Cash flows in the form of current. Cash flow management. How is the calculation made

Cash flow management is one of the main activities of the company. Cash flow management includes the calculation of the circulation time Money(financial cycle), cash flow analysis, its forecasting, determination of the optimal level of funds, cash budgeting, etc.

Cash flow management of any commercial organization is an important integral part a common system for managing its financial activities.

Cash flow management allows you to solve a variety of tasks financial management and subordinated to its main purpose.

The main goal of cash flow management is to ensure the financial balance of the enterprise in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

Cash flow management involves the analysis of these flows, cash flow accounting, development of a cash flow plan. In world practice, cash flows are referred to as "cash flow".

Enterprise cash flow management process

Cash flow management process The enterprise is based on certain principles, the main of which are:

1. The principle of informative reliability. Like every control system, cash flow management must be provided with the necessary information base. The source of information for the analysis of cash flows, first of all, is the cash flow statement (previously form 4 of the balance sheet), the balance sheet itself, the income statement and appendices to the balance sheet.

2. The principle of ensuring balance. Enterprise cash flow management deals with many types and varieties of enterprise cash flows. Their subordination to the common goals and objectives of management requires balancing the cash flows of the enterprise by types, volumes, time intervals and other essential characteristics. The implementation of this principle is connected with the optimization of the company's cash flows in the process of managing them.

3. The principle of ensuring efficiency. Cash flows are characterized by a significant unevenness in the receipt and expenditure of funds in the context of individual time intervals, which leads to the formation of volumes of temporarily free cash. In essence, these temporarily free cash balances are in the nature of non-productive assets (until they are used in the economic process), which lose their value over time, from inflation and for other reasons. The implementation of the principle of efficiency in the process of managing cash flows is to ensure their effective use by making financial investments of the enterprise.

4. The principle of providing liquidity. High unevenness certain types cash flows generates a temporary shortage of funds, which adversely affects the level of its solvency. Therefore, in the process of managing cash flows, it is necessary to ensure a sufficient level of their liquidity throughout the entire period under review. The implementation of this principle is ensured by appropriate synchronization of positive and negative cash flows in the context of each time interval of the period under consideration.

Taking into account the considered principles, a specific process of managing the cash flows of an enterprise is organized.

Cash flow management system

If the object of management is the cash flows of the enterprise associated with the implementation of various economic and financial transactions, then the subject of management is the financial service, the composition and number of which depends on the size, structure of the enterprise, the number of operations, activities and other factors:

in small businesses Chief Accountant often combines the functions of the head of the financial and planning departments;

in the middle ones, accounting, the department of financial planning and operational management stand out;

V large companies structure financial services is expanding significantly general guidance of the financial director are accounting, financial planning and operational management departments, as well as an analytical department, a department valuable papers and currencies.

As for elements of the cash flow management system, then they should include financial methods and tools, regulatory, information and software:

among the financial methods that have a direct impact on the organization, dynamics and structure of the enterprise's cash flows, one can distinguish a system of settlements with debtors and creditors; relationships with founders (shareholders), contractors, government bodies; lending; financing; fund formation; investment; insurance; taxation; factoring, etc.;
financial instruments combine money, loans, taxes, forms of payment, investments, prices, bills of exchange and other stock market instruments, depreciation rates, dividends, deposits and other instruments, the composition of which is determined by the peculiarities of the organization of finance at the enterprise;
legal support of the enterprise consists of a system of state laws and regulations, established norms and standards, the charter of an economic entity, internal orders and orders, and a contractual framework.

In modern conditions necessary condition business success is the timely receipt of information and prompt response to it, therefore important element cash flow management of the enterprise is intra-company reporting.

Thus, the cash flow management system at an enterprise is a set of methods, tools and specific techniques for a purposeful, continuous impact on the cash flow by the financial service of an enterprise in order to achieve the goal.

Enterprise cash flow planning

One of the stages of cash flow management is the planning stage. Cash flow planning helps the professional determine the sources of funds and evaluate their use, as well as identify the expected cash flows, and therefore the growth prospects of the organization and its future financial needs.

The main task of drawing up a cash flow plan is to check the reality of the sources of funds and the validity of expenses, the synchronism of their occurrence, to determine the possible need for borrowed funds. The cash flow plan can be drawn up in a direct or indirect way.

TRIBUTIES	OUTFLOWS
Primary activity
Revenue from product sales	Payments to suppliers
Receipt of accounts receivable	Salary payment
Proceeds from the sale material assets, barter	Payments to the budget and off-budget funds
Buyers advances	Payments % for a loan
	Consumption fund payments
	Repayment of accounts payable
Investment activities
Sale of fixed assets, intangible assets, construction in progress	Capital investments for the development of production
Proceeds from the sale long-term financial investments	Long-term financial investments
Dividends, % of financial investments
Financial activities
Short-term credits and loans	Repayment of short-term loans, loans
Long-term credits and loans	Repayment of long-term loans, loans
Proceeds from the sale and payment of promissory notes	Dividend payment
Proceeds from the issue of shares	Payment of bills
Special-purpose financing

The need to divide cash flows into three types is explained by the role of each and their relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, while investment and financial activities are designed to contribute to the development of the main activity and provide it with additional funds.

The cash flow plan is drawn up for various time intervals (year, quarter, month, decade), for the short term it is drawn up in the form of a payment calendar.

Payment schedule is a production plan financial activities, in which all sources of cash receipts and expenses for a certain period of time are calendar-related. It fully covers the cash flow of the enterprise; makes it possible to link receipts of funds and payments in cash and non-cash form; allows to ensure constant solvency and liquidity.

In the process of compiling a payment calendar, the following tasks are solved:

organization of accounting for the temporary docking of cash receipts and future expenses of the organization;
formation of an information base on the movement of cash inflows and outflows;
daily record of changes in information base;
analysis of non-payments and organization of measures to eliminate their causes;
calculation of the need for short-term financing;
calculation of temporarily free funds of the organization;
analysis of the financial market from the position of the most reliable and profitable placement of temporarily free funds.

The payment calendar is compiled on the basis of a real information base on cash flows, which includes: contracts with counterparties; acts of reconciliation of settlements with counterparties; invoices for products; invoices; bank documents on receipt of funds to accounts; money orders; product shipment schedules; payout schedules wages; status of settlements with debtors and creditors; statutory deadlines for payments on financial obligations to the budget and extra-budgetary funds; internal orders.

To effectively draw up a payment calendar, it is necessary to control information about the balances of funds in bank accounts, funds spent, average balances per day, the state of the organization's marketable securities, planned receipts and payments for the coming period.

Balancing and synchronization of cash flows

The result of developing a cash flow plan can be both a deficit and an excess of cash. Therefore, at the final stage of cash flow management, they are optimized by balancing in volume and time, synchronizing their formation in time, and optimizing the cash balance on the current account.

Both deficit and excess cash flow have a negative impact on the activities of the enterprise. The negative consequences of a deficit cash flow are manifested in a decrease in the liquidity and solvency of an enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in the payment of wages, an increase in the duration of the financial cycle, and, ultimately, in a decrease in profitability of using own capital and assets of the enterprise.

The negative consequences of excess cash flow are manifested in the loss of the real value of temporarily unused funds from inflation, the loss potential income from the unused part of monetary assets in the sphere of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

According to I. N. Yakovleva, the volume of scarce cash flow should be balanced by:

attracting additional equity or long-term debt capital;
improving work with current assets;
getting rid of non-core non-current assets;
reduction of the enterprise's investment program;
cost reduction.

The amount of excess cash flow should be balanced by:

increasing the investment activity of the enterprise;
expansion or diversification of activities;
early repayment of long-term loans.

In the process of optimizing cash flows over time, two main methods are used - leveling and synchronization. Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method eliminates, to a certain extent, seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

Synchronization of cash flows is based on the covariance of their positive and negative types. In the process of synchronization, an increase in the level of correlation between these two types of cash flows should be ensured. The results of this method of optimizing cash flows over time are evaluated using the correlation coefficient, which should tend to the value "+1" during the optimization process.

The tightness of the correlation increases due to the acceleration or deceleration of the payment turnover.

The payment turnover is accelerated due to the following measures:

increasing the amount of discounts to debtors;
shortening the period of commodity credit provided to buyers;
tightening credit policy on the issue of debt collection;
tightening the procedure for assessing the creditworthiness of debtors in order to reduce the percentage of insolvent buyers of the organization;
use of modern financial instruments, such as factoring, accounting of bills, forfeiting;
use of such types of short-term loans as overdraft and line of credit.

The slowdown in the payment turnover can be carried out due to:

increasing the term of trade credit provided by suppliers;
acquisition of long-term assets through leasing, as well as outsourcing of strategically less significant areas of the organization's activities;
converting short-term loans into long-term ones;
reduction of cash settlements with suppliers.

Calculation of the optimal cash balance

Cash as a type of current assets is characterized by some features:

routine - cash is used to pay off current financial obligations, so there is always a time gap between incoming and outgoing cash flows. As a result, the company is forced to constantly accumulate free cash on a bank account;
precaution - the activity of the enterprise is not strictly regulated, therefore, cash is necessary to cover unforeseen payments. For these purposes, it is advisable to create an insurance cash reserve;
speculative - funds are needed for speculative reasons, since there is always a small probability that an unexpected opportunity for profitable investment will appear.

However, cash itself is a non-profitable asset, so the main objective cash flow management policies - maintaining them at the minimum necessary level, sufficient for the effective financial and economic activities of the organization, including:

timely payment of suppliers' invoices, allowing you to take advantage of the discounts they provide on the price of the goods;
maintaining a constant creditworthiness;
payment of unforeseen expenses arising in the course of economic activity of the enterprise.

As noted above, if there is a large amount of money on the current account, the enterprise has the costs of missed opportunities (refusal to participate in any investment project). With a minimum supply of cash, there are costs to replenish this stock, the so-called maintenance costs (sales expenses due to the purchase and sale of securities, or interest and other costs associated with raising a loan to replenish the balance of funds). Therefore, when solving the problem of optimizing the balance of money on the current account, it is advisable to take into account two mutually exclusive circumstances: maintaining current solvency and obtaining additional profit from investing free cash.

There are several basic methods for calculating the optimal cash balance: mathematical models of Baumol-Tobin, Miller-Orr, Stone, etc.

An important step in cash flow management is the analysis of coefficients calculated on the basis of cash flow indicators. Analysts have proposed quite a lot of coefficients that reveal the relationship of cash flows with balance sheet and income statement items and characterize financial stability, solvency and profitability of companies. Many of these ratios are similar to those calculated using profit or revenue figures.

The efficiency of the enterprise depends entirely on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans of the enterprise, maintaining solvency and financial stability, more rational use of its assets and sources of financing, as well as minimizing the cost of financing business activities.

Main role in cash flow management is given to ensuring their balance in terms of types, volumes, time intervals and other essential characteristics.

The importance and importance of cash flow management in an enterprise can hardly be overestimated, since not only the stability of the enterprise in a specific period of time, but also the ability to further develop, achieve financial success in the long term depends on its quality and efficiency.

Literature:

Bertones M. Knight R. Cash flow management - St. Petersburg: Peter, 2004.
Bykova E.V. Indicators of cash flow in assessing the financial stability of the enterprise. // Finance. - №2, 2000.
Efimova O.V. How to analyze the financial position of the company. - M.: UNITI, .2005.
Kovalev V.V. Management of cash flows, profit and profitability: a training manual - M .: TK Welby, Prospekt Publishing House, 2007.
Romanovsky M.V., Vostroknutova A.I. Corporate finance: Textbook for universities - St. Petersburg: St. Petersburg, 2011.

One of the areas of enterprise financial management is effective management cash flows. Full score financial condition enterprise is impossible without the analysis of cash flows. Currently, most enterprises (more than 80%) have a lack of working capital. At the same time, many of them operate at a profit. One of the tasks of cash flow management is to identify the relationship between these flows and profit, i.e. whether the income generated is the result of effective cash flows or is it the result of some other factors.

When analyzing the financial condition of an enterprise, it is necessary to clearly understand that the profit for the reporting period and the cash received by the enterprise during the period are not the same.

What is the difference between cash flow and profit?

Revenue- accounting income from the sale of products or services for a given period, reflecting both monetary and non-monetary forms of income.

Profit- the difference between accounting income from sales and accrued expenses for products sold.

cash flow- the difference between all the funds received and paid by the enterprise for a certain period of time.

Profit is an increase in the company's cash for a period, which characterizes the effectiveness of enterprise management. The presence of profit does not mean that the enterprise has free cash available for the share of use.

There are such concepts as "cash flow" and "cash flow".

Under cash flow refers to all gross cash receipts and payments of the enterprise.

cash flow is associated with a specific period of time and represents the difference between all the funds received and paid out by enterprises during this period.

The movement of money is the fundamental principle, as a result of which finances arise, i.e. financial relations, cash funds, cash flows.

Cash flow management involves:

Analysis of these streams,

cash flow accounting,

Development of a cash flow plan.

In world practice, cash flow is denoted by the concept "cash flow"(cash flow), although the literal translation (from English) of this term is cash flow. Cash flow, in which outflows exceed inflows, is called a "negative cash flow" (negative cash flow), otherwise it is a "positive cash flow" (positive cash flow).

Since the main activity of the company is the main source of profit, it should also be the main source of cash.

Since, with the successful conduct of business, the enterprise strives to expand and modernize production capacity investing activity generally results in temporary cash outflows.

Financial activity is designed to increase the cash at the disposal of the company for financial support core and investment activities.

As already noted, cash flows are associated with cash inflows and outflows:

Receipt (inflow) of funds	Kind of activity	Cash withdrawal (outflow)
Proceeds from the sale of products Receipt of receivables Receipt from the sale of material assets, barter Advances from buyers	Primary activity	Payments to suppliers Payment of wages Payments to the budget and extra-budgetary funds Payments of interest on a loan Payments on the consumption fund Repayment of accounts payable
Sale of fixed assets, intangible assets, construction in progress Proceeds from the sale of long-term financial investments Dividends, interest on long-term financial investments	Investment activities	Capital investments for production development Long-term financial investments
Short-term loans and borrowings Long-term loans and borrowings Proceeds from the sale and payment of promissory notes Proceeds from the issuance of shares Target financing	Financial activities	Repayment of short-term credits and loans Repayment of long-term credits and loans Payment of dividends Payment of promissory notes

The need to divide the activities of the enterprise into three of its types is explained by the role of each and their relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, while investment and financial activities are designed to contribute, on the one hand, to the development of the main activity, on the other hand, to provide it with additional funds.

Cash flow analysis associated with the clarification of the causes that influenced:

Increased cash flow;

Reduction of their inflow;

Increase their outflow;

Reducing their outflow.

This can be done both for a long period (several years) and for a short one (quarter, year). Such an analysis will be of undoubted interest if it is done for a period reflecting some stage in the activity of the enterprise, for example, from the moment of creation joint-stock company, release start new products, completion of reconstruction, etc.

There are two methods for calculating cash flow:

direct and indirect.

The differences between these methods follow from the principles of calculations.

At direct method :

Calculation of flows is carried out on the basis of accounts accounting enterprises;

The calculation basis for the direct method is the proceeds from the sale of products;

Cash flow is defined as the difference between all the inflows of funds in the enterprise for three types of activities and their outflows;

The balance of funds at the end of the period is defined as their balance at the beginning, taking into account their flow for a given period.

As a result, the company receives answers to questions about cash inflows and outflows and their sufficiency to ensure all payments.

at indirect method:

- the calculation is carried out on the basis of indicators of the balance sheet of the enterprise (Form-1) and the statement of financial results (Form-2);

The basis for the calculation is retained earnings, depreciation, as well as changes in the assets and liabilities of the enterprise. Here, an increase in assets reduces the company's cash, and an increase in liabilities - increases, and vice versa;

Shows relationship various kinds activities of the enterprise, as well as the impact on profits of changes in the assets and liabilities of the enterprise.

Types and forms of payments

Carrying out business activities, the company is faced with the need to produce cash settlements both within the enterprise itself and outside it. Internal settlements are related to the payment of wages and accountable amounts to employees, dividends to shareholders, etc. External settlements are due to financial relationships regarding the supply of products, the performance of work, the provision of services, the purchase of raw materials and materials, the payment of taxes, contributions to extra-budgetary funds, the receipt and repayment of a loan and etc.

All calculations of the enterprise can be divided into groups:

1. Payments for commodity transactions - operations related to the movement of goods, settlements with suppliers and contractors, buyers and customers, commission agents and consignors.

2. Settlements for non-commodity transactions - transactions not caused by the movement of goods and associated only with the movement of funds - settlements with the budget and extra-budgetary funds, founders, shareholders, accountable persons, principals and attorneys, credit organizations

Settlements for commodity transactions are carried out by the following types of payments:

payment orders;

Planned payments:

Payment requests-orders;

Letters of credit;

Settlement checks;

Set-off of mutual requirements;

bills;

Oncoming movement of goods (barter transactions).

For non-commodity transactions, settlements are carried out only with the help of payment orders.

Purpose and objectives of cash flow management

Topic 8. Cash flow management of the organization

The implementation of all types of financial and business operations of the organization is accompanied by the movement of funds - their receipt or expenditure. This continuous process is defined by the concept cash flow.

Cash flow- a set of time-distributed cash inflows and outflows.

Management Goal cash flows - Ensuring the financial balance of the organization in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

Tasks of cash flow management:

formation of a sufficient amount of funds of the organization in accordance with the needs of its economic activity;

optimization of the distribution of the volume of generated financial resources of the organization in the areas of economic activity;

Ensuring a high level of financial stability and solvency of the organization;

· maximizing the growth of net cash flow, ensuring the specified pace of development of the organization;

· minimization of losses in the value of funds in the process of their economic use.

Allocate the following types cash flows.

· By type of activity allocate cash flows from current (operating), financial and investment activities.

· Direction of cash flow allocate positive cash flow, characterizing the totality of cash receipts and negative cash flow, characterizing the totality of payments.

· By calculation method allocate gross cash flow, representing the totality of receipts and expenditures of funds and net cash flow, representing the difference between positive and negative cash flows.

· According to the degree of continuity single out regular ones, i.e. providing for equal intervals between payments and irregular (discrete).

· By volume sufficiency allocate excess cash flow, representing the excess of cash inflows over their outflows and deficit cash flow, in which cash receipts are lower than the organization's needs for spending them.

The organization's cash flows in all forms and types, and, accordingly, the total cash flow are the most important independent object of financial management.

The system of key indicators characterizing the cash flow includes:

the volume of cash receipts;

the amount of money spent;

the volume of net cash flow;

the amount of cash balances at the beginning and end of the period under review;

check amount of funds;

· Distribution of the total amount of cash flows of certain types for certain intervals of the period under review. The number and duration of such intervals are determined by the specific tasks of analyzing or planning cash flows;

· assessment of factors of internal and external nature, influencing the formation of cash flows of the organization.

Cash flow is carried out in three types of activities:

current (main, operational) activity;

· investment activities;

· financial activities.

Current (main, operating) activities- the activity of the organization, pursuing the extraction of profit as the main goal, or not having the extraction of profit as such in accordance with the subject and objectives of the activity, i.e., the production of industrial, agricultural products, the implementation construction works selling goods, providing services Catering, harvesting agricultural products, leasing property, etc.

Inflows from current activities:

receipt of proceeds from the sale of products (works, services);

Receipts from the resale of goods received by barter;

Receipts from the repayment of receivables;

advances received from buyers and customers.

Outflows from current activities:

payment for purchased goods, works, services;

Issuance of advances for the purchase of goods, works, services;

payment of accounts payable for goods, works, services;

· salary;

payment of dividends, interest;

· payment according to calculations on taxes and fees.

Investment activities- activities of the organization related to the acquisition of land, buildings, other real estate, equipment, intangible assets and other non-current assets, as well as their sale; with the implementation of own construction, expenses for research, development and technological developments; with financial investments.

Inflows from investment activities:

receipt of proceeds from the sale of non-current assets;

receipt of proceeds from the sale of securities and other financial investments;

income from the repayment of loans granted to other organizations;

receiving dividends and interest.

Outflows from investment activities:

payment for acquired non-current assets;

payment of acquired financial investments;

· issuance of advances for the acquisition of non-current assets and financial investments;

granting loans to other organizations;

· Contributions to authorized (share) capitals of other organizations.

Financial activities- the activity of the organization, as a result of which the value and composition of the organization's own capital, borrowed funds change.

Cash inflows from financing activities:

Receipt from the issue of equity securities;

income from loans and credits provided by other organizations.

Outflows from financial activities:

repayment of loans and credits;

Repayment of financial lease obligations.

The cash flows generated by the current activities of the organization often go into the sphere of investment activities, where they can be used to develop production. However, they can also be directed to the sphere of financial activity for the payment of dividends to shareholders. Current activities are quite often supported by financial and investment activities, which ensures additional capital inflow and the organization's survival in a crisis situation. In this case, the organization ceases to finance capital investments and suspends the payment of dividends to shareholders.

The cash flow from current activities is characterized by the following features:

current activity is the main component of all business activities of the organization, so the cash flow generated by it should occupy the largest specific gravity in the total cash flow of the organization;

Forms and methods of current activities depend on industry specifics, therefore, in different organizations cash flow cycles of ongoing activities can vary significantly;

· Operations that determine the current activity are distinguished, as a rule, by regularity, which makes the monetary cycle quite clear;

· Current activity is focused mainly on the commodity market, so its cash flow is related to the state of the commodity market and its individual segments. For example, a shortage of inventories in the market can increase the outflow of money, and overstocking of finished products can reduce their inflow;

current activities, and hence its cash flow, are inherent in operational risks that can disrupt the cash cycle.

Fixed assets are not included in the cash flow cycle of current activities, since they are part of investing activities, but it is impossible to exclude them from the cash flow cycle. This is explained by the fact that current activities, as a rule, cannot exist without fixed assets, and in addition, part of the costs of investment activities is reimbursed through current activities through depreciation of fixed assets.

Thus, the current and investment activities of the organization are closely related. The cash flow cycle from investing activities is the period of time during which cash invested in non-current assets will return to the organization in the form of accumulated depreciation, interest or proceeds from the sale of these assets.

The cash flow from investing activities is characterized by the following features:

· the investment activity of the organization is subordinate in relation to the current activities, so the inflow and outflow of funds from investment activities should be determined by the pace of development of current activities;

Forms and methods of investment activity are much less dependent on the industry characteristics of the organization than current activities, therefore, in different organizations, the cycles of cash flows of investment activities are, as a rule, almost identical;

· the inflow of funds from investment activities in time is usually significantly distant from the outflow, i.e. the cycle is characterized by a long time lag;

investment activity has various forms (acquisition, construction, long-term financial investments, etc.) and different directions of cash flow in certain periods of time (as a rule, initially outflow prevails, significantly exceeding inflow, and then vice versa), which makes it difficult to represent the cycle of its cash flow flow in a fairly clear pattern;

· investment activity is associated with both commodity and financial markets, the fluctuations of which often do not coincide and can affect the investment cash flow in different ways. For example, an increase in demand in the commodity market may give the organization an additional cash inflow from the sale of fixed assets, but this, as a rule, will lead to a decrease in financial resources in the financial market, which is accompanied by an increase in their value (percentage), which, in turn, may lead to an increase in the cash outflow of the organization;

· the cash flow of investment activities is affected by specific types of risks inherent in investment activities, united by the concept of investment risks, which are more likely to occur than operational ones.

The cash flow cycle of financial activity is the period of time during which money invested in profitable objects will be returned to the organization with interest.

The cash flow from financing activities is characterized by the following features:

financial activity is subordinate in relation to the current and investment activities, therefore, the cash flow of financial activities should not be formed to the detriment of the current and investment activities of the organization;

the volume of cash flow of financial activities should depend on the availability of temporarily free cash, so the cash flow of financial activities may not exist for every organization and not constantly;

financial activity is directly related to the financial market and depends on its state. A developed and stable financial market can stimulate the financial activity of the organization, therefore, provide an increase in the cash flow of this activity, and vice versa;

· financial activities are characterized by specific types of risks, defined as financial risks, which are characterized by a special danger, therefore, they can significantly affect the cash flow.

The cash flows of the organization are closely related to all three types of its activities. Money constantly "flows" from one activity to another. The cash flow of current activities, as a rule, should fuel investment and financing activities. If there is a reverse direction of cash flows, then this indicates an unfavorable financial situation of the organization.

The cash flow of an organization is a set of time-distributed receipts and payments of cash generated by its economic activity.

The organization's cash flows in all forms and types, and, accordingly, the total cash flow are the most important independent object of financial management. This is determined by the role that cash flow management plays in the development of the organization and the formation of the final results of its financial activities.

Cash flows that ensure the normal economic activity of the organization in almost all of its areas can be represented as a system of "financial blood circulation" (Fig. 22.1). Efficiently organized cash flows are the most important symptom of "financial health", a prerequisite for achieving high final results of an economic entity, and contribute to an increase in the rhythm of economic and investment activities.

Effective cash flow management:

ensures the financial balance of the organization in the process of its development. The pace of this development and financial stability is largely determined by how different types of cash flows are synchronized in volume and time. The high level of such synchronization provides a significant acceleration in the implementation of the company's strategic development goals;
reduces the organization's need for borrowed capital. By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, reduce the organization's dependence on attracted loans;
reduces the risk of insolvency.

Even for successfully operating organizations, insolvency can arise as a result of the imbalance of various types of cash flows over time. Synchronization of receipts and payments of funds - an important part anti-crisis management of an organization under the threat of bankruptcy.

Active forms of cash flow management allow the organization to receive additional profit generated directly by its monetary assets. It's about first of all, about the effective use of temporarily free cash balances as part of current assets, as well as accumulated investment resources in the implementation of financial investments.

A high level of synchronization of receipts and payments of funds in terms of volume and time makes it possible to reduce the actual need of the organization for the current and insurance balances of funds serving the operational process, as well as the reserve of investment resources formed in the process of real investment.

Thus, the effective management of the organization's cash flows contributes to the formation of additional investment resources for the implementation of financial investments, which are a source of profit.

« Organization cash flow» is an aggregated concept that includes numerous types of flows serving economic activities. Cash flows can be classified according to the following criteria.

1. By the scale of servicing the business process

on the organization as a whole. This is the most aggregated type of cash flow, accumulating all types of cash flows serving the business process of the organization as a whole;
for certain types of business activities of the organization - operating, investment and financial;
for individual structural divisions(responsibility centers) of the organization;
for individual business transactions. In the economic process of the organization, this type of cash flow is considered as the primary object of independent management.

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

on operating activities. This cash flow is characterized by cash payments: to suppliers of raw materials and supplies; third-party performers of certain types of services that provide operational activities; wages - to the personnel involved in the operational process, as well as managing this process; tax payments of the organization 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; tax authorities in order to recalculate overpaid amounts and some other payments provided for by international accounting standards;
for investment activities. It characterizes the payments and receipts of funds associated with the implementation of real and financial investment, the sale of retiring fixed assets and intangible assets, the rotation of long-term instruments of the investment portfolio and other similar cash flows serving the investment activities of the organization;
on financial activities. Such a flow characterizes the receipts and payments of cash associated with attracting additional equity and 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 external financing of the economic activity of the organization.

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

positive cash flow characterizing the totality of cash inflows to the organization from all types of business transactions (cash inflow);
negative cash flow, reflecting the totality of cash payments by the organization in the process of carrying out all types of business transactions (cash outflow).

These types of cash flows are interrelated: the insufficiency of volumes in time of one of them causes a subsequent reduction in the volumes of the other. Therefore, in the organization's cash flow management system, they represent a single object of financial management.

4. By the method of calculating the volume distinguish the following types of cash flows:

gross cash flow characterizing the totality of receipts or expenditures of funds in the period under review in the context of its individual intervals;
net cash flow representing the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the period under review for its individual intervals. Net cash flow largely determines the financial balance and growth rate of the market value of the organization. The calculation of the net cash flow for the organization as a whole, for individual structural divisions (responsibility centers), various types of economic activities or individual business transactions is carried out according to the formula

NDP \u003d PDP ODP,

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

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, which ultimately affect the formation of the balance of monetary assets.

5. According to the level of sufficiency volume, the following types of cash flows can be represented:

excess cash flow, in which cash receipts significantly exceed the organization's real need for purposeful spending. Evidence of excess cash flow is a high positive value of net cash flow that has not been used in the course of the organization's business activities for a long time;
scarce cash flow, when cash receipts are significantly lower than the actual needs of the organization in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as scarce if this amount does not provide the minimum need (checksum) for cash in all areas of the organization's business activities.

6. According to the method of evaluation in time distinguish the following types of cash flows:

real cash flow, which characterizes the cash flow of the organization as a value reduced by value to the current point in time;
future cash flow, which characterizes the cash flow of the organization as a value reduced to a specific future point in time.

Both types of cash flows reflect the value of money over time.

7. By continuity of formation in the period under review are:

regular cash flow, i.e. the flow of receipt or expenditure of funds for individual business transactions, which in the period under review is carried out constantly at separate intervals of this period. Most types of cash flows generated by the operating activities of the organization are regular in nature (flows associated with servicing a financial loan in all its forms, cash flows that ensure the implementation of long-term real investment projects And
discrete cash flows. They characterize the receipt or expenditure of funds associated with the implementation of individual business operations of the organization in the period under review, for example, a one-time expenditure of funds associated with the acquisition of property, the purchase of a franchise license, the receipt of funds in the form of gratuitous assistance, etc.

These types of cash flows of the organization differ only within a specific time interval. With a minimum time interval, all cash flows of the organization can be considered as discrete. Conversely, within life cycle organization, the majority of its cash flows are regular.

8. By stability of time intervals formation of regular cash flows are:

flows with uniform time intervals within the considered period.
flows with non-uniform time intervals within the considered period. An example of such a cash flow can be lease payments when the parties agree on uneven payment intervals throughout the term of the lease agreement.

Thus, the system of key indicators characterizing the cash flow includes:

volume of cash receipts;
the amount of money spent;
the amount of net cash flow;
the amount of cash balances at the beginning and end of the period under review;
checksum of funds;
distribution of the total amount of cash flows of certain types for certain intervals of the period under review. The number and duration of such intervals are determined by the specific tasks of analyzing or planning cash flows;
assessment of factors of an internal and external nature that affect the formation of the organization's cash flows.

The significance of this topic lies in the fact that we defined the finances of enterprises from the very beginning as cash funds and cash flows. Flows ensure the functioning of monetary funds. Without the cash flows that everyone has money fund- authorized capital, accumulation and consumption fund, etc. - these funds would be incapacitated: they were not formed and were not used. Therefore, an important component of enterprise financial management is cash flow management. The success of managing the finances of an enterprise depends on the ability to distribute, use and replenish funds.

The importance of cash flow management also stems from the fact that they serve business processes. Therefore, cash flow management accelerates the turnover of capital, allows you to increase profits, thereby giving the enterprise financial stability and the rhythm of its functioning, and also allows you to reduce the need for borrowed capital and act on the principles of self-financing.

If borrowed capital and is involved in the conditions of a well-functioning cash flow management system, then it is used in the general flow of flow management with the greatest return and is returned to the creditor without complications for the enterprise. In a word, the state of cash flows as a kind of money circulation system reflects the financial "health" of the enterprise.

Cash flow management includes cash flow accounting, forecasting, cash flow analysis and regulation.

Cash flow - This is the continuous movement of funds representing their receipt (inflow) and expenditure (outflow). Such movement is distributed in time and volumes. Serving economic activity, it is generated by this activity.

The purpose of cash flow management is to ensure a balance (equilibrium) of receipts and expenditures of funds and maintaining their optimal balance.

Managing cash flows means solving the following tasks:

1. Establish sources of income and directions for spending money;

2. Investigate factors affecting cash flows (internal, external, direct, indirect, etc.);

3. Analyze the reasons for the lack or excess of funds and take measures to bring them into line;

4. Improve the mechanism of regulation and control of cash flows.

Synchronization of receipts and payments in terms of size and time allows you to reduce the reserve balance of funds, optimizing its size, and invest free cash, turning it into an additional source of profit.

Cash flows can be classified:

1. P O scale maintenance of business processes and, accordingly, subdivided into general cash flow, accumulating all types of cash flows of the enterprise as a whole, for certain types economic activity, by individual structural divisions(responsibility centers) of the enterprise, for individual business transactions;

2. P O typeseconomic activity allocate such types of cash flows:

- operating activities(current) - somehow, payments to suppliers of raw materials and materials, wages, tax payments, etc., and receipts from buyers of products, tax refunds, etc.;

- for investment activities- investments in long-term assets (land plots, buildings, equipment, etc.), investments in authorized capitals other organizations and subsidiaries and, accordingly, proceeds from the sale of long-term assets and income from investment investments;

- for financial activities- receipts related to the attraction of additional equity and share capital through the placement of new shares and bonds, the use of credit, etc., and the payment of dividends and interest, redemption own shares, redemption of bonds and own bills, return of loans and payment of interest on them, and so on.

Cash flow diagrams for these types of activities are presented in Appendix No. 1.

3. PO directions cash flows are positive cash flow (inflow, receipts) and negative cash flow (outflow, payments).

4. PO method of calculation allocate gross cash flow as a set of receipts or expenditures of funds in a certain period and clean cash flow is the difference between cash in and out.

Net cash flow reflects their ratio and is calculated by the formula:

- in short supply cash flow - income below the actual need for spending money. Even if the amount of net cash flow is positive, it can be characterized as scarce if the amount received does not meet the minimum need of the enterprise for cash.

The negative value of the amount of net cash flow automatically makes it scarce. IN financial analysis it is advisable to determine the degree of sufficiency not only for each type of activity separately, but also as a set of all types of activity. In this case, the shortfall in cash flows from one type of activity is offset by a positive inflow from others.

6. By time estimation method allocate present (current) and future (discounted) cash flows reflecting the value of money over time. It is different due to the natural depreciation of money. For example, at the beginning of the 20th century, an expensive suit made of natural fabric cost $50 in the United States. And today such a suit costs about 3000. Therefore, the purpose of the discount is to reflect the decline in the purchasing power of money in the future.

7. By continuity of formation consider: regular, i.e. carried out constantly, including with a uniform and uneven time interval (in most cases, the cash flows of an enterprise are regular, and the time interval may be violated with a change in the economic situation) and discrete - as a one-time receipt or expenditure of funds (gratuitous assistance, acquisition of another enterprise, etc.).

8. IN depending on prices distinguish cash flows at current prices;cash flows at forecast prices and cash flows at deflated prices(reduced to the price level of a fixed moment).

9. By form of implementation are divided into cash and non-cash cash flows.

10. By sphere of circulation share to external and internal(between business units).

11. By predictability - on planned and arising spontaneously (due to some extraordinary events).

The continuity of cash flow generates the repeatability of cash flows, which means their cyclicality. During the cycle, the money invested in assets is returned in the form of a result obtained during the operation of these assets (for example, proceeds from the sale of goods and services or interest on invested capital). The cash flow serving each type of activity of the enterprise has its own cycle - for current activities, for investment activities, for financial activities.

The cycle for current activities (production and commercial cycle) will be the time period from the moment of investing funds in pre-production stocks (purchase of raw materials, materials, etc.) until they are received from the recipients of products and services (debtors). The investment activity cycle will be measured by the time parameters of investing funds in non-current assets until a return is received from them. And so on. To more accurately define the cycles of cash flows, it is necessary to link them with the circulation of economic assets as material basis cash flows.

Then the turnover of capital elements will come into view: for current activities- stocks of raw materials and materials - from the moment they are received from the supplier to transfer to production, including the time spent in the warehouse of the enterprise; finished products - from the moment of completion of its creation to the moment of sale, including the time of its stay in the warehouse; receivables turnover time - from the moment of its sale to the receipt of funds for these products.

That is, the time of the financial cycle is calculated by the formula:

FC \u003d WHO + AIR - VOKZ,

where WHO is the time of inventory circulation;

AIR - the time of circulation of receivables;

VOKZ - the time of circulation of accounts payable.

In its turn:

WHO \u003d ZAP sr × 360 / Sp

AIR \u003d DZ sr × 360 / V

VOKZ \u003d KZ sr × 360 / Sp,

where ZAP cf - the average value of reserves;

DZ av and KZ av - average values of receivables and payables;

Sp - total cost sold products;

B - proceeds from the sale of products or services.

Operating cycles allows you to ensure the balancing of cash flows in time, to find reserves for generating cash flows at all stages of the circulation of economic assets of the enterprise.

Cash flow cycles depend on a number of conditions, including:

Industry specifics of the enterprise (technological cycle);

Features of the market in which the enterprise sells its products and purchases what it needs for industrial consumption;

Economic conditions in the country (tax policy, inflation, interest rates, etc.);

The level of general manageability of the enterprise and the ongoing financial policy.

However, the immediate objective of cash flow management is to shorten the financial cycle. Naturally, it will be based on a reduction in the production cycle (from the moment of purchasing working capital and reducing the time production process before the shipment of finished products), reducing the time of turnover of receivables (from the moment the goods are shipped to the recipient until the funds are credited to the settlement account of the manufacturer).

In practice, cash flows and their provision are much more complex than in a schematic representation. For example, inventories and fixed assets can act as a means of payment and accept monetary form bypassing the production process.

A special element in the presented scheme is accounts payable. It does not apply to business assets. But varying it allows you to regulate the cycle of cash flows and serves as a short-term source of increasing the available cash from the enterprise.

The focus of regulation and management of cash flows is the ratio of receivables and payables. First of all, we must strive to reduce accounts receivable, provide debtors with credit for an acceptable period and prevent its delay. But at the same time, remember that the use of deferred payment and installment plans, which inevitably give rise to receivables, can increase sales volumes.

And this is a positive moment in the "build-up" of receivables. Creditors also need to seek a loan for a period exceeding the maturity of receivables, and use the funds received with maximum efficiency. Otherwise, the company faces penalties for non-payment of accounts payable and the loss of counterparties, and even technical bankruptcy.

Ensuring the financial balance of the enterprise by balancing the volume of receipts and expenditures of funds and their synchronization in time is carried out through:

Regular construction of schemes of emerging cycles of cash flows;

Analysis of each component of individual cash flow cycles and its optimization;

Control and, if necessary, restructuring cash flow cycles.

The calculation of the feasibility of organizing cash flows and their effectiveness can be carried out by two methods - direct and indirect.

Direct method - provides data on gross and net cash flow in the reporting period. It reflects the entire volume of receipts and expenditures of funds for certain types of economic activity (current, investment, financial) and for the enterprise as a whole.

That is, the essence of the direct method is to characterize the inflow and outflow of funds for a certain period through the state of the cash balance at the beginning and end of this period, taking into account the amount of cash turnover. For this, accounting and reporting data are used that characterize all types of receipts and expenditures of funds.

This method has its advantages and disadvantages. The advantages are:

Providing operational information and the possibility of assessing the sufficiency of funds for payments on current obligations;

Ability to identify the main sources of positive flows and the direction of negative flows;

Opportunities to identify items with the highest positive and negative cash flow results;

Possibilities of monitoring and regulating the state of cash flows as a generalizing indicator of accounting registers (General Ledger, order journals and other documents);

Possibilities of forecasting the state of cash flows and solvency of the enterprise.

The disadvantage is the complexity in the absence of electronic information processing and errors in the reliability of the effectiveness of the organization of cash flows, since some lines in financial statements are not broken down according to the classification of the types of activity of the enterprise (payments of wages, payments of a social nature).

Therefore, from the point of view of identifying the reasons for the discrepancy between financial results and free cash balances, as well as the state of profitability of the enterprise from various types of activities, the indirect method is more preferable.

indirect method- provides calculation of net cash flow based on the use of net profit as a basic element received in the reporting period, then converted into an indicator of net cash flow. Such a calculation is carried out by type of economic activity and the enterprise as a whole. The indirect method allows you to determine the main financial source of increasing net cash flow according to the types of activities and to identify the dynamics of all factors influencing its formation.

The inflow of funds consists of net profit, depreciation charges, the magnitude of the decrease in individual items of the balance sheet asset and the increase in accounts payable.

The formula for calculating net cash flow from operating activities is as follows:

Where CFop - the amount of net cash flow of the enterprise on operating activities in the period under review;

state of emergency - the amount of net profit of the enterprise;

aos - the amount of depreciation of fixed assets;

Ana - the amount of depreciation of intangible assets;

DZ - decrease (increase) in the amount of accounts receivable;

W tm - decrease (increase) in the amount of stocks of inventory items that are part of current assets;

KZ - increase (decrease) in the amount of accounts payable;

R - increase (decrease) in the amount of the reserve and other insurance funds.

Theoretically cash flow By ordinary species activities in normally functioning enterprises should exceed their outflow. This is due to the process of increasing the cost of capital in the course of production activities, since the value received will be greater than the initial entrepreneurial advance.

But in fact, there is a whole set of factors that determine the possible excess of outflow over inflow, including the timeliness of debtor settlements, price changes for sold finished products and purchased pre-production stocks (there may be so-called "scissors" not in favor of the enterprise), the timeliness of settlements of banks servicing the transfers of debtors, the change in exchange rate differences used in the calculations of currencies for enterprises that carry out foreign economic activity and etc.

With the normal development of business, accounts payable and accounts receivable are approximately the same in size, financiers say. (see V.V. Kovalev Management of cash flows, profit and profitability. M., 2008, p. 20).

For investment activities the amount of net cash flow is determined as the difference between the amount of sale of certain types of non-current assets and the amount of their acquisition in the reporting period. The formula by which this indicator of investment activity is calculated is as follows:

Where CFin - the amount of net cash flow of the enterprise for investment activities in the period under review;

Ros - the amount of disposal of retired fixed assets;

Rna - the amount of disposal of retired intangible assets;

Rdfi - the amount of the sale of long-term financial instruments of the enterprise's investment portfolio;

Rsa - the amount of re-sale of previously redeemed own shares of the enterprise;

Dp - the amount of dividends (interest) received by the enterprise on long-term financial instruments of the investment portfolio;

pos - the amount of acquired fixed assets;

D NKS - the amount of growth in unfinished capital construction;

Mon - the amount of acquisition of intangible assets;

PDF - the amount of acquisition of long-term financial instruments of the enterprise's investment portfolio;

Vsa - the amount of redeemed own shares of the enterprise.

For financial activities the amount of net cash flow is defined as the difference between the amount of financial resources attracted from external sources and the amount of the principal debt, as well as dividends (interest) paid to the owners of the enterprise. The formula for calculating this indicator for financial activity is as follows:

Where CF f - the amount of net cash flow of the enterprise on financial activities in the period under review;

Psk - the amount of equity or share capital additionally attracted from external sources;

MPC - the amount of additional attracted long-term credits and loans;

pkk - the amount of additionally attracted short-term credits and loans;

BCF - the amount of funds received in the form of gratuitous targeted financing of the enterprise.

Vdk - the amount of payment (repayment) of the principal debt on long-term credits and loans;

Wcc - the amount of payment (repayment) of the principal debt on short-term credits and loans;

Doo - the amount of dividends (interest) paid to the owners of the enterprise (shareholders) on invested capital (shares, shares, etc.).

The amount of net cash flow for these types of activities represents its total size for the enterprise in the reporting period for all types of activities.

The advantage of the indirect method when used in operational management is that it allows you to establish a correspondence between financial result and use of own working capital. In the long term, the indirect method makes it possible to identify the most problematic areas for managing cash flows and the economic activity of an enterprise, i.e. the formation of immobilized (unused) funds.

But perhaps the most important advantage this method is that cash flow management when using own, borrowed and borrowed funds is aimed at the final result of the enterprise - earning net income.

But this method is not without drawbacks. For there is no absolute unity of factors affecting both the state of cash flows and the state of profit. Thus, early disposal of non-current assets, including fixed assets, leads to a decrease in profit by the amount of their residual value. But this transaction does not cause cash flow. In addition, it is necessary to take into account the existing discrepancy in the time of expenditure and receipt of income and their reflection in the financial statements, and the actual cash flow for these operations.

For example, according to accounting data, an enterprise can be profitable, but at the same time experience certain difficulties in paying for urgent obligations. The point here is in the specifics of the reflection of information in the reporting, which is ahead of the real cash flow, because it depends on the method of calculation used. Information about the cash flow is formed on a cash basis and reflects the fact of their movement. The resulting profit is, firstly, a calculated indicator, and secondly, it can be determined before the receivables are repaid.

The cash flow liquidity ratio is also used, in which the main guideline is the dynamics of the balances of the enterprise's cash assets, the size of which ensures absolute solvency.

It is calculated by the formula:

where PDS - cash receipts;

DO - cash balance;

RDS - spending money.

If the size of the net cash flow is correlated with the amount of money spent, then we get an indicator - the cash flow efficiency ratio.

The efficiency of a positive cash flow can also be expressed in terms of the ratio of profit to the size of this flow. This profitability ratio is calculated from the positive cash flows of various activities.

The state of cash flows of the enterprise is significantly influenced by the types and forms of cash payments used. They affect the rate of cash flow. Thus, the use of cash settlement ensures the receipt of funds at the time of the transaction. Cashless payment involves the movement of payment documents through banks serving counterparties, which requires more time.

Even the implementation of non-cash payments in various forms (payment orders and claims, advance payments, checks, on the terms of acceptance and without it, letters of credit with all their varieties) has a significant impact on the speed of movement of money due to various labor costs in processing the data of payment documents and different transfer procedures Money.

To manage current cash flows, a cash flow plan, a profit and loss plan, a budgeting system, a payment calendar, and a cash plan are used.