market economy, i.e. the possibility of independent decision-making in matters of pricing, choice of a partner);

6. goals and objectives of the economic development of the enterprise in the long term, expected areas of investment, tactical approaches to solving long-term tasks;

7. material base (security computer technology and other means of office equipment, software and methodological support);

8. system information support enterprises (in all areas necessary for effective operation);

9. the level of qualification of accounting personnel, economic courage, initiative and entrepreneurial spirit of the company's managers;

10. a system of material interest in the efficiency of the enterprise and liability for the range of duties performed. Bryzgalin A.V., Bernik V.R., Golovkin A.N. Accounting policy of the enterprise for accounting purposes. - "Taxes and financial law", 2008. p.14

Only taking into account the totality of these factors will help to correctly approach the rationale for accounting policies.

The adopted accounting policy of the enterprise should ensure the integrity of the accounting system. Therefore, it should cover all aspects of the accounting process: methodological, technical and organizational.

The methodological aspect of accounting provides for methods for assessing property and liabilities, calculating depreciation for various types of property, methods for calculating profits, income, etc. The methodological aspect includes:

1. Criteria for classifying items as fixed assets

2. The procedure for calculating depreciation (amortization) of fixed assets

3. The procedure for calculating depreciation on intangible assets

4. Procedure for financing the repair of fixed assets

5. Method for assessing raw materials, materials (inventory)

6. Formation of accounting groups of material assets

7. The method of reflecting on the accounts of operations for the procurement and acquisition of material assets

8. Method of accounting for output

9. Maturity of deferred expenses

10. List of reserves for future expenses and payments

11. Method for determining the proceeds from the sale of products

12. The procedure for creating reserves for doubtful debts

Necessity, order of creation and use of funds. The technical aspect is how these methods are implemented in accounting registers, reflection schemes on accounting accounts. The technical aspect includes:

Chart of Accounts

Form of accounting

Technologies for processing accounting information

Organization of internal production control

Organization of reporting

Inventory of property and liabilities

Organizational aspect - how these methods are implemented in terms of building an accounting service, its place in the management system, interconnections and interaction with other elements and links of this system, characteristic of a market economy. The organizational aspect includes:

1. Document flow rules

2. List of persons entitled to sign primary accounting documents

3. Workflow schedule

The enterprise independently chooses the form of accounting, determining the list of accounting registers, the sequence and technique of entries in them, their relationship. The choice is based on such criteria as the volume and composition of property owned by the enterprise, the structure and complexity of the production process, the scale and variety of activities, the organization of management, and the qualifications of personnel.

When choosing a form of accounting, it is advisable to focus on machine technologies for processing accounting information.

Machine-oriented forms of accounting should include: a high level of automation of accounting work; regulation of the processes of obtaining accounting and reporting information necessary for the performance of accounting functions in the management of the economic activity of the enterprise; the possibility of forming part of the reporting information not only for the corresponding reporting period, but also for any date in this period; fixing all output information on machine media; output in a convenient form for use in accordance with the established regulations of information for the implementation of accounting control over economic activities and the preparation of management decisions, the preparation of financial statements and the performance of other management work; output in a convenient form for use at the request of employees of the accounting service of data for reference purposes, control of the accuracy of accounting information, the correctness of its processing; Efficiency and ease of use of accounting and reporting information.

The following can be proposed as general principles for constructing machine-oriented accounting forms: accumulation and storage of information about the facts of economic activity in a database; systematization of information about the facts of economic activity should be carried out in the process of its chronological registration; combination of records of synthetic and analytical accounting in a single system.

The one-time data entry provides that the data recorded in the primary document is entered into the accounting system once: their further processing is carried out by transferring and moving through various registers.

Orientation to the use of machine information technologies does not exclude the possibility of organizing accounting according to one of the traditional manual forms of bookkeeping. This refers, for example, to a single journal-order, journal-main, memorial-order form.

When generating reporting data, the accounting policy of the organization is fundamental.

From the choice of the accounting method, fixed by the accounting policy of the enterprise, the order of accounting for the main transactions depends. Order of the Ministry of Finance of the Russian Federation dated November 27, 2008 No. 155N “On Amendments to Regulations on Accounting” // EJ-Dossier, February 2009, No. 5.

International Standards of Accounting Policies

Consider what is meant by accounting policy in international practice. To do this, let's turn to the texts of the International Accounting Standards (IAS), developed by the International Standards Committee (IASC) and first published in Russian by the State Statistics Committee of the Russian Federation. Two assistants in accounting policy //V. Economists, "Calculation", N 12, December 2008, p.25

IAS1-75 does not directly define the term "accounting policy", but indirectly explains that a description of an accounting policy is a text that is included in financial statements in order to explain the main accounting rules adopted in an organization, the need for which is due to the fact that different accounting policies may result in fundamentally different sets of financial statements based on the same conditions and events.

Three important conclusions can be drawn from this:

1. The accounting policy of the organization as such, i.e. without a corresponding financial statement for a period of time is not subject to IASI-75. The standard regulates accounting policies only in the narrow sense of the word in relation to a specific financial statement. And only to the extent that it is necessary to clarify

2. No time limits for the operation of certain components of the accounting policy in the organization are established. The period covered by the financial statement is prior to the period covered by the accounting policy description.

3. The list of accounting policy components is limited to those that consumers need to understand a particular financial statement. The compiler of the accounting policy description should identify those matters that may not be clear to his consumers of the financial statement, and it is these that should be explained in the description of the accounting policy.

In Russia, the task of transition to international standards financial reporting, i.e. IAS standards was first delivered in 1992, when the state program for the transition to international system accounting and statistics in accordance with the requirements of the development of a market economy

However, in the first domestic accounting standard PBU 1/94 and the Law "On Accounting" No. 29-FZ of November 21, 1996. the attitude to accounting policy differs from the already considered standard IASI-75

In line with international standards upon completion fiscal year a financial report is prepared and it explains what the accounting policy was in the past year with respect only to those report data that may not be clear to a trained user. It is very likely that the accounting policy for the coming year is a corporate secret.

There are no strict requirements for the description of accounting policies in the standard. It means that:

Its text can be split and given in those places in the financial report where it is required to maintain the integrity of the report from the point of view of the consumer of financial information. For example, a bank's financial report may consist of tabular forms containing financial information and separated into sections, explanations may follow those forms that require it.

The head of the organization signs the entire financial report, and not a separate part of it called "accounting policy".

In essence, the characteristic of accounting policy in the narrow sense of the word according to the international standard is as follows: Anishchenko A.V. Accounting policy for the purposes of accounting and taxation for 2009. M.: Status Quo 97, 2010. 340 p.

1. Each organization should have only one accounting policy, different organizations may have different accounting policies

2. Accounting policies “relate to the principles, bases, conventions, rules, procedures approved by management at the stage of preparing the financial statements”

3. Fundamental accounting provisions applied in the financial report are self-explanatory; however, if these fundamental provisions in the report do not apply, then this must be explained

The formal requirements for a document describing an accounting policy are more stringent in Russia than in the IASI-75 standard. In accordance with the Law "On Accounting", this document is approved by "an order or instruction of the person responsible for the organization and state of accounting." Respectively, this document cannot be text explaining individual sections of the financial statements.

Besides, in Russian practice accounting policy is not tied to the financial statements of the enterprise, but has an independent value.

Unlike international standards, in Russia:

A document called "Accounting Policy" is approved at the beginning of the year. The accounting policy of the organization, as such, is the subject of consideration of the PBU 1/94 standard. The standard regulates the accounting policy in the broad sense of the word, in relation to the accepted accounting at enterprises.

Temporary restrictions on the operation of accounting policy components in the organization are set strictly. The period covered by the financial statement is secondary to the period covered by the accounting policy description.

The list of accounting policy components is very broad, covering, if possible, all potential areas of the enterprise's activities. Favorable accounting policy for 2010 //L.I. Zelenkova, "Regulatory acts for an accountant", N 24, December 2009 p.122

Conclusion: in this section, the main principles and procedure for the formation of accounting policies were identified.

6. The structure of the accounting policy and approaches to its formation

When forming an accounting policy using PBU 11/2008, it must at least determine:

1) a list of persons who are related parties of the organization, or the principles for including legal and individuals;

2) the specific composition and form of disclosure (including the procedure for presentation) of information to be disclosed in accordance with PBU 11/2008;

3) the procedure for constructing analytical accounting, providing information on related parties, which is subject to disclosure by the organization.

It makes sense to include several sections in the accounting policy and the information that should be placed in them.

So, the first describes organizational and technical issues:

organization of tax accounting (by the forces of accounting staff, by creating a separate specialized unit);

system of tax registers (rules for the construction and description of forms of registers);

document management system for filling tax registers.

The second section indicates the choice of tax accounting methods in cases where the Tax Code of the Russian Federation provides the taxpayer with such a right (for example, determining the list of direct and indirect expenses). This is the main part of the accounting policy. Here it is desirable to distinguish between tax accounting for certain types of taxes. Common Mistake when compiling the second section - a description of the "template" accounting rules or duplication of those rules that are directly provided for in the Tax Code of the Russian Federation and do not imply the right of the payer to choose one or another method of accounting. Therefore, the main task is to avoid such errors and to describe in as much detail as possible the method of accounting for income and expenses that the organization actually intends to use. Particular attention should be paid to those business transactions for which the norms of tax legislation are absent or do not contain a specific procedure. In this case, it is important to prescribe an algorithm for recognizing income and expenses, which can be divided into the following stages:

determination of the date of recognition of income and expenses,

determining the amount of income and expenses,

forms of primary documents that are the basis for recording transactions,

accounting entries (if tax accounting is formed on the basis of accounting data).

For example, you can analyze the situation with documents for such expenses as rent payments, payment for communication services, legal, information, consulting, audit and other services that come to the organization late. The fact is that for these services, the Tax Code of the Russian Federation provides the taxpayer with the opportunity to determine which of the three dates will be considered the date of recognition of the expense. So, according to subparagraph 3 of paragraph 7 of Article 272 of the Tax Code of the Russian Federation, these costs can be taken into account either on the settlement date specified in the contract, or on last number period, or on the date of presentation to the taxpayer of documents serving as the basis for making calculations. Obviously, in order to neutralize the consequences of “late” documents, it is worth choosing and fixing the last option in the accounting policy.

In the third section of the accounting policy, an organization can develop and approve forms of tax registers, examples of determining income and expenses for specific business transactions, and options for transferring losses to the future. For example, a loss received by an organization in 2009 will reduce the tax base for income tax over the next ten years - from 2010 to 2019. If in 2010 the company makes a profit in excess of the amount of the loss recorded in 2009, then it will be able to reduce this year's profit by the entire amount of the loss at once. With a lower amount of profit at the end of 2010, the company will include the loss of previous years in the expenses of the current period in installments (in an amount not exceeding, together with other expenses, the amount of income subject to taxation). However, even if the amount of profit received in 2010 will allow to take into account the entire amount of the loss, the organization has the right to provide in the tax accounting policy a restriction on the loss carry forward.

When forming an accounting policy, a company must remember that this document is not drawn up "for show" and not only to fulfill the taxpayer's obligations. Many accountants believe that an accounting policy order is a formal document that needs to be quickly written, handed over to the tax authorities and forgotten about.

Meanwhile, referring to this order (in which accounting methods should be correctly described), you can win complex, and sometimes almost hopeless court cases, or defend your point of view in disputes with tax authorities during audits, without even bringing disputes to lawsuits. In accordance with PBU 1/2008 “Accounting Policy of an Organization” (Order of the Ministry of Finance of Russia dated 06.10.2008 No. 106n “On Approval of Accounting Regulations”), the accounting policy of an organization for accounting purposes is understood as the set of accounting methods adopted by it - - primary observation, cost measurement, current grouping and final generalization of the facts of economic activity.

According to article 11 of the NCRF, an accounting policy for tax purposes is a set of methods (methods) allowed by the Tax Code of the Russian Federation for determining income and (or) expenses, their recognition, evaluation and distribution, as well as taking into account other indicators of financial and economic activity necessary for tax purposes taxpayer.

the first document is devoted to the accounting policy of the enterprise in the field of accounting;

the second document is devoted to the accounting policy in the field of taxation.

We believe that the assumption of the sequence of application of the accounting policy, regulated by the accounting standard PBU 1/2008 "Accounting policy of the organization" is also acceptable for the accounting policy for tax purposes: the accounting policy chosen by the enterprise is applied consistently from one tax period to another, that is, it is developed "for centuries" and only if it is necessary to make changes, it is adjusted by order dated before January 1 calendar year to which changes are made.

the presence of two independent provisions is not accidental. Along with the fact that the calculation of a number of taxes is carried out on the basis of accounting, in normative documents on taxation, there are a fairly large number of requirements that cannot be met using only existing accounting methods.

7. The concept and principles of the tax policy of the organization

TAX POLICY OF ENTERPRISES

The behavior of an economic entity determines the main goal of entrepreneurial activity - an increase in total income. Along with the development of production, the improvement of organization and management, the introduction the latest technologies and equipment enterprises seek to increase income by easing the tax burden, finding rational and legal ways to reduce tax payments. This problem is solved in the following areas:

1. The choice of activities that will provide an acceptable amount of the tax burden on the enterprise

2. Determining the optimal methods and terms for paying taxes, fees and other tax payments from the point of view of an economic entity

3. The choice of directions for the distribution and use of profits, the implementation of investment of financial resources, which will make it possible to have favorable tax consequences for the enterprise

A targeted tax policy largely depends on the knowledge of employees responsible for the calculation and payment of taxes, what taxes, when and where to pay, on the ability of these employees to understand the existing legal ways to reduce tax payments. Knowledge of tax law and current tax legislation allows for competent planning of tax payments and income.

T.A. Kozenkova in her work "Tax Planning at the Enterprise" considers tax planning in the general sense as the implementation by the taxpayer of the right to use all possible means to reduce the tax burden imposed on him by the state, based on the principles of legality, efficiency and optimality. Compliance with these principles predetermines the nature and content of entrepreneurial activity, creates the prerequisites for effective work enterprises and reduces the possibility of liability for tax violations.

The principle of legality stands out as fundamental. This refers to strict and strict compliance with the requirements of tax legislation in determining the tax obligations of the enterprise, calculating and paying taxes. In connection with the adoption and implementation of part one of the Tax Code, liability for tax offenses is considered as an independent type of legal liability. A tax offense is a guilty illegal (in violation of the legislation on taxes and fees) act (action or inaction) of a taxpayer, tax agent and other persons, for which the Tax Code establishes liability. For violation of the legislation on taxes and fees, officials may bear tax, administrative or criminal liability.

The principle of efficiency of tax planning is that the tax policy developed by the enterprise should be promptly adjusted taking into account all changes in the current taxation system. At the same time, not only the main directions of tax policy, but also the types of business transactions, as well as the directions of all economic activities, can be adjusted.

Features of the Russian political and economic system - its instability, unpredictability, inconsistency of laws and decisions adopted by state authorities, including in the field of taxation. Therefore, enterprises need to take into account such a probable factor as tax risks. Tax risks may be associated with changes in tax policy, the introduction of new types of taxes and fees, changes in tax rates and penalties, the abolition of tax benefits.

Enterprises, based on the principle of efficiency of tax planning, must take into account possible not only external changes, but also internal ones that can radically affect its tax policy.

The essence of the principle of optimal tax planning is that the use of mechanisms that reduce the size of tax liabilities should not lead to damage to the interests of the owners of the enterprise and strategic development goals. One of the main issues of tax planning is maintaining the optimal ratio between tax payments and the part of the profit that remains at the disposal of the enterprise for investment and financial stability.

Thus, tax planning is an essential part of the company's tax policy.

8 . The system of taxes and fees in the Russian Federation

Prior to the entry into force of the chapters of part two of the Tax Code Russian Federation on taxes and fees provided for in Articles 12-15 of part one of the Tax Code of the Russian Federation, references in Article 12 to the provisions of this Code are equated to references to acts of the legislation of the Russian Federation on relevant taxes adopted before the date of entry into force federal law of July 29, 2004 N 95-FZ (Article 3 of the Federal Law of July 29, 2004 N 95-FZ).

Article 12. Types of taxes and fees in the Russian Federation. Powers of legislative (representative) bodies of state power of the subjects of the Russian Federation and representative bodies municipalities on the establishment of taxes and fees (as amended by the Federal Law of July 29, 2004 N 95-FZ)

1. The following types of taxes and fees are established in the Russian Federation:

federal, state and local.

2. Federal taxes and fees are taxes and fees that are established by this Code and are obligatory for payment throughout the territory of the Russian Federation, unless otherwise provided by paragraph 7 of this article.

3. Regional taxes are taxes that are established by this Code and the laws of the subjects of the Russian Federation on taxes and are obligatory for payment on the territories of the respective subjects of the Russian Federation, unless otherwise provided by paragraph 7 of this article.

Regional taxes are put into effect and cease to be in effect on the territories of the constituent entities of the Russian Federation in accordance with this Code and the laws of the constituent entities of the Russian Federation on taxes.

When establishing regional taxes, the legislative (representative) bodies of state power of the constituent entities of the Russian Federation determine, in the manner and within the limits provided for by this Code, the following elements of taxation: tax rates, the procedure and terms for paying taxes. Other elements of taxation for regional taxes and taxpayers are determined by this Code.

Legislative (representative) bodies of state power of the constituent entities of the Russian Federation, by laws on taxes, in the manner and within the limits provided for by this Code, may establish tax benefits, grounds and procedure for their application.

4. Local taxes are taxes that are established by this Code and regulatory legal acts of the representative bodies of municipalities on taxes and are obligatory for payment on the territories of the respective municipalities, unless otherwise provided by this paragraph and paragraph 7 of this article.

Local taxes are put into effect and cease to be in force in the territories of municipalities in accordance with this Code and regulatory legal acts of the representative bodies of municipalities on taxes.

For the application of paragraph three of clause 4 of Article 12, see clause 2 of Article 7 of Federal Law No. 95-FZ of July 29, 2004.

The land tax and the property tax of individuals are established by this Code and the regulatory legal acts of the representative bodies of settlements (municipal districts), urban districts on taxes and are obligatory for payment on the territories of the respective settlements (inter-settlement territories), urban districts, unless otherwise provided by paragraph 7 of this articles. The land tax and the tax on the property of individuals shall be put into effect and cease to be in effect on the territories of settlements (inter-settlement territories), urban districts in accordance with this Code and the regulatory legal acts of the representative bodies of settlements (municipal districts), urban districts on taxes.

Local taxes in the cities of federal significance Moscow and St. Petersburg are established by this Code and the laws of the said constituent entities of the Russian Federation on taxes, are obligatory for payment in the territories of these constituent entities of the Russian Federation, unless otherwise provided by paragraph 7 of this article. Local taxes are put into effect and cease to be in force in the territories of the federal cities of Moscow and St. Petersburg in accordance with this Code and the laws of the said constituent entities of the Russian Federation.

When establishing local taxes, the representative bodies of municipalities (legislative (representative) bodies of state power of the cities of federal significance Moscow and St. Petersburg) determine in the manner and within the limits provided for by this Code, the following elements of taxation: tax rates, the procedure and terms for paying taxes. Other elements of taxation for local taxes and taxpayers are determined by this Code.

Representative bodies of municipal formations (legislative (representative) bodies of state power of federal cities of Moscow and St. Petersburg) by legislation on taxes and fees, in the manner and within the limits provided for by this Code, may establish tax benefits, grounds and procedure for their application.

5. Federal, regional and local taxes and fees are canceled by this Code

6. Federal, regional or local taxes and fees that are not provided for by this Code cannot be established.

7. This Code establishes special tax regimes that may provide for federal taxes not specified in Article 13 of this Code, determines the procedure for establishing such taxes, as well as the procedure for putting into effect and application of these special tax regimes

Special tax regimes may provide for exemption from the obligation to pay certain federal, regional and local taxes and fees specified in Articles 13-15 of this Code.

Article 13. Federal taxes and fees

(As amended by Federal Law No. 95-FZ of July 29, 2004)

Federal taxes and fees include:

1) value added tax;

2) excises;

3) personal income tax;

4) unified social tax;

5) corporate income tax;

6) tax on the extraction of minerals;

7) has expired. - Federal Law of July 1, 2005 N 78-FZ;

8) water tax;

9) fees for the use of objects of the animal world and for the use of objects of aquatic biological resources;

10) state duty.

Article 14

Regional taxes include:

1) corporate property tax;

2) gambling business tax;

3) transport tax.

Article 15

Local taxes include:

1) land tax;

2) tax on the property of individuals.

Article 16

Information and copies of laws, other regulatory legal acts on the establishment, amendment and termination of regional and local taxes are sent by state authorities of the constituent entities of the Russian Federation and bodies local government to the Ministry of Finance of the Russian Federation and the federal executive body authorized for control and supervision in the field of taxes and fees, as well as to the financial authorities of the relevant constituent entities of the Russian Federation and territorial tax authorities, (as amended by Federal Laws of July 29, 2004 N 95-FZ , dated July 27, 2006 N 137-FZ)

Article 17 General terms establishment of taxes and fees

1. A tax is considered established only if the taxpayers and elements of taxation are determined, namely: (as amended by Federal Law No. 154-FZ of 09.07.1999) the object of taxation; the tax base; taxable period; tax rate; the procedure for calculating the tax; procedure and terms of tax payment

2. In necessary cases, when establishing a tax, an act of legislation on taxes and fees may also provide for tax benefits and grounds for their use by the taxpayer (as amended by Federal Law No. 154-FZ of 09.07.

3. When establishing fees, their payers and elements of taxation are determined in relation to specific fees. (As amended by Federal Law No. 154-FZ of July 9, 1999) Article 18. Special tax regimes (as amended by Federal Law No. 95-FZ of July 29, 2004)

1. Special tax regimes are established by this Code and applied in the cases and in the manner provided for by this Code and other acts of legislation on taxes and fees.

Special tax regimes may provide for a special procedure for determining the elements of taxation, as well as exemption from the obligation to pay certain taxes and fees provided for in Articles 13-15 of this Code.

2. Special tax regimes include:

1) taxation system for agricultural producers (single agricultural tax);

2) simplified taxation system;

3) the system of taxation in the form of a single tax on imputed income for certain types activities;

4) the system of taxation in the implementation of production sharing agreements.

10. The main directions of the tax policy of the organization

The essence of the tax policy, which is one of the most important elements of the financial strategy of an economic entity, is reduced to the choice of the most beneficial tax burden options for the enterprise, the interconnection of the latter with the economic, industry, assortment and other orientation of the enterprise. A firm's tax policy may include:

selection of the correct legal address of the enterprise and its organizational and legal form;

verified tactics of working with the territorial tax inspectorate;

compliance with tax laws;

prompt response to changes in tax legislation;

search for information about upcoming changes in tax legislation;

Search various forms tax incentives;

tax base management;

selection of the most advantageous forms of business contracts and settlements;

accounting for tax risks and financial losses;

search for areas of activity that are taxed to the minimum extent;

optimal placement of investments, assets and profits;

advanced training of financial managers who determine tax policy, etc.

11. The concept of the pricing policy of the organization

The process of forming a pricing policy in an enterprise depends on the approach to determining prices.

Price is traditionally understood as a monetary reward paid to the seller for his goods.

With this approach to the price, only the calculation of the amount of payments for the goods is taken into account, mainly on the basis of informing about the costs. The pricing policy in this case is limited to price calculations taking into account costs. In the sales area, different payment terms and discounts apply. The discount system is very huge and includes several groups. It is very active and consists of the following elements:

cash discount discounts - when paying in cash or paying before the deadline fixed in the contract; manufacturer's benefit: increase in the liquidity of the enterprise, cost reduction due to the acceleration of the turnover of working capital;

· wholesale discounts - price reduction when buying a large consignment of goods; producer benefit: cost savings associated with the process of selling, storing and transporting goods;

· Trade (dealer) discounts - provided to firms or agents that are part of the sales network of the manufacturer's company;

seasonal discounts - for post-season and pre-season periods; manufacturer's benefit: the manufacturer maintains stable production throughout the year;

other discounts - offsetting the price of an old product when buying a new one, discounts for companies that participate in promotions.

In a modern market economy, pricing policy characterizes the orientation of the enterprise to work with the consumer. Based on this, the price can be defined as the sum of all the costs of the buyer, directly or indirectly related to the acquisition of the product (sales price, costs for finding a purchase, for lending, for repairs, installation, transport costs). Based on this understanding of price, a modern consumer-oriented pricing policy is formed.

Pricing policy - measures arising from the goals of the enterprise to search, select and implement the relationship between the price and quality of the goods and solve the buyer's problems associated with this.

Based on the modern definition of pricing policy, the latter can be represented as a system consisting of the following elements:

goals (long-term and short-term);

tools (strategic and operational-tactical);

organizational decisions.

The pricing policy should be focused on certain long-term and short-term goals, achieved with the help of various tools and organizational decisions.

The objectives of the pricing policy may be different. Among the most important of them are the following:

1) profit, its long-term and short-term maximization;

2) market stabilization;

3) limiting potential competition;

4) maintaining leadership in prices;

5) increase in sales volumes.

Not all goals may be compatible with each other (for example, paragraph 1 and paragraph 5).

In the long-term aspect, the goals, one way or another, are expressed in maximizing profits and strengthening the market position of the enterprise. In the short term, it can be any actual problem related to meeting the needs of the consumer, attracting new customers, expanding sales markets, and the financial situation of the enterprise.

The goals of the organization's pricing policy determine the choice of its strategy and operational-tactical tools. The pricing strategy is long-term in nature and ensures the achievement of long-term goals of the organization. The starting point for developing a pricing strategy should be the so-called strategic triangle "firm - client - competitor". From the point of view of the development of the company, the pricing strategy should take into account the maintenance of its financial health, the degree of sensitivity to financial risks associated with pricing, ensuring the interests of the company's owners. From the point of view of customers, problems of levels and price segmentation are developed in order to take into account the preferences of buyers and solve these problems. In relation to the main competitors, decisions are made on the degree of aggressiveness of price pressure in connection with the tasks of achieving their own strategic position on the market.

Operational-tactical pricing tools are a large group of pricing policy tools that allow you to solve short-term problems and quickly respond to unexpected changes in various pricing factors or the aggressive pricing policy of competitors. Such tools include short-term price changes, price differentiation for different consumers, price variations over time periods, price lines (borders, groups).

An important role in the pricing process is played by organizational decisions concerning the stages and forms of organization of the pricing process.

12. Forecasting market conditions and the financial strategy of the enterprise. The main aspects of marketing in the enterprise

Evaluation of market conditions Market conditions are characterized by a certain ratio of supply and demand for goods of this type, as well as the ratio of prices. The main purpose of studying the commodity market is to establish the extent to which the activities of industry and trade affect the composition of the market, its development in the near future. The results of studying the market situation are intended to make an operational decision on the management of production and marketing of goods. Gathering information is the most important step in studying market conditions. In the study, various types of information obtained from various sources are used. Distinguish between general, commercial and special information. The general includes data on the characteristics of the market situation as a whole, in conjunction with the development of an industry or a given production. The source of information is the data of state and industry statistics. As well as official forms of accounting and reporting. Commercial information is data extracted from the business documentation of the enterprise on the sale of products and received from partners in the order of information exchange. These include: applications and orders, trade organizations, and trade institutions (materials on the movement of goods in wholesale and retail organizations). Market reviews are also used. Special infa is data obtained as a result of special events for market research (surveys of the population, buyers, trade specialists, exhibitions and sales, market meetings), as well as materials of scientific research. To spec. infe refers to infa that cannot be obtained in any other way. The main purpose of information support for market research is the creation of a system of indicators that allow obtaining quantitative and qualitative characteristics for specific types of product offering (production of goods in assortment). The renewal of the product range is provided by materials and raw materials, production facilities, stocks of goods.

The financial strategy of any enterprise is determined by the strategic goals facing the enterprise, as well as the goals of the financial management itself. As you know, the main goal of financial management is to ensure the growth of the welfare of owners, to maximize the market value of the company. Therefore, the company's financial strategy is general plan actions to timely provide the enterprise with financial resources (cash) and their effective use for the purpose of capitalization of the company.

The development of a financial strategy for an enterprise consists of several stages. From the very beginning, it is necessary to determine for how long a financial strategy is being formed. Depending on the term of the strategy, both the goals of financial activity and the degree of elaboration of financial plans depend. A long-term financial strategy describes the principles of the formation and use of income, the need for financial resources and the sources of their formation. A short-term financial strategy is developed within the framework of a long-term financial strategy, details it and describes current management financial resources. Long-term and medium-term financial strategic plans for 3-5 years are formed in an enlarged form, and short-term financial plans for the year are worked out with a high degree of detail.

The next step in developing a financial strategy is to determine the goals of financial activities. The financial strategy is functional in relation to the corporate strategy of the company, therefore, it should be included in the structure of the overall strategic goals of the company. As you know, the main financial goal is to maximize market value while minimizing risk. Such a goal can be defined both in absolute and relative terms. The main goal is achieved if the enterprise has enough financial resources, optimal return on equity, a balanced structure of equity and borrowed capital. The main financial goal is broken down into financial sub-goals, for example:

The amount of equity capital

Return on equity

Asset structure

Financial risks

Each goal should be clearly formulated and expressed in specific indicators, for example:

Profitability of sales

Financial leverage (ratio of own and borrowed capital)

Solvency level

Liquidity level

Developing a financial strategy involves not only developing goals, but also developing an action plan to achieve those goals. The management of the company must know how the current situation relates to the strategic goals of the company. It is necessary to regularly monitor the achievement of strategic goals. To monitor the implementation of the strategy strategic goals are broken down into specific strategic tasks that need to be solved in a certain period of time. Control over the achievement of strategic goals is carried out by solving tactical problems. Installed financial goals grouped in directions, forming the financial policy of the enterprise.

The presence of a financial strategy makes the company more manageable for management and transparent for owners.

Managing the economy and finances of an enterprise is impossible without well-functioning marketing services. You must always keep your finger on the pulse of the market. It is always necessary to know what ratios of price, quality, service and sales volume exist on the market, what are its trends and volumes, what competitors are doing, in what they are stronger or weaker. Before you spend a lot of money on advertising, it would be nice to understand whether there will be an effect from it. If an enterprise is going to expand into regions, then it is always necessary to know the situation in each of them.

But in addition to external information, it is necessary to have information about the situation at the enterprise. How is money spent on the production and commercial cycle? Which department is the most profitable? Which type of product has the highest profitability, the shortest turnaround time? How to build a performance-based management and payment system? These and many other questions are solved by planning-economic or financial subdivisions. This information is the basis for cost and cost management. On the basis of its marketing service can develop a flexible system of wholesale discounts and pricing policy.

13. Demand and supply curves

financial policy organization accounting

In economics, a demand curve is a graph that illustrates the relationship between the price of a particular good or service and the number of consumers willing to buy it at that price. It is a graphical representation of the demand curve.

The total demand curve for all consumers is the resulting demand curve for each individual consumer. Despite its name, the demand curve is not always a curve itself, sometimes it can be a straight line plot, depending on the complexity of the scenario.

Demand curves are used to evaluate the behavior of agents in competitive markets and are very often considered in combination with supply curves to estimate the balanced or equilibrium price (the price at which all sellers are willing to sell and all buyers are willing to buy, also known as the term market clearing price) and the equilibrium quantity ( the volume of goods or services that will be produced and sold without an excess increase in supply or an excess decrease in demand) in the market. In a monopolistic market, the demand curve is represented only by the demand curve for the monopolist's product and does not require the creation of a result function.

SUPPLY CURVE - A graphical representation of the relationship between the supply of a good (usually plotted on the x-axis) and its price (on the y-axis). The standard for its designation on the charts is the letter S (from the word supply). Shows the quantity of the offered goods at each level of its price; other factors affecting supply are assumed to be constant. As a rule, the higher the price, the greater the offer.

Strictly speaking, such a dependence is valid in two cases: or in a market where this firm unable to influence prices (if the firm has a monopoly, it can dictate them itself), or in conditions of centralized, directive price setting.

The firm's long-term K.p. usually represents the dependence of supply on price under conditions when the firm has enough time to fully adjust to changes in the price level.

14. Pure competition

Perfect, free or pure competition is an economic model, an idealized state of the market, when individual buyers and sellers cannot influence the price, but form it with their contribution of supply and demand. In other words, this is a type of market structure where the market behavior of sellers and buyers is to adapt to the equilibrium state of market conditions.

signs perfect competition:

an infinite number of equal sellers and buyers

homogeneity and divisibility of products sold

no barriers to entry or exit from the market

high mobility of factors of production

equal and full access of all participants to information (prices of goods)

In the case when at least one feature is absent, competition is called imperfect. In the case when these signs are artificially removed in order to occupy a monopoly position in the market, the situation is called unfair competition.

In some countries, one of the widely used types unfair competition is the giving of bribes, explicitly and implicitly, to various representatives of the state in exchange for various kinds of preferences.

David Ricardo revealed a tendency of the rate of profit to decrease, which is natural in conditions of free competition.

In a real economy, the exchange market most resembles a perfectly competitive market. In the course of observing the phenomena of economic crises, it was concluded that this form of competition usually fails, which can only be overcome through external intervention.

15. Price adjustments: discounts, surcharges, offsets

Discount - the amount by which the sale price of the goods sold to the buyer is reduced if certain conditions are met by him.

Historically, discounts appeared and began to be used in conditions street trading goods, when the seller, as a result of bargaining, provided a discount to the buyer who purchases more goods.

Currently, the practice of providing discounts is used by large and medium-sized companies, small businesses and individual entrepreneurs.

SUCCESSIONS - 1) additional payments to employees (surcharge to wages) for particularly difficult working conditions or high quality work; 2) margin, additional payment for goods, addition to its nominal price, due to special qualities, custom-made with special requirements. The following types of bonuses are distinguished: bonus for a block of shares - a bonus to the share price received by the seller of the block for increasing the managerial powers of the buyer of the block; surcharge to the state tax - an additional tax established in a certain proportion to the state tax, received by the local budget; customs duty surcharge - increase customs duties for economic and political purposes; bonus to wages - additional cash payments for extra-scheduled, overtime, especially important, one-off work; price premium - an increase in the list price for services rendered to the buyer.

OFFSET - 1) repayment of mutual obligations, payments of two or more legal entities and individuals within equal amounts, mutual debt values. See also OFFSET; 2) financial compensation, indirect payment for participation in programs or services; is implemented by deducting the payment for participation from the price of the goods purchased by the participant or by other types of offset.

16. State policy of price regulation

State regulation of the market and prices is a set of measures taken by the government in the process of participating in the system of commodity-money relations and aimed at regulating prices in various areas of the national economy and controlling them. In this way, state regulation prices can be seen as an attempt by the state, through legislative, administrative and budgetary measures, to influence the market and prices in such a way as to promote sustainable development the economy as a whole.

The need for government intervention in pricing processes is due to the fact that a freely functioning market does not necessarily guarantee high efficiency of economic activity. In a number of cases market imperfection, instability of equilibrium requires some state intervention. The role of the state is mainly to ensure the development of the economy in the direction of not only increasing production and improving the quality of products, but also achieving full employment, a fair distribution of income and stabilizing the price level.

Using the regulatory function of price to solve economic problems, the state takes part in the redistribution of net income between industries and sectors of the national economy, individual regions, enterprises and population groups. The state should also participate in the pricing process (directly or indirectly) to protect the interests of national producers who are not yet able to equally resist the expansion of foreign manufacturers of similar products into the market.

State regulation of prices can be considered as one of the areas of macroeconomic regulation of the economy, the special significance of which is manifested in the following areas:

Maintaining a competitive environment in the market and preventing monopolization;

Fighting inflation and ensuring price stability;

Conducting a socially oriented price policy;

Ensuring the optimal ratio of foreign trade and domestic prices.

Thus, at the macroeconomic level, the initial principles and concepts of price policy, as well as their legislative and regulatory support, are developed.

Along with the macroeconomic impact of the state on prices, there is also their regulation at the microeconomic level. Microeconomic measures of state influence on prices include: control over the level of prices for products and services of natural monopolies, enterprises that occupy a monopoly and dominant position in the market; setting prices for goods and services of particular social importance; establishing excises and subsidizing individual producers; establishment of trade allowances for certain types of products; regulation of prices and customs tariffs in foreign economic activity.

State regulation of prices is carried out using a combination of direct and indirect forms and methods.

17. Variable and fixed costs

Production costs - the costs associated with the production and circulation of manufactured goods. In accounting and statistical reporting, they are reflected in the form of cost. They include: material costs, labor costs, interest on loans, costs associated with promoting the product on the market and selling it.

Economic costs are usually divided into total, average, marginal (they are also called marginal cost) or closing, as well as constants and variables.

Variable costs - types of costs, the value of which changes in proportion to changes in production volumes. Contrasted with fixed costs, which add up to total costs. The main sign by which you can determine whether costs are variable is their disappearance when production is stopped.

Fixed costs arise when the volume of application of one (or both) of the factors introduced into the transformation process cannot be changed. Thus, variable costs arise when the firm deals with factors introduced into the transformation process, the scope of which is unlimited.

Since the value of fixed costs necessarily ceases to depend on output volumes, the definition is often distorted, speaking of fixed costs as independent of output volume, or even simply indicating a certain list of costing items that supposedly describes fixed costs under any circumstances. For example, salaries of office workers, depreciation, advertising, etc. Accordingly, costs are considered variables, the value of which directly depends on changes in the volume of output (raw materials, materials, wages of direct production workers, etc.). Such an “introduction” of accounting provisions into economics as a science is not only unlawful, but directly harmful.

18. The threshold of profitability, the concept and graphical method for its determination

The profitability threshold is the amount of sales at which the company can cover all its expenses without making a profit. The term break-even point is often used. In turn, how profit grows with a change in revenue is shown by the Operating leverage (operating leverage).

see also

Financial ratios for assessing the financial condition of the enterprise

Express analysis of the financial condition of the enterprise

To calculate the threshold of profitability, it is customary to divide the costs into two components:

Variable costs - increase in proportion to the increase in the volume of production (sales of goods).

Fixed costs - do not depend on the quantity of products produced ( goods sold) and whether the volume of operations is growing or falling.

The value of the profitability threshold is of great interest to the lender, since he is interested in the question of the stability of the company and its ability to pay interest on the loan and principal. The stability of the enterprise determines the margin of financial strength - the degree of excess of sales over the threshold of profitability.

We introduce the notation: B - revenue.

Рн - sales volume in real terms.

Zper - variable costs.

Zpost - fixed costs.

C - Price, revenue per unit of production,

ЗСper - average variable costs (per unit of output).

PRd - profitability threshold in monetary terms.

PRn - the threshold of profitability in physical terms.

The formula for calculating the profitability threshold in monetary terms:

PRd \u003d V * Zpost / (V - Zper)

The formula for calculating the profitability threshold in physical terms (in pieces of products or goods):

PRn \u003d Zpost / (C - ZSper)

In the figure below, fixed costs are 300, variable costs per unit of production are 10, price is 25, the profitability threshold (break-even point) PRn = 20 pieces.

When the profitability threshold is reached, the income line crosses and goes above the line of total (gross) costs, the profit line crosses 0 - it passes from the loss zone to the profit zone.

Profitability is a relative indicator of profitability and is usually expressed as a percentage or in profit per unit of invested funds. In this regard, it is interesting to see how the lines of profitability and costs look when recalculated per unit of output.

As in the previous figure, fixed costs 300, variable costs per unit of production 10, price 25, profitability threshold (break-even point) PRn = 20 pieces.

When recalculated per unit of production, we see that some constant values ​​have turned into variables and vice versa. Some straight lines have turned into curves.

The graph shows that:

As volume increases, there is a decreasing share fixed costs per unit of production. So the fixed cost line goes down.

Share variable costs constant for each unit of output.

The total cost per unit of output (cost) decreases.

With a release volume of 20 pcs. the cost line crosses the price line (the cost is equal to the price) and goes below it.

Accordingly, the profit line passes through 0, the profit becomes positive.

The fixed cost line crosses the line contribution margin(marginal income), i.e. marginal income equals fixed costs. Further, the line of marginal profit goes above the line of fixed costs - a profit is formed.

Excel spreadsheets can be used to quickly calculate options and assess the impact of different cost/price ratios.

19. Current assets of the organization: concept and types

The key role in the implementation of the short-term financial policy of the enterprise is occupied by the problems of sufficiency of current assets, sources of their financing and efficiency of use. Working capital management of an enterprise is a day-to-day job that ensures the firm has sufficient resources to carry out its activities and avoid costly downtime. Without effective management of current assets, it is impossible to implement long-term financial strategies of the enterprise.

Current assets - characterize the totality of the enterprise's property values ​​that serve the current production and commercial (operational) activities and are fully consumed during one production and commercial cycle.

Working capital can be divided into the following main features:

By type of current assets can be divided:

Current production assets. These include raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts, etc., as well as work in progress and deferred expenses;

Current assets in circulation .. These are the funds of the enterprise invested in stocks of finished products, goods shipped but not paid for (accounts receivable) as well as cash on hand and in accounts (see Fig. 1)

According to the degree of liquidity, there are:

Absolutely liquid assets. These include current assets that do not require sale and are ready-made means of payment: cash;

Highly liquid assets. They characterize a group of assets that can be quickly converted into cash (usually within a month), without significant losses in their market value: short-term financial investments, short-term receivables;

Medium liquid assets. This type includes current assets that can be converted into cash without tangible losses of their current market value within a period of one to six months: accounts receivable (except short-term), stocks of finished products;

Weak assets. These include current assets of the enterprise, which can be converted into cash without loss of their current market value only after a significant period of time (from six months and more): stocks of raw materials and semi-finished products, work in progress;

Illiquid assets. Assets that cannot be converted into cash on their own. They can only be sold as part of a property complex: bad debts, deferred expenses.

By the nature of financial sources of formation:

Gross current assets. Characterize the total volume of current assets formed at the expense of own and borrowed capital;

Net current assets. These are current assets, which are formed at the expense of own and long-term borrowed capital. It is calculated as the difference between current assets and short-term liabilities:

CHA \u003d OA - KFO;

NVA - net current assets;

ОА - current assets;

KFO - short-term current financial liabilities.

Own current assets. Characterize that part of current assets, which are formed at the expense of own capital. To calculate, it is necessary to subtract long-term borrowed capital from the value of net current assets, aimed at the formation of current assets:

SOA \u003d CHOA - DZK;

SOA \u003d OA - DZK - KFO;

SOA - the amount of own current assets of the enterprise;

SLC - long-term borrowed capital.

If the company does not use long-term borrowed capital to finance working capital, then the amounts of own and net current assets are the same.

By the nature of participation in the operational process:

Current assets serving the production cycle: raw materials, materials, work in progress, finished products;

Current assets serving the financial cycle: cash, receivables.

By the period of functioning of current assets

Permanent current assets. Represents a constant part of current assets, which does not depend on seasonal and other fluctuations in operating activities, i.e. is an irreducible minimum of current assets to maintain the operating cycle;

variable current assets. This is a varying part of current assets, which is associated with an increase in production and sales of products, the need to form stocks for seasonal storage, long-term delivery, and special purpose.

20. Indicators of the effectiveness of the use of current assets of the organization

Among the indicators of the effectiveness of the use of working capital are the following.

1. The duration of one revolution (To) is determined by the formula:

where Co - balances of working capital for the period;

Tper - number of days in the period;

Vreal - the amount of products sold.

2. The turnover ratio shows the number of turnovers made in a certain period. It is determined by the formula:

3. The load factor of the OBS characterizes the amount of working capital per 1 rub. products sold:

4. Profitability of working capital is calculated as the ratio of the profit of the enterprise to average annual cost working capital.

As a result of accelerated turnover (intensity of OS use) certain amount OS released

The absolute release reflects a direct reduction in the need for working capital. Absolute release occurs when

So.fact< Со.план, Vреал = const ,

where So.fact - the actual balances of the OS;

So.plan - planned balances of fixed assets;

Vreal - sales volume.

Absolute release is determined by the formula:

AB \u003d Co. fact - Co. plan.

The relative release of OBS occurs when turnover accelerates with an increase in production volume. In contrast to the absolute release, the funds released in this case cannot be withdrawn from circulation without maintaining the continuity of production.

Relative release reflects both the change in the value of working capital and the change in the volume of products sold. To determine it, you need to calculate the need for working capital for the reporting year, based on the actual sales turnover for this period and the turnover in days for the previous year. The difference will give the amount of funds released.

When analyzing work industrial enterprise various indicators of useful use are applied material resources:

The indicator (coefficient) of the output of finished products from a unit of raw materials;

The indicator of raw material consumption per unit of finished product;

The coefficient of use of materials (the ratio of the net weight or mass of the product to the standard or actual consumption of structural material);

The utilization rate of the area or volume of materials;

The level of waste (losses), etc.

Ways to increase the efficiency of the use of working capital: optimization of stocks of resources and work in progress; reduction of the duration of the production cycle; improving the organization of logistics; acceleration of the sale of commercial products, etc.

Common sources of saving material resources are: reducing the specific consumption of materials; weight reduction of products; reduction of losses and waste of material resources; use of waste and by-products; recycling; replacement of natural raw materials and materials with artificial ones, etc.

21. Factoring

Factoring (English factoring from English factor - intermediary, sales agent) is a set of services for manufacturers and suppliers, leading trading activity on terms of deferred payment.

Three persons usually participate in a factoring operation: the factor (factoring company or bank) - the buyer of the claim, the supplier of the goods (creditor) and the buyer of the goods (debtor). The main activity of a factoring company is lending to suppliers through the purchase of short-term receivables, usually not exceeding 180 days. An agreement is concluded between the factoring company and the supplier of the goods that, as requirements arise for payment for the supply of products, invoices or other payment documents are presented. The factoring company discounts these documents by paying the client 60–90% of the value of the claims. After the buyer pays for the products, the factoring company pays the rest of the amount to the supplier, withholding a percentage from him for the loan and commission payments for the services rendered.

There are a large number of varieties of factoring services that differ from each other primarily in the degree of risk that the factoring company takes on.

Recourse factoring is a type of factoring in which the factor acquires from the client the right to all amounts due from the debtor. However, if it is impossible to recover the amounts in full from the debtor, the client who assigned the debt is obliged to compensate the factor for the missing funds.

Factoring without recourse (eng. Non recourse factoring) - a type of factoring in which the factor acquires from the client the right to all amounts due from the debtor. If it is impossible to recover the amounts in full from the debtor, the factoring company will suffer losses (however, within the framework of the financing paid to the client).

Factoring can be open (with notification of the debtor about the assignment) and closed (without notification). It can also be real (monetary claim exists at the time of signing the contract) and concessional (monetary claim will arise in the future).

With the participation of one Factor in the transaction, factoring is called direct, with the presence of two Factors - mutual.

When classifying the types of factoring, it is worth paying attention to invoice discounting, although it has a number of significant differences, despite the fact that it contains features of recourse closed factoring.

22.Management of monetary assets of the organization

The management of monetary assets or the balance of funds permanently at the disposal of the enterprise is an integral part of the functions general management current assets. The size of the balance of monetary assets operated by the enterprise in the course of economic activity determines the level of its absolute solvency (the readiness of the enterprise to immediately pay off all its urgent financial obligations), affects the duration of the operating cycle (and, consequently, the amount of financial resources invested in company assets), and also characterizes, to a certain extent, its investment opportunities (the investment potential of the enterprise's short-term financial investments).

The formation of cash holdings by an enterprise is caused by a number of reasons that underlie the appropriate classification of its cash balances.

The operating (or transactional) balance of monetary assets is formed to ensure current payments related to the production and commercial (operational) activities of the enterprise: for the purchase of raw materials, materials and semi-finished products; wages; payment of taxes; payment for services of third parties, etc. This type of cash balance is the main one in the total monetary assets of the enterprise.

The insurance (or reserve) balance of monetary assets is formed to insure the risk of untimely receipt of funds from operating activities due to the deterioration of the situation on the market for finished products, slowdown in the payment turnover and for other reasons. The need to form this type of balance is due to the requirements to maintain the constant solvency of the enterprise for urgent financial obligations. The size of this type of balance of monetary assets is largely influenced by the availability of short-term financial loans by the enterprise.

The investment (or speculative) balance of monetary assets is formed in order to make effective short-term financial investments under favorable conditions in certain segments of the money market. This type of balance can be purposefully formed only if the need for the formation of other types of money holdings is fully satisfied. At the present stage of the country's economic development, the vast majority of enterprises do not have the opportunity to form this type of monetary assets.

The compensatory balance of monetary assets is formed mainly at the request of the bank that settlement service enterprise and providing it with other types of financial services. It represents an irreducible amount of monetary assets that the company, in accordance with the terms of the banking service agreement, must permanently keep in its current account. The formation of such a balance of monetary assets is one of the conditions for issuing a blank (unsecured) loan to an enterprise and providing it with a wide range of banking services.

The considered types of balances of monetary assets characterize only the economic motives for the formation by the enterprise of its cash holdings, however, their clear distinction in practical conditions is rather problematic. Thus, the insurance balance of monetary assets during the period of its lack of demand can be used for investment purposes or considered in parallel as a compensatory balance of the enterprise. Similarly, the investment balance of monetary assets during the period of its lack of demand is the insurance or compensation balance of these assets. However, when forming the size of the total balance of monetary assets, each of the listed motives must be taken into account.

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise. In this, the function of monetary assets as a means of payment, which ensures the implementation of the goals of forming their operating, insurance and compensatory balances, gets its implementation. The priority of this goal is determined by the fact that neither big size current assets and equity, nor a high level of profitability of economic activity can not insure the company against initiating a bankruptcy claim against it, if it cannot pay off its urgent financial obligations within the stipulated time due to a lack of cash assets. Therefore, in the practice of financial management, the management of monetary assets is often identified with the management of solvency (or liquidity management).

Along with this main goal, an important task of financial management in the process of managing monetary assets is to ensure the effective use of temporarily free cash, as well as the formed investment balance.

From the standpoint of the forms of accumulation of cash holdings and the management of the solvency of an enterprise, its monetary assets are divided into the following elements:

Monetary assets in national currency;

Monetary assets in foreign currency;

Reserve (from the standpoint of ensuring solvency) monetary assets in the form of highly liquid short-term financial investments.

Describing the composition of the enterprise's monetary assets from the standpoint of financial management, it should be noted that here their interpretation is wider than in accounting, where short-term financial investments are considered as an independent object of accounting and reporting as part of current assets. Financial management considers short-term financial investments as a form of reserve placement of the free balance of monetary assets, which can be demanded at any time to ensure the urgent financial obligations of the enterprise.

Taking into account the main goal of financial management in the process of managing monetary assets, an appropriate policy for this management is formed. In the process of forming this policy, it should be taken into account that the requirements for ensuring the constant solvency of the enterprise determine the need to create a high amount of monetary assets, i.e. pursue the goal of maximizing their average balance within the financial capabilities of the enterprise. On the other hand, it should be taken into account that the monetary assets of the enterprise in the national currency during their storage are largely subject to the loss of real value due to inflation; in addition, monetary assets in national and foreign currencies lose their value over time during storage, which determines the need to minimize their average balance. These conflicting requirements should be taken into account when developing a monetary asset management policy, which, in this regard, acquires an optimization character.

The cash asset management policy is a part of the overall current asset management policy of the enterprise, which consists in optimizing total size their balance in order to ensure constant solvency and efficient use in the storage process.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. If the agreement with the bank providing settlement services to the enterprise does not contain such a requirement, this type of balance of monetary assets is not planned at the enterprise. The need for an investment (speculative) balance of monetary assets is planned based on the financial capabilities of the enterprise only after the need for other types of balances of monetary assets is fully met. Since this part of monetary assets does not lose its value during storage (when forming an effective portfolio of short-term financial investments), their amount is not limited by an upper limit. The criterion for the formation of this part of monetary assets is the need to ensure a higher rate of return on short-term investments in comparison with the rate of return on operating assets.

Given that the balances of the last three types of monetary assets are to a certain extent fungible, the total need for them, with the limited financial capabilities of the enterprise, can be reduced accordingly.

In the practice of foreign financial management, more complex models for determining the average balance of monetary assets are also used.

The most widely used for these purposes is the Baumol Model, which was the first to transform the previously considered EOQ Model for cash balance planning. The initial provisions of the Baumol Model are the constancy of the cash flow, the storage of all reserves of monetary assets in the form of short-term financial investments and the change in the balance of monetary assets from their maximum to a minimum equal to zero.

Based on the presented graph, it can be seen that if the replenishment of cash balances through the sale of part of short-term financial investments or short-term bank loans was carried out twice as often, then the size of the maximum and average cash balances at the enterprise would be half as much. However, each transaction for the sale of short-term assets or obtaining a loan is associated with certain costs for the enterprise, the amount of which increases with an increase in the frequency (or reduction in the period) of replenishment of funds. Let's designate this type of expenses by the index "Ro" (expenses for servicing one operation of replenishment of monetary expenses).

The Miller-Orr model is an even more complex algorithm for determining the optimal size of cash asset balances. The initial provisions of this model provide for the presence of a certain amount of insurance stock and a certain unevenness in the receipt and expenditure of funds, and, accordingly, the balance of monetary assets. The minimum limit for the formation of the balance of monetary assets is taken at the level of the insurance balance, and the maximum - at the level of three times the size of the insurance balance.

Despite the clear mathematical apparatus for calculating the optimal amounts of cash balances, both of the above models (the Baumol Model and the Miller-Orr Model) are still difficult to use in domestic financial management practice for the following reasons:

The chronic shortage of current assets does not allow enterprises to form a cash balance in the required amount, taking into account their reserve;

The slowdown in the payment turnover causes significant (sometimes unpredictable) fluctuations in the amount of cash receipts, which, accordingly, is reflected in the amount of the balance of monetary assets;

A limited list of circulating short-term stock instruments and their low liquidity make it difficult to use indicators related to short-term financial investments in calculations.

3. Differentiation of the average balance of monetary assets in terms of national and foreign currencies. Such differentiation is carried out only at those enterprises that conduct foreign economic activity. The purpose of such differentiation is to isolate their currency part from the general optimized need for monetary assets in order to ensure the formation of foreign exchange funds necessary for the enterprise. The basis for the implementation of such differentiation is the planned volume of spending funds in the context of internal and external economic operations in the course of operating activities. In the calculations, formulas are used to determine the need for operating and insurance balances of monetary assets with their differentiation by type of currency.

4. The choice of effective forms of regulation of the average balance of monetary assets. Such regulation is carried out in order to ensure the constant solvency of the enterprise, as well as to reduce the estimated maximum and average need for the balance of monetary assets.

In foreign practice of financial management, float is one of the effective tools managing the rest of the monetary assets of companies and firms;

Reducing cash payments. Cash settlements increase the balance of the enterprise's monetary assets and reduce the period of use of its own monetary assets for the duration of the payment documents of suppliers;

Acceleration of the collection of receivables, primarily through the use of modern forms of refinancing (accounting for bills, factoring, forfaiting, and others);

Opening a "credit line" in the bank, which ensures the prompt receipt of short-term credit funds in case of an urgent need to replenish the balance of monetary assets;

Accelerating the collection of funds in order to replenish them on the current account to ensure timely settlements of the enterprise in non-cash form;

The use in certain periods of the practice of partial prepayment for the supplied products, if this does not lead to a decrease in the volume of its sales. This practice is usually used when selling products that are in high demand in the market.

5. Ensuring profitable use of the temporarily free balance of monetary assets. At this stage of the formation of the monetary asset management policy, a system of measures is developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection. The main of these activities include:

Coordination with the bank that provides settlement services to the enterprise, the conditions for the current storage of the balance of monetary assets with the payment of deposit interest on the average amount of this balance (for example, by opening a checking account with a bank);

Use of short-term monetary investment instruments (first of all, deposits in banks) for temporary storage of insurance and investment balances of monetary assets;

The use of high-yielding stock instruments for investing the reserve and the free balance of monetary assets (government short-term bonds; short-term bank certificates of deposit, etc.), but subject to sufficient liquidity of these instruments in the financial market.

6. Construction of effective systems of control over the monetary assets of the enterprise. The object of such control is the aggregate level of the balance of monetary assets that ensure the current solvency of the enterprise, as well as the level of efficiency of the formed portfolio of short-term financial investments of the enterprise

Monetary assets play an active role in the process of ensuring solvency for two types* of financial obligations of an enterprise - urgent (with a maturity of up to one month) and short-term (with a maturity of up to three months); current liabilities with a maturity of up to one year are provided mainly by other types of current assets. Control over the total level of the balance of monetary assets while ensuring the solvency of the enterprise should be based on the following criteria:

The system of control over monetary assets should be integrated into the overall system of financial controlling of the enterprise.

23. Financial strategy and tactics, goals and main directions

Financial policy, depending on the duration of the period for which it is designed, and the nature of the tasks that are being solved, includes financial strategy and financial tactics. And they are closely related. The strategy determines the essence and directions of tactics. In turn, tactical capabilities limit the choice of strategy, because it is useless to define strategic goals and objectives for which there are not enough appropriate tactical means. At the same time, it should be emphasized that a financial policy based on the unification and interconnection of strategy and tactics, their unity and subordination, can be successful. A financial policy that does not have strategic guidelines consists only in solving tactical problems, is limited in nature and, as a rule, is ineffective.

A financial strategy is a policy designed for the long term and the solution of global problems of socio-economic development. The direction of the financial strategy is determined by the specific tasks of the development of society at a certain historical stage of development. In the conditions of the economic crisis, the main task is to provide financial support for macroeconomic stabilization, in the conditions of economic development - to achieve optimal GDP growth rates. At the same time, under any conditions, the basis of the financial strategy is the reliable provision of the needs of the economy with financial resources and the creation of sufficient incentives for the efficient operation of business entities. The financial strategy is focused on a certain model of financial relations in society.

Financial tactics is a current policy aimed at solving specific problems of the corresponding period arising from the developed financial strategy. It is carried out through the reorientation of financial resources and changes in the organization of financial activities. The financial tactic is more mobile, since it consists in a timely response to economic problems and imbalances, its main task is to achieve strategic development goals.

The financial policy is implemented in two directions: the regulation of financial relations in society and the implementation of current financial activities. The regulation of financial relations characterizes the strategy of financial policy, and the current financial activity - its tactics. The basic element is the regulation of financial relations, which can be carried out by the state in legislative and administrative forms.

Legislative regulation consists in the adoption of relevant legislative acts that establish the subjects of financial relations, their rights and obligations, the procedure and methods for carrying out financial activities, etc. Administrative regulation provides for granting the rights to regulate financial relations to government bodies. The main form of financial policy development is the legislative regulation of financial relations, since it puts financial activity on a stable basis. legal basis which makes the financial policy sustainable as well.

24. financial planning at the enterprise, principles, content and tasks

To manage means to foresee, i.e. predict, plan. Therefore, the most important element of entrepreneurial economic activity and enterprise management is planning, including financial planning.

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

Financial planning is an important element of the corporate planning process. Every manager, regardless of his functional interests, should be familiar with the mechanics and meaning of the implementation and control of financial plans, at least as far as his activities are concerned.

Main goals financial planning:

ensuring a normal reproduction process with the necessary sources of financing. At the same time, targeted sources of financing, their formation and use are of great importance;

observance of the interests of shareholders and other investors. A business plan containing such a rationale for an investment project is the main document for investors that stimulates capital investment;

a guarantee of fulfillment of the enterprise's obligations to the budget and extra-budgetary funds, banks and other creditors. The optimal capital structure for a given enterprise brings maximum profit and maximizes payments to the budget under given parameters;

identification of reserves and mobilization of resources for the effective use of profits and other income, including non-operating ones;

ruble control over the financial condition, solvency and creditworthiness of the enterprise.

The purpose of financial planning is to link income with necessary expenses. When income exceeds expenses, the excess amount is sent to the reserve fund. When expenses exceed income, the amount of the lack of financial resources is replenished by issuing securities, obtaining loans, receiving charitable contributions, etc.

The management of any enterprise, regardless of its type and size, must know what tasks in the field of economic activity it can plan for the next period. Groups of persons interested in the activities of the enterprise impose certain minimum requirements for the results of its work. In addition, when planning certain types of activities, it is necessary to know what economic resources are required to complete the tasks. This applies, for example, to planning in the field of raising capital (purchasing loans, increasing share capital, etc.) and determining the volume of investments.

As the plans laid down in the budget are implemented, it is necessary to record the actual results of the enterprise. Comparing the actual figures with the planned ones, it is possible to carry out the so-called budgetary control. In this sense, the focus is on indicators that deviate from the planned ones, and the reasons for these deviations are analyzed. Thus, information about all aspects of the enterprise's activities is replenished. Budgetary control makes it possible, for example, to find out that in some areas of the enterprise's activities the planned plans are being fulfilled unsatisfactorily. But one can, of course, assume a situation where it turns out that the budget itself was drawn up on the basis of unrealistic starting points. In both cases, management is interested in being informed about this in order to take the necessary action, i.e. change the way plans are carried out or revise the provisions on which the budget is based. When developing a financial plan for the next period, it is necessary to make decisions in advance, before the start of activities in this period. In this case, there is a greater likelihood that the planners will have enough time to put forward and analyze alternative proposals than in the situation where the decision is made at the very last moment.

25. Features of the pricing policy of the enterprise

Pricing policy - the general principles that a company adheres to in setting prices for its goods or services. This is one of the most important and flexible marketing tools that determines the sales volume of a particular product and forms an image of it in the eyes of consumers.

The main objective of the pricing policy of the enterprise in the selected market is to ensure sustainable planned profits and sustainable competitiveness of products. However, this task may vary depending on the goals that the enterprise faces at a particular point in time and in a particular market.

When developing a pricing policy at an enterprise, the following points are taken into account:

what is the place of the price among the means of competition in each market where the enterprise operates;

which pricing method should be chosen; can the enterprise withstand the role of a “price leader”, i.e., can it withstand a “price war”;

what should be the pricing policy for new products;

how the price should change depending on life cycle goods;

whether there should be a single base price for all segments traded, or different base prices are possible;

are there any organizations that can analyze the cost-benefit ratio of your enterprise and compare the result with the same indicator of competitors.

The price policy of the seller depends on the type of market in which the company operates.

The main criterion for classifying the types of markets is the nature and degree of freedom of competition and pricing. Depending on the degree of freedom of competition and price formation, four main types of markets are distinguished (table).

Pricing policy development includes the following steps:

1) development of pricing goals;

2) analysis of pricing factors;

3) choice of pricing method;

4) making a decision about the price level.

26. Financial resources

Financial resources are called funds intended to finance the development of the enterprise in the coming period.

Sources of financial resources are all cash income and receipts that the enterprise has. They are directed to the implementation of expenses and deductions necessary for production and social development:

investments,

advance payment to current costs (cost),

expenses and contributions to special funds and budgets.

These are the main directions of use of financial resources.

Enterprises, being business entities, have their own financial resources and have the right to determine their financial policy.

The financial policy of an enterprise is a set of methods for managing the financial resources of an enterprise aimed at the formation, rational and efficient use of financial resources.

Enterprises must actually become truly financially stable, economic structures that effectively operate according to the laws of the market.

The purpose of developing the financial policy of an enterprise is to build an effective financial management system aimed at achieving the strategic and tactical goals of the enterprise.

The strategic objectives in the development of financial policy at the enterprise are:

optimization of the capital structure and ensuring the financial stability of the enterprise;

profit maximization;

achieving transparency (not secrecy) of financial and economic activities, ensuring the investment attractiveness of the enterprise;

¦ the use by the enterprise of market mechanisms for attracting financial resources (commercial loans, budget loans on a repayable basis, issuance of securities, etc.).

Tactical financial tasks are individual for each enterprise. They arise from strategic objectives, tax policy, opportunities to use the company's profits for the development of production, etc.

To help enterprises to develop financial policies have been prepared in due time Guidelines former Ministry of Economy of the Russian Federation1.

The main areas of development of the financial policy of the enterprise include2:

analysis of the financial and economic state;

1 See: Reform of enterprises (organizations): Guidelines. M.: Os89, 1998.

2 See: ibid.

development of accounting policy;

development of credit policy;

management of working capital, accounts payable and receivable;

cost management (costs) and choice of depreciation policy;

dividend policy;

7) financial management. Let us characterize these directions in more detail.

1. An analysis of the financial and economic state is the basis on which the development of financial policy is built.

Attention is paid not only to methods financial analysis, but also the study of the results obtained and the development of management decisions.

The main components of the financial and economic analysis of the enterprise's activities is the analysis of financial statements, including horizontal, vertical, trend analysis of the balance sheet, the calculation of financial ratios.

The analysis of financial statements is the study of the absolute indicators presented in it in order to determine the composition of the property, financial position enterprises, sources of equity, the amount of borrowed funds, estimates of the amount of proceeds from the sale of products (goods, works, services). Actual reporting indicators are compared with those planned by the enterprise.

Horizontal analysis consists in comparing financial statements at the end of the year with those at the beginning of the year and previous periods. Vertical Analysis is carried out in order to identify the share of individual balance sheet items in the overall final indicator and then compare the result with the data of the previous period. Trend analysis is based on the calculation of relative deviations of reporting indicators for a number of years from the level of the base year.

For analytical work when developing the financial policy of an enterprise, it is recommended to calculate:

a) liquidity indicators:

overall coverage ratio;

quick liquidity ratio;

liquidity ratio when raising funds;

b) indicators of financial stability:

the ratio of borrowed and own funds;

equity ratio;

¦ the coefficient of maneuverability of own working capital;

c) indicators of the intensity of resource use:

profitability net assets by net profit;

profitability of sold products;

d) indicators of business activity:

working capital turnover ratio;

equity turnover ratio. The content of individual indicators, the procedure for their calculation and

the optimal values ​​are given in table. 4.1.

2. Development of accounting policy as a system of methods and techniques of accounting in the enterprise. The accounting policy for all enterprises must be carried out in accordance with the Accounting Regulation "Accounting Policy of the Organization" (PBU 1/98), approved by order of the Ministry of Finance of the Russian Federation of December 9, 1998 No. 60n.

Based on the results of the analysis of the financial and economic state of the enterprise, options for certain provisions of the accounting policy are calculated, since the number and amount of taxes transferred to the budget and extra-budgetary funds, the balance sheet structure, and the value of a number of key financial and economic indicators directly depend on the decisions made in this part. When determining the accounting policy, the enterprise has a choice of methods for writing off raw materials and materials to production, options for writing off low-value and wearing items, methods for assessing work in progress, applying accelerated depreciation, etc.

Development of credit policy of enterprises. For this purpose, an analysis of the structure of the balance sheet liabilities is carried out and the share of own and borrowed funds, their ratio is calculated, the lack of own funds is determined. Based on the calculation, the need for borrowed funds is established. Sometimes it is advisable for an enterprise to take out loans even if its own funds are sufficient, if the effect of attracting and using borrowed, credit funds can be higher than the interest rate. The credit policy of the enterprise provides for the choice of a credit institution, the size of the interest rate, the terms of repayment of the loan.

Management of working capital, receivables and payables. When developing financial policy, consider that this is the main problem of financial management. The efficiency of using both own and borrowed funds depends on the correct solution of this problem. The most important factor in improving the efficiency of the use of working capital, which is taken into account when developing the financial policy of an enterprise, is the turnover of working capital.

Cost management (costs) and choice of depreciation policy. To develop a section of financial policy devoted to the management of production costs (costs) (at industrial enterprises) and distribution costs (at enterprises in the sphere of circulation), financial analysis data on the level of costs and profitability are used. Based on the analysis, measures are developed to optimize costs (variable, fixed and mixed) and achieve break-even operation of the enterprise.

The choice of depreciation policy is of great importance in the financial policy of the enterprise.

In accordance with the current legislation, an enterprise has the right to apply accelerated depreciation, i.e., to accelerate the accumulation of funds for the replacement of equipment, while at the same time increasing costs (cost of production). The enterprise also has the right to conduct a revaluation of fixed assets, to determine the method of calculating depreciation.

6. The dividend policy of the enterprise is developed in joint-stock companies, production cooperatives, consumer societies. When choosing it, you must keep in mind the following circumstances:

¦ payment of dividends ensures the protection of the interests of members of joint-stock companies and cooperatives;

¦ high payment of dividends reduces the share of profit directed to the development of the organization.

When developing a financial policy, one should evaluate the advantages and disadvantages of dividends, find best option payment of dividends, take into account the costs of long-term development of the enterprise.

7. Financial management of the enterprise. Modern system financial management of the enterprise is based on the territory of planning, regulation and regulation.

An essential element of sustainability production activities is a financial planning system, which consists of:

budget planning of the activities of structural divisions of the enterprise;

free (comprehensive) budget planning of the enterprise1.

These processes include: formation of budgets and their structure; responsibility for the formation and execution of budgets; coordination, approval and control over the execution of budgets.

Budget planning of the activities of the structural divisions of the enterprise is necessary in order to strictly save financial resources, reduce unproductive costs, as well as improve the accuracy of planned indicators (for tax and financial planning purposes), greater flexibility in managing and controlling production costs.

1 See: Reform of enterprises (organizations). Guidelines. S. 64.

The benefits of budget planning are:

monthly planning of budgets of structural units gives more accurate indicators of the size and structure of costs and, accordingly, profit, which is important for tax planning (including payments to state trust funds);

within the framework of monthly budgets, structural subdivisions are given greater independence in spending the economy according to the budget of the wage fund, which increases the material interest of employees;

minimization of the number of control parameters of budgets allows to reduce non-productive expenses of working time of employees of the economic services of the enterprise;

budget planning makes it possible to implement the mode of saving the financial resources of the enterprise, which is especially important for overcoming the financial crisis.

At enterprises, it is advisable to create the following end-to-end system of budgets:

payroll budget;

budget for material costs;

energy consumption budget;

depreciation budget;

other expenses budget;

budget for repayment of credits and loans;

tax budget.

Payments to state trust funds and a part of tax deductions are connected with the budget of the wage fund.

The depreciation budget largely determines the investment policy of the enterprise. In addition, the actual depreciation charges accumulated in the depreciation fund, until they are spent for their intended purpose, can be used as working capital of the enterprise.

Miscellaneous budget allows you to save on the least important financial expenses.

The budget for the repayment of loans and borrowings makes it possible to perform operations to repay loans and borrowings in accordance with the payment schedule.

The tax budget includes taxes and obligatory payments to the federal, regional and local budgets, as well as to state trust funds. It is planned for the whole enterprise.

An approximate system of enterprise budgets is given in Table. 4.2.

Note. The consolidated budget in terms of cost composition is equal to the consolidated budget (page "Total") plus the credit and tax budgets.

The given system of budgets covers the entire phase of the financial calculations of the enterprise. Budgets are developed as a whole for the enterprise and for structural divisions. At the same time, it is recommended to be guided by the principle of decomposition, which consists in the fact that each budget of a lower level is a detailed budget of a higher level.

The consolidated budget is compiled on the basis of data from functional budgets and consists of revenue and expenditure parts. When forming the budget, priority areas of expenditure are determined, among which are: wages; costs for the purchase of materials, components, etc. necessary for the implementation production program; payments to state trust funds, taxes.

Drawing up the consolidated budget of the enterprise, as well as forecasting the bank interest rate and the solvency of customers, make it possible to determine the amount of profit necessary to ensure the solvency of the enterprise.

The consolidated budget of the enterprise consists of revenue and expenditure parts, the main articles of the consolidated budget are shown in Table. 4.3.

The revenue part of the budget is planned on the basis of the plan for sales (implementation) of products and financial receipts from other sources. In addition, balances on the company's accounts are taken into account.

The expenditure part of the consolidated budget is planned on the basis of: the schedule of tax payments; payroll budget; the schedule of payments to state trust funds, the budget of material costs, the schedule of repayment of loans and other budgetary expenses.

AT modern conditions it is recommended to implement local automated systems budget planning at enterprises (based on computer network). This will make it possible to promptly receive information on budget execution and make timely adjustments to budgets, if necessary, in order to increase the efficiency of operational management of financial resources.