Financial activity is. Financial activities of the state and municipalities: concept, features. Financial activity of the organization as an object of complex analysis

Fin. activity is the main branch of management, the special task of which is to mobilize funds for all branches of management. With the help of Fin. activities are financed by the state.

4. Methods of financial activity of the state-va.

To mobilize money means of state-in applies:

· Method of establishment of obligatory payments and taxes. Using this method, all direct and indirect taxes, mandatory payments, contributions to trust funds are sought.

· The method of voluntary fundraising. It consists in the fact that the state attracts at its disposal temporarily free funds of the population and enterprises by issuing state. loans, money and clothing lotteries, deposits of the population.

· A combination of compulsory and voluntary insurance (insurance institute).

When spending money:

The budget method. funding, i.e. irrevocable gratuitous target release of funds for certain needs.

· Bank lending, ie. returnable, compensated, targeted, urgent release of funds on bail.

5. Principles of financial activity in Ukraine.

· Planning. Each area of ​​Fin. activity is necessarily planned fin. budget plans, enterprises (balance of income and expenses), ministries (consolidated balance of expenses and income), in institutions and organizations - estimates of income and expenses, in banks - a credit plan and a cash plan.

· Accounting and control. For accounting - the installation of the same accounting methodology (Decree of the Cabinet of Ministers No. 25 of 93 “On the organization of accounting in Ukraine”, i.e. uniform accounting rules are established for legal entities and individuals.

Control - it is carried out on behalf of the state (VRU, STNA, treasury, local self-government bodies, control and audit service of U-na.)

Equality of nationalities and nat. minorities, i.e. requirements, specifics of small peoples are taken into account.

· Participation of us in the management of state affairs, i.e. through those whom we have elected (deputy corps).

· Legality, ie. financial compliance. disciplines (the scope of planning, consideration and approval of the budget, its execution, admin. and corner. otv.).

6. Composition financial system Ukraine.

Scoop fin. institutions that combine defined. fin. relations on the formation and use of the relevant centralized and decentralized funds of monetary funds is a fin. U system.

All fin. The system consists of centralized and decentralized. funds.

Centralized-state collects money. Wed-va to perform vnutr. and external functions. Through this fund, the state provides the maintenance of social services. areas, social protection of us-tion, the development of Nar. households, industries, to-rye contribute to the development of the entire economy of production and non-production. spheres. This includes: Mrs. U-U budget, local budgets, social fund. insurance and social protection Pension Fund, Chernobyl Fund, Employment Fund.

Decentralization. Funds is an institution of state finance. enterprises and industries household They are formed from the income of enterprises.

Institute of lending: bank loans.

State Institute. loan.

State Institute. and commercial property and personal insurance, for losses from various insured events.

Calculus Institute. Be sure to be present in each of the named in-t, has the character of the established order for wed-you calculation between subjects in strictly established forms, the use of which is mandatory for each client.

In-t of monetary circulation is an established form of activity for issuing cash for a certain amount. needs. The procedure for isp-tion of cash is regulated by special. acts on cash transactions.

Institute of currency settlements provides a shaft. operations, to-rye associated with the provision of external economy. connections.

7. The role of economic standards in fin. state activities.

Economic standards are reasonable expenses Money per unit, using those. norms expressed in physical and monetary terms, these norms are determined depending on the specific area and for specific purposes.

Contingent network and staff.

The contingent, on the example of our university, is the number or number of students. Network - no. structural divisions as part of budget institution. States are calculated based on the contingent and the structure of the unit.

These standards are always minimum and are defined with economy mode.

8. Subject, science and branch of financial law. Sources of financial law.

Fin. right is a scoop of legal norms governing the process of mobilization, distribution and isp-tion of centralization. and decentralization. den. resources in order to ensure the tasks and functions of the state-va. Fin. law governs a large group of relations associated with the definition. powers of the administrative sphere, regulates the budget process, lending and money. system, in-t insurance and tax. system.

Finnish subject. law is a general relationship that arises in the process of fin. activities, formation, distribution and use of state. centralized funds and decentralized. Funds of all forms sob-ti.

Finnish industry. law governs def. The circle of general relations that differ from other general relations in their own particularities. In the Finnish industry law includes a theoretical part, which studies concepts in Finnish. law, the content of the actions of fin.-legal norms and fin. legal relations, ways to protect the interests of the state-va, jur. and physical persons, other provisions of science fin. rights, powers of bodies exercising fin. activity and fin. control. The theoretical part is divided into general and special.

Fin.-legal science proceeds from the basic premises of Fin. activities, the study of past experience, theoretical research and action economy. z-nov in the present tense. In fin. science developed economy. s-us, aimed at the development of society-va.

The difference between Finnish science. law and fin. law:

Fin. law operates on the basis of action. zak-va;

Finnish science. rights are theoretical justifications;

Finnish science. law studies all in-you fin. rights, relies on in-you fin. law and is based on the norms of Finnish law.

Finnish sources. rights:

Regulatory legal acts(laws, decrees, ordinances). All these acts are not limited in space and time.

All fin. legal acts that are limited in time and space (budget, credit plans of banks, etc.)

9. Financial and legal relations, their content and the most important features.

All relations that arise in the state-ve during the redistribution of income and the formation of centralized and decentralized. funds are regulated by the relevant groups of financial norms. rights, yavl. fin. legal relations. They are associated with the emergence, change and cessation of fin. legal relations. To financial law. relationships include:

· relations between PU, Verkhovna Rada and CMU regarding the adoption of tax laws. system, specific taxes, the budget system, the annual adoption of the Verkhovna Rada of a budget resolution, the preparation, consideration, approval of control over the execution and approval of the report on the execution of the state. budget U-na.

· Relatives between the Verkhovna Rada and local and regional self-government bodies regarding annual deductions, general taxes and payments in favor of the local budget (balancing all budgets of U-na through percentage deductions from the state budget, subsidies).

Financial Analysis: What is it?

The financial analysis- This is the study of the main indicators financial condition and financial results of the organization's activities in order to make managerial, investment and other decisions by interested parties. Financial analysis is part of broader terms: analysis of the financial and economic activities of an enterprise and economic analysis.

In practice, financial analysis is carried out using MS Excel tables or special programs. During the analysis of financial and economic activities, both quantitative calculations of various indicators, ratios, coefficients, as well as their qualitative assessment and description, comparison with similar indicators of other enterprises are made. Financial analysis includes an analysis of the assets and liabilities of the organization, its solvency, liquidity, financial results and financial stability, analysis of asset turnover (business activity). Financial analysis allows you to identify such important aspects as the possible likelihood of bankruptcy. Financial analysis is an integral part of the activities of such professionals as auditors, appraisers. Banks are actively using financial analysis when deciding whether to issue loans to organizations, accountants in the course of preparing an explanatory note for annual reports, and other specialists.

Basics financial analysis

The basis of financial analysis is the calculation of special indicators, more often in the form of coefficients characterizing one or another aspect of the organization's financial and economic activities. Among the most popular financial ratios the following can be distinguished:

1) The coefficient of autonomy (the ratio of equity to the total capital (assets) of the enterprise), the coefficient of financial dependence (the ratio of liabilities to assets).

2) Current liquidity ratio (the ratio of current assets to short-term liabilities).

3) Quick liquidity ratio (the ratio of liquid assets, including cash, short-term financial investments, short-term receivables, to short-term liabilities).

4) Return on equity (the ratio of net profit to equity of the enterprise)

5) Profitability of sales (the ratio of profit from sales (gross profit) to the company's revenue), by net profit (the ratio of net profit to revenue).

Methods of financial analysis

Typically, the following methods of financial analysis are used: vertical analysis (for example,), horizontal analysis, predictive analysis based on trends, factorial and other methods of analysis.

Among the legislatively (regulatory) approved approaches to financial analysis and methods, the following documents can be cited:

• Decree of the Federal Office for Insolvency (Bankruptcy) of August 12, 1994 N 31-r
• Decree of the Government of the Russian Federation of June 25, 2003 N 367 "On approval of the Rules for conducting a financial analysis by an arbitration manager"
• CBR Regulation No. 337-P of June 19, 2009 "On the procedure and criteria for assessing the financial position of legal entities - founders (participants) of a credit institution"
• Order of the FSFR of the Russian Federation of January 23, 2001 N 16 "On approval of the" Guidelines for the analysis of the financial condition of organizations "
• Order of the Ministry of Economy of the Russian Federation of October 1, 1997 N 118 "On approval methodological recommendations on the reform of enterprises (organizations)"

It is important to note that financial analysis is not just a calculation of various indicators and ratios, a comparison of their values ​​in statics and dynamics. The result of a qualitative analysis should be a reasonable, supported by calculations, conclusion about the financial position of the organization, which will become the basis for decision-making by management, investors and other interested parties (see example). This principle was the basis for the development of the "Your Financial Analyst" program, which not only prepares a complete report on the results of the analysis, but also does it without user participation, without requiring knowledge of financial analysis from him - this greatly simplifies the life of accountants, auditors, economists .

Sources of information for financial analysis

Very often, interested parties do not have access to the internal data of the organization, therefore, the public accounting statements of the organization act as the main source of information for financial analysis. The main reporting forms - the Balance Sheet and the Profit and Loss Statement - make it possible to calculate all the main financial indicators and ratios. For a deeper analysis, you can use the statements of cash flows and capital of the organization, which are compiled at the end of the financial year. An even more detailed analysis of certain aspects of the enterprise's activities, for example, the calculation of the break-even point, requires initial data that lie outside the reporting area (data from the current accounting and production accounting).

For example, you can get a financial analysis based on your Balance Sheet and Profit and Loss Statement for free online on our website (both for one period and for several quarters or years).

Altman Z-model (Altman Z-score)

Altman Z-model(Altman Z-score, Altman Z-Score) is a financial model (formula) developed by American economist Edward Altman, designed to predict the probability of bankruptcy of an enterprise.

Enterprise Analysis

under the expression " enterprise analysis" usually mean financial (financial-economic) analysis, or a broader concept, analysis of the economic activity of an enterprise (AHD). Financial analysis, analysis of economic activity refers to microeconomic analysis, i.e. analysis of enterprises as separate economic entities (as opposed to macro economic analysis, which implies the study of the economy as a whole).

Business Activity Analysis (AHA)

By using business analysis organization, general trends in the development of the enterprise are studied, the reasons for changing the results of activities are investigated, plans for the development of the enterprise are developed and approved and adopted management decisions, control over the implementation of approved plans and decisions taken, reserves are identified in order to increase production efficiency, the results of the company's activities are evaluated, and an economic strategy for its development is developed.

Bankruptcy (Bankruptcy Analysis)

bankruptcy, or insolvency- this is the inability of the debtor recognized by the arbitration court to fully satisfy the claims of creditors for monetary obligations and (or) fulfill the obligation to make mandatory payments. The definition, basic concepts and procedures related to the bankruptcy of enterprises (legal entities) are contained in the Federal Law of October 26, 2002 N 127-FZ "On Insolvency (Bankruptcy)".

Vertical reporting analysis

Vertical reporting analysis- a technique for analyzing financial statements, in which the ratio of the selected indicator with other homogeneous indicators within one reporting period is studied.

Horizontal reporting analysis

Horizontal reporting analysis- This comparative analysis financial data for a number of periods. This method is also known as "trend analysis".

Concept, general characteristics, tasks, principles, constitutional foundations of financial activity Russian Federation.

In the material sense of the word Finance- these are funds of funds (not money!) Funds are systems of relations that form a certain amount of money. This is a legal construction within which den. funds are collected, used and distributed.

The main function of Finance is redistribution.

Fin. activity is an activity regulated by the norms of law for the creation, distribution and use of centralized and decentralized funds of funds, carried out by the state or persons authorized by law for the purpose of its uninterrupted functioning and development. All financial activities are subject to legal regulation. Financial activities of public authorities and local government has a public character, a general focus on meeting the needs of society, the implementation of the tasks of socio-economic development, maintaining the defense capability and security of the country. Financial activities of the state and municipalities is important and necessary integral part mechanism social management. The main, defining goal of this activity should be, according to the Constitution of the Russian Federation (part 1, article 7), the creation of conditions that will ensure. a life of dignity and the free development of man. The financial activity of municipalities, carried out through local governments, is aimed at solving problems of local importance, determined by the legislation on local self-government. Purpose also: finance. ensuring the smooth functioning and development of the state and society. Finnish tasks. activities: accumulation and distribution of funds den. funds in accordance with the goals of the state, stimulation of socio-economic development, control over the legal and expedient use monetary resources, ensuring the defense capability and security of the country, the use of financial resources for the activities of state bodies. Features: unlike other areas of state activity: it has an intersectoral character, the implementation of state. finance. functions proceeds in the form of activity both to present and execute the authorities, the sphere of finance. activity refers to the conduct of both fed. bodies, and subjects of the Russian Federation, as well as CHI. In addition, there is an area of ​​joint jurisdiction between the Federation and the subjects. Principles: federalism, planning, priority of the legislature over the executive, principle of public interest priority(use of financial and legal institutions for the purpose of state regulation economy, based on the generally significant tasks of society), unity of financial policy and monetary system(is necessary condition the unity of the economic space in the Russian Federation guaranteed by the Russian Federation, the free movement of financial resources (part 1 of article 8)), the independence of the financial activities of the MHI (the Russian Federation (article 12, 130-133), publicity principle(its foundations are established by the norms of the Russian Federation, requiring the official publication of laws, which directly applies to laws regulating financial activities), legitimacy(expressed in the fact that the entire process of creation, distribution and use of funds is regulated in detail by the norms of financial law. Their observance is ensured by the possibility of applying measures of state coercion). Functions of financial activity:

a) the formation of state and municipal cash funds;

b) distribution of state financial resources;

c) use of state and municipal financial resources;

d) state and municipal control over the movement of financial resources;

e) issue of banknotes.

Const. fundamentals of fin. activities: In the Russian Federation, the unity of the economic space is guaranteed, the free movement of goods, services and fin. Wed-in, support for competition, freedom of economy. activities (Article 8), delimitation of the competence of the Russian Federation and subjects in the field of financial, currency, credit regulation (Article 71), the right of a citizen of the Russian Federation to participate in the management of state affairs both directly and and through their representations (Article 32, in the jurisdiction of the Russian Federation nah-Xia: establish the foundations of federal financial policy, financial, monetary and credit regulation, (Article 71). e general principles of taxation and fees in the Russian Federation (Art. 72).Outside these limits, the subjects of the Russian Federation have in the field of finance the fullness of the GV (Art. -133).

Implementation, State financial functions takes place in the form of activities both representative and executive bodies authorities. By their nature, these forms can be legal And illegal. Legal forms are expressed in the adoption of legal acts in connection with the establishment or application of norms. Illegal forms is instruction financial services enterprises, holding meetings in the office of financial and tax authorities, etc. They have no legal significance, but create the prerequisites for the implementation legal forms financial activities. Financial legal acts are the decisions of state bodies and local self-government bodies adopted in the prescribed form and having legal consequences on issues of financial activity that are within their competence. They establish, change or cancel financial and legal norms or serve as the basis for the emergence, termination, change of specific legal relations. The use of certain legal forms of financial activity is determined by the meaning and content of regulated relations (for example: the adoption of the federal budget is formalized federal law. This follows from the national significance of the budget. In contrast, the issues of allocation of funds to subordinate enterprises are resolved by acts of ministries and other bodies. government controlled). Financial legal acts can be classified by legal properties, by legal nature, by bodies issuing them: by legal properties normative ( regulate a group of homogeneous financial relations and contain general legal norms ) And individual (general rules, mouth in normative acts, are specified in individual financial and legal acts that provide for one particular case, is addressed to precisely defined participants in financial relations, leads to the emergence, change or termination of specific financial legal relations). For example, on the basis of such a regulatory financial and legal act as the Law of the Russian Federation “On Income Tax with individuals”, state tax office sends a notice to a specific citizen who receives income from entrepreneurial activity about the payment of a certain amount of tax. By legal nature financial and legal acts are divided into: a) legislative, on the financial activities of the state; b) subordinate(acts of all other state bodies based on the law and adopted in pursuance of the law). Allocate Financial planning acts- these are acts that contain specific tasks in the field of finance for a certain period. The existence of financial planning acts is due to the principle of planning. These include: the federal budget, as well as the state budgets of the subjects of the Federation and local budgets; budgets of state and municipal off-budget funds; financial and credit and cash plans of banks; financial plans insurance organizations; and etc. Methods: All ways of carrying out financial activities on are common And special . General methods are used in the implementation of almost all functions of financial activity (command-strong-willed (imperative), recommendatory, conciliatory methods). Command-volitional (imperative)- the state and municipalities in the course of financial activities through legal acts, act on the principle of "command - execution". The state and municipalities unilaterally, without the consent of the addressee, give him commands that are binding.

Matching method- is used in the course of the financial activities of the state and municipalities very rarely, mainly to resolve issues in which two state-authorized bodies are interested. Special Methods financial activities "work" in the process of implementation certain functions this activity. Mandatory payment method(manifested through the establishment of taxes, fees received by state and municipal funds), Voluntary payment method(manifested through the implementation of state and municipal loans to individuals and legal entities, sale of state and municipal property by him, voluntary donations of various entities in favor of the state), Withdrawal method(manifested in the withdrawal by the state of the free balance of the profit of a state-owned enterprise), Penalty Method(establishment and application of fines, penalties and other sanctions), Funding Method(irrevocable and gratuitous allocation of funds), public lending method(allocation of state and municipal funds on the basis of repayment and compensation), Regulatory income percentage method(allocation to the constituent entities of the Russian Federation and the Moscow Region, respectively, from the federal budget and the budgets of the constituent entities of the Russian Federation of deductions (in percent) from federal and regional taxes and other payments), Subvention method(allocation of amounts from the budget of a higher level for certain period and for specific purposes) Grant method(allocation of financial resources to the constituent entities of the Russian Federation and the Moscow Region without special purpose).

At present, in a market economy, the competitiveness of enterprises and the expediency of their activities in the future are based primarily on the efficiency of their functioning. The efficiency of financial activity serves as a guarantee of financial attractiveness for external investors, counterparties in financial and economic activities, as well as the owners of the organization. In this regard, it acquires great value assessment of the financial performance of the organization in the present, past and future.

The purpose of the work is to show the methodology for a comprehensive analysis and evaluation of the effectiveness of financial activities carried out by external users according to the Russian financial statements using standard software.

To achieve this goal, it was necessary to solve the following tasks:

• determine the purpose, information base, methods for conducting a comprehensive analysis of the effectiveness of financial activities;
• identify and disclose the stages of a comprehensive analysis of the effectiveness of financial activities;
• show the possibilities of its implementation using standard software tools.

The object of study in this paper is the financial activity of the organization as an integral part of economic activity in general.

The subject of the study is the effectiveness of the functioning of the organization as a result and final goal financial and economic activities.

Due to the limitations in the scope provided for when writing thesis, the methodology for analyzing the effectiveness of financial activities is disclosed in more detail in terms of profitability analysis and analysis of the turnover of the organization's funds. The paper does not consider the methodology for a comparative comprehensive rating assessment of enterprises, as well as the analysis of extensification and intensification of the use of organization resources, since the latter is part of the management analysis of activities, and therefore is not available to external analysts who use as information base external accounting data.

The methodology for analyzing the financial condition is considered in relation to a functioning enterprise, the activity of which will not be completely terminated in the foreseeable future. The main attention in the work is paid to the methodology of complex analysis and evaluation of the effectiveness of financial activities based on historical data.

1. Financial activity of the organization as an object of complex analysis

1.1. The concept and information base of a comprehensive analysis of the financial activities of an organization

In numerous works devoted to financial and economic analysis, the term "financial activity" is interpreted from two positions. In a narrower sense, the term "financial activity" can be considered from the point of view of presenting data in the "Cash Flow Statement", in which all the activities of the organization are divided into financial, investment and current. Financial activity here refers to activities related to short-term financial investments: the issuance of bonds and other valuable papers of a short-term nature, disposal of previously acquired shares, bonds, etc. for up to 12 months. An investment activity is understood as an activity related to the capital investments of an organization in connection with the acquisition of land plots, buildings and other real estate, equipment, intangible assets and other non-current assets, as well as their sale, with the implementation of long-term financial investments in other organizations, the issuance of bonds and other valuable long-term securities, etc. The current activity is understood as the activity of the organization in accordance with the goals and objectives of its creation, which is reflected in the constituent documents. The current activity, as a rule, pursues the extraction of profit as the main goal (production of industrial products, construction and installation works, trade, catering, renting out property, etc.), however, for non-profit organizations, on the contrary, their current activities may not be related to making a profit ( educational institutions, cultural and sports institutions, procurement of agricultural products, etc.)

On the other hand, the term "financial activity" can be considered somewhat broader, bearing in mind the financial and economic activities of the organization as a whole. Thus, there is an integrated approach to understanding financial activities: all the activities of the organization are divided into financial and production. Of course, in comparison with the first option, such a division of activities cannot have a clear boundary. In particular, V.V. Kovalev singles out financial and economic activities and, as a result, proposes to distinguish between such components of economic analysis as financial analysis and analysis of economic activity.

So, financial activities is an activity related to the movement of financial resources of the organization. The latter represent cash income and receipts intended to fulfill the financial obligations of the organization to employees, the state, counterparties, credit institutions and other economic entities; as well as for the implementation of costs in order to develop processes of expanded reproduction.

The circle of persons involved in the financial activities of the enterprise is heterogeneous, and therefore there is a need to study the economics of the enterprise from various positions. Suppliers and contractors, credit institutions are interested in the financial condition of the enterprise, and, in particular, its solvency; investors and owners are also interested in the financial condition of the enterprise, but first of all, the efficiency of operations: return on investment and dividends; managers - the competitiveness of products (works, services), profitability and turnover of funds; the state is the reliability of the enterprise as a taxpayer, its ability to provide new jobs.

Often, the interest of external users of information is expressed in the consideration of only one of the systems of indicators of the organization's performance. For example, the purpose of a bank that provides a company with a line of credit is to analyze liquidity ratios; a potential investor who is considering investing money in a company, analyzes profitability indicators and assesses the degree of investment risk. At the same time, the results of the analysis for certain specific purposes cannot reflect a complete picture of the activity of the organization under study. So, solvency depends on the quality and competitiveness of the goods (services) produced and the rate of asset turnover; profitability determined by the financial independence of the enterprise; profitability- efficiency of financial activity in general. For example, in the practice of financial analysis, the problem of reconciling the results of certain aspects of financial activity exists between liquidity and profitability, as an indicator of the effectiveness of financial activity. Investing in highly liquid assets is usually characterized by low returns, and, conversely, investing in less liquid assets associated with high risk will bring a higher return. Thus, we see that in order to assess the financial performance of an enterprise, a comprehensive analysis is necessary - an analysis of a system of indicators that allows a comprehensive assessment of the results of the organization's financial performance.

As you know, the purpose of any commercial organization is to generate profits. However, for an external analyst, the amount of income received cannot answer the question: is the amount of profit received optimal for a given enterprise in this moment time, that is absolute indicators cannot provide a holistic picture of performance. It is known that the same results can be obtained by investing a different amount and quality of funds to achieve the goal, or in another way - by choosing more or less effective ways to achieve the goal. Accordingly, the effectiveness of achieving the goal can be interpreted as obtaining a better result at a lower cost. As mentioned above, the purpose of the organization, and, in particular, financial activities, is to make a profit; hence, financial efficiency can be defined as getting better profits. Qualitative profit means that profit, which, firstly, is more stable from the influence of other factors in relation to the main activity, that is, more predictable; secondly, the qualitative indicators of which have a positive trend.

So, for the purposes of this work, a comprehensive analysis of the effectiveness of financial activities is understood as a systematic comprehensive study of the financial condition, which allows a comprehensive assessment of the financial activities of the organization that meets the information needs of a wide range of users, in order to assess the quality of its activities. The complexity of the analysis implies the use of a certain set of indicators, which “compared to individual indicators ... is a qualitatively new formation and is always more significant than the sum of its individual parts, since in addition to information about the individual aspects of the described phenomenon, it carries certain information about the new that appears in the result of the interaction of these parties” [see. 23, page 90]. V.V. Kovalev identifies three main requirements that a system of indicators must satisfy: a) comprehensive coverage of the object under study system indicators, b) the relationship of these indicators, V) verifiability(i.e. verifiability) - the value of qualitative indicators arises when the information base of indicators and the calculation algorithm are clear.

A comprehensive analysis of financial activity can be carried out with varying degrees of detail. The depth and quality of the analysis depend on the volume and reliability of the information at the disposal of the analyst. In accordance with the possibilities of access to information resources, two levels of data are distinguished - external and internal. External Data contain publicly available information about the object of analysis and are presented to users in the form of accounting and statistical reporting, publications in the media; industry reviews; with a certain degree of conventionality, this also includes the materials of the meeting of shareholders, data from information and analytical agencies. Note that the latter source does not always provide reliable data, since it is more of a commercial nature (for example, analytical industry reviews of the RBC agency, which are commercial activities, but are positioned as analytical). Internal data are confidential information of an official nature circulating within the analyzed object. Internal sources of information include management (production) accounting data, accounting registers and analytical transcripts. financial accounting, economic-legal, technical, regulatory and planning documentation.

In some publications devoted to the issues of financial analysis, there is a simplified approach to understanding the information base of financial analysis, which implies the use of only financial (accounting) statements as such. Such a limitation of the information database reduces the quality of financial analysis, and does not allow obtaining an objective external assessment of the effectiveness of the organization's financial activities, since it does not take into account such important factors as the industry affiliation of an economic entity, the state of external environment, including the market of material and financial resources, stock market trends (when analyzing enterprises established in the form of an open joint stock company).

To analyze the activities of open joint-stock companies, the following external sources of information can be distinguished:

1. general economic and political information that is necessary to predict environmental conditions and their possible impact on financial activities;
2. industry information;
3. indicators of the stock market and the real estate market;
4. information on the state of the capital market;
5. information that characterizes the interests of the owners of an economic entity, from which it is possible to more accurately understand the goals of the organization's activities: long-term sustainable functioning or short-term profit;
6. information about top management;
7. information about key counterparties and competitors;
8. external audit report.

When analyzing the activities of a small enterprise, blocks about quotes for stock market, issuer information and an external auditor's report; blocks about the external economic and political situation become less significant. In the method of indirect rating of closed 1 companies, developed by the St. Petersburg Chamber of Commerce and Industry in 2000, the following parameters are defined, according to which the effectiveness of their functioning is assessed [see 41]:

1. determination of quantity authorized capital compared to the company's current liabilities. The authorized capital should not be less than 25% of the company's liabilities. If, nevertheless, the authorized capital is less than 25%, then the enterprise in question, according to the methodology, is a risky partner in big deals, since then there is a possibility that when fulfilling obligations under this transaction, the co-owners of the companies will not be liable for the obligations of the company;
2. information about the participation of these firms in prestigious exhibitions and fairs (especially international ones);
3. information about participation in tenders and winnings of major tenders;
4. availability of a reference on successfully completed orders;
5. the degree of willingness to voluntarily provide, at the request of counterparties, information on the financial condition (balance sheet, tax returns, etc.);
6. the company has ISO-9001 certificates, which certifies the compliance of production processes and the quality management system with international standards;
7. information about the founders (if they are disclosed).

Since, due to objective and subjective reasons, there are restrictions for an external analyst in the amount of information available for analysis purposes (including for analyzing the effectiveness of financial activities), we consider external financial statements as the basis for analyzing the effectiveness of financial activities.

In 1998 In the Russian Federation, the Accounting Reform Program was adopted in accordance with International Standards Financial Reporting, approved by Decree of the Government of the Russian Federation of March 6, 1998 No. 283, which provides for a set of measures to develop the accounting and reporting system in the Russian Federation in market conditions. The result of the ongoing reform was, for example, changes in the form of presentation of information in the Profit and Loss Statement, which became more informative when it included items of extraordinary income and expenses, as well as items of deferred tax assets and obligations (PBU No. 18/02); the structure of the balance sheet was changed, in particular, section III “Losses” was excluded from the asset, information about which was transferred to section IV section “Capital and reserves”; since January 2002 enterprises are required to keep accounting records "on shipment", that is, the facts of financial and economic activities are reflected directly at the time of their commission, and not at the time of settlement of obligations, which complies with the requirements of IFRS; new PBUs have appeared, including those regulating the procedure for recording and recognizing expenses and income of an organization, disclosing information on discontinued operations and its individual segments, etc. It should be noted that the process of reforming accounting in our country has contributed to improving the quality of accounting reports, which have become more transparent and more analytical [see 6].

The information core of a comprehensive analysis of financial activity is the Balance Sheet (form No. 1) and the Profit and Loss Statement (form No. 2), although this does not detract from the importance of other sources of information. Balance sheet allows the analyst to obtain information about the financial and property condition of the organization in the past and make forecasts for the future; Gains and losses report is a breakdown of one of the balance sheet indicators - retained earnings (uncovered loss) - and allows you to assess what activity (current, other or extraordinary) resulted in the receipt of one or another financial results activities of the organization; Statement of capital movements contains information that allows you to track changes in the capital of owners; Cash flow statement important in the analysis of liquidity, since this report contains information about the organization's free cash [see. 17, p. 48].

The analysis begins with the study of the information contained in specified forms reporting, however, for the purpose of correctness and convenience of information processing, it is preceded by a preparatory stage of evaluation and transformation of the initial data. The procedure for evaluating information is carried out in two directions: identifying the arithmetic consistency of data and logical control of their quality. The purpose of the first direction of information evaluation is to check the quantitative correlation of the indicators presented in the documents. The logical control of data consists in checking the information in terms of its reality and comparability of indicators for different periods of time.

The information at the disposal of the analyst (external) may be questioned by him due to the unreliability of the source of this information; in this case, it is necessary to turn to several sources and compare the values ​​of the indicators. Audited accounting information should be recognized as the most objective, since the meaning and purpose of the latter lies precisely in establishing and confirming the correctness of the reflection of data on business transactions in accounting registers and, above all, in financial statements. At the same time, attention should be paid to the type of audit report (unconditionally positive, conditionally positive, negative). For analytical purposes, a conditionally positive opinion is comparable to an unconditional positive opinion and, depending on the nature of the errors identified, may be acceptable. A negative audit report indicates the unreliability of the reporting data in all its material aspects, and therefore it is not advisable to conduct an analysis based on such reports, since the financial condition of the enterprise will be deliberately distorted.

As practice shows, to date, audit reports are not a 100% guarantee of the truthfulness of the data. After a number of recent high-profile accounting scandals that ended in the bankruptcy of large companies, in particular in the United States, more attention has been paid to the quality of financial reporting of companies. As follows from publications in the press, the essence of the distortion of reporting committed by the management of bankrupt companies was mainly to overestimate sales revenue and underestimate operating expenses (scandals are associated with companies that compiled their financial statements according to USA GAAP). The result of this practice was the bankruptcy of large companies and the termination of the business of one of the audit and consulting companies of the "big five" - ​​Artur Andersen (in connection with the bankruptcy of Enron) [see. 39].

The reliability of information is, although fundamental, but not the only factor taken into account by the analyst when conducting an analysis. Since when assessing the financial position of an enterprise, the analysis of indicators is carried out for a number of periods, it is important to ensure methodological comparability of the initial accounting data. In this regard, the analyst needs to familiarize himself with the accounting policy of the enterprise, which is disclosed in explanatory note To annual report. Obviously, a change in almost any item of the accounting policy in terms of asset valuation and cost formation will lead to structural changes in both the Balance Sheet and the Profit and Loss Statement, and, consequently, to a change in the dynamics of all indicators calculated on their basis. It should also be clarified whether there were any changes in the organizational structure enterprise, since this can significantly affect the structure of its property and capital. The analyst should pay special attention to the issue of comparability of accounting data in terms of inflation. In IFRS, a separate standard IAS 29-90 “Financial reporting in hyperinflationary conditions” is devoted to this issue. The standard states that in a hyperinflationary environment, financial statements only make sense if they are expressed in units of measurement that were typical at the time the balance sheet was presented. The totals in the balance sheet are not always expressed in units of measure corresponding to the time of the report, and are refined by introducing a general price index [see. 17, p. 32].

The issue of data comparability is reflected in RAS No. 4, which states that if the data for the period preceding the reporting period are incomparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established regulations By accounting[see 2]. Each significant adjustment must be disclosed in the explanatory note to the Balance Sheet and the Profit and Loss Statement, together with an indication of the reasons for this adjustment.

Another component of the preparatory stage of complex analysis is the process of converting the source data. We are talking about the preparation of the so-called analytical balance sheet and income statement. Evaluation of financial statements and identification of interrelations and interdependencies between various indicators of the financial activity of the enterprise allow you to get an idea of ​​​​its financial position at a certain date - at the beginning and end of the reporting period - while the evolutionary nature of the functioning of the enterprise remains hidden from the eyes of the user. A deeper analysis of the financial condition is carried out with the involvement of additional non-reporting data, however, the circle of persons who have the opportunity to work with such information is very limited. As a result of using internal data, the negative impact of static reporting information is reduced; study along with quantitative (cost) characteristics quality characteristics of the object under study (for example, according to the methodology of the St. Petersburg Chamber of Commerce and Industry, which we have already described above) improves the quality of the analyst's judgments about the economic well-being (ill-being) of the enterprise.

Good Information Support serves as a guarantee of the correctness and effectiveness of analytical work, but does not fully guarantee the reliability and correctness of the conclusions formulated in the analysis process. An important role in the interpretation of information is played by the competence of the person who conducts the analysis.

Comprehensive analysis and evaluation of the effectiveness of the organization's financial activities

1.2. Methodology for a comprehensive analysis of the effectiveness of the financial activities of an organization: techniques and methods

The purpose of the activities of enterprises during the transition of the Russian economy from the directive-planned to the market has changed dramatically. So, if earlier the purpose of the organization was to fulfill state plan, and, therefore, the main indicator was quantitative performance, now the goal of the work of enterprises (most of which became private during privatization, in the early 90s of the 20th century) is to be competitive and efficient.

Undoubtedly, the market economy has given undeniable advantages for the development of entrepreneurship, and, first of all, for the development of small and medium-sized businesses. But, on the other hand, most enterprises did not have a guaranteed future if they lost state support(with the exception of strategic facilities). Now, in the presence of serious competition, the assessment of the effectiveness of financial activity has become much more relevant than in the “gosplan times”, and as a result, a fairly large circle of people needs to evaluate the effectiveness, which, first of all, includes strategic business partners and investors, owners, as well as credit departments of commercial banks, staff, tax services and state bodies (the administrative apparatus uses management reporting data for greater information content).

At present, the analysis of small businesses according to external reporting data is not carried out as actively as the analysis of the activities of large enterprises and corporations: this is due to the fact that the costs of qualitative analysis are high and do not correlate with the size of small businesses.

However, let us present a situation where financial analysis is also relevant in a small business. If there is a large circle of enterprises in one market segment that are competitive with respect to each other, for example, the franchisee network of the 1C company, which consists of more than 2600 companies, the external partner, when investing, is interested in identifying the most efficient organization.

In order to get a fairly complete picture of the effectiveness of the financial activities of the enterprise, in the process of a comprehensive analysis, the analyst needs to get an answer to the following range of questions:

• what are the changes in the composition of property and the sources of its formation over the analyzed period of time, and what are the reasons for such changes?
• What income statement items can be used to predict financial results?
• what is the profitability of sales; own and borrowed capital; assets and including net assets?
• What is the organization's asset turnover?
• Can the business generate income? What is the efficiency of its financial activity?

To get answers to these questions, the analyst should solve a set of tasks that, in their systemic nature, represent the methodology of complex analysis “as a set of rules, techniques and methods for the expedient performance of any work” [see 14, p 5]. The main components of the analysis methodology are the definition of goals and objectives of the analysis; circle of interested users of information; methods, techniques and methods for solving the tasks. One of the fundamental points in choosing a comprehensive analysis methodology, in our opinion, is the formation of a representative system of interrelated indicators, since initially incorrectly set parameters, despite the high quality of work, will not be able to give interested parties a full answer to the questions posed and, accordingly, work efficiency analytics will be reduced to zero.

So what indicators determine the effectiveness of the financial activities of the organization?

Before answering this question, it should be emphasized once again that in this paper we are considering the efficiency of financial rather than economic activity. Note that the term "efficiency" is used by a number of Russian authors in connection with the assessment of financial and economic activities according to management reporting (A.D. Sheremet, L.T. Gilyarovskaya, A.N. Selezneva, E.V. Negashev, R. S. Saifulin, G.V. Savitskaya), while Special attention in the course of a comprehensive economic analysis, the focus is on indicators and assessment of the intensification and extensification of financial and economic activities with factorial consideration of the impact of such production indicators as capital productivity, resource productivity, material productivity. Other authors, for example, O.V. Efimov and M.N. Kreinina consider the concept of "efficiency" in the context of financial analysis: the determining indicators here are profitability and turnover. V.V. Kovalev means under the assessment of the effectiveness of current activities business activity, as a combination of three components: assessment of the degree of implementation of the plan according to the main indicators and analysis of deviations; assessment and provision of acceptable rates of increasing the volume of financial and economic activities; assessment of the level of efficiency in the use of financial resources of a commercial organization; it also includes analysis of profit and profitability. And the very term “efficiency” by V.V. Kovalev is defined as "a relative indicator that measures the effect obtained with the costs or resources used to achieve the effect" [see. 23, p. 378]. The effect is understood as an absolute performance indicator, and for the enterprise this indicator is profit. In the translated literature, the term "efficiency" is defined by indicators of the value of total assets, the return on net assets and the return on invested capital [see. 33, pp. 62-76]. R. Kaplan, in his work “Balanced Scorecard”, generally criticizes the approach to determining the effectiveness of an organization’s activities only by financial indicators, and proposes to consider the organization’s activities according to four criteria: financial, customer relations, internal business processes, and training and development of personnel [see . 19, p. 12]. However, this implies an analysis of the entire activity of the company, so we will pay special attention to the “financial activity” block. With the efficiency of financial activity, Kaplan distinguishes two indicators: return on investment and added value of the company [see. 19, p. 90].

Considering the foregoing, let's say that, in our opinion, the indicators reflecting the effectiveness of the organization's activities are profitability and business activity, determined by turnover.

In the process of a comprehensive analysis, it is important to identify the relationship and interdependence of profitability indicators with other indicators that characterize various aspects of the organization's activities, such as: equity ratio, liquidity ratios, in particular current liquidity, financial leverage, and determine the ratio of riskiness and profitability of the company's activities. V.V. Kovalev, speaking about profitability, emphasizes that there are many indicators of profitability and that there is no single indicator of profitability. However, the key indicator of profitability as an indicator of the effectiveness of the organization should be. This indicator is the return on equity.

Traditionally, the authors of financial analysis methods as the first and second stages of a comprehensive analysis of the financial condition offer horizontal and vertical analysis of the balance sheet (and Profit and Loss Statement); the latter, for convenience, can be presented in an aggregated form, that is, with the selection of enlarged articles. The purpose of horizontal analysis is to assess the dynamics of the value of property, equity and liabilities over time. Horizontal analysis consists in the construction of analytical tables in which absolute indicators are supplemented by the relative rates of their growth / decline. In particular, when conducting a horizontal analysis of the balance sheet, the balance data are taken as 100% as a reference, then the dynamic series of articles and sections of the balance sheet as a percentage of the total is built. Vertical analysis is necessary to determine changes in the structure of assets and liabilities of the enterprise. As a result of studying the data obtained, a general idea of ​​the financial condition of the object under study is formed. For example, in a comprehensive analysis of efficiency, the analysis of the capital structure acts as a structural analysis: for example, in the study of the return on equity, a change in the structure towards an increase in borrowed capital reduces the share of equity, which is manifested in an increase in the level of profitability.

One of the following methods used in the process of a comprehensive analysis of the effectiveness of financial activity is the coefficient method, which involves the calculation of certain quantitative indicators that allow drawing conclusions about qualitative changes in the organization's activities. When analyzing profitability, it is necessary to take into account the change in the values ​​of the current liquidity ratio, which decreases with an increase in short-term liabilities, and the equity ratio. Thus, by replacing part of equity capital with borrowed capital, we thereby increase the return on equity, at the same time lowering the level of the current liquidity ratio (with the same level of current assets) with an increase in the value of short-term liabilities 2 . If an enterprise has a current liquidity ratio at a minimum level, then increasing profitability in this way (increasing the share of borrowed capital) is fraught with a loss of solvency in general. As if in continuation of this M.N. Kreinina says that “limiters in the form of the minimum required levels of current liquidity ratios and equity ratios…. do not always make it possible to increase the return on capital by increasing borrowed funds in the composition of liabilities” [see 24, p. 45]. It is also important to take into account the fee for using credit resources (interest on a loan + fines, penalties and forfeits are possible). So, if the cost of a loan exceeds the return on borrowed capital, then this is already a consequence of irrational and inefficient management. As a rule, it is believed that the ratio between debt and equity should be no more than 50%, however, in Western companies in the ratio of borrowed and equity capital, borrowed funds prevail (in contrast to the capital structure of Russian companies). This can be explained by the fact that the cost of borrowed capital in the West is significantly lower than in Russian economy. It is possible to increase profitability without changing the capital structure, that is, by increasing profits. The next way to increase the growth of profitability while maintaining the level of current liquidity is the simultaneous increase in borrowed capital in terms of short-term liabilities and current assets. However, all of the above ways to increase profitability can be used as an addition, with low profitability of sales and low capital turnover, high profitability of the latter cannot be achieved.

The indicator of profit is important in assessing the effectiveness of activities, it directly affects the profitability of activities: the greater the profit, the higher, all other things being equal, the higher the efficiency of using the property and capital of the organization. It should be noted that depending on the objectives of the analysis, the numerator of the profitability formula 3 can take various profit indicators: gross profit, profit before tax, profit from sales, profit from ordinary activities, profit or net profit 4 . For comparability of the analyzed profitability indicators, one should adhere to methodological unity when choosing the type of profit for various kinds profitability. It should also be taken into account that in the denominator of the profitability indicator, the numerical values ​​of the data can be taken as of a specific date, for example, at the end of the reporting period or as an arithmetic mean; the comparability of the analyzed data should be ensured. Thus, the analyst can use any method of calculating profitability indicators, the main thing is to ensure the comparability of the calculated indicators, otherwise, from a methodological point of view, the results of the profitability analysis as a private analysis of efficiency will be incorrect.

In the process of profitability analysis, it is necessary to pay special attention to the quality of the "net profit" indicator: it is important to determine the composition and structure of income and expenses and analyze them in terms of stability and compliance with the nature of the organization's activities. Items of income and expenses not related to current activities are usually classified into: normal, that is, repetitive, ordinary and extraordinary 5 . Due to limited information, an external analyst has difficulty in separating rare and extraordinary items from the composition of income and expenses. Perhaps a certain useful information for himself, the analyst can find in Form No. 5 and in the explanatory note, but only for large enterprises. For small enterprises, the use of these forms in external reporting is not provided.

The next of the indicators for evaluating the effectiveness of activities is the indicator of return on borrowed capital. When examining the profitability of borrowed capital from the point of view of the lender, the numerator of the coefficient is the amount of payment (interest for using the loan, fines, penalties, forfeits) for the provided borrowed funds, and from the point of view of the credited enterprise, the amount of borrowed capital is taken as the numerator. The methodology for calculating this indicator will be discussed in more detail in the first part of the second chapter. The general indicator of the first two is the return on total capital, which can be interpreted as an indicator of the overall "profitability" of the enterprise and the efficiency of using its resources, respectively.

The return on sales, in contrast to the return on equity, on the contrary, decreases with an increase in the amount of borrowed funds and, accordingly, fees for them. It should also be borne in mind that the dynamics of the ratio of income and expenses as part of revenue depends on the accounting policy used by the enterprise. So, the organization can increase or decrease the amount of profit due to: 1) the choice of the method of accrual of depreciation of fixed assets; 2) choice of material evaluation method; 3) setting a deadline beneficial use non-current assets; 4) determination of the procedure for attributing overhead costs to the cost of goods sold (works, services) [see. 1].

The next method used in the process of a comprehensive analysis of performance is the factorial method. Concept this method widely represented in the scientific works of A.D. Sheremet. The essence of the method lies in the quantitative characterization of interrelated phenomena, which is carried out with the help of indicators. The signs that characterize the cause are called factorial (independent, exogenous); the signs characterizing the consequence are called effective (dependent). The totality of factorial and effective features connected by one causal relationship is a factor system. At practical application For this method, it is important that all the factors presented in the model are real and have a causal relationship with the final indicator. So, if we consider the return on assets, then, as one of the options, it can be represented as three interrelated indicators: expenses to revenue, profit to expenses and revenue to assets. That is, the company's profit received from each ruble invested in assets depends on the profitability of expenses incurred, the ratio of expenses and sales proceeds and the turnover of capital placed in assets. Of the total number of factorial models of return on equity, the DuPont model has received the most widespread use. In this model, the return on equity is determined by three indicators: return on sales, asset turnover, and the structure of sources of funds advanced to the enterprise. The significance of the identified factors from the position current management summarize almost all aspects of the financial and economic activities of the organization: the first factor summarizes the Profit and Loss Statement; the second factor is the assets of the balance, the third is the liability of the balance.

Functional relationships in factor models can be divided into four groups, that is, they can be expressed by 4 different models: additive, multiplicative, multiple and mixed relationships.

The additive relationship is represented as an algebraic sum of factorial indicators:

As an example, let's use the Profit and Loss Statement to calculate the amount of net profit, which is the algebraic sum of 6: (+) ordinary species activities, (-) expenses on ordinary activities, (+) operating income, (-) operating expenses, (+) non-operating income, (-) non-operating expenses, (-) income tax and other obligatory payments, (+) extraordinary income, (-) extraordinary expenses. In this case, we considered an aggregated model for calculating net profit: for example, expenses from ordinary activities can be detailed by the cost of goods and services sold, selling and administrative expenses. The degree of detail of the factor model is determined by the analyst in each specific case, depending on the tasks being solved.

The multiplicative relationship is expressed as the impact on the performance indicator of the product of factor indicators:

As an example, consider the return on assets, the factor indicators of which can be represented as the product of asset turnover and return on sales.

A multiple relationship is presented as a quotient of the division of factor indicators:

y=x1/x2

For example, you can take almost any ratio as the ratio of two comparable indicators: for example, return on equity as the ratio of profit and equity; equity turnover as the ratio of revenue to the amount of equity capital.

The combined relationship is different variations of the first three models:

y = (a + c) x b; y = (a + c) / b; y = b / (a ​​+ c + d x e)

An example of a combined relationship is the return on total capital, which is the ratio of the amount of net profit and payment for loans provided to the enterprise to the amount of short-term, long-term liabilities and equity.

To model the above factor systems, there are such techniques as: dismemberment, lengthening, expansion and reduction of the original models. The most common example of an extension approach is the DuPont model, which we have already discussed above. To measure the influence of factors on the performance indicator, they are used as a technique deterministic analysis various ways factorial calculations: chain substitutions, the method of absolute and relative differences, index and integral methods, the method of proportional division.

As one of the examples of factor calculations, we will solve a four-factor model of return on equity by the method of absolute differences:

Return on equity

Rsk = R/SK = P/N N/A A/ZK ZK/SK = x y z q

F (x) = x y0 z0 x q0 = P/N N/A 0 A/ZK 0 ZK/SK 0
F (y) = y x1 z0 q0 = N/A P/N1 A/ZK 0 ZK/SK 0
F (z) = z x1 y1 q0 = A/ZK P/N1 N/A 1 ZK/SK 0
F (q) = q x1 y1 z1 = ZK/SK P/N1 N/A 1 A/ZK1

Balance of deviations

F = F (x) + F (y) + F (z) + F (q)

As can be seen from the model, the return on equity depends on the return on sales, asset turnover, the ratio of assets and borrowed capital and the level financial leverage. However, a high value of profitability does not yet mean a high return on the capital used, just as the insignificance of net profit in relation to capital or to assets (part of capital or part of assets) does not mean a low profitability of investments in the organization's assets. The next defining moment of efficiency is the rate of turnover of assets and capital of the enterprise.

Turnover as an indicator of performance in factor models is influencing the level of profitability. In a comprehensive analysis of turnover, indicators such as:

• turnover ratio as the ratio of revenue to the analyzed indicator;
• an indicator of the average turnover period in days, as the ratio of the analyzed period in days to the turnover ratio;
• release (involvement) of additional funds in circulation.

Speaking about the turnover ratio as the ratio of revenue to the analyzed indicator, it should be noted the use of alternative turnover indicators, in which the revenue indicator is replaced by clarifying indicators: for example, with inventory turnover and accounts payable, as a clarifying indicator, you can take the cost of goods sold, works, services; in the analysis of receivables - turnover on repayment of receivables; when analyzing the turnover of cash and short-term financial investments - the turnover of the disposal of cash and short-term financial investments [see. 31, p. 113].

When analyzing the turnover, the analyzed indicators should be divided into two enlarged groups: 1) indicators of the turnover of the company's assets and 2) indicators of the turnover of the enterprise's capital.

In the group of asset turnover indicators, of course, the greatest emphasis should be placed on the turnover of working capital, that is, current assets. So, we single out the main elements of the turnover of current assets: the turnover of inventories, the turnover of receivables, the turnover of short-term financial investments and the turnover of cash. Inventory turnover characterizes the speed of movement material assets and their replenishment and, as a result, how the capital of the enterprise is successfully used. An increase in this indicator can be interpreted as an irrationally chosen management strategy: part of the current assets is immobilized in stocks, the liquidity of which is low, and funds are also diverted from circulation, which can lead to an increase in receivables. On the other hand, an increase in inventory turnover may be disclosed as an investment in the operating stock of the enterprise's cash assets during a period of high inflation. If an enterprise in the analyzed period increases production volumes, then the production volume and, as a result, the sales volumes and revenues, do not yet have time to reach the level of increase in stocks. Upon receipt from the marketing department of information about the alleged increase in prices for raw materials and materials (as part of stocks) from suppliers, managers of the enterprise may decide to increase the purchase of raw materials and materials in the current period by more than low prices. To obtain more detailed information, a detailed analysis of inventory turnover is important: raw materials and materials, finished products and goods shipped, costs in work in progress, due to the fact that a change in finished products and, for example, in raw materials are interpreted in different positions. 7

An increase in the turnover of receivables may be the result of an improvement in the payment discipline of the enterprise and a tightening of the policy for obtaining overdue receivables; also, an increase in turnover may be associated with an absolute decrease in receivables with a decrease in the enterprise's turnover and difficulties in selling products (in the event that the current one decreases). When analyzing the turnover of receivables, it is very important to detail the receivables by the terms of return and separate the overdue from the current one. It should be noted that the longer the period of repayment of receivables, the higher the risk of non-payment. Among analysts and accountants, the ratio of the absolute value and indicators of the turnover of accounts payable and receivable is interpreted from different positions. So, if it exceeds the receivable, then, according to analysts, the company is rationally using funds; the point of view of accountants is that accounts payable should be paid off regardless of the amount of receivables.

A decrease in the turnover of cash and short-term financial investments may signal an analyst about a slowdown in the use of highly liquid assets and, as a result, inefficiency in financial activity. An exception in this case may be deposits that are part of short-term financial investments, while the slowdown in the turnover of deposits is offset by high income and, as a result, an increase in their profitability.

When analyzing the indicators of the organization's capital turnover, it is possible to single out the turnover of accounts payable and loans and borrowings. An increase in the turnover of accounts payable may reflect an improvement in the payment discipline of an enterprise in relation to the budget, suppliers, extra-budgetary funds, and personnel. The decrease in this indicator can be caused by the opposite reasons - as a decrease in payment discipline due to a lack of funds. However, an increase in the turnover of accounts payable with a decrease in the absolute value of accounts payable may mean a deterioration in relations with suppliers (if we consider a separate element of accounts payable) and, as a result, a reduction in the terms and volume of commercial loans provided to the analyzed enterprise. The turnover ratio of credits and loans serves as an indicator of changes in the payment discipline of the enterprise already in relation to banks and other lenders. If the average turnover period in days of short-term loans and borrowings is more than a year, then we can say that either the organization mistakenly underestimated the amount of debt on long-term loans and borrowings, or the organization repays short-term loans and loans extremely unevenly, which causes additional costs in the form of fines and pay the bank. In our opinion, it is expedient to compare the absolute values ​​of short-term credits and loans with accounts payable and their turnover ratios: usually, accounts payable currently replaces short-term bank loans and loans.

The next step after calculating and analyzing the turnover ratio and the turnover indicator in days should be to identify the involvement or release of the company's funds in relation to the previous period. This is how absolute and relative release are distinguished. With turnover working capital, when the actual balances of working capital are less than the standard or the balances of the previous period with a reduction or excess of the volume of sales for the period under study, there is an absolute release. Relative release takes place in those cases when, in the presence of current assets, within the limits of their need, an accelerated growth in the production of products, works, and services is ensured.

The method of comprehensive analysis of the effectiveness of financial activity considered by us above allows the analyst, according to external reporting, to evaluate the effectiveness and riskiness of enterprise management based on profitability and turnover indicators. Thus, financial risk and efficiency exist in constant interdependence: obtaining the maximum return on capital and a high level of profitability requires the enterprise to use not only its own, but also borrowed funds; attracting borrowed funds causes the emergence of financial risk for the enterprise. An increase in the absolute value of accounts payable and, as a result, a decrease in its turnover, on the one hand, may affect the overall solvency of the enterprise, on the other hand, with effective management there may be a replacement of short-term liabilities in the form of loans and borrowings "free" accounts payable.

2. Evaluation of the effectiveness of the organization's activities in a comprehensive analysis

2.1. Profitability and profitability as indicators of the financial performance of the organization

Profitability indicators as one of the main performance indicators of financial activity make it possible to collectively reflect the "quality" of the financial condition of the organization and the prospects for its development. The wording: “profitability indicators increased by x% compared to the reporting period in organization Y” is insufficient when interpreting the results of the analysis, therefore, when analyzing profitability, it is important not only to directly calculate profitability indicators and use the dynamic method, determining changes in the profitability indicator over time, but and pay attention to the following points: 1) the "quality" of profitability indicators; 2) the correct grouping of profitability indicators into enlarged groups in order to identify a tendency to change not individual disparate indicators, but its impact on the group of indicators as a whole.

When determining the qualitative side of profitability indicators, we will consider in detail the set of elements that represent the numerator and denominator of these indicators. For the purposes of grouping profitability indicators, we will proceed from the concept of financial activity, which we gave in the first chapter of this work: financial activity is a part of the financial and economic activities of an organization, expressed through financial indicators, with a conditional division of all activities into financial and production.

The structure of profitability indicators in general is the ratio of profit (as an economic effect of activity) to resources or costs, i.e. in any considered indicator of profitability, profit acts as one of the constituent factors. Based on this, in order to determine the “quality” of profitability indicators, it is necessary to investigate the “quality” of profit as a quantitative indicator that directly affects profitability, determining through what (main or other) activity this profit was received.

The profit of the organization and the factors that form it: income and expenses - are reflected in the financial statements form No. 2 "Profit and Loss Statement". Based on the goals of interpreting the “profit” indicator, the following concepts are distinguished in the financial and economic literature: economic and accounting profit. Economic profit (loss) 8 is the increase or decrease in the capital of owners in the reporting period. If we consider the situation that in the reporting period, independent appraisers determined an increase in the organization's business reputation by +10,000 thousand rubles, then, subject to the principle of continuing operations, this amount cannot be accepted for accounting, because. according to PBU 14/2000 “Accounting for intangible assets”, goodwill is subject to accounting only when selling an organization as a whole and is defined as “the difference between purchase price organization (as an acquired property complex as a whole) and the value of all its assets and liabilities according to the balance sheet”. The definition of profit within the framework of the accounting approach can be formulated based on the definition of income and expenses in accordance with PBU 9/99 “Income of the organization” and PBU 10/99 “Expenses of the organization”, as a positive difference between income recognized as an increase in economic benefits as a result of the receipt of assets or repayment of obligations, leading to an increase in the capital of this organization, and expenses recognized as a decrease in economic benefits as a result of the disposal of assets or the emergence of liabilities, leading to a decrease in the capital of this organization (when recognizing income and expenses, contributions by decision of the owners of property are not taken into account). So, the above allows us to say that in quantitative terms, the indicators "economic profit" and "accounting profit" do not match. The reason for this is that when determining accounting profit, they proceed from the principle of conservatism, which does not take into account forecasted income, and when calculating economic profit, future income is taken into account. According to PBU 9/99 and 10/99, the organization's income and expenses are divided into: income (expenses) from ordinary activities, operating, non-operating and extraordinary income (expenses). Income and expenses other than ordinary activities, according to PBU 9/99 and 10/99, are considered other income (expenses), extraordinary income (expenses) is also included in other income (expenses). The types of activities that the organization has the right to engage in are indicated in its constituent documents. Practice shows that today most organizations in the Charter have open list activities, tk. the wording is included that the organization can engage in all types of activities that do not contradict the laws of the Russian Federation. In such a situation, the distinction between income and expenses from ordinary and other activities is somewhat difficult. In this case, when analyzing, it is recommended to resort to the principle of materiality, and if the amount of operating income "significantly affects the assessment of the financial position and financial performance of the organization, cash flow, then these receipts should form revenue, and not operating income [see 10, p. 94]. Of course, a similar approach must be used when determining the types of expenses: if as a result of the expenses incurred, income is received attributable to the ordinary activities of the organization, then the amount of the expense refers to current expenses.

The final financial result of the organization's activities is the indicator of net profit or net loss (retained earnings (loss) of the reporting period), the value of which is formed in several stages in Form No. 2 "Profit and Loss Statement". Initially, gross profit is determined as the difference between the proceeds from the sale and the cost of goods sold, products, works, services. When analyzing gross profit, it is important to identify the impact of the dynamics of the share of cost in revenue. Then the profit (loss) from sales is determined as the difference between gross profit and the sum of selling and administrative expenses. This type profit is involved in the calculation of the profitability of sales. At the next stage, profit (loss) before tax is calculated as the difference between the sum of operating and non-operating income and expenses. Further, based on the amount of profit (loss) before tax, taking into account the cost of income tax and other similar obligatory payments, profit (loss) from ordinary activities is determined. Extraordinary income and expenses are highlighted separately in the Profit and Loss Statement (section 4). From an economic point of view, the separation of this information into a separate section allows you to “clear” the final financial result from extraordinary and rarely recurring business transactions that do not allow you to correctly reflect the dynamics of the development of the financial and economic activities of the organization. Net profit (loss), formed taking into account the influence of all the above indicators, is calculated as the sum of profit (loss) from ordinary activities and extraordinary income minus extraordinary expenses.

In the process of analysis, it is important to determine how certain types of income and expenses influenced the formation of net profit (loss). Suppose that in the analyzed period, compared with the previous period, the growth in net profit in the organization was associated with a significant increase in extraordinary income. In this situation, however, the increase in net profit should not be considered as a positive moment in assessing the effectiveness of financial activities, because. in the future, the organization may not receive such income.

When evaluating the effectiveness of the financial activities of a group of organizations, the results of which are presented in the consolidated financial statements, it is also important to analyze the impact of income and expenses on the formation of the net profit (loss) indicator in the context of individual operating and geographical segments in order to determine the profitability of individual business lines. This information disclosed in accordance with the requirements of PBU 12/2000 "Information by Segments".

Having determined the “quality” of profit and the procedure for its formation, we will consider the second point in determining profitability indicators - an enlarged grouping of profitability indicators.

V.V. Kovalev distinguishes between two groups of profitability indicators: 1) profitability as an indicator of the ratio of profit and resources; 2) profitability as the ratio of profit and total income in the form of proceeds from the sale of goods, works, services. The first group includes indicators of return on capital: total, own, borrowed; in the second - the profitability of sales [see. 23, p. 378].

O.V. Efimova presents a grouping of profitability indicators in accordance with the types of activities of the organization: current, investment and financial. Also, one generalizing indicator is singled out, which most fully characterizes the effectiveness of the organization's activities - this is the indicator of return on equity. The indicators that are allocated by the author in accordance with the types of activities are considered from the point of view of their influence on the generalizing indicator. In current activities, such indicators as: return on assets, return on current assets, return on sales and return on expenses are distinguished. In investment activity, the return on investment, the profitability of owning an investment instrument and the internal rate of return on investment are distinguished. Indicators of profitability of total capital investments, prices of borrowed capital and the effect financial leverage(the ratio of borrowed capital to equity) make up the third group of indicators - the profitability of financial activities. [cm. 18, pp. 363-389].

HELL. Sheremet highlights the return on assets with details on non-current, current and net assets and profitability of sales [see. 31, pp. 89-94].

J.K. Van Horn says that “there are only two types of profitability indicators. Thanks to indicators of the first type, they evaluate profitability in relation to sales, and indicators of the second type - in relation to investments "and, accordingly, highlights the indicators of return on sales and return on investment [see. 13, pp. 155-157].

Based on the definition of financial activity given in the first chapter of this work, we propose the following grouping of profitability indicators:

• profitability of net and total assets as one of the main indicators of the effectiveness of the financial and economic activities of the organization
• return on current assets
• return on total capital
• return on sales
• cost-effectiveness

Let's consider the first group of analyzed indicators - return on assets. The return on total assets is determined by the formula:

When calculating the return on assets, the final financial result - net profit - is taken as an indicator of profit. This ratio shows the effectiveness of the organization's asset management through the return of each ruble invested in assets and characterizes the generation of income by this company. Also, this indicator is another characteristic of resource productivity, but not through the volume of sales, but through profit before tax. [cm. 23, p. 382]. Analysis of the profitability of assets includes the analysis of the profitability of current assets and the analysis of the profitability of net assets. Indicators of profitability of current and net assets are determined similarly to the profitability of total assets, while the denominator of the formula is taken as the average value of current and net assets, respectively. Let's consider these coefficients in more detail.

Return on net assets - the ratio of net profit to the arithmetic mean of net assets at the beginning and end of the reporting period. Net assets are assets cleared of liabilities, or in other words, this is real equity. When calculating net assets 9 in Russian practice, there are adjusting items both in assets accepted for the calculation of net assets and in liabilities accepted for the calculation of net assets. The amount of net assets is found as the difference between the assets, minus the participants' debt on contributions to the authorized capital and the amount of shares repurchased from shareholders, and borrowed capital, net of deferred income. Separately, it should be said about the article "Targeted financing and receipts" in the section "Capital and reserves". If these funds are used for production purposes, this item is deducted from the amount of assets when calculating net assets; If this article is aimed at social sphere- then net assets are not adjusted by the value of this item. However, considering net assets as a residual value, we cannot say that this is the amount of funds that the owners would have received in the event of the liquidation of the company. The fact is that the calculation of net assets is carried out on the basis of the book value, which may not coincide with their market value.

The return on net assets shows the rationality of managing the capital structure, the ability of the organization to increase capital through the return of each ruble invested by the owners. The owners of the company are primarily interested in increasing the return on net assets, since the net profit per unit of the owners' deposits shows the overall profitability of the business chosen as an investment object, as well as the level of dividend payments and affects the growth of share prices on the stock exchange.

Let's carry out dynamic and factor analysis return on net assets. A dynamic analysis of the return on net assets will be less affected by inflation than if we compared the quantitative value of net assets over time. Thus, it is proposed to study the return on net assets in the following models:

1. check influence constituent parts profit per change in the value of net assets To do this, the numerator of the formula takes the indicator of net profit (according to the analytical balance sheet) as the sum of revenue, cost with a "-" sign, management and commercial expenses with a "-" sign, operating, non-operating, extraordinary income and expenses , income tax and other similar obligatory payments;
2. create a multiplicative model of return on net assets as the product of return on sales, working capital turnover, current liquidity ratio, the ratio of short-term liabilities to accounts receivable, the ratio of accounts receivable to accounts payable, the ratio of accounts payable to borrowed capital and an indicator that characterizes the financial stability of the organization, as a ratio debt capital to net assets. The model does not randomly select indicators of current liquidity and financial stability. According to the logic, with an increase in efficiency and profitability, the riskiness of the business increases, so it is necessary to monitor certain trends, for example, that an increase in profitability does not entail a decrease in the current liquidity ratio to an unacceptable level and that the organization does not lose its financial stability.

In general, the increase in the return on net assets can be characterized as positive, while changes in the ratio between debt and equity should be taken into account. So, with an increase in the share of borrowed capital in total liabilities, an increase in the rate of return on net assets is not always acceptable, because. in the long term, this will affect the financial stability and current solvency (current liquidity ratio) of the organization. A decrease in the return on net assets may indicate the inefficient use of capital and the “dead” part of the capital that is not used and does not make a profit. To identify the structure of debt and equity, the effect of financial leverage should be calculated as the ratio of debt to equity.

The next indicator we are considering is the return on current assets.

Return on current assets shows the return of each ruble invested in current assets. This is one of the main performance indicators, because it is known that current assets directly create the profit of the organization, while non-current assets create the conditions for the formation of this profit. According to the optimal structure of the organization's assets, the share of current assets should exceed the share of non-current assets, but here it is important to take into account the industry specifics of the analyzed organization. An increase in the profitability of current assets with a constant net profit may indicate a decrease in the share of current assets, which is considered as a negative trend. However, if the decrease in the share of current assets was caused by such factors as: a decrease in stocks in terms of finished products, more rational management of stocks of raw materials and materials, we can say that this is a positive trend, while maintaining which in the future we can expect an increase in the net profit of the organization. The outstripping growth rate of net profit compared to the growth of current assets in the reporting period indicates an increase in the efficiency of current assets. It should be emphasized once again about the importance of determining the "quality" of net profit.

The following models are offered for factor modeling:

1. trace the change in the profitability of current assets due to changes in the structure of current assets, while the denominator of the formula is an enlarged grouping of current assets by the following elements: stocks, including the amount of VAT (balance on the VAT account), receivables, short-term financial investments and cash, and in the numerator - the amount of net profit. So, if the decrease in the profitability of current assets was caused by an increase in the absolute value of stocks, then this trend, on the one hand, can be characterized as a decrease in the sales market segment, which leads to an increase in the share of finished products in stocks; on the other hand, it is possible that at the moment the organization was prudently accumulating inventories in anticipation of an increase in the level of prices for them. Therefore, with this trend, one should take into account the dynamics of the turnover of the organization's most liquid assets, cash, and receivables. For a more accurate assessment of the causes and consequences of changes in the profitability of current assets, an in-depth analysis of the current assets of the organization should be carried out;
2. if, when studying the “quality” of profit in the return on net assets, no significant deviations were noted in relation to the reporting period, then it is not recommended to consider this model in relation to current assets. However, if there have been significant changes in the structure of net profit, this model should also be analyzed. This factorial model can be solved by the method of chain substitutions, as a result of which the quantitative influence of each element of profit on the overall profitability of current assets is determined 10 . According to the level of importance of the elements that form profit, it is possible to single out in descending order the following indicators: revenue, cost, selling and administrative expenses; operating and non-operating income; extraordinary income and expenses;
3. analysis of changes in the profitability of current assets under the influence of profitability of sales and turnover of current assets or analysis of changes in the profitability of current assets under the influence of profitability of sales, turnover of equity capital and the ratio of equity and current assets.

Return on Current Assets = P/N N/CK CK/ОA , where (2.3)

P - net profit;
N - revenue;
CK - equity;
OA - the average value of current assets.

When analyzing the profitability of current assets on the example of a particular organization, it is important to take those indicators whose data are essential for interpreting the results of the analysis.

In general, after analyzing the trends in the change in the profitability of total assets, the profitability of current and net assets, it is possible to assess the effectiveness of the organization's management in terms of the placement of funds.

In the process of analyzing the next group of profitability - return on capital - they study the indicators of profitability of total, borrowed and equity capital.

When analyzing the return on equity, it is necessary to identify trends in the quantitative change in the components of equity capital: authorized capital, reserve capital, additional capital, net profit and reserves. You should also compare the value of net assets and authorized capital. So, if net assets are less than the authorized capital, then the authorized capital of the organization must be reduced to the actual value of net assets; in the event that the value of net assets is less than the minimum value of the authorized capital established by law, the organization is subject to liquidation. As invested capital, one can consider not only the capital of owners, but also organizations. This approach implies that the organization can manage long-term liabilities as well as equity due to the long-term nature of the former. Based on this indicator, the return on investment indicator is calculated as the ratio of net profit to the average value of the amount of equity and long-term borrowed capital.

When modeling the return on equity, we suggest using the model that has already become a classic, developed by Dupont analysts, in which the return on equity is directly proportional to the return on sales, asset turnover and the financial independence ratio as the ratio of equity to assets in a net assessment. It should be taken into account that the factor of return on sales, being a productive indicator of the reporting period, does not make it possible to determine the planned and long-term effect. The third factor affecting the return on equity, the coefficient of financial independence, on the contrary, expresses the trends in the strategy of financial management of borrowed capital. Thus, the value of this indicator less than 0.5 indicates a fairly high level of risk, which implies a focus on high profitability of activities, and vice versa, if the value of the financial independence indicator is higher than 0.5, this indicates a conservative strategy.

You can also analyze the impact on the change in the return on equity of such a factor as borrowed capital. To do this, consider the following model:

Return on equity = P/N N/SC SC/SC (2.6)

When calculating the return on borrowed capital, it should be taken into account that we consider borrowed capital from the position of the borrower, and not the lender, therefore, the return on borrowed capital is determined by the formula:

If we are a creditor, then the return on borrowed capital is defined as:

At the same time, information on the amount of payment for the use of borrowed capital can be obtained from form No. 4 “Cash flow statement”, line 230 “for paying loans”.

According to PBU 9/99, operating income includes interest received for the use of the organization's funds, while if the amount of income received exceeds 5% of the total income of the organization, then this income item is shown in the Profit and Loss Statement in the context of operating income separately . Therefore, if this income item is not shown in a separate line, and there were incomes from borrowed capital, then the price of borrowed capital did not exceed 5% of operating income.

When analyzing the profitability of sales of profit in the numerator of the formula, several types of profit can be considered. So, when the ratio of sales profit to revenue is taken, we get the "purity of the analytical experiment", which consists in the fact that this indicator should not be influenced by elements that are not related to sales, for example, other income and expenses. This indicator allows you to evaluate the effectiveness of sales management in the process of core business. When considering the ratio of gross profit 11 to revenue, we estimate the share of each ruble received from the sale of products that can be used to cover selling and management expenses. The ratio of profit before tax to revenue reveals the impact of non-operating and operational factors. The stronger the influence of operating and non-operating income and expenses, the lower the “quality” of the final financial result of the organization’s activities, respectively. The ratio of profit from ordinary activities reveals the impact of the tax factor. And, finally, the ratio of net profit to revenue is the final indicator in the system of indicators of profitability of sales and reflects the impact of the totality of income and expenses.

No less important in the analysis of profitability are indicators of profitability of expenses. Thus, it is advisable to analyze the ratio of expenses from ordinary activities to sales proceeds. Expenses from ordinary activities are understood as the total cost of goods, works and services produced, administrative and commercial expenses. For a more detailed analysis, it is recommended to consider the following indicators: the ratio of cost to revenue, the ratio of administrative expenses to revenue and the ratio of commercial expenses to revenue, on the basis of which conclusions are drawn about the effectiveness of cost management. Increasing ROI may signal problems with cost control. For an external analyst, a deeper analysis of the impact of certain costs on the effectiveness of sales management, unfortunately, is not available due to the limited amount of information; the internal analyst in the process of such an analysis should identify reserves for cost reduction.

2.2 Turnover of property and liabilities as a component of the efficiency of the organization's financial activities

The efficiency of the organization's financial activity to a large extent depends on the speed of the turnover of funds: the faster the turnover, the more opportunities for increasing the income of the organization, ceteris paribus, and therefore the efficiency of financial activity is higher.

The turnover rate of individual groups of assets and their total turnover, as well as the turnover of accounts payable and liabilities, differ significantly depending on the scope of the organization (production, supply and marketing, intermediary, etc.), their industry affiliation (there is no doubt that the turnover of working capital at a shipyard and an airline will be objectively different), scale (as a rule, in small enterprises, the turnover of funds is much higher than in large ones) and other parameters. The general economic situation in the country, the level of development of its individual regions, the established system of non-cash payments and related business conditions of enterprises have no less impact on the turnover of assets and liabilities.

At the same time, the duration of the funds in circulation is largely determined by the internal conditions of the organization's activities, and primarily by the effectiveness of its asset management strategy (or lack of it). So, management can choose different models of the financial management strategy for working capital:

• aggressive, in which the formation of assets necessary for the implementation of economic activities occurs mainly due to short-term accounts payable and liabilities. From the position of performance efficiency, this is a very risky strategy, since maintaining the efficiency of the organization involves a high turnover of assets.
• conservative, which involves the use of predominantly long-term sources of financing current assets (this model, however, in our opinion, is somewhat unrealistic). Since the timing of the return of borrowed capital is significantly remote in time, the turnover of assets, therefore, can be relatively low.
• compromise, which combines both of these sources of funding.

By changing the chosen behavior model (this, of course, does not happen chaotically, and the chosen strategy is applied consistently over a certain period of time), financial managers can influence the volume, structure and turnover of the organization's assets and liabilities, and, consequently, affect the efficiency of its activities.

It should be noted that for an internal analyst, the financial policy of an enterprise is an object of close attention and serves as a starting point in the analysis of financial and economic activities. An external analyst from the reporting data can only get a rough idea of financial policy enterprise, more precisely, about its individual moments that lie on the surface, but even such information should be used by him when studying the effectiveness of the financial activities of the organization (of course, the analyst in his actions should be guided by the principle of caution). Regarding the turnover of assets and liabilities, we are talking about the fact that an external analyst, using reporting for a number of years and, having identified trends in the dynamics of turnover indicators, can assume with some degree of conditionality that the company will continue to adhere to the same strategy, and in accordance with this cost forecast for the future.

In the process of analyzing turnover, the analyst uses dynamic, coefficient and factorial methods for studying turnover indicators. The dynamic research method allows you to identify a temporary change in turnover rates. Ratio method analysis of turnover involves the calculation of indicators of turnover and the duration of one turnover. With the factorial method, we identify the impact of other factors on the effective turnover rate.

The logic of calculating the indicators of turnover of assets and liabilities lies in the ratio of the indicator of proceeds from the sale of goods, products, works, services (hereinafter referred to as proceeds) and the average value of assets and liabilities for the period. In this case, the average value can be calculated in several ways, as:

• average

  For example,
  average amount of accounts payable \u003d (KZ n.g. + KZ k.g.) / 2 , (2.9)
  where KZ n.g., KZ k.g. - respectively, the amount of accounts payable at the beginning and end of the period.

• chronological average

  For example,
  average amount of accounts payable

1 Under closed companies, according to world practice, most often mean small and medium-sized businesses

2 It is assumed that part of equity is replaced by short-term borrowed capital

3 Profitability is defined as the ratio of profit to assets or capital (to a part of assets or part of capital), revenue, etc. For example, the return on net assets is defined as the ratio of net profit to the value of net assets.

4 In the practice of analysis, profitability indicators that use other than net profit indicators are called intermediate levels of profitability.

5 Extraordinary income/expenses are income/expenses that simultaneously meet two criteria:

- unusual, when the income and expenses of the organization are characterized by a high degree of abnormality and are of a nature that is clearly not related or associated only incidentally with ordinary activities

- infrequent, when, based on reasonable grounds, a recurrence of these incomes and expenses can hardly be expected in the foreseeable future

6 Under the algebraic sum in this context is also understood the difference of indicators as the sum with the sign "-"

7 In more detail, we will consider the analysis of inventory turnover and other components of assets and liabilities in the second part of the second chapter 8 Loss can be interpreted as profit with a “-” sign

9 Order of the Ministry of Finance of the Russian Federation and the Federal Commission for the Securities Market dated January 29, 2003 No. 10n, 03-6 / pz “On Approval of the Procedure for Estimating the Net Assets of Joint-Stock Companies”

10 Detailed calculations of factor models will be presented on a separate example in the third chapter of the work.

11 J.K. Van Horn considers this indicator as the final indicator of return on sales [see. 13, p. 155].

Job commercial enterprise requires not only the introduction of modern technologies and an increase in labor productivity, but also serious analytical work in the field of studying the financial and economic results of the company's activities. What methods are used to implement this line of activity in modern companies?

Determination of the financial activities of the enterprise

What is "financial activity"? This is a complex term. It is most often understood as activities related to the extraction of commercial profit, increasing the efficiency of production processes, and reporting procedures.

In some cases, an analysis of the financial activity of an enterprise is carried out in order to identify the economic indicators of the company as a whole, as well as to study the quality of work of various corporate institutions: management, accounting, sales department, etc. From the point of view of economic science, such procedures are classified as microeconomic, that is, they reflect the state of affairs at the local facility, and may not correlate with macro indicators in any way.

Why analyze financial activities?

An analysis of the financial activity of an enterprise is the most important tool for increasing the competitiveness of a business. Based on certain indicators, key management decisions can be made. Through procedures that in question, the effectiveness of already implemented management concepts can be investigated, as well as their necessary adjustment after receiving the results.

The results of the analysis in question can be used by management when a plan is drawn up for the financial and economic activities of the company. So, having received certain figures at its disposal, the company's management can put strategic goal- to achieve such and such indicators to improve the efficiency of the business model. The financial activity plan of the enterprise may also include investment aspects that involve placing emphasis in the direction of cash flows. A detailed analysis of the relevant activities of the company will also help to determine priorities.

The results of research into the effectiveness of the business model of an enterprise can help its owners to establish positive relationships with investors, creditors, partners, and in some cases with customers. The results of the analysis are an important factor determining what, as we noted above, the plan of the company's financial and economic activities may be. The importance of the appropriate type of analysis is the highest, especially in highly competitive business sectors. Leaders of many largest firms conduct such studies on a regular basis.

Methods for analyzing financial activities

What methods can be used when analyzing the financial activities of a company? The appropriate type of research involves examining the profile of the firm in several aspects, and separate approaches can be used in each line of work.

For example, a method is widespread, which is based on the study of business plans of enterprises for validity and balance. Also often used is an approach in which analysts study specific indicators of business performance in certain areas. A fairly common method in which the financial results of an enterprise are compared with competitive firms commensurate in terms of revenue and occupied market volume.

In most cases, business research approaches are systematic. This is due to the need to create a comprehensive characteristic of the enterprise: in some aspects it may be inferior to competitive businesses, but in others it will be much superior to them. A systematic approach to the analysis of the company's activities will help to identify the primary indicators of the company's performance, on the basis of which an overall assessment of business performance will then be developed.

Data sources for analysis

The financial activity of the enterprise is expressed in local operations, most of which are documented. The relevant sources are then used in the analysis of the firm's activities. What documents are we talking about? What sources are used to record the financial activities of the company? There are enough of them.

First of all, these are documents related to financial statements. Among them are sources fixing profits and losses, various appendices to them. These are documents that reflect information about changes in capital, about the movement of financial resources.

The main aspect of financial statements is the balance sheet. The documents in which it is recorded make it possible to sufficiently reliably assess how successful the current financial activity of the enterprise is.

The balance sheet allows you to evaluate such indicators of the company's commercial activities as assets and liabilities, working capital, net assets, coefficients of stability, solvency, liquidity (a little later we will consider their essence in more detail).

Another important source that allows you to determine how effective financial activities are is the income statement. This document records, respectively, the revenue and costs of the company in relation to certain areas of activity.

The statement of changes in equity is another important document through which a company's financial performance can be analyzed. This source has a rather complex structure. So, there are four sections in the topics. In the first three, indicators are recorded that are related to the capital of the company in relation to the reporting year. This area of ​​the report contains information about the adjustment of the amount of capital and its components, profit, reserves. The fourth section of the document fixes the factors that directly affected the change in capital. This may be the issue of additional shares or the adjustment of their value, the emergence of other income or expenses of the company.

Another significant source, without which it is problematic to carry out a full-fledged analysis of the financial and economic activities of an enterprise, is a cash flow statement. This document includes information regarding incoming and outgoing financial flows in relation to the current activities of the company in the direction of investment and other strategically significant activities.

The balance sheet is also accompanied by a special appendix. It may contain facts useful from the point of view of adjusting financial activities that can be obtained during the analysis. Thus, the appendix to the balance sheet can also be considered a significant source in assessing business performance.

Enterprise efficiency criteria

We have studied the main sources by which the financial results of the enterprise can be investigated. Now let's look at the key criteria by which to evaluate how effective a business is. In general, they come down to determining whether the results of the enterprise's activities are high enough in relation to the costs. A firm, relatively speaking, will be evaluated as efficient if it can produce a lot with small investments. Also, certain indicators, as we noted above, can be compared with the achievements of competing companies.

The main criteria that allow you to determine whether a business is effective can be presented in the form of the following list.

First, it is the efficiency of the use of resources that are involved in production processes. It can be fixed assets, personnel, finance, raw materials. Secondly, this is the quality of the company's investment policy (how quickly investments pay off). Thirdly, it is the efficiency of using the company's assets - for example, in terms of turnover. Fourth, it is the quality of the use of capital, which can be assessed based on the amount of earnings per share of the company. Let us now consider individual indicators, on the basis of which, in the course of the analysis, it is possible to evaluate the financial result of the company's activities.

Among the most important are liquidity ratios. Let's study their specifics.

Liquidity ratios

These indicators of the company's financial performance characterize the extent to which it is able to meet the needs of holders of short-term bonds issued by the company. Among the coefficients in question are those that correlate with absolute, urgent and current liquidity. For each of them, a separate calculation formula is used.

The ratio relative to absolute liquidity is an indicator that allows you to determine the proportion of short-term bonds that can be covered by the company's cash, as well as shares and deposits. The main criterion is that they must have absolute liquidity.

The average liquidity ratio shows the proportion between cash (as well as assets such as receivables and short-term investments) and debt. If the analysis of the financial and economic activity of the enterprise fixes the indicator in question at a value of more than 1, then this can be considered an excellent result, 0.7-0.8 is acceptable.

The current liquidity ratio is calculated by dividing current assets by short-term bonds. It is an indicator of whether the firm has enough funds to pay off the corresponding obligations. Interesting fact: if there are much more current assets than bonds, then the financial and economic activity of the enterprise can be assessed as insufficiently effective due to the irrational distribution of assets.

Net working capital

Another important measure of a firm's performance is its net working capital. It is calculated, as a rule, in the national currency of the country in which the enterprise operates. It is calculated as the difference between the firm's assets and short-term debt obligations. If there is not enough capital, then this means that the company will not be able to repay loans and bonds on time. But if the corresponding indicator exceeds the value that reflects the amount of liabilities, then, as in the case of the current liquidity ratio, this may indicate that the firm's resources may be used irrationally. In practice, this may be an excessively large issue of shares or too high credit activity.

Stability factors

Analysis, during which the financial and economic activity of the enterprise is assessed, may involve the study of indicators correlated with the structure of money capital, which can give a fairly clear picture of the stability of the company. Such criteria are indicators of how the company's own funds and borrowed funds compare, and also show how dependent the business is on external creditors.

Among the indicators in question is the coefficient correlated with financial independence. The lower it is, the more debt the company has, and the higher the likelihood that it will not be able to meet its obligations. However, a too low value of the coefficient may indicate that the company is experiencing a shortage of funds.

Another indicator within the category under consideration is the ratio of the total volume of liabilities to the assets of the firm. It is an indicator of the size of the company's assets financed by attracting loans. The optimal value of this parameter is 0.2-0.5.

Also important are indicators that reflect how the company's assets and its long-term liabilities are related, what is the proportion of debts and equity of the company, as well as "long loans" and non-current assets. If the researcher who analyzes the financial and economic activities of the enterprise examines these parameters, then he will have more information at his disposal, reflecting how dependent the company is on debt obligations.

Profitability ratios

Another group of coefficients that are important from the point of view of business valuation correlates with the profitability of the company. What indicators within this category can be considered the most important?

First of all, it is a coefficient correlated with the level of profitability of sales. It shows what is the amount of net profit in the total sales of the company. Another important ratio is the one that correlates with the organization's return on equity. This parameter shows how much investors earn per unit of invested currency. An important indicator is the coefficient correlated with current assets. It shows what the company's capabilities are in terms of generating revenue in relation to the working capital involved. The higher this ratio, the more efficient business. An analysis of the financial and economic activities of a company may involve the use of another important parameter - a coefficient correlated with non-current assets. It shows whether the firm is making enough profits relative to fixed assets. The higher this parameter, the more efficient the business. Another important factor within this category relates to return on investment. It shows how many units of currency the firm has invested in production in order to get one unit of profit.

Business activity ratios

The analysis of the company's financial performance may also involve the identification of ratios correlated with business activity firms. There are several such indicators, and all of them allow us to understand the extent to which the company is effectively using its cash. Let's consider the essence of the main indicators.

Among the most significant is the coefficient correlated with the turnover of working capital. It shows the extent to which the investment in working capital is being carried out effectively, as well as how this affects the dynamics of sales. The higher this ratio, the more effective the business model of the enterprise is considered.

Another important parameter associated with the turnover of fixed assets. This indicator characterizes the extent to which the enterprise effectively uses fixed assets. The higher the ratio under consideration, the better the firm's business model.

Another significant parameter that allows you to understand how successfully the company conducts its financial activities is the coefficient correlated with the turnover of assets. It shows how efficiently the firm uses all its resources.

The coefficient reflecting the inventory turnover is also considered as a significant indicator of the success of the financial activity of the enterprise. It shows how fast the company sells inventory. The higher this ratio, the less the firm's cash is placed in this type of assets, which are characterized by low liquidity.

Another significant parameter is the coefficient correlated with receivables. It shows how long the period in which the company collects funds owed to it by external entities. If this indicator is too high, then this indicates the difficulties that the company experiences when working with counterparties or borrowers.