Cash flows of the enterprise by type of activity. Cash flow management. Cash flows can be classified

Introduction

Cash flow is movement Money in real time, in fact, cash flow is the difference between the amounts of cash receipts and payments of the company for a certain period of time, as the financial year is taken for this period. Cash flow management is based on the concept of cash circulation. For example, money is converted to inventory, accounts receivable and back to money, closing the cycle. working capital companies. When the cash flow is reduced or blocked completely, the phenomenon of insolvency occurs. An enterprise may feel a lack of funds even if it formally remains profitable (for example, the terms of payments by the company's customers are violated). It is with this that the problems of profitable, but illiquid companies that are on the verge of bankruptcy are connected.

1. Types of cash flow in the enterprise, its classification

The concept of "cash flow of the enterprise" is aggregated, including in its composition numerous types of these flows that serve economic activities. In order to ensure effective targeted management of cash flows, they require a certain classification. Such a classification cash flows It is proposed to carry out according to the following main features:

1. By the scale of servicing the economic process stand out the following types cash flows:

cash flow through the enterprise in a chain. This is the most aggregated type of cash flow, which accumulates all types of cash flows that serve the business process of the enterprise as a whole;

cash flow for individual structural divisions (responsibility centers) of the enterprise. Such differentiation of the cash flow of the enterprise defines it as an independent object of management in the system of organizational and economic construction of the enterprise;

cash flow for individual business transactions. In the system of the economic process of the enterprise, this type of cash flow should be considered as the primary object of independent management.

2. By type economic activity in accordance with international standards accounting distinguish the following types of cash flows:

cash flow from operating activities. It is characterized by cash payments to suppliers of raw materials and materials; third parties certain types services providing operational activities: wages personnel involved in the operational process, as well as managing this process; tax payments of the enterprise to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; from tax authorities in the procedure for recalculating overpaid amounts and some other payments provided for by international accounting standards;

cash flow from investment activities. It characterizes payments and receipts of cash associated with the implementation of real and financial investment, the sale of retired fixed assets and intangible assets, the rotation of long-term financial instruments investment portfolio and other similar cash flows serving the investment activities of the enterprise;

cash flow from financial activities. It characterizes the receipts and payments of cash associated with attracting additional equity or share capital, obtaining long-term and short-term loans and borrowings, paying cash dividends and interest on deposits of owners and some other cash flows associated with the implementation of external financing of the economic activity of the enterprise.

3. By direction of cash flow There are two main types of cash flows:

positive cash flow characterizing the totality of cash inflows to the enterprise from all types of business transactions (the term "cash inflow" is used as an analogue of this term);

negative cash flow characterizing the totality of cash payments by the enterprise in the process of carrying out all types of its business operations (the term "cash outflow" is used as an analogue of this term).

Characterizing these types of cash flows, you should pay attention to the high degree of their relationship. The insufficiency of volumes in time of one of these flows causes a subsequent reduction in the volumes of another type of these flows. Therefore, in the enterprise cash flow management system, both of these types of cash flows represent a single (complex) object of financial management.

4. According to the method of calculating the volume

gross cash flow. It characterizes the totality of receipts or expenditures of funds in the period under consideration in the context of its individual intervals;

Net cash flow. It characterizes the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the period under consideration in the context of its individual intervals. Net cash flow is the most important result of the financial activity of the enterprise, which largely determines the financial balance and the rate of increase in its market value.

Calculation of net cash flow for the enterprise as a whole, its individual structural divisions (responsibility centers), various types economic activity or individual business transactions is carried out according to the following formula:

NDP \u003d PDP-ODP,

NPV - the amount of net cash flow in the period under review;

RAP - the amount of positive cash flow (cash receipts) in the period under review;

NFP - the amount of negative cash flow (expenditure of funds) in the period under review.

As can be seen from this formula, depending on the ratio of the volumes of positive and negative flows, the amount of net cash flow can be characterized by both positive and negative values that determine the final result of the corresponding economic activity of the enterprise and ultimately affect the formation and dynamics of the balance of its monetary assets. .

5. By the level of volume sufficiency distinguish the following types of cash flows of the enterprise:

excess cash flow. It characterizes such a cash flow in which cash receipts significantly exceed the real need of the enterprise for their purposeful spending. Evidence of excess cash flow is a high positive value of net cash flow that is not used in the process of carrying out the economic activity of the enterprise;

scarce cash flow. It characterizes such a cash flow in which cash receipts are significantly lower than the actual needs of the enterprise in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as a deficit if this amount does not provide for the planned need for spending money in all the envisaged areas of the enterprise's economic activity. The negative value of the amount of net cash flow automatically makes this flow scarce.

6. According to the method of evaluation over time distinguish the following types of cash flow:

real cash flow. It characterizes the cash flow of the enterprise as a single comparable value, reduced in value to the current point in time;

future cash flow. It characterizes the cash flow of an enterprise as a single comparable value, reduced in value to a specific future point in time. The concept of future cash flow can also be used as its nominal identified value in the upcoming moment of time (or in the context of intervals of the future period), which serves as a discounting base in order to bring it to the present value.

The considered types of cash flow of the enterprise reflect the content of the concept of estimating the value of money in time in relation to the business operations of the enterprise.

7. By the continuity of formation in the period under review distinguish the following types of cash flows of the enterprise:

regular cash flow. It characterizes the flow of receipt or expenditure of funds for individual business transactions (cash flows of the same type), which in the period under consideration is carried out constantly at separate intervals of this period. The nature of the regular are most types of cash flows generated by the operating activities of the enterprise: flows associated with servicing a financial loan in all its forms; cash flows that ensure the implementation of long-term real investment projects, etc.;

discrete cash flow. It characterizes the receipt or expenditure of funds associated with the implementation of individual business operations of the enterprise in the period under consideration. The nature of a discrete cash flow is a one-time expenditure of funds associated with the acquisition of an integral property complex by an enterprise; purchase of a franchise license; the receipt of financial resources in the manner of gratuitous assistance, etc.

Considering these types of cash flows of the enterprise, you should pay attention to the fact that they differ only within a specific time interval. With a certain minimum time interval, all cash flows of the enterprise can be considered as discrete. And vice versa - within the framework of the life cycle of an enterprise, the predominant part of its cash flows is of a regular nature.

In the international, and in recent decades in Russian business the definition of cash flow (from the English cashflow - cash flow) is increasingly common. It characterizes the activities of an organization or enterprise, as a result of which an outflow or inflow of means of payment is generated, and is an important criterion for the company's financial balance. Let's study in more detail what is cash flow.

The concept of cash flow and its varieties

Let's take a quick look at the cash flow definition. This is the movement of money through accounts or cash through the cash desk within the framework of one project or enterprise in different directions.

The process, which results in an increase in the amount of money, is a positive cash flow (inflow, receipt). The reverse direction process is an outflow (payment, expense, cost).

From the above, we can conclude that this indicator can ultimately have both positive and negative values.

As part of the overall financial policy of the company, management requires skill in managing cash flows () for its stable development. is the analysis and regulation of the company's financial flows in order to optimize costs and maximize income, in particular:

development of schedules for receipts and expenditures of means of payment in the context of types; study of the factors influencing the formation of the enterprise's cash flow;
forecasting a possible shortage of money and sources to cover it;
determination of directions for investing funds that have been temporarily released.

Financiers distinguish types from the total cash flow depending on the activity that produces them. In particular, the cash flow of the project consists of the following flows:

from operating activities (operating cash flow, CFO);
from financial activities (cash flow from financing activities, CFF);
from investment activity (cash flow from investing, CFI).

In separate undertakings, it is not possible to separate all the movements of finance by type of activity; in such cases, they can be combined all or some of them. In addition, cash flow is classified according to a number of indicators, such as the direction of movement (negative or positive), the level of sufficiency (deficit or excess), scale (by operations, lines of activity), time (future or present), etc.

Clean and free cash flow

The difference between receipts and payments for a certain time period is called net cash flow ( , NCF). This criterion is often taken into account by investors when deciding on the prospects of investing in investment project. The formula for calculating this indicator looks like this:

CO - outgoing (negative) flow;
CI - incoming (positive) flow;
n is the number of steps.

If we take into account the types of cash flows, then in this case the formula can represent the aggregate value of indicators from different directions, i.e. total balance for different types of activities:

For owners or investors, the free cash flow indicator is of great importance. These are the amounts that are accumulated in the accounts and in cash after paying taxes and deducting the cost of capital investments. A higher figure opens up room for the owner to maneuver in terms of investment, increasing the size of dividends, expanding the range of products, and modernizing production.

There are two types, which are calculated differently:

FCF from the firm's assets (free cash flow to the firm). This is the movement of finances within the framework of the main activity, excluding investment in fixed capital. In fact, FCFF = FCF, it gives an understanding of how much financial resource an enterprise has after capital expenditures. The criterion is more often used by investors.
FCF on equity (free cash flow to equity, FCFE). This is the money that remains after the exclusion of expenses in part of the company's core business, tax payments and bank interest. This indicator is used to assess the value of the company by shareholders.

FCFF is calculated using the following formula:

EBIT - earnings before interest and taxes;
Tax - income tax (interest rate);
DA - depreciation;
NCWC - the cost of owning new assets;
∆WCR - capital expenditures.

NI is the value of the company's net profit;
DA - depreciation of intangible and tangible assets;
∆WCR - capital expenditures;
Net borrowing - an indicator of the difference between loans taken and already repaid;
Investment - the amount of investment.

If the FCF at the end of the step is above zero, then this, in general, indicates the financial attractiveness of the company and the increase in the value of its shares. The negative value of the calculated criterion may be a consequence of the unprofitability of the enterprise or significant investments in its development.

How is the calculation made

Cash flow is usually calculated in relation to the analyzed time intervals (steps), the accepted rules provide for its forecasting monthly in the first year of undertaking, quarterly - in the second year, and then annually. The countdown is made from the basic fixed moment, which can be either the beginning or the end of the zero segment.

You can open cash flow and calculate it in various prices:

current (base), prevailing on the market at the moment, not taking into account the level of inflation;
forecast prices that are expected in the future and take into account inflation rates are calculated by multiplying the base price by the inflation index;
deflated (calculated), these are forecast prices reduced to the current point in time by dividing them by the base inflation index.

Cash flow can be calculated in different currencies. The rules recommend calculating the movement of funds in the currencies in which payments are made, and then bringing them all to the final single currency. In Russian statistical reports, the final currency is the Russian ruble, but if there is a need, then individual calculations can be reflected in the final additional currency.

Cash flows are calculated by two main methods - direct and indirect.

The direct method is directly related to constituent parts accounting such as order journals, general ledger, analytical accounting, which is closer to Russian specialists. This method is convenient to calculate benchmarks for spending and receiving money. Here, the inflow is the predominance of income over expenses, and the outflow is the excess of payments over income. The starting element is sales revenue.

The data for this technique is taken from the Balance of the enterprise (form No. 1), as well as from the Cash Flow Statement (form No. 4), which is analyzed "top down". In particular, NPV from financial activities are calculated exclusively by this method. Such an analysis makes it possible to approximately explain the discrepancy between the value of the company's cash flow for the reporting period and the profit received during the same time. At the same time, he is not able to reveal the relationship between the magnitude of the change in money and the financial result.

Cash flow calculation example by direct method:

Name of indicator	Period 1	Period 2	Period 3	Period 4
1. Balances at the beginning of the period under review
2. Receipts, including:
advances and proceeds from the sale of goods;
interest, dividends and other inflows;
loans and credits
3. Payments, including:
payment for services, works, goods, advance payments;
budgetary payments (transfers of taxes and contributions to obligatory funds);
remuneration of personnel;
financial investments;
expenses for fixed assets;
repayment of loans
4. Cash flow (receipt - payments)
5. Balances at the end of the period

The indirect method is more suitable for analytics, it is based on sequentially adjusting recorded profits by subtracting expenses and adding non-cash flow income. This method provides an understanding of the relationship between working capital and financial results. In this case, form No. 4 of the balance sheet is disclosed "from the bottom up". The adjustments mentioned include:

balance sheet items that are not of a monetary nature (losses and profits of previous periods, depreciation, exchange rate differences);
change in the amount of inventories, receivables, short-term financial liabilities and investments (except for loans and credits);
other items that can be classified as financial or investment activities.

An example of calculating cash flow using the indirect method:

Moving money	Period 1	Period 2	Period 3	Period 4
Operating activity
Growth:
net profit;
growth of accounts payable;
depreciation
Decrease:
rising costs and inventories;
growth in accounts receivable
Cash flow from operating activity
Investment activity:
sale of fixed assets;
acquisition of fixed assets
Cash flow from investment activity
Financial activities:
dividend payment;
dynamics of credits and loans;
bill dynamics
Cash flow from financial activities
Total cash flow
Financials at the start date of the period
Financials at the end date of the period

The accuracy of the forecast regarding the future movement of funds depends, first of all, on the accuracy and correctness of the calculations of such indicators:

the volume of capital expenditures at the initial stage and during the life cycle of the project;
expenses for the production and sale of products intended for release, as well as a forecast of expected sales volumes;
stepwise need for third-party finance.

Qualitative cash flow forecasting enables potential investors to foresee the potential and expected profitability of the initiative under consideration with a high degree of probability.

Efficiently organized cash flows of the company are the most important symptom of its "financial health", a prerequisite for ensuring sustainable growth and achieving high final results of economic activity in general. Knowledge and practical use modern principles, mechanisms and methods of organization and effective management of cash flows make it possible to ensure the transition of the company to a new quality economic development in market conditions.

Cash flows represent a set of receipts and payments of cash in the process of operating, investing and financial activities of the company. Cash flows from core activities are associated with current operations for the receipt of sales proceeds, payment of supplier invoices, obtaining short-term loans and borrowings, payment of wages, settlements with the budget. Cash flows (outflows) in the process of investment activity, as a rule, are directed to the acquisition of fixed assets, intangible assets.

Cash flows from financial activities are receipts and payments of cash associated with raising additional equity or share capital, obtaining long-term and short-term loans and borrowings, paying dividends and interest on deposits of owners in cash, and some other cash flows associated with the implementation of external financing of economic activity of the organization.

Information about the cash flows associated with financing activities makes it possible to predict the future amount of cash to which the providers of capital of the enterprise will be entitled.

The directions of the outflow and inflow of funds from financial activities are presented in Table. one.

Table 1. Main directions of cash inflow and outflow from financial activities

Managing the company's cash flow is an important integral part a common system for managing its financial activities. Effective cash flow management requires the formation of a special cash flow policy as part of the overall financial strategy of the company. The implementation process of this policy is developed in accordance with the following main stages:

analysis of the company's cash flows in the previous period;
study of factors influencing the formation of the company's cash flows;
substantiation of the type of cash flow management policy of the company;
the choice of directions and methods for optimizing the company's cash flows, ensuring the implementation of the chosen policy for managing them;
planning the company's cash flows in the context of their individual types;
ensuring effective control over the implementation of the chosen cash flow management policy of the company.

The main purpose of cash flow analysis is to determine the causes of the shortage (excess) of funds, sources of their receipt and directions of spending to control the current solvency of the company.

In practice, direct and indirect methods are used to determine cash flows. The difference between them lies in the different sequence of procedures by which the amount of cash flow is determined.

Analysis of funds by the direct method makes it possible to assess the liquidity of the enterprise, since it reveals in detail the cash flow in the accounts and allows you to draw operational conclusions regarding the sufficiency of funds for payments on current obligations, for investment activities and additional costs.

The direct method is based on calculating the inflow (revenue from the sale of products, works and services, advances received, etc.) and outflow (payment of supplier invoices, return of received short-term loans and borrowings, etc.) of funds, that is, the initial element is revenue.

The indirect method is based on the analysis of balance sheet and income statement items, accounting for cash flow transactions, and consistent adjustment of net profit, that is, the initial element is profit. This method it is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in cash. The indirect method is based on studying the form of the Profit and Loss Statement from the bottom up, which is why it is sometimes called the "bottom". The direct method is called the "upper" method, since the "Profit and Loss Statement" is analyzed from top to bottom.

Net cash flows from financing activities are calculated using the direct method only.

The direct method has a simpler calculation procedure that is understandable to domestic accountants and economists. It is directly related to accounting registers (General Ledger, order journals, analytical accounting data, etc.), and is convenient for calculating indicators for controlling the receipt and expenditure of funds. At the same time, the excess of receipts over payments both for the company as a whole and for types of activity means an inflow of funds, and the excess of payments over receipts means their outflow.

Cash flow analysis allows us to explain with a certain degree of accuracy the discrepancy between the amount of cash flow that took place at the enterprise in the reporting period and the profit received during this period.

The source of information for the analysis is form No. 1 "Balance sheet of the enterprise" and form No. 4 "Cash flow statement", the content of which can be summarized in the following model:

d 0 + Δ +d - Δ -d \u003d d 1, (1)

where d 0 , d 1 - cash balances of the enterprise at the beginning and end of the reporting period;

Δ +d - receipt of funds for the period;

Δ -d - disposal (expenditure) of funds for the period.

Cash flow can be associated with various aspects of the enterprise, therefore, in the form No. 4, cash receipts and expenditures are presented in the context of current, investment and financial activities.

We reflect this structure of cash flows in the relevant models:

Δ +d = Δ +d current + Δ +d inv + Δ +d fin, (2)

Δ -d = Δ -d current + Δ -d inv + Δ -d fin, (3)

where Δ +d current, Δ -d current - receipt and expenditure of funds from current activities;

Δ +d inv, Δ -d inv - receipt and expenditure of funds from investment activities;

Δ +d fin, Δ -d fin - receipt and expenditure of funds from financial activities.

For a more in-depth analysis of the cash flow from the financial activities of the company, changes are required that are advisable to be introduced into Form No. 4 “Cash Flow Statement”. This report can be prepared monthly or quarterly. An example of such a form is presented in Table. 2.

Table 2. Analytical report on cash flows from the financial activities of the company

	Index	Sources and directions of use of funds	Cash inflow	Cash outflow
	External use of funds, including:	Settlement: line 2 + line 3
	Reducing the amount of borrowed capital
	Decrease value equity
	Dividends paid by company owners
	Surplus (deficit) of funds	Settlement
	External financing of the company, including:	Settlement
	Equity Growth
	Debt growth
	Gross cash flow from ordinary financial activities	Settlement
	Net cash flow from ordinary financing activities	Settlement: VP - VO
	Net cash flow from extraordinary financial activities
	Non-cash adjusting items for financial activities: a) currency revaluation; b) other
Total net cash flow from financing activities		Settlement

Notes.
+, (-) - the digital value of the positive and negative cash flow, respectively;
NPV, CHODS - net inflow (outflow) of funds;
VP, VO - gross inflow (outflow).

Optimization of cash flows from the financial activities of the company is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

An important component of the cash flow statement is information on the involvement in economic turnover and withdrawal from it of funds supplied by owners and third parties.

In table. 3 provides a description of the main items of receipt and expenditure of funds in the context of accounting accounts of financial and economic activities attributable to the external economic environment, that is, borrowings and their repayment.

Table 3. Cash flows from financial activities

Admission			Sent
Proceeds from additional issue of own shares			Redemption of own shares
Proceeds from the issue of own bonds			Redemption of own bonds
Getting a bank loan			Bank loan repayment
Additional cash contributions of the participant, owner and repayment of debt on contributions to the authorized capital			Dividend payments
Advances received			Advances paid
Financial help			Financial assistance provided
Targeted funding receipts
Funds received free of charge

To calculate the optimal cash balance on the current account, models are used that allow estimating the total amount of cash and cash equivalents, the share that should be kept on the current account, the share that should be kept in the form of marketable valuable papers, as well as assess the moments of transformation of cash and marketable assets.

If an organization has a large cash reserve that exceeds the amount of forecast payments, then it suffers certain losses, since it does not use them to purchase government securities that generate income in the form of interest. Government securities are discless, so an alternative to free cash in bank accounts is to invest excess funds in liquid securities, that is, assets that are close to absolutely liquid.

Thus, a company's typical cash policy is as follows: the company must maintain an optimal level of free cash, which is supplemented by some amount of cash invested in liquid securities or time deposits.

To determine the optimal level of funds in Western practice, the Baumol and Miller-Orr models are used.

Baumol's model assumes that an enterprise starts operating with the maximum and appropriate level of funds for it, and then gradually spends them over a certain period. As soon as the cash reserve is depleted, that is, it becomes equal to zero or reaches the level of safety, the enterprise sells its short-term securities and replenishes the cash reserve to the original amount. This model is only suitable for companies whose cash income is stable and predictable.

where Q is the replenishment amount;

V is the projected need for funds in the period (month, quarter, year);

C is the cost of converting cash into securities;

r - acceptable income for the enterprise on short-term financial investments.

The logic of the Miller-Orr model is as follows: the cash balance on the current account changes randomly until it reaches a certain upper limit. As soon as this happens, the company begins to buy securities in order to return the stock of funds to some normal state, called the point of return.

If the stock of cash reaches the bottom limit, then in this case the company sells its securities and receives cash, bringing their stock to the normal limit.

So, if for a month you need 1 million rubles. provided that the money is in a bank deposit account at 6% per annum, or 0.5% per month, and the costs of withdrawing money from the account and converting it are 100 rubles, then the optimal amount of replenishment funds will be 630 thousand rubles. ((2 × 1,000,000 × 100) / 0.005).

The average amount of funds on the current account is 20 thousand rubles. The total number of transactions for the transformation of securities into cash will be 1.59 (1,000,000 / 630,000).

Thus, the company's cash management policy is as follows: if the funds in the current account are depleted, the company must sell some of its liquid securities in the amount of approximately 630 thousand rubles. The maximum amount of funds on the current account will be 630 thousand rubles, the average reserve of funds is about 300 thousand rubles. (Q/2).

A simplified calculation method can be applied in Russian practice as follows. For example, for the reporting period, the average daily cash balances on the current account and on hand are calculated. Then the average daily payments and receipts are calculated. The difference between balances and payments, or receipts and payments, constitutes excess cash that can be deposited in a deposit account or invested in marketable securities.

Thus, existing methods definitions of cash flow complement each other and give a real picture of the cash flow in the company for the billing period.

In the process of studying the factors influencing the formation of cash flows, they should be divided into external and internal factors. So, for example, to external factors include: the stock market situation, the availability of a financial loan, the possibility of attracting funds from gratuitous targeted financing, etc.

In system internal factors play a major role life cycle companies, the duration of the operating cycle, the seasonality of production and sales of products (services), the urgency of investment programs, the depreciation policy of the company, the financial mentality of owners and managers.

The most important and difficult stage of managing the company's cash flows is their optimization. Optimization of cash flows from the financial activities of the company is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

The most important task solved in the process of this cash flow management is the identification of reserves that reduce the company's dependence on external sources of attraction. monetary resources. External sources of financing include an increase in the amount of equity capital (primarily authorized) and borrowed capital (primarily the total amount of loans and borrowings).

Methods for optimizing the scarce cash flow involve the following activities:

in the short term, it is necessary to accelerate the attraction of funds and slow down their payments;
in the long run - an increase in the volume of positive cash flow and a decrease in the volume of negative cash flow.

Methods for balancing the deficit cash flow from financial activities are aimed at ensuring the growth of positive cash flow and reducing the volume of negative cash flow. The growth of positive cash flow can be achieved through the following activities:

attraction of strategic investors in order to increase the volume of own capital;
additional issue of shares;
attracting long-term financial loans;
sale of a part (or the entire volume) of financial investment instruments.

Reducing the amount of negative cash flow can be achieved by refusing financial investment.

Ways to optimize the excess cash flow are mainly associated with the intensification of the investment activity of the enterprise, aimed at the early repayment of long-term bank loans, the active formation of a portfolio of financial investments.

Synchronization of cash flows should be aimed at eliminating seasonal and cyclical differences in the formation of both positive and negative cash flows, as well as at optimizing average cash balances.

The results of cash flow optimization should be reflected in the compilation financial plan enterprises for the year, broken down by quarters and months.

The main goal of developing a plan and the receipt and expenditure of funds is to forecast the company's cash flows in the context of certain types of economic activity and ensure constant solvency at all stages of the planning period. Such a planning document is a payment calendar.

In the system of operational management of cash flows for the financial activities of the company, the following types of payment calendar can be developed:

1. Calendar (budget) of the issue of shares. This type of payment calendar has two varieties: if it was developed prior to the sale of shares on the primary securities market, then it includes only one section - “Schedule of payments to ensure the preparation of the issue of shares”; if it is developed for the period of the ongoing sale of shares, then it contains indicators of two sections - “Schedule of receipt of funds from the issue of shares” and “Schedule of payments to ensure the sale of shares”.

2. Calendar (budget) of bond issue. The development of such a planning document is of a periodic nature. The principles of its development are similar to those used for the payment calendar for the issue of shares.

3. Calendar of amortization of debt on financial loans. This type of payment calendar contains only one section - "Principal Debt Amortization Schedule". The indicators of this operational financial plan are differentiated in the context of each loan to be repaid. The amount of payments and the timing of their implementation are set in the payment calendar in accordance with the terms of loan agreements concluded with commercial banks and other financial institutions.

The decision to attract a loan is made subject to the greater economic feasibility of this method of external financing compared to other available methods of covering the cash gap (increase in advance payments from buyers, changes in the terms of a commercial loan, increase in sustainable liabilities). Currently, banks offer various loan products: overdraft, term loans, credit lines, bank guarantees, letters of credit, etc. To eliminate short-term cash gaps, it is preferable to use an overdraft, but with the constant use of borrowed capital, the choice of types of loan products should be based on taking into account the effect of financial and operating levers.

Thus, effective management cash flows from the financial activities of the company requires the formation of a special policy for this management as part of the overall financial strategy of the company.

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1. Theoretical basis organization cash flow management

1.1 Cash flow analysis methodology

Cash is the most liquid assets and does not stay long at this stage of the cycle. However, in a certain amount, they must always be present in the composition of working capital, otherwise the company will be declared insolvent.

The main purpose of the analysis of cash flows is to identify the causes of the deficit (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real cash flow in the form of a cash flow of payments reflected in the accounts of accounting 7, p. 124.

The main objectives of cash flow analysis are:

operational, daily control over the safety of cash flows and securities at the cash desk of the enterprise;

control over the use of cash flows strictly for the intended purpose;

control over correct and timely settlements with the budget, banks, personnel;

control over compliance with the forms of payment established in contracts with buyers and suppliers;

timely reconciliation of settlements with debtors and creditors to exclude overdue debts;

diagnostics of the state of absolute liquidity of the enterprise;

forecasting the ability of the enterprise to repay the obligations that have arisen in a timely manner;

contributing to the competent management of the company's cash flows.

The main source of information for analyzing the relationship between profit, working capital and cash flows is the balance sheet (form No. 1), the appendix to the balance sheet (form No. 5), the statement of financial results and their use (form No. 2). A feature of the formation of information in these reports is the accrual method, and not the cash method. This means that the income received or the costs incurred may not correspond to the actual "inflow" or "outflow" of cash flows in the enterprise.

The report may show a sufficient amount of profit and then the estimate of profitability will be high, although at the same time the enterprise may experience an acute shortage of cash flows for its functioning. Conversely, profits may be insignificant, and financial condition enterprises - quite satisfactory. The data on the formation and use of profits shown in the company's statements do not give a complete picture of the real process of cash flow.

For example, it is enough to confirm what has been said to compare the amount of balance sheet profit shown in f. No. 2 of the statement of financial results and their use with the amount of change in cash flows in the balance sheet. Profit is only one of the factors (sources) of formation of balance liquidity. Other sources are: credits, loans, issue of securities, contributions of founders, others. Therefore, in some countries, the statement of cash flows is currently preferred as a tool for analyzing the financial condition of the company. For example, in the United States, since 1988, a standard has been introduced according to which enterprises, instead of the statement of changes in financial position they prepared before, must prepare a statement of cash flows. This approach allows a more objective assessment of the company's liquidity in terms of inflation and taking into account the fact that the accrual method is used in the preparation of other reporting forms, that is, it involves the reflection of expenses, regardless of whether the corresponding amounts of money are received or paid.

A cash flow statement is a financial reporting document that reflects the receipt, expenditure and net changes in cash flows in the course of current business activities, as well as investment and financial activities for a certain period. These changes are reflected in such a way that it is possible to establish the relationship between the balances of cash flows at the beginning and end of the reporting period.

The cash flow statement is a statement of changes in financial position prepared using the cash flow method. It makes it possible to assess future cash flows, analyze the company's ability to repay its short-term debt and pay dividends, and assess the need to attract additional financial resources. This report can be prepared either in the form of a statement of changes in the financial position (with the replacement of the “net current assets” indicator with the “cash” indicator), or in a special form, where the directions of cash flows are grouped into three areas: economic (operating) sphere, investment and financial spheres.

The logic of the analysis is quite obvious - it is necessary to single out, if possible, all transactions affecting the movement of cash flows. It can be done different ways, in particular by analyzing all turnovers on cash flow accounts (accounts 50, 51, 52, 55, 57). However, in world accounting and analytical practice, as a rule, one of two methods is used, known as direct and indirect methods. The difference between them lies in the different sequence of procedures for determining the amount of cash flow as a result of current activities:

the direct method is based on the calculation of inflow (revenue from the sale of products, works and services, advances received, etc.) and outflow (payment of supplier invoices, return of received short-term loans and borrowings, etc.) of cash flows, i.e. the starting element is revenue;

the indirect method is based on the identification and accounting of operations related to the movement of cash flows, and the consistent adjustment of net profit, i.e. the starting point is profit.

In practice, two methods of calculating cash flows are used - direct and indirect.

The direct method of calculation is based on the reflection of the results of operations (turnovers) on cash flow accounts for the period. In this case, operations are grouped into three types of activities:

current (main) activity - receipt of proceeds from sales, advances, payment of supplier accounts, receipt of short-term loans and borrowings, payment of wages, settlements with the budget, paid / received interest on loans and borrowings;

investment activity - the movement of funds associated with the acquisition or sale of fixed assets and intangible assets;

financial activities - obtaining long-term loans and borrowings, long-term and short-term financial investments, repayment of debts on previously received loans, payment of dividends.

The required data is taken from the forms financial statements: "Balance sheet" and "Statement of cash flows.

The calculation of the cash flow by the direct method makes it possible to assess the solvency of the enterprise, as well as to exercise operational control over the receipt and expenditure of cash flows. In Russia, the direct method is the basis for the form of the Statement of Cash Flows. At the same time, the excess of receipts over payments both for the enterprise as a whole and for types of activity means an inflow of funds, and the excess of payments over receipts means their outflow.

In the long term, the direct method of calculating the amount of cash flows makes it possible to assess the level of liquidity of assets. In operational financial management, the direct method can be used to control the process of generating proceeds from the sale of products (goods, services) and draw conclusions regarding the sufficiency of cash flows for payments on financial obligations.

The disadvantage of this method is the inability to take into account the relationship between the obtained financial result (profit) and changes in the absolute amount of the company's cash flows.

The indirect method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in the amount of cash flows. Calculation of cash flows by this method is based on the net profit indicator with its necessary adjustments in items that do not reflect the movement of real money in the relevant accounts.

To eliminate discrepancies in the formation of the net financial result and net cash flow, adjustments are made to net profit or loss, taking into account:

changes in inventories, receivables, short-term financial investments, short-term liabilities, excluding loans and credits, during the period;

non-monetary items: depreciation of non-current assets; exchange differences; profit (loss) of previous years, revealed in the reporting period and others;

other articles that should be reflected in investment and financial activities.

For methodological purposes, a certain sequence of implementation of such adjustments can be distinguished.

At the first stage, the influence on the net financial results transactions of a non-monetary nature. For example, the disposal of fixed assets and intangible assets causes an accounting loss in the amount of their residual value. It is quite clear that write-offs from the residual value of property do not have any impact on the value of cash flows, since the outflow of funds associated with them occurred much earlier - at the time of its acquisition. Therefore, the amount of the loss in the amount of the under-depreciated cost must be added to the net income.

At the second stage, adjustment procedures are carried out taking into account changes in the items of current assets and short-term liabilities. The purpose of the adjustments is to show which items of current assets and short-term liabilities have changed the amount of cash flows at the end of the reporting period compared to its beginning. The increase in items of current assets is characterized by the use of funds and, therefore, is regarded as an outflow of cash flows. The decrease in items of current assets is characterized by the release of funds and is regarded as an inflow of cash flows.

1.2 Organizational cash flow management

Management of cash assets or the balance of cash flows and their equivalents, permanently at the disposal of the enterprise, is an integral part of the functions general management current assets of non-profit enterprises.

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 amount of capital invested in current assets, and also characterizes to a certain extent its investment opportunities (investment potential of the enterprise's short-term financial investments).

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 a large amount of current assets and equity, nor a high level of profitability of economic activity can insure an enterprise against initiating a bankruptcy claim against it, if it cannot pay off its urgent financial obligations.

Therefore, in the practice of financial management, the management of monetary assets is often identified with the management of solvency (or liquidity management).

Cash flow management is also carried out with the help of cash flow forecasting, i.e. receipts (inflow) and use (outflow) of cash flows. The amount of cash inflows and outflows in conditions of instability and inflation can be determined very approximately and only for a short period, for example, a month, a quarter.

Estimated revenue is calculated by taking into account the average time for paying bills and selling on credit. The change in receivables for the selected period is taken into account, which may increase or decrease the inflow of cash flows, the impact of non-operating transactions and other receipts is determined.

In parallel, an outflow of cash flows is forecasted, i.e. the expected payment of invoices for goods received, and mainly the repayment of accounts payable. Payments to the budget, tax authorities and off-budget funds, dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses are envisaged.

As a result, the difference between the inflow and outflow of cash flows is determined - net cash flow with a plus or minus sign. If it exceeds the outflow, then the amount of short-term financing in the form of a bank loan or other receipts is calculated in order to ensure the projected cash flow.

Determining the minimum required need for cash assets for the implementation of current business activities is aimed at establishing a lower limit on the balance of the required cash assets and is carried out on the basis of the cash flow forecast according to the following formula:

where YES min - the minimum required need for monetary assets for the implementation of current economic activities in the coming period;

PR YES - the expected volume of payment turnover for current business transactions in the coming period;

О DA - the turnover of monetary assets (in times) in the reporting period of the same period (taking into account the planned measures to accelerate the turnover of monetary assets).

Calculation of the minimum required need for monetary assets can be carried out by another method:

where YES K - the balance of monetary assets at the end of the reporting period;

FR DA - the actual volume of payment turnover for current business transactions in the reporting period.

The analysis of cash flow and its management make it possible to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities.

The generalized characteristic of the structure of sources of formation is the quality of the net cash flow. Its high quality is characterized by an increase in the share of net profit received due to an increase in output and a decrease in its cost, and its low quality is characterized by an increase in the share of net profit associated with an increase in product prices, non-operating transactions in the total net profit.

At the same time, it is important to determine the adequacy of the net cash flow generated in the course of economic activity to finance emerging needs. For this, the net cash flow sufficiency ratio (KD NPV) is used, which is calculated using the following formula

KD NPD = (3)

where OD is the amount of principal repayments on long- and short-term loans and borrowings of the organization;

Y - index - dividends of the founders;

З ТМ - the sum of the increase in stocks of inventory items as part of the current assets of the organization;

D y - the amount of dividends (interest) paid to the owners of the enterprise (shareholders, shareholders) on the invested capital.

To assess the synchronism of the formation of positive and negative cash flows for certain intervals of the reporting period, the dynamics of the balances of the organization's cash assets is considered, reflecting the level of this synchronism and ensuring absolute solvency, the cash flow liquidity ratio (CL DP) of the organization is calculated for certain intervals of the period under review according to the formula

where RAP - the amount of cash receipts;

YES K, YES N - the amount of the organization's cash balance, respectively, at the end and beginning of the period under review;

ODP - the amount of money spent.

Summarizing indicators of the effectiveness of the organization's cash flows are the cash flow efficiency ratio (CEF) and the net cash flow reinvestment ratio (CRchpd), which are calculated using the following formulas:

Kedp = and Krchpd = (5)

where? RI and? FID - the amount of growth, respectively, of real investments and long-term financial investments of the organization.

The results of calculations are used to optimize cash flows, which is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of economic activity.

The financial condition of the company and the ability to quickly adapt in cases of unforeseen changes in the financial market depend on the effectiveness of cash flow management.

In the Western practice of financial management, more complex models of cash flow management are used. These are the Baumol model and the Miller-Orr model. However, the application of these models in Russia in the current market conditions (high inflation, resurgent stock market, sharp fluctuations in the refinancing rates of the Central Bank of the Russian Federation, etc.) is not possible.

One of the main tasks of cash flow management is to optimize the average balance of the company's cash assets. Such optimization is ensured by calculating the required size of certain types of this balance in the coming period.

The need for the operating (transactional) balance of monetary assets characterizes the minimum necessary amount of them necessary for the implementation of current business activities. The calculation of this amount is based on the planned amount of negative cash flow from operating activities (the relevant section of the plan for receipt and expenditure of cash flows) and the number of turnovers of monetary assets.

where YES o - operating balance of cash flows,

ON od - the planned amount of negative (the amount of spending cash flows) cash flow on the operating activities of the enterprise,

KO yes - the number of turnovers of the average balance of cash flows in the planning period.

The need for an insurance (reserve) balance of monetary assets is determined on the basis of the calculated amount of their operating balance and the coefficient of unevenness (coefficient of variation) of cash flows to the enterprise for certain months of the previous year.

where YES c - insurance (reserve) balance of monetary assets,

YES o - the planned operating balance of cash flows,

KV pds - the coefficient of variation of cash flows in the enterprise.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. However, since the agreement with the bank providing settlement services to non-profit organizations does not contain such a requirement, this type of balance of cash assets is not planned at the enterprise.

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.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated need for their individual types:

where YES - the average amount of monetary assets of the enterprise in the planning period,

YES o - the average amount of the operating balance of monetary assets,

YES from - the average amount of the insurance (reserve) balance of monetary assets,

YES to - the average amount of the compensatory balance of monetary assets,

YES and - the average amount of the investment balance of monetary assets.

Considering that the balances of monetary assets of the last three types are to a certain extent fungible, the total need for them with limited financial opportunities non-profit organization can be shortened accordingly.

When managing cash flows, a non-profit organization necessarily solves the problem of ensuring the cost-effective use of the temporarily free balance of cash 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.

When managing cash flows in an organization, financial planning is carried out.

The financial planning system at the enterprise includes:

1) system budget planning activities of structural divisions;

2) a system of consolidated (comprehensive) budget planning of the enterprise.

In order to organize budget planning of the activities of the structural divisions of the enterprise, an end-to-end system of budgets is being developed that combines the following functional budgets covering the base of financial calculations of the enterprise:

The budget of the wage fund, on the basis of which payments to extra-budgetary funds and some tax deductions are predicted;

The budget of material costs, compiled on the basis of the consumption rates of raw materials, components, materials and volume production program structural divisions;

Depreciation budget, including directions for using it on overhaul, maintenance and renovation;

Budget for other expenses (travel, transport, etc.);

The budget for the repayment of loans and borrowings, developed on the basis of a payment schedule;

The tax budget, which includes all taxes and obligatory payments to the budget, as well as to off-budget funds. This budget is planned for the whole enterprise.

The development of budgets for structural units and services is based on the principle of decomposition, which means that the budget of a lower level is a detailed budget of a higher level. Summary budgets for each structural unit developed, as a rule, on a monthly basis. In order to evenly provide the enterprise and its divisions with working capital, they indicate the daily planned and actual costs, as well as for the whole month.

An integral part of financial planning is the definition of responsibility centers - cost centers and income centers. Units in which the measurement of output is difficult or which work for domestic consumers, it is advisable to transform into cost centers (expenses). Units that produce products that go to the final consumer are transformed into profit centers, or income centers.

In the system of current financial planning, it is necessary to determine the actual flow of money to the enterprise. This is possible after conducting a cash flow analysis. To do this, it is necessary to have data on the inflow and outflow of cash flows in three areas: ordinary (current) activities, investment activities and financial activities. An inflow is any increase in liability items or a decrease in active accounts, an outflow is any decrease in liability items or an increase in active balance items.

Financial planning is the final stage of planning in the enterprise.

Thus, in the course of carrying out its activities, any enterprise should analyze the organization system for managing cash flows to identify centers of inflow and outflow of cash flows. The main goal of organizing cash flow management at an enterprise is to identify the causes of a shortage (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real cash flow in the form of cash payments.

2. Analysis of the activities of a cash flow management organization on the example of a non-profit organization of the Managing Company "Palace of Culture of Metallurgists"

cash flow non-profit organization

2.1 Characteristics of the features of the activities of the Managing Company "Palace of Culture of Metallurgists"

The cultural institution "Metallurgists' Palace of Culture" is a non-profit organization. The main activity is the activity of libraries, archives, cultural institutions.

The organization was registered by the Registration Chamber of the Administration of Lipetsk on August 31, 1998.

Full name: Institution of culture "Palace of Culture of Metallurgists". Abbreviated name: Cultural Institution "DK Metallurgists"

Location of the organization: 398005, Lipetsk, Mira Avenue, 22.

Table 1 - The main indicators of the financial and economic condition of the cultural institution "DK metallurgists" in 2010-2012

Index	Deviations, (+-)	Rates of growth, %


1. Fixed assets, thousand rubles
2. Reserves, thousand rubles
3. Cash, thousand rubles
4. Proceeds from the sale of products, the provision of services, thousand rubles.
5. Cost of goods sold, thousand rubles.
6. Profit from the sale of marketable products, the provision of services, thousand rubles.
7. Net profit, thousand rubles.
8. Average headcount, pers.
9. Labor productivity, thousand rubles/person

According to Table 1, it can be seen that in 2011 the amount of fixed assets increased by 1281 thousand rubles in the institution of culture "DK metallurgists". or by 36.0%, the amount of reserves - 573 thousand rubles. or by 1910.0%, the organization's funds decreased by 1416 thousand rubles. or by 81.2%, sales proceeds - by 1,742 thousand rubles. or by 78.8%, net profit - by 517 thousand rubles. or by 74.4%, the receivables of the organization increased by 428 thousand rubles. or by 104.1%, accounts payable - by 653 thousand rubles. or 2612%.

In 2012, the amount of fixed assets increased by 1,090 thousand rubles in the cultural institution "DK metallurgists". or by 22.5%, the amount of reserves decreased by 29 thousand rubles. or 4.8%, the organization's cash decreased by 114 thousand rubles. or by 34.7%, sales revenue increased by 2235 thousand rubles. or by 475.5%, net profit - by 321 thousand rubles. or by 180.3%, the organization's accounts receivable decreased by 140 thousand rubles. or by 16.7%, accounts payable - by 34 thousand rubles. or 5.0%.

2.2 Cash flow analysis of the Managing Company "Palace of Culture of Metallurgists"

Its solvency and liquidity very often depend on the real cash flow in the form of a cash flow flow reflected in the accounts of accounting.

In 2011, the balance of cash flows increased by 217 thousand rubles. or 4.1 times. This change was affected by cash flows from operating activities in the amount of RUB 1,606 thousand. However, there was an outflow of cash flows from investment activities in the amount of 1,389 thousand rubles.

In 2012, the balance of cash flows decreased by 71 thousand rubles. or 1.3 times. This change was influenced by the inflow of cash flows from operating activities in the amount of 978 thousand rubles.

Table 2 - Vertical Analysis receipts and expenditures of cash flows in the cultural institution "DK metallurgists" in 2010-2012, thousand rubles.

The name of indicators	Absolute value	Absolute value	Share of the sum of all sources of cash flows, %	Absolute value

1. Receipt and sources of cash flows
Revenues from sales
Target receipts
Other supply.
Total incoming cash flows
2. Use of cash flows

From table 2 it follows that the main source of cash flow in the cultural institution "DK metallurgists" in 2010 was targeted funding - 86.2%.

Among the directions of spending the cash flows of the cultural institution "DK metallurgists" the main specific gravity occupy: payment of supplier invoices (70.5%), staff salaries and contributions to off-budget funds (23.4%), settlements with the budget (3.3%), financing the acquisition of the active part of fixed assets (2.1%), other expenses (0.7%).

The net change in cash flows (the excess of outflow over inflow) is -48 thousand rubles. or 0.3%.

The main source of cash flow in 2011 in the cultural institution "DK metallurgists" was targeted funding - 87.7%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (53.5%), remuneration of personnel and contributions to extra-budgetary funds (28.7%), settlements with the budget (4.5%) , for the issuance of accountable amounts (2.8%), financing the acquisition of the active part of fixed assets (9.4%), other expenses (1.3%).

The net change in cash flows (the excess of inflow over outflow) is 1.5%.

The main source of cash flow in 2012 in the cultural institution "DK Metallurgists" was targeted funding - 83.6%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of suppliers' invoices (58.8%), remuneration of personnel and contributions to extra-budgetary funds (26.6%), settlements with the budget (5.6%) , for the issuance of accountable amounts (2.7%), financing the acquisition of the active part of fixed assets (5.2%), other expenses (1.1%).

The net change in cash flows (the excess of outflow over inflow) is 0.4%.

The expenditure of cash flows decreased by 2898 thousand rubles, including: for payments to suppliers it decreased by 4596 thousand rubles, for wages it increased by 67 thousand rubles, for settlements with off-budget funds - by 49 thousand rubles, for the issuance of accountable amounts - by 410 thousand rubles, for the acquisition of fixed assets - by 1013 thousand rubles, for settlements with the budget - by 95 thousand rubles, for other payments - by 64 thousand rubles.

In 2012, cash flow receipts increased by 4,941 thousand rubles, including:

Target financing of the organization increased by 3508 thousand rubles,

Revenue from current activities - by 1664 thousand rubles,

Other income decreased by 231 thousand rubles.

The use of cash flows increased by 5229 thousand rubles, including: for payment to suppliers increased by 3903 thousand rubles, for wages increased by 1119 thousand rubles, for settlements with off-budget funds decreased by 37 thousand rubles, for the issuance of accountable amounts increased by 139 thousand rubles, for the acquisition of fixed assets decreased by 340 thousand rubles, for settlements with the budget increased by 446 thousand rubles, for other payments it decreased by 1 thousand rubles.

The analysis of cash flows by the indirect method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in the amount of cash flows.

According to the results of the analysis of cash flows in the cultural institution "DK metallurgists" for 2011, the following conclusions can be drawn by an indirect method:

1. for the reporting period, the amount of net profit decreased by 517 thousand rubles compared to the previous one;

2. Increased inventory balances by 573 thousand rubles. in warehouses;

3. increased accounts receivable by 315 thousand rubles;

4. accounts payable increased by 653 thousand rubles;

6. The total change in cash flows from all types of activities amounted to +473 thousand rubles.

According to the results of the analysis of cash flows for 2012 in the cultural institution "DK Metallurgists" by an indirect method, the following conclusions can be drawn:

1. for the reporting period, the amount of net profit increased by 321 thousand rubles compared to the previous one;

2. inventory balances decreased by 29 thousand rubles;

3. accounts receivable decreased by 140 thousand rubles;

4. accounts payable decreased by 334 thousand rubles;

5. the insufficiency of own funds (net profit and depreciation charges) for the implementation of investment activities was revealed;

6. The total change in cash flows from all types of activities amounted to +982 thousand rubles.

Thus, after analyzing the cash flow in the cultural institution "DK Metallurgists", it was found that the organization is not always able to generate a sufficient amount of cash flows to carry out its activities.

2.3 Analysis of the effectiveness of cash flow management in the Managing Company "Palace of Culture of Metallurgists"

Management of cash assets or the balance of cash flows and their equivalents, permanently at the disposal of the enterprise, is an integral part of the functions of the overall management of current assets of the cultural institution "Palace of Culture of Metallurgists".

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise.

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 flows, as well as their formed investment balance.

In the process of cash flow management, the following indicators cash flow in the organization.

Table 3 shows that the participation rate of monetary assets in total current assets for 2011 decreased by 57%, and for 2012 - by 6%. The period of turnover of monetary assets for 2011 decreased by 27.8 days, and for 2012 - by 4.17 days. The number of turnovers of monetary assets in 2011 increased by 34.98 vol., and in 2012 - by 48.26 vol.

Table 3 - Indicators of the movement and state of cash flows in the cultural institution "Palace of Culture of Metallurgists" in 2010-2012

Index				Deviation, +/-

1. The coefficient of participation of monetary assets in total current assets
2. Period of turnover of monetary assets, days
3. The number of turnovers of monetary assets
4. Absolute liquidity ratio
5. Critical liquidity ratio
6. Current liquidity ratio

All liquidity ratios are above their normative values, which is a positive fact.

Let us calculate the planned amount of the operating balance of the monetary assets of the cultural institution "DK Metallurgists" in 2013.

20133: 93.41 = 215 thousand rubles.

We will calculate the planned amount of the insurance balance of the monetary assets of the cultural institution "DK Metallurgists" in 2013.

YES c \u003d 215 x 70% \u003d 151 thousand rubles.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. However, since the agreement with the bank that provides settlement services to the cultural institution "DK Metallurgists" does not contain such a requirement, this type of balance of cash 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.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated need for their individual types: YES = 215 + 151 = 366 thousand rubles.

Considering that the balances of the last three types of monetary assets are to a certain extent interchangeable, the total need for them, given the limited financial capabilities of the cultural institution "DK metallurgists", can be reduced accordingly.

When managing the cash flows of the cultural institution "DK metallurgists", the problem of ensuring the profitable use of the temporarily free balance of monetary assets is necessarily solved. 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.

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The structure of the organization's cash flows

Cash flows are formed during the implementation of the main, investment and financial activities of an economic entity by receiving and spending funds. Cash flow- this is the totality of all receipts (positive cash flow) and cash payments (negative cash flow) generated by the organization (Fig. 7.1). It is the steadily generated net positive cash flow that indicates the possibility of developing the organization, growing business and generating stable profits. Cash flows have a number of properties.

1. Direction- all cash receipts form a positive cash flow, the totality of cash payments form a negative cash note.
2. Adequacy:
- excess cash flow is characterized by receipts that significantly exceed the organization's cumulative need for cash;
- the deficit cash flow is formed by cash payments that significantly exceed receipts.
3. Dependence on the type of activity: operating cash flow is formed from the main activity of the organization and is characterized by payments for goods, raw materials and materials, services consumed in production, tax payments for the main activity, salary management personnel, as well as personnel engaged in the main activities. Positive operating cash flow is generated by receipts from buyers, customers, refunds of overpaid amounts to suppliers and contractors, payments from tax authorities on overpaid taxes or VAT refunds.
Cash flow from investing activities receives its content through the sale of fixed assets, intangible assets, raw materials and materials, long-term securities, the receipt of dividends or the sale of shares in a business that is not the main one for the organization. Any transfers related to the acquisition of fixed assets, intangible assets, shares in the authorized capital of other organizations, securities for the purpose of generating income in the form of an increase in value or dividends, as well as factoring operations, are considered cash outflows from investment activities.
Cash flow from financing activities shows the cash flow for attracting additional financing for the development of the organization in the form of equity or borrowed capital, servicing capital in the form of payment of interest and (or) dividends.

The strength of the interdependence of core, investment and financial activities organization is hard to overestimate. high rates investments in non-current assets can lead to a shortage of free cash, a decrease in solvency and a decrease in the efficiency of core activities through a decrease in volumes and (or) an increase in costs. At the same time, the refusal to invest can lead to a slowdown in the development of the organization, loss of competitive advantage and lower profits, and production organizations- to stop production due to outdated, worn-out equipment, a decrease in product quality. Attracting additional sources of financing in a limited market will not contribute to efficient investments, additional profits and will lead to an increase in inefficient costs in the form of interest on servicing borrowed funds, which again will lead to a decrease in profits.

The concept of cash flow and its varieties

Clean and free cash flow

How is the calculation made

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The structure of the organization's cash flows