In this article, we will talk about what constitutes a financial analysis of an enterprise and what should be considered when conducting it.

You will learn:

• What are the goals of the financial analysis of the enterprise.
• What methods are used to conduct financial analysis of the enterprise.
• How the analysis is done financial condition enterprises using coefficients.
• How is the analysis done? financial activities enterprises.

The objectives of the financial analysis of the enterprise

• Explore economic processes and understand how they relate to each other.
• Scientifically substantiate plans, make correct ones management decisions and objectively evaluate the results of their achievement.
• Identify positive and negative factors affecting the functioning of the enterprise.
• Reveal the trends and proportions of the company's development, identify untapped reserves and economic resources.
• Summarize best practices and develop proposals for the implementation of effective solutions in the activities of a particular organization.

The financial analysis enterprises will not necessarily reveal the factor due to which the business may fall apart. However, only an analysis of the financial stability of the enterprise will help to understand why things began to go worse. The results will make it possible to identify the most vulnerable places in the company's economy, outline effective ways to solve problems and overcome the crisis.

The main goal of the financial analysis of the enterprise is the assessment of internal problems, as well as the development, justification and adoption, based on the results obtained, of decisions on the rehabilitation of the business, exit to bankruptcy, acquisition or sale of a company / shareholding, attraction of borrowed funds (investments).

Additional tasks that the analysis will help solve

• Evaluate the implementation of the plan for the receipt of funds and their distribution from the perspective of improvement financial position firms. The assessment is carried out on the basis of studying the relationship between indicators of financial, production and commercial activities companies.
• Predict economic profitability and financial results, taking into account the real situation of the enterprise, the availability of borrowed and own funds and the developed models of financial condition (subject to the existence of different options for using resources).
• Develop certain activities carried out with the aim of more efficient use of monetary assets and strengthening the financial position of the organization.

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The main sources of financial analysis of the enterprise

Basically, data for financial analysis is taken from such sources as:

• balance sheet (form No. 1). This is the form financial statements reflecting the state of the company's economic assets and their sources in financial assessment on a specific date. The balance sheet includes two components - an asset and a liability, and their totals should be equal;
• report on financial results (form No. 2);
• cash flow statement (Form No. 4);
• other forms of reporting, data from primary and analytical accounting, deciphering and detailing individual balance sheet items.

Financial statements is a single system of indicators, looking at which the experts understand the property and financial condition of the enterprise, what results it has managed to achieve. The basis for the preparation of financial statements is accounting data based on the results of the reporting period and as of the reporting date in accordance with established forms. The composition, content, requirements and other methodological foundations of financial statements are stated in the accounting regulation “Accounting statements of an organization” (PBU 1 - PBU 10), approved by the Ministry of Finance of the Russian Federation with subsequent changes. In accordance with this provision, financial statements must include interrelated balance sheet data that form a single whole, a profit and loss statement, as well as explanations for them.

The balance sheet consists of 6 sections, these are:

1. fixed assets;
2. current assets;
3. losses;
4. capital and reserves;
5. long-term liabilities;
6. short term liabilities.

Assets are called balance sheet items that reflect the composition and placement of the company's economic assets (fixed and working capital) on a certain date.

Liabilities are balance sheet items that characterize the sources of the formation of economic assets, that is, obligations to the state, shareholders, suppliers, banking institutions, etc.

The names of individual chapters and articles in the balance sheet correspond to the classification of the economic assets of the organization and their sources according to economic feature. Information about numerous classification groups is detailed, making them more analytical. The aggregate indicator of financial statements is followed by its disaggregation through the listing "including". This makes balance sheet information more meaningful and understandable to a wide range of users, even to those who know little about the scheme for generating this data.

Investors and analysts pay special attention to form number 2, because it includes dynamic information about the significant success of the company and allows you to understand what aggregate factors and on what scale the company operates. Based on the data of form No. 2, it is possible to assess the financial condition of the company both in terms of the total volume in dynamics and in structure, as well as to keep factor analysis profit and profitability.

As for traditional financial indicators formed in the accounting system and reflected in the accounting (financial) statements, the problematic aspects of their use are associated with a number of specific restrictions:

• the value of financial indicators can be measured using accounting methods, asset valuation methods, the application of the norms of the Tax Code of the Russian Federation for accounting purposes, which is especially common in accounting practice in the Russian Federation. This distorts the amount of expenses, profits and indicators derived from them;
• on the basis of financial indicators, one can judge past events and past facts economic activity;
• financial indicators are distorted by inflation, they are easy to disguise and falsify;
• financial indicators that are reflected in the accounting (financial) statements and the coefficients derived from them are too general, and therefore it is not possible to use them at all levels of enterprise management;
• on the basis of accounting (financial) statements as an information source for calculating relative financial indicators, it is impossible to fully judge the value of assets. The reporting does not include information about all income-generating factors associated with intellectual capital;
• based on profit as an accounting performance indicator, it is difficult to evaluate long-term management decisions.

If analysis financial results the activities of the enterprise are carried out based only on accounting and reporting data, it may be unreliable, since these data are not operational.

Indicators of the company's financial position are formed primarily on the basis of management accounting data, or internal document flow. But at the same time, a number of confidential restrictions appear, and the information that is the basis for the analysis, as well as its results, turn into a commercial secret, and interested parties from the outside cannot directly receive them.

The analysis of the financial results of the enterprise, based on indicators of management accounting, has a visible advantage. This is the degree of its spatial and temporal detail, formed initially taking into account the requirements and wishes of the enterprise regarding the direction of segmentation and the frequency of measurements (hour, day, week, month, and so on). AT this moment The most appropriate analysis period is 1 month. In this case, the information remains relevant and is sufficient to determine trends in the change in the economic situation of the company.

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The operational aspects of the analysis of the company's financial activities are expressed in monitoring the status of accounts receivable and accounts payable, substantiating the most optimal forms of settlements with counterparties, maintaining the balance of funds required for everyday payments, analyzing the turnover of individual elements of working capital, tracking indicators of the operating and financial cycles, analyzing financial budgets and assessing their implementation. These tasks are solved in the course of current financial activities, thanks to which the company controls the implementation of the management decisions made, maintains its economic position at a decent level and remains solvent.

The strategic aspects of the financial activity of the enterprise relate primarily to the application of the methodology of financial analysis in the development and justification of the strategy for its growth. As you know, a business cannot develop if it is not implemented investment programs, there is no financial support for them, there is no proper return on investment and the company is financially unstable. The strategic aspects of the financial analysis of the enterprise also include the justification of the dividend policy and the distribution of profits after taxes. Currently strategic issues financial analysis are becoming increasingly important, as the concept of company value management and the need to analyze strategic risks are being introduced into administrative practice.

Among other things, solutions for financial management are also accepted by the enterprise on the basis of studying the external working conditions, assessing its position in the capital market, external analysis of the financial condition and business activity of existing and potential counterparties from the standpoint of the rationality of establishing and further maintaining with them business communication and interactions.

The most common methods of financial analysis of an enterprise

There are 6 types of financial analysis of an enterprise, these are:

1. horizontal (temporary), within which each reporting position is compared with the previous period;
2. vertical (structural), when the share of individual articles in the final indicator, taken as 100%, is revealed;
3. trend, during which each reporting position is compared with previous periods and the main trend in the dynamics of the indicator is identified, cleared of random influences and individual features preceding individual periods. Using the trend, specialists form the probable values ​​of indicators in the future, respectively, conduct a prospective predictive analysis;
4. analysis of relative indicators(coefficients). Here, the ratios between the individual reporting positions are calculated and how they are related to each other;
5. comparative (spatial) analysis. In this case, analyze the reporting indicators of subsidiaries and structural divisions, as well as competitor data and industry averages, etc.;
6. factorial, in which they analyze how individual factors (reasons) affect the resulting indicator. At the same time, a distinction is made between direct factor analysis (direct analysis), which implies splitting the resulting value into a number of components, and reverse (synthesis), when individual parts are combined into a single indicator.

Consider the types of financial analysis of enterprises in more detail.

1. A vertical, or structural, analysis of the financial and economic activities of an enterprise involves determining the structure of the final financial indicators (the amounts for individual items are taken as a percentage of the balance sheet currency) and identifying the impact of each of them on the outcome of the activity. When moving to relative indicators, it is possible to carry out inter-farm comparisons of the economic potential and performance of companies using resources of different sizes, as well as smooth out the negative impact of inflation, which distorts absolute reporting indicators.
2. The basis of horizontal analysis is the study of the dynamics of individual financial indicators over time. In this case, it is revealed which sections and articles of the balance sheet have changed.
3. The basis of the analysis of financial ratios is the calculation of the ratio of different absolute indicators of the financial activity of the company. Information is taken from the financial statements of the company.

To key indicators financial activities of the enterprise include groups:

• liquidity;
• financial stability and solvency;
• profitability;
• turnover (business activity);
• market activity.

When analyzing financial ratios, remember a number of important points:

• the size of financial ratios largely depends on the accounting policy of the company;
• due to the diversification of activities, it is more difficult to conduct a comparative analysis of coefficients by industry, since standard values can vary greatly for different areas of the company;
• normative coefficients, on the basis of which the comparison is made, may not be optimal and may not correlate with the short-term objectives of the period under study.

1. In a comparative financial analysis, the values ​​of individual groups of similar indicators are compared, namely:

• company performance and industry averages;
• the performance of the company and these values ​​of its competitors;
• indicators of the company as a whole and its individual divisions;
• reporting and planned indicators.

1. Thanks to the integral (factorial) financial analysis, it is possible to more deeply assess the financial position of the company at the moment.

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Practitioner tells

Analysis of the financial condition of the enterprise by responsibility centers

Andrey Krivenko,

ex-financial director of Agama Group of Companies, Moscow

Our company is a distributor of deep-frozen products. To manage sales volume in this area, first of all, they regulate the timing of receivables and negotiate discounts with buyers. That is why it is extremely important to manage the financial condition of the company.

An analysis of the financial and economic activities of an enterprise is carried out when budgets are formed, the causes of deviations of current indicators from those planned are identified, plans are adjusted, and individual projects are calculated. The main tools here are horizontal (tracking changes in indicators in dynamics) and vertical (structural analysis of articles) analysis of management accounting reporting documentation. It is also necessary to calculate the coefficients. Such financial analysis is carried out for all major budgets: BDDS, BDR, balance sheet, sales, purchases, inventory budgets.

Horizontal financial analysis of the enterprise is carried out every month by items in the context of responsibility centers (CR). At the first stage, the share of certain expense items in the total amount of DH costs and the compliance of this share with the current standards are calculated. Next, variable costs are compared with sales volume. Then the values ​​of the two indicators are compared with their values ​​in previous periods.

The annual business expansion is approximately 40–50%, and it makes no sense to analyze data from two or three years ago, and therefore, as a rule, they evaluate information for the last year at most, taking into account the growth of the enterprise. At the same time, check how actual values monthly budget correspond to the planned annual.

Analysis of the financial condition of the enterprise using coefficients

The main indicators on the basis of which one can judge the financial condition of the company are solvency and liquidity ratios. That is why the analysis of the financial performance of this type of enterprise is very important.

It should be noted that solvency is a broader concept than liquidity. Solvency is the ability of the enterprise to fully fulfill its payment obligations, the presence of financial resources in the necessary and sufficient amount. As for liquidity, here we are talking about the ease of sale, sale, and the transformation of property into money.

The solvency and liquidity of the enterprise is determined mainly on the basis of coefficient analysis. First, let's understand what a financial ratio is.

A financial ratio is a relative indicator, which is calculated as the ratio of individual balance sheet items and their combinations. The coefficient analysis is carried out on the basis of the balance sheet, that is, according to the data of forms 1 and 2.

AT economic literature ratio financial analysis is the study and analysis of the financial statements of the enterprise using a set of financial indicators (ratios) that characterize the position of the business. This type of research is carried out in order to describe the activities of an economic entity according to some key indicators that allow assessing its financial condition.

1. Coefficients on the basis of which it is possible to judge the solvency of the company.

		Calculation formula
		Numerator	Denominator
Financial Independence Ratio		Equity	Balance currency
Financial dependency ratio		Balance currency	Equity
Debt capital concentration ratio		Borrowed capital	Balance currency
Debt ratio		Borrowed capital	Equity
Total solvency ratio		Balance currency	Borrowed capital
Investment ratio (option 1)		Equity	Fixed assets
Investment ratio (option 2)		Equity + long-term liabilities	Fixed assets

1. Coefficients reflecting the company's liquidity.

Name of financial ratio		Calculation formula
		Numerator	Denominator
Instant liquidity ratio			Short-term liabilities
Absolute liquidity ratio		Cash and cash equivalents + short-term financial investments (excluding cash equivalents)	Short-term liabilities
Quick liquidity ratio (simplified version)		Cash and cash equivalents + short-term financial investments (excluding cash equivalents) + receivables	Short-term liabilities
Average liquidity ratio		Cash and cash equivalents + short-term investments (excluding cash equivalents) + receivables + inventories	Short-term liabilities
Interim liquidity ratio		Cash and cash equivalents + short-term financial investments (excluding cash equivalents) + accounts receivable + inventories + value added tax on acquired valuables	Short-term liabilities
Current liquidity ratio		current assets	Short-term liabilities

A financial analysis of the solvency of an enterprise, as well as its liquidity, is needed first of all in order to understand what the risk of a business is to become bankrupt. It should be noted that liquidity ratios have nothing to do with assessing the growth potential of an enterprise, but demonstrate its position at a given point in time. If the organization works for the future, liquidity ratios cease to be so significant. Therefore, it is necessary to assess the financial condition of the enterprise, first of all, by analyzing its solvency.

1. Coefficients that make it possible to judge the property position of the company.

Name of financial ratio	Calculation formula
	Numerator	Denominator
Property dynamics	Balance currency at the end of the period	Balance currency at the beginning of the period
Share out current assets in property	Fixed assets	Balance currency
Share of current assets in property	current assets	Balance currency
Share of cash and cash equivalents in current assets	Cash and cash equivalents	current assets
Share of financial investments (excluding cash equivalents) in current assets	Financial investments (excluding cash equivalents)	current assets
Share of stocks in current assets		current assets
Share of accounts receivable in current assets	Accounts receivable	current assets
Share of fixed assets in non-current assets	fixed assets	Fixed assets
Share of intangible assets in non-current assets	Intangible assets	Fixed assets
Share of financial investments in non-current assets	Financial investments	Fixed assets
Share of research and development results in non-current assets	Research and development results	Fixed assets
Share of intangible exploration assets in non-current assets	Intangible search assets	Fixed assets
Share of tangible exploration assets in non-current assets	Tangible Exploration Assets	Fixed assets
The share of long-term investments in material values in non-current assets	Long-term investments in material values	Fixed assets
Share of deferred tax assets in non-current assets	Deferred tax assets	Fixed assets

1. Ratios demonstrating the financial stability of the business.

The basis of the main ratios used in assessing the financial stability of a company are the values ​​taken into account for the purposes of analysis: equity capital (SC), short-term liabilities (CO), borrowed capital(ZK), own working capital (SOK). These indicators are calculated using formulas based on the codes of the balance sheet lines:

• SK = Kiri + DBP = p. 1300 + p. 1530
• KO = line 1500 - line 1530
• ZK \u003d TO + KO \u003d line 1400 + line 1500 - line 1530
• SOK \u003d SK - VA \u003d p. 1300 + p. 1530 - p. 1100

C&R here is capital and reserves (p. 1300); DBP - deferred income (line 1530); DO - long-term liabilities (line 1400); VA - non-current assets (line 1100).

When analyzing the financial performance of an enterprise, you need to remember that the normative and recommended values ​​were derived from the analysis of the work of firms in the West. To Russian realities they have not been adapted.

You should also carefully consider the methodology for comparing coefficients with industry standards. If in developed countries the proportions were formed many years ago and all changes are continuously monitored, then in the Russian Federation the market structure of assets and liabilities is only being formed and there is no full-fledged monitoring. And if we take into account the distortions in reporting, continuous changes in the rules for its development, then it is rather difficult to derive reasonable new industry standards.

Next, the values ​​of the indicators are compared with the recommended standards and, as a result, they evaluate whether the company is solvent, profitable, financially stable, and at what level of its business activity.

Practitioner tells

Proper planning is the key to the absence of a shortage of financial resources

Alexandra Novikova,

Deputy Head of the Financial Service of SKB Kontur, Yekaterinburg

Most enterprises often face the problem of shortages. working capital. As a result, they have to apply loans (credits). Lack of finance is a consequence of incorrect planning of receipts and payments of money.

Our organization, in order to prevent such situations, applies budgeting in relation to the movement of financial resources. The largest percentage of all payments for a specific period falls on settlements with suppliers and agents. In this regard, even at the planning stage, we compare these costs with the receipt of finance from clients and see a probable surplus or deficit of the latter. By varying the timing of dividend payments to owners, we manage to achieve the optimal ratio between free cash and debt on loans.

Conducting a financial analysis of an enterprise: 6 stages

Stage 1. Formation of the purpose and context of the analysis

It is especially important to be aware of the objectives if you are going to conduct an analysis of the financial performance of the enterprise, since there are many ways to carry it out, and the study uses a significant amount of data.

Some analytical tasks are precisely defined, and here you can do without the participation of an analyst. For example, a periodic assessment of an investment-debt portfolio or a report on the share markets of an enterprise can be performed based on the provisions of institutional norms, that is, the requirements contain regulations, for example Guidelines on the analysis of the financial condition of organizations. We also note that the format, procedures and / or information sources can be offered by domestic official documents legal and regulatory nature.

If other tasks of the financial analysis of the enterprise are set, the participation of an analyst is necessary to determine the main meaning of such a study. Based on the purpose of the financial analysis of the enterprise, experts find out which approaches are best to apply, which tools, information sources to use, in what format to present the results of work and which aspects to pay the most attention to.

If there is a large amount of information to be dealt with, an inexperienced analyst can simply start processing the numbers and create the output. But this approach is not the most effective, and it is better to exclude it so as not to get uninformative information. Consider the questions: what conclusion would you come to if you received a significant amount of data? What questions could you not answer? Which solution will support your answer?

The analyst at this stage should also determine the context. Who the target audience? What is the final product, for example, a final report with conclusions and recommendations? What period is chosen (what time period is taken for the financial analysis of the enterprise)? What resources and resource constraints apply to the study? And in this case, the context can also be predetermined (that is, analyze in a standard format that is established by institutional norms).

After identifying the purpose and context of the financial analysis of the company, the expert needs to formulate specific questions that he can answer in the course of work. For example, if an analysis (or some stage of a larger study) is being conducted to compare the historical performance of three businesses in the same industry, the questions would be: what was the relative growth rate of the businesses and what is their relative profitability; which organization shows the best financial result, and which works less efficiently than others?

Stage 2. Data collection

At this stage, the analyst collects information on the basis of which he can answer certain questions. Here it is very important to understand the specifics of the enterprise, to know the financial performance and financial condition (including trends over a long period of time in comparison with similar companies). In some cases, it is possible to conduct a historical analysis of the financial and economic activities of an enterprise, based only on financial indicators. For example, they will be sufficient to sort out a large number of alternative enterprises with a certain minimum degree of profitability. But to address deeper issues, such as understanding why and how one firm performed weaker than its competitors, more information is needed.

It should also be noted that if you need to compare the historical performance of two companies in a particular area, you can limit yourself to historical financial statements. They will allow you to understand which company has grown faster and which company is more profitable to invest in. However, if we are talking about a broader comparison with general industrial growth and profitability, it is obvious that industry data will have to be used.

Economic and industrial data are also needed in order to better understand the environment where the company operates. Specialists often use a top-down approach in which they, firstly, see the macroeconomic environment, the prerequisites for economic growth and inflation, secondly, analyze the development trends of the industry in which the company operates, and, thirdly, outline the prospects for the organization in its industry and global economic structure. For example, an analyst may need to forecast expected earnings growth for a business.

To determine the level of development of the company in the future, the historical data of the subject is not enough - they represent only one information component. However, if the analyst understands economic and industry conditions, he may well make a more detailed forecast of the business's future earnings.

Stage 3. Data processing

After the necessary financial statements and other information are obtained, the analyst should calculate this information using appropriate analytical tools. For example, during data processing, you can calculate coefficients or growth rates, prepare a horizontal and vertical financial analysis of an enterprise, generate charts, conduct statistical calculations, for example, using regression or Monte Carlo methods, evaluate share, sensitivity, use other analysis tools or combine several of them, corresponding to the objectives of the work.

As part of a comprehensive financial analysis at this stage, you need to:

• get acquainted with the financial statements of each enterprise that you need to analyze and evaluate them. At this stage, they study accounting in the organization, analyze the methods used (for example, when generating information on income in the statement of financial results), made operational decisions, factors affecting financial statements;
• make the necessary adjustments to the financial statements to facilitate comparison; uncorrected reports of the studied enterprises differ in accounting standards, operational decisions, etc.;
• prepare or collect data for financial statements and financial ratios(which demonstrate different aspects of corporate performance, and the elements of the financial statements of the enterprise serve as the basis for their determination). Through horizontal-vertical financial analysis and financial performance, analysts have the opportunity to explore the relative earnings, liquidity, leverage, performance and value of the enterprise in comparison with past performance and / or the results of competitors.

Stage 4. Analysis / interpretation of the processed data

After processing the data, the output information is interpreted. It is rarely possible to answer a clear question of financial analysis in the format of a single number. The basis of the answer to the analytical question is the interpretation of the results of the calculation of indicators. It is this response that is used to form conclusions and make recommendations. The purpose of the financial analysis of an enterprise is often to answer a specific question, but usually the expert must give an opinion or recommendation.

For example, analysis valuable papers may have a logical conclusion in the form of a decision on the acquisition, retention, sale of shares or an opinion on the price of a share. To substantiate their conclusions, the expert can provide relevant information in the form of a target value of the indicator, relative or expected performance in the future, provided that strategic position occupied by the enterprise at the moment, the quality of management and any other information important in making a decision.

Stage 5. Development and presentation of conclusions and recommendations (accompanied, for example, by an analytical report)

In this case, the analyst draws up a conclusion or recommendation in the format chosen by the company. The way the results are presented will be influenced by the analytical task, institution, or audience.

An investment analyst report may contain the following information:

• results and investment conclusion;
• business resume;
• risks;
• grade;
• historical and other information.

Compilation of financial statements may be regulated by relevant authorities or professional standards.

Step 6: Taking further action

Report generation is not the final stage. When investing in shares or assigning credit rating From time to time, the object of analysis should be re-examined to determine whether the original conclusions and recommendations are still relevant.

If there is no investment in shares, further monitoring is not required. But at the same time, it is useful to determine how effectively the analysis of the financial and economic activities of the enterprise was carried out (for example, with the efficiency and attractiveness of the rejected investment). Further actions in the process of analysis may be a repetition of the previously presented measures.

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The best books about financial analysis of the enterprise

1. L. BUT. Bernstein"Analysisfinancialreporting» - Financial Statement Analysis. Theory, Application, and Interpretation.

The manual is extremely useful for CFOs and accountants who want to better understand how to conduct financial analysis of an enterprise and learn about recommendations for making decisions.

1. Svetlana Kamysovskaya, Tatyana Zakharova “Accounting financial statements. Formation and analysis of indicators. Tutorial".

The book describes the latest methodology for analyzing the financial condition of an enterprise and the most popular methods for its implementation. The authors also talk about the procedure for the formation of accounting reports.

1. Glafira Savitskaya "Analysis of the economic activity of the enterprise."

A useful guide written in simple and accessible language. Allows you to better understand what financial and ratio analysis of accounting reports is.

1. Benjamin Graham and Spencer B. Meredith "Analysis of the financial statements of companies."

Information about experts

Andrey Krivenko, ex-financial director of Agama Group of Companies (Moscow). Andrey Krivenko is the founder of the Izbenka and VkusVill grocery chains. From 2002 to 2004, he served as the head of strategic projects for the Regent holding. From 2004 to 2008, he worked as a financial director at the Agama fish holding.

Alexandra Novikova, Deputy Head of the Financial Service of SKB Kontur, Yekaterinburg. SKB Kontur is a leading developer of online services for accounting and business. SAAS products from SKB Kontur are chosen by thousands of enterprises throughout Russia for reporting, exchange electronic documents and bookkeeping.

Financial analysis Bocharov Vladimir Vladimirovich

1.1. The purpose and objectives of financial analysis

AT modern conditions the independence of enterprises in the adoption and implementation of management decisions, their economic and legal liability for business results. Objectively, the importance of the financial stability of economic entities is increasing. All this increases the role of financial analysis in assessing their production and commercial activities and, above all, in the availability, placement and use of capital and income. The results of such an analysis are needed primarily by owners (shareholders), creditors, investors, suppliers, tax authorities, managers and heads of enterprises.

The key goal of financial analysis is to obtain a certain number of basic (most representative) parameters that give an objective and reasonable description of the financial condition of the enterprise. This applies primarily to changes in the structure of assets and liabilities, in settlements with debtors and creditors, and in profit and loss.

Local goals of financial analysis:

? determination of the financial condition of the enterprise;

? identification of changes in the financial condition in the spatio-temporal context;

? establishing the main factors causing changes in the financial condition;

? forecast of the main trends in financial condition.

The analyst and the manager (financial manager) are interested in both the current financial position of the enterprise (for a month, quarter, year), and its forecast for a more distant future.

The alternativeness of the goals of financial analysis is determined not only by its time limits. It also depends on the goals that users of financial information set for themselves.

The objectives of the study are achieved as a result of solving a number of analytical problems:

? preview financial statements;

? characteristics of the property of the enterprise: non-current and current assets;

? assessment of financial stability;

? characteristics of sources of funds: own and borrowed;

? analysis of profit and profitability;

? development of measures to improve the financial and economic activities of the enterprise.

These tasks express the specific goals of the analysis, taking into account the organizational, technical and methodological possibilities of its implementation. Ultimately, the main factors are the volume and quality of analytical information.

To make decisions in the field of production, marketing, finance, investment and innovation, the management of the enterprise needs systematic business awareness on issues that are the result of selection, analysis and generalization. background information.

In practice, it is necessary to read the baseline information correctly, based on the goals of analysis and management. The basic principle of studying analytical indicators is the deductive method, that is, the transition from the general to the particular, but it must be used repeatedly. In the course of such an analysis, the historical and logical sequence of economic factors and events, the direction and strength of their impact on the results of economic activity of enterprises are reproduced.

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From the book Comprehensive Economic Analysis of the Enterprise. Short course author Team of authors

Question 3 The purpose and objectives of economic analysis The purpose of economic analysis of the financial and economic activities of organizations is to find and measure reserves to improve production efficiency, increase competitiveness and financial stability. Tasks

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Question 24 The purpose and objectives of the analysis of the state and use of labor resources The purpose of the analysis is to identify reserves of more rational use the number of employees and their working hours, increasing labor productivity and the efficiency of using the fund

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Question 33 The purpose, objectives and information base of the analysis of production and sales of products The purpose of the analysis is to identify reserves for growth in production and sales of high-quality and cost-effective goods. Analysis tasks: analysis of the dynamics of the level of production and

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Question 39 The purpose, objectives and information base of cost analysis for the production and sale of products The purpose of the analysis is to identify reserves for cost reduction and give a reasonable calculation of the projected cost value. Tasks and sequence of carrying out

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Question 45 The purpose, objectives and information base of the analysis of financial results

From the author's book

Question 53 The purpose, objectives and content of the analysis of the investment activity of the organization Investment activity is a set of measures for investing money in construction, land, technology, machinery and equipment, intellectual values,

From the author's book

Question 63 The purpose, objectives and information base of the analysis of the financial condition The purpose of the analysis of the financial condition is to identify on-farm reserves to strengthen the financial position and increase the solvency of the organization. Tasks

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11.1. Tasks, directions, methods and types of analysis of the financial condition A reliable and objective assessment of the financial condition is necessary both for the owners and management of the organization, and for external users (banks, investors, suppliers, tax authorities, etc.).

Financial analysis reflects the process of studying the financial condition and key performance results of an enterprise in order to identify and mobilize reserves to increase its market value and ensure sustainable economic growth.

In modern conditions, the importance of financial analysis is objectively increasing in assessing the production and commercial activities of enterprises, and above all in the formation and use of their capital, income and cash funds,

in management cash flows, in saving all kinds of resources. The results of such an analysis are necessary for the management of the enterprise to make informed financial and investment decisions, as well as for owners (shareholders, founders), creditors, investors, suppliers, tax authorities and other persons interested in successful work enterprises.

The key goal of financial analysis is to obtain a certain number of basic (most representative) parameters that give an objective and reasonable description of the financial condition of the enterprise. This applies primarily to changes in the composition and structure of assets and liabilities, in settlements with debtors and creditors, and in profit and loss.

Local goals of financial analysis:

Determination of the financial and economic condition of the enterprise;

Identification of changes in the financial condition in the spatio-temporal context;

Identification of the main factors causing changes in the financial condition;

Forecast of the main trends in financial condition.

Therefore, goal setting is a priority stage of financial analysis. A correctly set goal saves analysts from unnecessary analytical procedures. Having set the goal, the analyst must choose the main ways to achieve it. If the goal is to achieve acceptable financial stability and solvency, then it is necessary to calculate the appropriate analytical coefficients that characterize the financial independence of the enterprise from external sources of financing, the efficiency of using its own working capital, and sustainable economic growth.

To assess the creditworthiness of an economic entity, it is advisable to determine the liquidity of its balance sheet in the forecast period. For this purpose, sources of repayment of loans are established and cash flow budgets are drawn up according to the balance sheet for the coming quarters. Some banks carry out an assessment of the creditworthiness of borrowers for the relevant class, and also require customers to submit a cash flow forecast for the entire period of lending.

When assessing the investment attractiveness of an enterprise - the issuer of securities, it is advisable to conduct a comprehensive financial analysis of all parameters of its activities: financial stability, solvency, profitability, business and market activity.

The choice of goal determines the tools and methodology for conducting financial analysis.

The financial director is interested in both the current financial position of the enterprise (for a month, quarter, year), and the forecast for a more distant future.

The alternativeness of the goals of financial analysis determines not only its time limits. It also depends on the goals that users of financial information set for themselves (for example, the investment of investors' capital in a large-scale project, the acquisition of a large block of shares in the issuing company, a merger or acquisition this enterprise etc.).

The objectives of the study are achieved as a result of solving a number of analytical problems:

Preliminary review of financial statements;

Characteristics of the property of the enterprise: non-current and current assets;

Assessment of financial stability and solvency;

Determination of indicators of turnover of assets and equity;

Characteristics of sources of funds: own and borrowed;

Assessment of cash flow in temporal and spatial aspects (for the enterprise as a whole and its divisions, branches);

Analysis of profit and profitability;

Development of measures to improve the financial and economic activities of the enterprise;

Adoption on the basis of financial analysis of management decisions;

Using the results of analytical work for planning and forecasting the main parameters of production and commercial activities (production and sales, costs, profits, investments, etc.).

The listed tasks express the specific goals of the analysis, taking into account the organizational, technical, informational and methodological possibilities of its implementation.

Financial analysis is a method of accumulation, transformation and use of information of a financial nature, with the aim of:

assess the current and prospective financial condition of the enterprise;

assess the possible and appropriate pace of development of the enterprise from the standpoint of their financial support;

identify available sources of funds and assess the possibility of their mobilization;

predict the position of the enterprise in the capital market.

The main purpose of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors, while the analyst or manager (manager ) may be of interest to both the current financial condition of the enterprise and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

But not only time limits determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information. The subjects of analysis are, both directly and indirectly, users of information interested in the activities of the enterprise.

The first group of users includes owners of enterprise funds, lenders (banks, etc.), suppliers, customers (buyers), tax authorities, enterprise personnel and management. Each subject of analysis studies information based on their interests. So, the owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by the administration of the enterprise; creditors and suppliers - the feasibility of extending the loan, credit conditions, loan repayment guarantees; potential owners and creditors - the profitability of investing their capital in the enterprise, etc. It should be noted that only the management (administration) of the enterprise can deepen the analysis of reporting using data production accounting as part of a management review conducted for management purposes.

The second group of users of financial statements are the subjects of analysis, which, although they are not directly interested in the activities of the enterprise, must, under the contract, protect the interests of the first group of users of statements. These are audit firms, consultants, exchanges, lawyers, press, associations, trade unions.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it should be borne in mind that the periodic accounting or financial statements of an enterprise are only "raw information" prepared during the implementation of accounting procedures at the enterprise.

To make management decisions in the field of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information. An analytical reading of the source data is also necessary based on the goals of analysis and management.

The basic principle of analytical reading of financial statements is the deductive method, i.e. From general to specific. In the course of such an analysis, as it were, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

The practice of financial analysis has already developed the main types of analysis (method of analysis) of financial statements. Among them, 6 main methods can be distinguished:

horizontal (temporal) analysis- comparison of each reporting position with the previous period;

vertical (structural) analysis- determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;

trend analysis- comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out;

analysis of relative indicators (coefficients)- Calculation of relations between separate positions of the report or positions of different forms of reporting, determination of interrelations of indicators;

comparative (spatial) analysis- this is both an on-farm analysis of summary reporting indicators for individual indicators of an enterprise, branches, divisions, workshops, and an inter-farm analysis of the indicators of a given enterprise in comparison with those of competitors, with average industry and average economic data;

factor analysis- analysis of the influence of individual factors (reasons) on the performance indicator using deterministic or stochastic methods of research. Moreover, factor analysis can be both direct (actual analysis), when the analysis is divided into component parts, and reverse, when a balance of deviations is made and at the stage of generalization all the identified deviations are summed up, the actual indicator from the baseline due to individual factors.

The methodology of financial analysis consists of three interrelated blocks:

• 1. analysis of the financial condition;
• 2. analysis of the financial results of the enterprise;
• 3. analysis of the effectiveness of financial and economic activities.

There is a variety of economic information about the activities of enterprises and many ways to analyze these activities. Financial analysis according to financial statements is called the classic method of analysis.

Financial analysis is part of a general, complete analysis of economic activity, which consists of two closely related sections: financial analysis and production management analysis.

The division of analysis into financial and managerial is due to the division of the system that has developed in practice accounting enterprise-wide for financial accounting and management accounting. This division of analysis is somewhat arbitrary, because internal analysis can be seen as a continuation of external analysis and vice versa. In the interests of the case, both types of analysis feed each other with information.

Features of external financial analysis are:

the plurality of subjects of analysis, users of information about the activities of the enterprise;

variety of goals and interests of the subjects of analysis;

availability of standard methods of analysis, accounting and reporting standards;

orientation of the analysis only to the public, external reporting of the enterprise;

limited analysis tasks as a consequence of the previous factor;

maximum openness of the analysis results for users of information about the activities of the enterprise.

Financial analysis, based on data only from financial statements, acquires the character of an external analysis, i.e. analysis carried out outside the enterprise by its interested counterparties, owners or government bodies. This analysis, based only on reporting data, which contains only a very limited part of information about the activities of the enterprise, does not allow revealing all the secrets of success or failure in the activities of the enterprise.

analysis of absolute indicators of profit;

analysis of relative profitability indicators;

analysis of the financial condition, market stability, liquidity of the balance sheet, solvency of the enterprise;

analysis of the effectiveness of the use of borrowed capital;

economic diagnostics of the financial condition of the enterprise and the rating assessment of issuers.

On-farm financial analysis uses data on the technical preparation of production, regulatory and planning information, and other system accounting data as a source of information.

In the system of on-farm management analysis, it is possible to deepen financial analysis by attracting management production accounting data, in other words, it is possible to conduct a comprehensive economic analysis and evaluate the effectiveness of economic activity. The issues of financial and managerial analysis are interrelated in the justification of business plans, in monitoring their implementation, in the marketing system, i.e. in the management system for the production and sale of products, works and services oriented to the market.

Features of management analysis are:

orientation of the results of the analysis to their management;

use of all sources of information for analysis;

lack of regulation of analysis from the outside;

the complexity of the analysis, the study of all aspects of the enterprise;

integration of accounting, analysis, planning and decision making;

maximum secrecy of the analysis results in order to preserve commercial secrets.

Introduction of a new chart of accounts of accounting, bringing the forms of accounting statements in line with the requirements international standards necessitates the use new methodology financial analysis, corresponding to the conditions of a market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree of financial stability of an enterprise, assessing business activity and the effectiveness of entrepreneurial activity.

The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The reporting of an enterprise in a market economy is based on the generalization of data financial accounting and is an information link connecting the enterprise with society and business partners - users of information about the activities of the enterprise.

AT certain cases To achieve the goals of financial analysis, it is not enough to use only financial statements. Separate user groups, such as management and auditors, have the opportunity to involve additional sources (production and financial accounting data). However, most often annual and quarterly reports are the only source of external financial analysis.

According to the order of the Ministry of Finance of the Republic of Belarus No. 23 dated January 20, 2000, new standard forms annual financial statements of legal entities.

The main source of information for financial analysis is the balance sheet of the enterprise (Form No. 1). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The source of data for the analysis of financial results is the income statement (Form No. 2). source additional information for each of the blocks of financial analysis, there are explanations to the balance sheet and profit and loss statement, namely: statement of movements of funds and other funds (Form No. 3), statement of cash flows (Form No. 4), appendix to the balance sheet ( Form No. 5).

How useful are such sources of information for enterprises?

First of all, without preparing data for analysis, on the basis of the balance sheet of the enterprise (Form No. 1) and (Form No. 2), it is possible to make a comparative express analysis of the company's reporting indicators for previous periods.

Secondly: with the advent of special automated accounting programs for analyzing the financial condition of an enterprise, it is convenient, immediately after compiling reporting forms, without leaving the program, to perform, on the basis of ready-made forms of accounting reports, using the built-in financial analysis block, the simplest express analysis of the enterprise.

Detailing the procedural side of the methodology for analyzing the financial condition depends on the goals set, as well as various factors of informational, temporary, methodological, personnel and technical support. The logic of analytical work assumes its organization in the form of a two-module structure:

express analysis of the financial condition;

detailed analysis of the financial condition.

Under the finances of the organization is understood the system of monetary relations that develop in the process of production and sale of products.

Under the financial condition refers to the ability of the enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition can be stable, unstable and crisis.

According to Savitskaya G.V. , the ability of the enterprise to make payments in a timely manner, to finance its activities on an expanded basis, indicates its good financial condition.

Financial analysis is a research and evaluation process, the main purpose of which is to develop the most reliable assumptions and forecasts about the future financial conditions of the enterprise.

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of a company based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external.

Internal financial analysis carried out by the employees of the organization. The information base of such an analysis is much wider and includes any information circulating within the enterprise and useful for making managerial decisions. Accordingly, the possibilities of analysis are expanded.

External financial analysis conducted by analysts who are outsiders for the enterprise and therefore do not have access to the internal information base of the enterprise. External analysis is less detailed and more formalized.

Financial analysis is a method of accumulation, transformation and use of information of a financial nature, with the aim of: assess the current and prospective financial condition of the enterprise; assess the possible and appropriate pace of development of the enterprise from the standpoint of their financial support; identify available sources of funds and assess the possibility and expediency of their mobilization; predict the position of the organization in the capital market.

Financial analysis is based on the analysis of financial statements. the main objective financial analysis it is to timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

Selezneva N.N. claims that the main goal of financial analysis is to obtain the maximum number of the most informative parameters that give an objective picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors.

Financial analysis includes the analysis of the financial situation, profits, sales of products and their cost. The inclusion of just such a range of issues is justified by the fact that profit has a decisive influence on the financial position of the enterprise, while the main factors in its formation are the volume of products sold, cost and price.

All these indicators are connected and interdependent, the objectivity of the assessment depends on the correctness and completeness of their comprehensive study.

To ensure that the conclusions from the results of financial analysis provide a correct understanding internal communications, interdependence and causes of the emergence of diverse factors, a specialist needs to deeply know the general methodological principles of analysis, the most important of which are the relationship and interdependence of phenomena and processes and their development, etc.

In the process of achieving the main goal the following tasks of financial analysis are solved:

• determination of basic indicators for the development of production plans and programs for the coming period;
• increasing the scientific and economic validity of plans and standards;
• an objective and comprehensive study of the implementation of established plans and compliance with standards for the quantity, structure and quality of products, works and services;
• definition economic efficiency use of material, labor and financial resources;
• forecasting performance results;
• preparation of analytical information for the selection of optimal management decisions related to the adjustment of current activities and the development of strategic plans.

Let us briefly dwell on the approaches of the most famous Russian specialists in the field of analysis of the organization's financial statements.

V.V. Kovalev and Vit. V. Kovalev present the analysis of financial statements in the form of a two-module scheme consisting of financial statements and their in-depth analysis.

The purpose of financial reporting is to obtain a prompt, visual and simple assessment of the financial well-being and dynamics of the development of an economic entity. This analysis involves viewing financial statements on formal grounds (completeness, correctness of execution, accuracy of arithmetic calculations, etc.), familiarization with the audit report and accounting policies of the enterprise, identifying "sick" items in the statements and assessing their dynamics, familiarization with key indicators , reading an explanatory note, a general assessment of the property and financial condition according to reporting data, as well as formulating conclusions based on the results of the analysis.

An in-depth analysis of financial statements is aimed at a more detailed description of the property and financial potential of an economic entity, the results of its activities in the past reporting period, as well as the possibilities for developing an object in the future. This analysis specifies, supplements and expands individual express analysis procedures, including the following main elements.

1. Preliminary review of the economic and financial situation of a business entity (essentially repeating express analysis).

1.2. Evaluation of "sick" reporting items.

2.1. Assessment of property potential (construction of an analytical balance sheet, its vertical and horizontal analysis, analysis of qualitative changes in property potential).

2.2. Assessment of financial potential (liquidity, solvency, financial stability).

3. Evaluation and analysis of the effectiveness of the financial and economic activities of a business entity.

3.1. Evaluation of the effectiveness of current activities (business activity).

3.2. Analysis of profit and profitability.

3.3. Assessment of the situation in the securities market.

O.V. Efimova, M.V. Miller and others distinguish two stages in the process of analyzing financial statements: accounting (financial) statements and its detailed analysis.

Express analysis of accounting (financial) statements consists in a clear and simple assessment of the property status and development efficiency of an economic entity and is performed in three stages:

1. preparatory stage (involves a visual and simple counting check of reporting on formal grounds and in essence);
2. preliminary review of financial statements (reduced to familiarization with explanatory note);
3. economic reading and analysis of reporting (allow to give a generalized assessment of the results of economic activity of the organization and its financial condition).

A detailed analysis of accounting (financial) statements is aimed at a detailed description of the property and financial position of an economic entity, the results of its activities in the past year (period), as well as development opportunities for the future. In general terms, his program is as follows.

1. Preliminary review of the economic and financial condition of a business entity.

1.1. Characteristics of the general direction of financial and economic activity.

1.2. Identification of "sick" reporting items.

2. Assessment and analysis of the economic potential of a business entity.

2.1. Assessment of the property status (construction of an analytical net balance, its vertical and horizontal analysis, analysis of qualitative changes in the property position).

2.2. Assessment of the financial condition (liquidity, financial stability).

3. Evaluation and analysis of the financial results of the business entity.

3.1. Estimation of sales volume.

3.2. Analysis of income structure.

3.3. Analysis of the cost structure.

3.4. Profit analysis.

3.5. Profitability analysis.

3.6. Assessment of financial stability, solvency and solvency.

N.N. Ilysheva and S.I. Krylov consider the analysis of financial statements as a process carried out in four interrelated stages, which include its preliminary analysis, in-depth analysis, generalization of the results of the analysis and forecasting.

Analysis, or express analysis, of financial statements allows (in terms of execution time and complexity of the implemented algorithms) an assessment of the financial condition and financial performance of the organization and includes the following three stages:

1. preparatory stage, which comes down to a visual and simple check of financial statements on formal grounds and in essence (checking the completeness of financial statements, the correctness and clarity of filling, the availability of all necessary details, arithmetic calculations and basic control ratios), as well as analytical linkage and regrouping of articles balance sheet to make it more convenient for analysis;
2. a preliminary review of financial statements related to familiarization with the auditor's report and explanatory note, assessment of qualitative changes in the financial condition of the organization over the past period, as well as studying the impact of macroeconomic factors on changes in financial statements;
3. calculation and analysis of the most important analytical indicators characterizing the financial condition of the organization, performed according to its balance sheet and income statement.

An in-depth analysis of financial statements aims at a fairly detailed description of the financial results and financial condition of the organization for the past reporting period, as well as the possibilities for their change in the short and long term. This analysis is carried out on the basis of the database of all forms of financial statements of the organization and consists of the following main elements:

1. analysis of the balance sheet;
2. analysis of the statement of financial results;
3. analysis of the statement of changes in equity;
4. analysis of the cash flow statement;
5. analysis of notes to the balance sheet and income statement;
6. a comprehensive assessment of the financial condition of the organization according to its financial statements.

Summarizing the results of the analysis of financial statements involves formulating a generalizing conclusion based on its results based on the intermediate conclusions formulated at the previous stage in certain areas of analysis of the financial results and financial condition of the organization, and, if necessary, developing recommendations aimed at improving them.

To ensure the survival of the company in modern conditions, management needs to be able to realistically assess the financial condition of both its enterprise and its existing and potential counterparties. To do this, you must: own the methodology for assessing the financial condition of the enterprise; have appropriate information support; have qualified personnel capable of implementing this technique in practice.

Literature:

1. Kovalev V.V., Kovalev Vit.V. Balance analysis, or How to understand balance. 3rd ed., revised. and additional M.: Prospekt, 2014.
2. Analysis of financial statements: Proc. allowance / Ed. O.V. Efimova, M.V. Melnik et al. M.: Omega-L, 2013.
3. Ilysheva N.N., Krylov S.I. Analysis of financial statements: Textbook. M.: Finance and statistics, INFRA-M, 2011.