Determining the enterprise's need for its own working capital ah is carried out in the process of rationing, that is, determining the working capital standard.

The purpose of rationing is to determine the rational amount of working capital diverted to certain period into the sphere of production and the sphere of circulation.

The need for own working capital for each enterprise is determined when drawing up a financial plan. Thus, the value of the standard is not a constant value. The size of own working capital depends on the volume of production, supply and sales conditions, the range of products produced, and the forms of payment used.

The working capital rate is nothing more than the number of days during which working capital is diverted into inventories, starting from the payment of the invoice for materials and ending with the moment of their transfer to production. It includes:

• · transport stock, which is defined as the difference between the cargo turnover time and the document circulation time. (Document flow - time for sending settlement documents and submitting them to the bank, time for processing documents in the bank, postal travel time for documents.) In practice, its value is determined on the basis of actual data for the previous year;
• Preparatory stock - time for unloading, receiving and warehouse processing received materials are determined based on fact;
• technological stock - time to prepare materials for production . This applies to those materials that cannot immediately go into production (wood - drying, grain - processing, etc.);
• · current warehouse stock . It is needed to ensure continuity of the production process between two related supplies materials;
• · guaranteed (insurance) stock required in case of unforeseen circumstances. It is usually set at 50% of the current warehouse stock.

Thus, general norm The supply in days for raw materials, basic materials and purchased semi-finished products generally consists of the five listed stocks.

To determine the standard, the average daily consumption of standardized elements in monetary terms is taken into account. For production inventories, the average daily consumption is calculated according to the corresponding item in the production cost estimate: for work in progress - based on the cost of gross or marketable output; for finished products - based on production cost commercial products.

In the process of standardization, private and aggregate standards are established. The standardization process consists of several successive stages:

First, stock standards are developed for each element of standardized working capital. The norm is relative value, corresponding to the volume of stock of each element of working capital. As a rule, standards are established in days of supply and mean the duration of the period provided by this type material assets. The stock rate can be set as a percentage, in monetary terms, to a certain base.

Working capital standards are developed at the enterprise by the financial service with the participation of services related to production and supply and sales activities.

Next, based on the stock norm and consumption of a given type of inventory, the amount of working capital necessary to create normalized reserves for each type of working capital is determined. This is how private standards are determined.

And finally, the total standard is calculated by adding up the private standards. The working capital ratio is monetary value the planned stock of inventory items, the minimum required for the normal economic activities of the enterprise.

The standard for working capital advanced in raw materials, basic materials and purchased semi-finished products is determined by the formula:

N = Npz*Spz, Where

N - standard working capital in stocks of raw materials, basic materials and purchased semi-finished products;

C pz - average daily consumption of raw materials, materials and purchased semi-finished products;

N pz - stock norm in days.

The average daily consumption for the range of consumed raw materials, basic materials and purchased semi-finished products is calculated by dividing the sum of their costs for the corresponding quarter by the number of days in the quarter.

Determining the stock norm is the most labor-intensive and an important part rationing. The stock norm is established for each type or group of materials. If many types of raw materials and supplies are used, then the standard is established for the main types, which occupy at least 70-80% of the total cost.

Working capital standard for work in progress must ensure a rhythmic production process and a uniform supply of finished products to the warehouse. The standard expresses the cost of production of products that have begun but are not completed and are at various stages of the production process. As a result of standardization, the value of the minimum reserve sufficient for normal production operation must be calculated.

Rationing of working capital in work in progress is carried out by groups or types of products for each department separately. If the range of products is varied, then the standard is calculated based on the main products, constituting 70-80% of its total mass.

The standard for working capital in work in progress is determined by the formula:

N=Nnp*Svp, Where

SVP - one-day costs for the production of gross output;

Nnp - working capital norm for work in progress,

Nnp = Pts * Kn

Pc - duration of the production cycle in days;

Kn - cost increase coefficient.

One-day costs are determined by dividing the cost of production of gross (commodity) output of the corresponding quarter by 90.

Standard for the article "Future expenses" are calculated by the formula:

N=Rng+Rpl-Rsp, Where

Rng - the amount of deferred expenses at the beginning of the planning period;

Rpl - expenses incurred in the planning year;

Rsp - expenses included in the cost of production of the planning period.

Working capital standard for finished products determined by the formula:

N=Ngp*Wtp, Where

VTP - one-day release of commercial products

NGP - working capital norm for finished products.

In this way, private standards are established for each element of regulated working capital. Then the total standard of working capital is determined, reflecting the total need of the enterprise for its own working capital in the planning period, by adding up private standards.

Next, it is necessary to compare the resulting total standard with the total standard of the previous period in order to determine how the enterprise’s need for its own working capital changes in the planning period.

The difference between the standards is the amount of increase or decrease in the working capital standard, which is reflected in financially enterprises.

Standardized working capital- these are own working capital advanced into working capital production assets and into individual elements of circulation funds (raw materials, supplies, work in progress, deferred expenses, etc.) Non-standardized working capital– goods have been shipped, cash, accounts receivable.

Methods for planning working capital requirements:

• - Analytical method(experimental-statistical) involves an aggregated calculation of working capital in the amount of their average actual balances.
• - Coefficient method – is based on the determination of a new standard based on the existing one, taking into account adjustments for changes in production volume.
• - Direct counting method is the most accurate, but also the most labor-intensive. It is based on the determination of scientifically based stock standards for individual elements of working capital and working capital standards.

Methods for calculating working capital standards.

Working capital ratio– the minimum required amount of funds to ensure economic activity enterprises. The algorithm for calculating the standard for individual elements of working capital is as follows: stock norm (days) * one-day consumption or output for a given element of working capital. In its turn one-day expense is calculated as the quotient of expenses divided by the number of days in the period.

There are three known methods for calculating working capital standards: analytical, direct counting method, coefficient method.

Analytical, or the experimental-statistical method of standardization reflects the established practice of organizing production, supply and sales. Its essence lies in the fact that when analyzing existing inventory items, their actual stocks are adjusted and excess and unnecessary values ​​are eliminated.

Direct counting method provides for a scientifically based calculation of inventories for each element of working capital in the conditions of the achieved organizational and technical level of enterprises, taking into account all changes occurring in the development of equipment and technology, in the organization of production, transportation of inventory items in the field of calculations.

At coefficient calculation amendments are made to the free standard of the previous period for the planned change in production volume and for the acceleration of capital turnover. The use of differentiated coefficients for individual elements of working capital is permissible if the standards are periodically updated by direct counting.

To determine the need to calculate your own working capital for an enterprise, it is worth considering some points. For example, these funds must cover not only the basic processes in order to fulfill the production program, but also the needs of housing and communal services, auxiliary, subsidiary and other farms that are not related to the company’s activities and do not have an independent balance, as well as for the implementation overhaul on your own. However, in practice, the need for own working capital is most often determined only for core activities, which somewhat reduces its need.

Volume of own working capital calculated depending on the following factors:

The calculation form used;
- ;
- conditions of sales and provision of supply and sales;
- range of manufactured goods.

Rationing of working capital is expressed in money. To determine the need for them, an estimate of the costs of producing services and goods for a certain period is included. At the same time, for companies with non-seasonal production, it is advisable to use data from the fourth quarter, because during this period, as a rule, production volumes are slightly higher.

For enterprises whose production is seasonal, it is better to use quarterly data with the smallest volume. This is due to the fact that the seasonal need for additional working capital can be provided through short-term bank loans.

To correctly determine the standard, you need to calculate the average daily costs of the standardized elements in financial equivalent. The average daily consumption of production reserves is calculated using the corresponding item in the cost estimate. Work in progress is calculated depending on the cost of gross output, finished goods - on the basis of the cost of marketable products.

During the period of standardization, aggregate and private standards are formed. The whole process contains several successive stages.

First, you need to determine the reserve rate for each element of the regulated capital. These standards are usually set in reserve days and determine the duration of the period that will be provided by this type of funds. The reserve rate can be set as a percentage or monetary equivalent to a certain base.

Next, it is necessary to calculate the amount of working capital, guided by the data of the reserve norm and the total costs of inventory assets of this type, which is needed to create a standardized stock for each individual type of working capital. This is how private standards are formed. These include the following standards for working capital of reserve production:

Raw materials;
- components;
- basic and additional materials;
- purchased semi-finished product;
- container;
- fuel;
- LBP (low-value and high-wear items).

At the end of all calculations, all partial standards are summed up and the total standard is calculated.

These principles are expressed in the following points:

Systematicity;
- scientific validity;
- planning;
- progressiveness.

Consistency is expressed in the relationship between material standards and the system of technical standards used. Material standards are taken as the basis for technological standards (daily consumption of funds, duration of one production cycle, etc.) and through established standards stimulate improvement of the technological process.

The principle of scientific validity is that the process of rationing working capital is based on the latest methods production organization labor and is the means responsible for the realization of its own reserves.

Planning is determined by the fact that any company must ration capital in accordance with existing forecasts and orders for product sales, as well as planned cost estimates, investment and innovation plans, and so on.

The principle of progressiveness is determined during the period of creation of measures to increase the turnover of funds by reducing material costs and labor costs, accelerated circulation of documentation, increasing the level of organization of material and technical equipment, sales of goods, and so on.

Methods for rationing current assets

As a rule, enterprises use such methods of rationing working capital as:

1) analytical;
2) direct account;
3) coefficient.

The analytical method is used in cases where the planned period does not provide for any significant changes compared to the previous ones. In this case, the standard calculation is carried out on an aggregate basis, taking into account the ratio of the amount of working capital for past periods and the growth rate of production volumes. During the analysis of the current working capital, its actual reserves must be adjusted, and all unnecessary ones must be eliminated.

The direct accounting method involves calculating reserves for each element of working capital. In this case, all changes in the organizational and technological development of production, as well as the transportation of materials and calculation practices between companies must be taken into account. This method is quite labor-intensive, requiring the highest level of qualifications of economists and the involvement of many different company services (production and economic departments, supply, accounting). However, it is this technique that makes it possible to most accurately calculate the company’s need for working capital.

The coefficient method allows you to determine a new standard based on the standard of the previous period by including in it various changes. Here the conditions of equipment, production, sales of products, and calculations are taken into account.

There are companies that have been operating for more than one year, which most often use coefficient and analytical methods. They formulate a production program and organize the production process, but do not have the required number of economists with sufficiently high qualifications for a more detailed analysis of the work in the field of calculating working capital.

However, in practice, the most commonly used method is the direct counting method. Its main advantage is that the data obtained are the most reliable, since the most accurate calculation of aggregate and private standards is made.

As noted above, working capital rationing is carried out by calculating working capital.

The working capital standard for a certain period is calculated using the analytical method or direct counting and is divided into private (the amount of funds by element) and total (the sum of all working capital) standards.

Using the direct counting method, the standard is calculated as a set of working capital in the form of the sums of each element based on existing orders, reserve and expenditure standards, innovation and investment plans and planned cost calculations. To carry out calculations, the formula is used:

Woc = ∑Wn

where Woc is the total standard of the fixed capital element; n – standard element of fixed capital.

The main advantage of this method is that the total standard is defined as the sum of individual elements. The importance of the analytical method lies in the fact that it is focused on the basic regulatory level and an aggregated calculation of the need for resources based on the planning of the standardized period. The following formula applies here:

Woc = In * Wbos

where In is an index of changes in the volume of products produced or material resources used; bos – the basic normative level.

Thus, the index of changes in the volume of manufactured products or applied material resources is calculated using the following formula:

In = Mpl/Mfact

In = Vpl/Vfact

where Vpl is the estimated quantity of manufactured products; Vfact – actual production of products; Mpl – expected expenditure of funds; Mfact – actual expenditure of funds.

The advantage of this method is that it is quite simply calculated, but it has a drawback in the form of transferred omissions and shortcomings, which are always present when determining the standard in the base period. This method is used primarily for prospective calculations of the need for financial support.

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From the point of view of production efficiency, the volume of working capital should be optimal, i.e. sufficient to ensure an uninterrupted production process, but at the same time minimal, not leading to the formation of excess reserves, freezing of funds, or increased production and sales costs. The need to form working capital in the optimal amount is caused by the fact that there is a time lag between the time of consumption of material resources in production and the receipt of proceeds from sales, which depends on many internal and external factors. The amount of working capital sufficient for the normal functioning of the production process and sales of products is established by rationing working capital, which is the basis for their rational use.

Rationing of working capital- this is the process of determining the minimum, but sufficient for the normal flow of the production process, the amount of working capital at the enterprise.

In a market economy, the importance of standardization of working capital is very great: enterprises must independently establish and control the standard of working capital, since ultimately the efficiency of the enterprise and its financial position (solvency, stability, liquidity) depend on this. An underestimation of the amount of working capital entails an unstable financial position, interruptions in the production process and, as a consequence, a decrease in production volume and profitability. On the contrary, an overestimation of the size of working capital freezes funds in any form (inventory, suspended production, excess raw materials), thereby preventing investment in the expansion and renewal of production.

In the practice of internal production planning, enterprises use the following methods for rationing working capital.

Analytical method involves calculating the need for working capital in the amount of their actual average balances, taking into account the growth in production volume in the planning period. A detailed analysis of the efficiency of using working capital in the base period is preliminary carried out, factors and reserves for accelerating their turnover are identified. It is used at enterprises in the structure of working capital of which production inventories occupy a large share.

Coefficient method is based on dividing the elements of working capital into two groups depending on changes in production volume. Working capital included in the first group depends on the volume of production. The need for them is calculated using an analytical method based on their size in the previous period and the expected growth in production volume (raw materials, materials, finished products, work in progress). The second group includes deferred expenses, spare parts, low-value and wearable items, i.e. all types of working capital, the value of which does not depend on changes in production volume. Rationing of working capital of the second group is carried out on the basis of actual average balances for the previous period.

Direct counting method consists in calculating the need for standardized working capital for each element. The advantage of this method lies mainly in the fact that it allows you to accurately determine the need for working capital. However, it is quite labor-intensive, requires highly qualified economists and is mainly used for a narrow range of material resources. The method is used to clarify the need for working capital operating enterprise or when organizing a new enterprise, when there is no statistical data, no rhythmically operating production, or a formed production program.

Direct counting method requires determination of stock norms and average daily consumption for certain species working capital. When rationing working capital, it is necessary to take into account the dependence of norms and standards on the duration of the production cycle, conditions of logistics (intervals between deliveries, sizes of delivered batches, distance of suppliers, speed of transportation) and conditions of product sales.

The method for calculating the need for working capital using the direct account method is presented below.

General working capital standard represents the sum of private standards:

N total = N p.z + N n.p + N g.p + N b.r,

where N p.z - production reserve standard;

N n p - work in progress standard;

N g.p - finished product standard;

N b.r - standard of expenses for future periods.

All components of the general working capital standard must be presented in monetary terms.

The inventory standard is determined by the formula:

N p.z = Q day × N

where Q day is the average daily consumption of materials, rub.;

N is the stock norm for a given element of working capital, days.

The working capital stock ratio represents the period (number of days) during which working capital is diverted to production inventories. The stock norm consists of current, preparatory, insurance, transport and technological stocks:

Current stock is the main type of stock that ensures the continuity of the production process. The size of the current stock is influenced by the frequency of deliveries under contracts and the volume of materials consumed in production. It is usually accepted at half the average interval between deliveries. The average interval between regular deliveries (supply cycle) is determined by dividing 360 days by the number of planned deliveries.

Insurance, or guarantee, stock is required in case of unforeseen circumstances (for example, in case of short supply of raw materials) and is usually set at 50% of the current stock, but may be less than this amount depending on the location of suppliers and the likelihood of interruptions.

Transport stock is created only if the cargo turnover time exceeds the document flow time. Document flow - time to send payment documents and submit them to the bank, time to process documents at the bank, postal travel time for documents. In practice, transport stock is determined on the basis of actual data for the previous period.

Technological stock is created during the preparation of materials for production, including analysis and laboratory tests. Technological inventory is taken into account only if it is not part of the production process.

The preparatory stock is established on the basis of technological calculations or through timing and refers to materials that cannot immediately go into production (wood drying, grain processing).

In some cases, a seasonal stock norm is also established when the type of resource being harvested (sugar beets) or the method of delivery (by water transport) is seasonal.

The working capital standard for work in progress is determined by the formula.

In order for an enterprise to carry out economic activities, it must have at its disposal optimal and required amount of working capital. Their role is not exaggerated at all, because they participate in the main stages of production: supply, production and sales.

First stage represents the acquisition of a certain amount of inventory for the company’s funds, second– entry of these stocks into the production cycle and their transformation into finished products, and, finally, final stage is the company's receipt of profit, which partially returns the cost of working capital. All this suggests that working capital represents money invested in means of production.

Because manufacturing process can only be carried out if the required volume of working capital is available, an important component of production planning activities should be rationing their stock. This will avoid the suspension of the enterprise and make it possible to rationally use funds for the acquisition of current assets.

The process aimed at determining stock norms for groups of working capital is called rationing. There are elements that are more stable, the rationing of which is acceptable and appropriate, but there are also those that change very often and significantly and do not have a direct impact on the production process.

For the latter, standards are not developed at all (for example, funds in settlements, shipped unpaid goods, etc.).

Some elements of working capital have direct impact on the production process. For them, it is necessary to establish the standard that the enterprise needs (for example, production reserves, etc.).

Some companies use an integrated approach when rationing, others standardize only those elements of current assets that are more involved in the production process. But only management is mistaken if it does not set any standards at all when planning production activities.

Today, each enterprise, when planning its activities, develops standards and also chooses a more suitable standardization method, each of which is worth considering in more detail.

Most applicable for a planned economy normative method planning, which implies the presence of certain standards, calculated taking into account predetermined values ​​for the expenditure of material, financial and time resources. The latter, in turn, are determined on the basis of last year’s data or on the basis of technical standards. In simple words The essence of this method is to establish standards that will subsequently serve to form a system of planned indicators.

Direct counting method involves determining the norm for all elements of working capital. Each standard is determined taking into account the fact that during the functioning of production its organizational and technical level changes.

It is precisely because of these changes that this method considered basic in industry. With its help, you can most accurately determine the amount of working capital that the company must have to carry out a continuous production process.

Sometimes, when calculating standards, it is assumed that no changes will occur in the operating conditions of the enterprise during the planning period. This method is usually called analytical. Its main feature is that the calculation of standards is based on an analysis of the efficiency of using funds in the previous period.

When establishing standards, the ratio of the growth rate of production volumes and the size of standardized working capital in the previous period is taken into account. This method is most popular for enterprises whose specific share of production inventories is quite large in relation to the working capital that the company has.

If, when calculating the standard, the indicator of the previous period is taken as a basis and changes in the conditions of the production process are taken into account, then this method is usually called coefficient.

The management of each enterprise independently makes decisions about which method is best to use. When choosing, take into account many factors: the period of existence of the company, its field of activity, its size and capabilities. However, in practice, as a rule, the first two methods are used by enterprises that have been operating for more than a year and have already managed to develop production program and improve the production process.

These companies calculate indicators using these methods due to the fact that the staff does not have the required number of qualified economists capable of conducting a more detailed analysis.

As you can see, there are ways to set standards a large number of, but in order to better understand the rationing process, you need to understand how individual indicators and the general standard of working capital are calculated.

Suppose there is an enterprise, JSC Best, which, when planning its activities, calculates standard indicators. Using this organization as an example, let’s look at how to do this correctly.

The first indicator is called inventory standard and characterizes the duration of the period during which the product will be in preparatory, current and safety stocks. This indicator is calculated by multiplying the average use of materials during the day and the sum of the norms of preparatory, current and safety stocks.

Np.z. = Qday * (Np.z. * Nt.z. * Nstr.)

Let's assume that the company in question has 20 suppliers interacting with it, and the delivery cycle is 4000 days. The safety stock norm is a tenth of the current stock norm, while the average daily volume required material is 30 kg, each of which costs 20 rubles. The technological cycle is 5 days

We determine the inventory standard by performing following calculations:

1. Material consumption for one day = 30 kg * 20 rubles = 600 rubles.
2. Current inventory rate = 4000 / 20 / 2 = 100 days.
3. Safety stock norm = 100 * 10% = 10 days.
4. Technological stock norm = 5 days.
5. Total inventory rate = 100 + 10 + 5 = 115 days.

Thus, the required indicator is 115 * 600 = 69,000 rubles.

The next particular indicator is called work in progress standard, that is, products that are at various stages of processing. This indicator is calculated as follows:

Nn.p. = Vday *Tc. * Kn.z., where

Vday- the amount of products planned to be produced per day, TC.- number of days in the production cycle, Prince— coefficient of increasing costs.

In the example, costs at Best OJSC are distributed unevenly and the following resources are required for production:

Cost increase coefficient (with uneven distribution) = 1000 / 1200 = 0.83.

Work in progress standard = 11,000 * 5 * 0.83 = 45,650 rubles.

Necessary for further calculations is the working capital standard for finished products, that is, the standard for products placed in a warehouse for the purpose of their sale in the future.

This standard is usually calculated by multiplying the average daily output of a product at cost and the stock norm.

Ng.p. = Bday * Nz.g.p.

Considering the company produces three types of products, individual indicators for which are presented in the table:

Product type	Vut, thousand rub.	Nzgp, days	Ngp, thousand rub.
Total			218
A	5	10	50
B	12	8	96
C	6	12	72

The last particular indicator is called standards for deferred expenses, it characterizes the maximum permissible amount of working capital that can be used to finance future expenses.

This standard is calculated using following formula:

Nrbp = P0 + Rpl - Rsp

For the company in question, this indicator will be calculated in accordance with the following table:

Type or group of expenses	Р0, thousand rub.	RPL, thousand rubles	RSP, thousand rubles	Nrbp, thousand rubles
Total	5000	3000	800	7200
Expenses for the development and implementation of new products	1000	2500	700	2800
The cost of renting and repairing premises for storing products	4000	500	100	4400

After performing the above calculations, it is calculated general working capital standard, that is, an indicator that characterizes the planned stock of inventory items necessary for the successful and continuous operation of the enterprise and represents the sum of all the private standards that were presented above.

This standard is calculated using the following formulas:

Ntotal = Np.z. + Nn.p. + Ng.p. + Nb.r.

Now, to determine this indicator for the Best company, you need to summarize all the private standards that were found earlier:

N(total) = 69,000 + 45,650 + 218 + 7,200 = 122,068 thousand rubles.

Thus, we can conclude that for the successful and continuous operation of production, the company must have working capital totaling 122,068 thousand rubles.

Rationing of working capital is a very important and labor-intensive process. It is thanks to the establishment of standards that the company can plan rationally production process and not overpay for storage of working capital.

The essence and composition are presented in this video.