What are the features of financial management of business entities? Specifics of the tax segment of financial management of business entities Financial management of business entities

UFO includes:

financial service of organizations

financial services of higher organizations (ministries, departments, etc.)

Financial services of organizations perform the following functions:

provide financial resources, implementation of production and social programs at the enterprise

carry out settlements with the budget, higher authorities, suppliers, buyers, extra-budgetary funds, etc.

carries out settlements with the credit system

are engaged in the preparation and execution of a credit financial plan and cash plan

exercise control and develop measures for the effective execution of financial and production resources p/p, develop standards for their own working capital and ensuring their implementation

Tasks financial services higher organizations (ministries, departments, etc.):

drawing up a consolidated financial plan

redistribution of industry resources through the formation of centralized funds and their use

ensures settlements with suppliers for centralized equipment purchases

carries out settlements with the budget, extra-budgetary funds and banks

exercises control over the financial and production activities of lower-level organizations

provides methodological guidance to lower levels (publishes instructions, normative documents, etc.)

Financial market

This is a form of movement organization Money in the national economy and operates in the form of a securities market and a loan capital market. An objective prerequisite for the functioning of the market is the discrepancy between the needs for financial resources of a particular entity and the availability of sources for satisfying this need.

The functional purpose of the financial market is the accumulation of temporarily free funds and their effective use in the mediation of the movement of funds from their owners (savers) to users (investors).

Savers- legal entities and individuals accumulating money (population, insurance companies, financial and credit institutions).

Investors- business entities and government bodies investing money in any business or sub-sector.

The accumulation of temporarily free funds and their investment is carried out through circulation on the securities market.

Ts/b - a document certifying the property right of the ts/b upon presentation.

Details of the c/b:

nominal price

period of circulation on the market

repayment method, etc.

Securities are divided into debt and equity.

Debt- usually differ in a firmly fixed% rate and an obligation to pay the nominal amount of the debt at a certain date in the future (bill, bonds).

Equity- represent the direct share of their owner (holder) in the real value (shares).

Financial markets can be divided into primary and secondary:

primary - on which the release is carried out valuable papers

secondary - where securities are resold

Purpose of the primary financial market- attract additional financial resources necessary to invest in production and other types of costs. Subjects of the primary market, along with savers and investors, are issuers (this legal entities who are business entities and are seeking to obtain additional financial resources to invest in expanding production; and government agencies that issue loans to cover part of government spending). Intermediaries between issuers and investors are special trading offices - dealers and brokerage firms.

Purpose of the secondary financial market- this is the redistribution of available resources between business entities in accordance with their needs. The organizational structure of the financial market includes various financial institutions, namely: financial and banking institutions, Insurance companies etc. The key among them are stock exchanges. There are 3 types of stock exchanges:

closed - only exchange members take part in trading

with free access for visitors: transactions on it are carried out only by brokers (intermediaries)

an exchange consisting of a wide range of people, but operating under the control of the state.

Lesson 1.

1. General concept of financial management.

Financial management is the conscious influence of governing bodies on the finances of the country (including the finances of individual regions, economic entities) and on all financial processes occurring in it and associated with generating income and profits necessary to perform the functions of the state.

Financial management - purposeful formation of the process of redistribution of financial resources between various entities financial system and within them, activities to attract and effectively use financial resources.

Financial management from the point of view of the general theory of management includes the main components: objects of management, subjects of management, forms and methods of management activities.

The objects of financial management are various types of financial relations that can arise at different levels of the financial system:

Public Finance;

Municipal Finance;

Finance of business entities;

Household finances.

The subjects of management are special services, bodies, divisions of various management objects, called the financial apparatus.

At the national level, the financial management apparatus includes legislative and executive authorities. IN Russian Federation these include the Federal Assembly, the Government of the Russian Federation, the relevant federal executive authorities (Ministry of Finance, Federal Tax Service, Federal Service for Financial Markets, Federal Customs Service and others).

At the level of state subjects and the municipal level, the financial management apparatus includes the relevant representative bodies (for example, the legislative assembly of the subject) and executive power.

At the level of economic entities, the financial management apparatus is determined by its organizational and legal form and constituent documents.

At the household level, the subjects of governance are the households themselves.

The entire set of financial management methods can be divided into two groups: administrative and indirect (economic).

2. Functional, legal and organizational aspects of financial management.

Financial planning and forecasting are used to scientific justification current and future development of the economy, changes in a specific period of growth rates of its individual industries and business entities, provide the necessary preliminary control over the formation and use of financial resources.

During financial forecasting, the possible state of finances in the forecast period is examined, the indicators of the corresponding financial plans are substantiated, the realistically possible volume of mobilization of financial resources, the sources of their formation and directions of use are determined. The system of financial forecasts contributes to the development of a financial concept for the development of a country or business entity, since it is widely used at the macro and micro levels as a tool for scientific foresight, variant analysis, and obtaining additional information when making decisions. Financial forecasts allow financial management bodies to outline different options for the development of the financial system, to anticipate the forms and methods of implementing financial policy. In financial forecasting, economic models are used that, with a certain degree of probability, describe the dynamics of indicators depending on various factors influencing financial processes.

Based on the indicators of financial forecasts, financial planning is carried out in order to scientifically substantiate the movement of financial resources and changes in the corresponding financial relations for a certain period. Financial planning contributes to achieving proportional and balanced functioning and development of both an individual business entity and the economy as a whole. During planning, business entities and authorities state power and local governments assess their financial condition, identify opportunities to increase the volume of financial resources, and directions for their most effective use. Planning is carried out on the basis of an analysis of financial information contained in accounting, statistical and operational reporting, which must be sufficiently complete and reliable.

Operational management is the process of developing a set of measures aimed at achieving maximum effect at minimum costs based on an analysis of the current financial situation and corresponding redistribution of financial resources. The need for such management is due to current changes in the conditions for the implementation of financial and economic activities by business entities, trends in the development of the state’s economy due to various reasons, which include:

In the course of operational financial management, the stable development of the state’s economy and the functioning of business entities are ensured, the tasks of providing financial support to the population are solved, emergency situations in the course of financial and economic activities are prevented and eliminated and their consequences are eliminated, budgetary funds are maneuvered in order to meet budget indicators at all levels of the budget. systems in emerging conditions.

Financial control is a special area of activity of public authorities, bodies local government and financial services of organizations to collect and analyze information about the actual financial condition of the managed object and the effectiveness of accepted management decisions. During financial control, current and planned financial indicators are compared, the targeted and targeted use of financial resources is checked, the legality of the actions of financial workers and heads of organizations, ministries and departments directly involved in the distribution of financial resources at the appropriate level of management is assessed. Thus, with the transition to market relations The purpose of financial control has changed - from monitoring the implementation of the plan in a centrally planned economy to monitoring compliance with the law. Financial control is also carried out during financial planning and forecasting, when, when drawing up financial forecasts and financial plans, the financial consequences of proposed reforms, developed programs, laws, investment projects are assessed, long-term negative trends in the development of the economy, its individual industries and organizations are monitored for the purpose of timely taking appropriate measures and preventing various types of violations.

The organizational aspect of financial management includes a set of financial bodies and institutions that characterizes the financial management system. Movement cash flows is not carried out on its own, but is guided by certain management structures, legal entities and individuals.

Strategic financial management is carried out by the highest bodies of legislative and executive power (the Government of the Russian Federation, the Federal Assembly of the Russian Federation) during the preparation, consideration and approval of forecasts for the development of the state economy, state and municipal sectors, long-term target programs for the development of individual industries, when planning directions for improving the budget system of the Russian Federation. In the process of implementing strategic financial management, the sources and amounts of financial resources are determined, which should ensure reproduction in the proportions that were laid down in accordance with the main directions of financial policy; an optimal ratio is established between the financial resources of state authorities and local governments and business entities; the most effective areas for using financial resources and reserves for their growth are identified.

Operational financial management is carried out by ministries, services, agencies, departments and organizations directly involved in the implementation of financial plans at the centralized and decentralized levels.

For the successful implementation of financial policy, the effective implementation of the financial mechanism and financial management mechanism, the legal formalization of financial relations between business entities and state authorities and local governments is of great importance. The role of financial law is significantly increasing in connection with the transition in our country from an administrative-command management system to a market one. In addition, a fundamental change in the state structure, the construction of federal relations between government bodies directly affect the composition of the financial system of our state, which dictates the need to rethink previously existing legal norms governing financial relations and create new financial legislation.

In the course of using legal norms in the process of financial management, their “imperative” nature is revealed, which is understood as the active practical activity of the state in organizing financial relations, developing forms of their manifestation and use. As a result of this activity, subjects of law cannot, at their own discretion and on their own initiative, acquire financial rights and obligations, determine their content, and also implement them.

Financial law is closely related to other branches of law: part of financial relations is regulated by civil law (for example, issues of the formation, distribution and use of financial resources of organizations of various organizational and legal forms, the distribution of financial powers between the participants of the organization, the composition of the state and municipal treasury, etc.) and administrative law (administrative fines). Therefore, it is incorrect to say that financial law regulates all financial relations existing in society.

Thus, financial law is a set of legal rules governing relations arising in the process of formation, distribution and use monetary funds state authorities and local governments, as well as business entities necessary to implement the functions assigned to them and perform the tasks facing them.

It should be noted that the subject of financial law is financial relations related to the functioning of both the budgets of state authorities and local self-government and the budgets of state extra-budgetary funds, and monetary funds of business entities, as well as relations in which the state and municipalities do not participate, but which entail an increase in the property basis of taxation, prevent the concealment of income and the legalization of part of the income obtained illegally.

Used in the course of financial management, financial legal acts are very diverse and classified according to various criteria. According to their legal force, these acts are divided into laws and regulations; by the level of power - on the legal acts of state authorities and local governments; according to the degree of regulation of spheres and links of the financial system - to financial and legal acts that are used to manage financial relations in each area of the financial system (the Constitution of the Russian Federation, the Budget Code of the Russian Federation, the Tax Code of the Russian Federation), and legal acts regulating financial relations in a particular area or link of the financial system.

The main law that lays the foundations for financial management in our country is the Constitution of the Russian Federation, which defines the federal state structure, which determines the allocation of three independent levels within the budget and tax systems of the Russian Federation and influences the principles of their construction. In addition, the rules directly regulating financial relations are contained in Art. 8 of the Constitution of the Russian Federation, which enshrines the principle of the unity of the economic system of the Russian Federation; in Art. 35 - private property rights; Art. 71-73 define the jurisdiction of the Russian Federation and its constituent entities, including in the field of financial relations. The Constitution of the Russian Federation establishes the legal basis for the activities of the President of the Russian Federation, legislative (representative) authorities, executive authorities and local self-government in the budget process.

The norms of the Budget Code of the Russian Federation regulate financial relations arising in the process of functioning of the budget system of the Russian Federation, the formation of revenues of budgets of all its levels and the budgets of state extra-budgetary funds and the expenditure of their funds, in the course of implementing inter-budgetary relations, the implementation of the budget process on the territory of the Russian Federation and the application of liability measures to violators budget legislation of the Russian Federation.

The norms of the Tax Code of the Russian Federation regulate relations regarding the establishment and collection of taxes and fees on the territory of the Russian Federation, relations in the field of tax control and liability for committing tax offenses.

In the field of state and municipal finance, the legal basis for managing financial relations is federal laws, laws of constituent entities of the Russian Federation and regulatory legal acts (decisions) of representative bodies of local government that regulate budgetary legal relations, respectively, on the territory of the Russian Federation, a constituent entity of the Russian Federation or a municipal entity. Among the most important financial and legal acts in this area, it should be noted the annually adopted federal laws on the federal budget and the budgets of state extra-budgetary funds for the next financial year, Federal Law No. 154-FZ of August 28, 1995 “On the general principles of the organization of local self-government in the Russian Federation” , Federal Law of September 25, 1997 No. 126-FZ “On the Financial Basis of Local Self-Government”, Federal Law of August 15, 1996 No. 115-FZ “On the Budget Classification of the Russian Federation”, Federal Law of December 15, 2001 No. 166-FZ “On State pension provision in the Russian Federation”, Federal Law dated December 15, 2001 No. 167-FZ “On compulsory pension insurance in the Russian Federation”, etc.

In addition to financial legislation, an important place in the system of legal regulation of financial relations in the field of state and municipal finance is occupied by decrees of the President of the Russian Federation, resolutions of the Government of the Russian Federation and departmental regulatory legal acts - orders, letters and instructions of federal ministries, services and agencies, executive authorities at the regional level and local governments on financial and budgetary issues.

Decrees of the President of the Russian Federation, as a rule, contain instructions to government bodies to develop regulations, determine the procedure for their development or the main directions of activity of these bodies in the field of finance (for example, Decree of the President of the Russian Federation of May 20, 2004 No. 649 “Issues of the structure of federal executive bodies” ).

Based on the resolutions of the Government of the Russian Federation, legal regulation of the process of managing public finances is carried out by the highest executive body in the Russian Federation, which, in accordance with the Constitution of the Russian Federation, ensures the implementation of a unified financial and tax policy. Examples of the most significant of them currently include Decree of the Government of the Russian Federation of May 20, 1998 No. 463 “On the pension reform program in the Russian Federation”, Decree of the Government of the Russian Federation of August 15, 2001 No. 584 “On the Program for the development of budgetary federalism in the Russian Federation for the period up to 2005”, Decree of the Government of the Russian Federation of May 22, 2004 No. 249 “On measures to improve the effectiveness of budget expenditures”.

Departmental regulations also play an important role in the management of state and municipal finances, since they allow state legal regulation of financial relations in various sectors of the economy, between managers and recipients of budget funds. At the same time, all components of the financial management process are subject to legal regulation - forecasting and planning the sources of formation and directions for the use of financial resources at the macro level, managing the execution of budgets and the procedure for conducting financial control over the activities of state executive authorities and local governments. These normative acts primarily include orders, letters and instructions from the Ministry of Finance of the Russian Federation, the Federal Tax Service, bodies of the Federal Treasury, Central Bank Russian Federation, the Accounts Chamber of the Russian Federation, governing bodies of state social non-budgetary funds.

In the sphere of finance of business entities, the legal framework for financial management is regulated by the norms of the Civil Code of the Russian Federation, which determine the rules for organizing the financial and economic activities of business entities of all organizational and legal forms; federal laws on joint-stock companies, state (municipal) unitary enterprises, limited liability companies; financial legislation and departmental regulations governing relations on the mobilization of additional financial resources by business entities in the financial market.

3. Financial management bodies, their functions in modern conditions.

A) Federal level

Legislative and executive bodies of state power and local government bodies participate in financial management when determining the goals and objectives of financial policy, developing and approving financial and related legislation and by-laws.

Deputies of both chambers of the Federal Assembly of the Russian Federation, considering and approving the draft law on the federal budget and the report on its execution, other financial and related legislative acts, government programs, may, having the right of legislative initiative, submit for consideration draft financial legislative acts, amendments into current legislation. The State Duma hears a report from the Government of the Russian Federation on the execution of the federal budget. The State Duma and the Federation Council form the Accounts Chamber of the Russian Federation - the body of state financial control of the legislative branch of the Russian Federation.

The participation of the President of the Russian Federation in financial management is associated with the definition of goals and objectives of financial policy in messages to the Federal Assembly, including the annual Budget Address, with the signing of laws on financial matters, introducing draft financial legislation, issuing decrees, and implementing state financial control.

The Government of the Russian Federation, responsible for the development and implementation of Russia's financial policy, the preparation and execution of the federal budget, develops other draft laws on financial and related issues, approves resolutions, and issues orders ensuring the implementation of financial legislation. It defines the tasks, functions of federal executive authorities, their rights and responsibilities, including a specific range of issues related to the jurisdiction of a particular ministry that is part of the Government of the Russian Federation for financial management. In almost all countries, within the executive branch there is a special body responsible for developing financial strategy and tactics (most often this body is called the Ministry of Finance, but in the United States, certain functions similar to those of the Russian Ministry of Finance are performed by the Department of Management and Budget of the Office of the President of the United States and the US Federal Treasury).

The modern tasks and functions of the Ministry of Finance of the Russian Federation are determined in accordance with Decree of the President of the Russian Federation dated 03/09/2004 No. 314 “On the system and structure of federal executive bodies”, which, within the framework of administrative reform, provides for the delimitation of rule-making and supervisory functions, functions for managing federal property between individual executive authorities. Rule-making functions are carried out by federal ministries, supervisory and management - federal services and agencies. In this regard, some former divisions of the Ministry of Finance of Russia (the Main Directorate of the Federal Treasury, the Department of State Financial Control, the Department of Insurance Supervision, the Financial Monitoring Committee) were transformed into federal services subordinate to the Ministry of Finance (respectively the Federal Treasury, the Federal Service for Financial and Budgetary Supervision, the Federal Insurance Supervision Service, Federal Financial Monitoring Service). The Ministry of Finance of Russia took over the functions of developing tax policy, tax legislation and carrying out explanatory work on taxation issues from the Ministry of the Russian Federation for Taxes and Duties, which, in turn, was transformed into the Federal tax service, also subordinate to the Russian Ministry of Finance.

The main tasks of the Ministry of Finance of Russia in accordance with Decree of the Government of the Russian Federation dated June 30, 2004 No. 329 “On the Ministry of Finance of the Russian Federation” are the development of a unified state financial (including budgetary, tax, insurance, foreign exchange, public debt), credit, monetary policy, as well as policies in the field of auditing, accounting and financial reporting, mining, production, processing of precious metals and precious stones, customs duties (in terms of calculation and payment procedure), including determination of the customs value of goods and vehicles.

Among the main functions of the Ministry of Finance of Russia in accordance with these tasks are:

Development of draft laws on the development of the budget system, the fundamentals of the budget process, the delimitation of budget powers between the Russian Federation, its constituent entities and local governments;

Development of draft laws in the field of taxation, as well as forms of documents, accounting and reporting related to their implementation;

Development of a draft law on the federal budget and organization of its implementation, preparation of reports on the execution of the federal budget and the consolidated budget of the Russian Federation;

Coordination of fiscal and monetary policies;

Management of the public debt of the Russian Federation and the issue of government securities on behalf of the Russian Federation;

Maintaining a book of accounting of public debts and registration of the issue of government securities of the constituent entities of the Russian Federation and municipalities;

Development of regulations in the field of accounting and financial reporting.

Decree of the Government of the Russian Federation dated April 7, 2004 No. 185 “Issues of the Ministry of Finance of the Russian Federation” determines that it carries out its activities directly and through the territorial bodies of the federal treasury.

Other functions are performed by the modern Federal Treasury of the Russian Federation. The need for its creation in 1993 was caused by: banking reform, as a result of which federal budget funds were dispersed among different credit institutions; the lack of automation of non-cash payments and, accordingly, the lack of operational information from the Russian Ministry of Finance about the movement of budget funds; constitutional reform, as a result of which the execution of the federal budget ceased to relate to the activities of the financial bodies of the constituent entities of the Russian Federation and municipalities.

Thus, problems with the execution of the federal budget necessitated the creation of a special body - the Federal Treasury, to which accounting and control functions were transferred from banks. In accordance with Art. 78 of the Constitution of the Russian Federation, federal executive bodies can create their own territorial bodies to exercise their powers; an example of this is the bodies of the Federal Treasury, which is a strictly centralized system in all constituent entities of the Russian Federation.

The federal treasury authorities have opened accounts in divisions of the Central Bank of the Russian Federation and authorized banks for accounting for federal budget funds, therefore, they have the opportunity to control the activities of commercial banks in the timely execution of payment orders of taxpayers and payers of other obligatory payments to the budget. Treasury authorities carry out short-term forecasting of the execution of federal budget revenues and expenditures. They open and maintain personal accounts of budgetary institutions as accounting registers in a bank account for recording federal budget funds. In addition, the Russian Treasury also distributes regulatory taxes between budgets of different levels, as well as state extra-budgetary funds (for example, various types of excise taxes, mineral extraction tax, unified social tax, single tax with a simplified taxation system, a single tax on imputed income, etc.).

In the conditions of the treasury system of budget execution in the Russian Federation, credit institutions carry out receipt and expenditure operations (cash execution of the budget), but the accounting of these operations is carried out by the federal treasury authorities. They also prepare operational, quarterly and annual reports on the execution of the federal budget.

In accordance with the provisions of the Budget Code of the Russian Federation (Article 134), in the case of a subject of the Russian Federation receiving financial assistance from the federal budget, the regional and local budgets of this subject must also be executed through the federal treasury. Currently, the federal treasury authorities have concluded agreements with many constituent entities of the Russian Federation and municipalities on such implementation.

These bodies carry out information exchange: with tax authorities; bodies administering non-tax budget revenues; with credit institutions in which accounts are opened to account for budgetary funds; territorial financial authorities; managers and recipients of federal budget funds; Accounts Chamber of the Russian Federation.

B) Regional level

The highest legislative bodies of the constituent entities of the Russian Federation approve laws in the field of finance within their competence (on the introduction of regional taxes and fees in accordance with the list established by the tax legislation of the Russian Federation, on the budget of the constituent entity of the Russian Federation for the corresponding financial year and the report on its implementation, on the budget of the territorial compulsory health insurance fund and the report on its implementation, on measures of state financial support for organizations and sectors of the regional economy, etc.). In addition, the legislative and executive bodies of the constituent entities of the Russian Federation have the right to legislative initiative under federal laws, including in the field of finance.

The highest executive authorities of the constituent entities of the Russian Federation are responsible for developing the financial policy of the region, drawing up the draft budget of the constituent entity of the Russian Federation and organizing its execution. In accordance with Art. 77 of the Constitution of the Russian Federation, the constituent entities of the Russian Federation independently establish a system of regional government bodies on the basis of general principles defined by federal legislation. Specialized financial bodies are created within the administrations of the constituent entities of the Russian Federation: ministries of finance (in the republics, as well as some territories and regions), finance departments, finance and budget committees, financial departments, etc. Their functions are similar to those of the Ministry of Finance of the Russian Federation, but within the competence of the executive bodies of the constituent entities of the Russian Federation. The main functions include: development of regional financial policy, direct development of draft regional budgets, organization of their execution, development of programs of state financial support for individual industries and organizations in the region, implementation of government borrowings of the constituent entities of the Russian Federation. It should be borne in mind that to carry out the latter function, a special body may be created within the executive bodies of the constituent entities of the Russian Federation (for example, the Municipal Loans Committee of the Moscow Government). Regional financial authorities may also have their own local units - as a rule, financial and treasury departments (or branches).

Financial authorities of the constituent entities of the Russian Federation, unlike financial authorities operating under an administrative-command management system, are not directly subordinate to the Ministry of Finance of Russia; nevertheless, they submit a report on the execution of their budgets to the Russian Ministry of Finance, in coordination with the latter personnel work and work on informatization of financial management.

Many regional financial bodies have created their own territorial treasuries to carry out accounting and control functions for the execution of regional budgets in accordance with the current budget legislation. At the same time, in Art. 78 of the Constitution of the Russian Federation provides for the possibility of transferring part of their powers by federal executive bodies to bodies of constituent entities of the Russian Federation and vice versa. This is precisely the basis for the possibility of involving federal treasury bodies (Article 168 of the Budget Code of the Russian Federation) in the execution of regional budgets, the funds of which are owned by the constituent entities of the Russian Federation and do not fall within the list of federal powers. Thus, in accordance with the current Budget Code of the Russian Federation, constituent entities of the Russian Federation that do not receive financial assistance from the federal budget have the right to create their own treasury, but can enter into agreements with the federal treasury authorities, while subsidized regions must execute budgets through the federal treasury authorities. Treasury.

B) Local level

Representative bodies of local self-government make decisions on the approval of the local budget and the report on its execution, and make decisions on other financial issues related to the jurisdiction of municipalities. Executive bodies of local self-government are responsible for the development of municipal financial policy, including debt, and the preparation and execution of the local budget. As a rule, they include local financial or financial-treasury bodies. A standard regulation on the financial and treasury body of a municipal formation was developed and approved by the Board of the Union of Russian Cities in 1998. The right to form and implement local budgets by municipalities is guaranteed by Art. 132 of the Constitution of the Russian Federation.

At the same time, the federal treasury and regional treasuries are involved in the execution of subsidized local budgets (as well as the budgets of non-subsidized municipalities located in the region receiving financial assistance from the federal budget). Often local financial authorities act as branches of financial authorities of constituent entities of the Russian Federation.

Financial management bodies in commercial organizations.

Financial management in commercial organizations is carried out by the highest management bodies (for example, for joint-stock companies this is a meeting of shareholders), which determine the financial strategy of the organization, approve financial plans, reports on their implementation. Financial flows are directly managed by the organization’s management (board of directors, general director) and specially created financial services; they also develop draft financial plans, make decisions on the allocation of financial resources to various types of assets, and interact with financial and credit organizations. In small organizations where there are no special financial services, their functions are performed by accounting departments. For commercial organizations that are part of financial and industrial groups, decisions made by the parent company of this group are of great importance in financial management, the same applies to large holdings that are not registered as financial and industrial groups.

Financial management bodies in non-profit organizations. The composition of financial management bodies in non-profit organizations is determined by their organizational and legal forms and type of activity. In addition to the heads of such organizations, decisions on financial issues can be made by specially created boards of trustees, audit commissions, etc. Budgetary institutions have the greatest specificity in financial management compared to other non-profit organizations. Financial plans in the form of estimates of income and expenses of budgetary institutions are approved by the main managers and managers of budgetary funds, on whose decisions the financial condition institutions. The main managers and administrators of budgetary funds actually determine the structure of expenditure of budgetary funds by institutions, make decisions on the possibility of obtaining additional funding by leasing state and municipal property, and also approve estimates of income and expenses from business and income-generating activities. Large role in financial management of budgetary institutions and others non-profit organizations Accounting departments play a role in developing draft estimates, maintaining accounting records and reporting on the implementation of income and expense estimates. Budgetary institutions can be serviced by centralized accounting departments created under a state authority or local government.

Improving the organization of financial management, development legal framework and the use of modern information technologies are the main directions for ensuring the efficiency of the formation and use of financial resources in all areas of the financial system.

4. Automated financial management systems, their significance and prospects.

ACS finance is understood as a set of administrative, economic and mathematical management methods; electronic computing, organizational technology and modern means connections that allow scientific financial management.

In the creation of ASUF, the theoretical principles of financial cybernetics are used, which is the doctrine of the process of financial management, the organization of the exchange of financial and economic information between managers and managed subsystems.

ACS for finance is, in turn, a subsystem of the national automated system for collecting and processing information for accounting, planning, forecasting and management of the state economy.

An important place in the automated financial management system is occupied by the automated financial settlement system (AFSS), which is a subsystem of the automated financial settlement system. As a result of the creation and implementation of this system, the efficiency of financial management has increased, since the labor intensity of collecting, processing and analyzing information has been reduced, and it has become possible to make multivariate computer-based calculations of the country’s main financial plan and its implementation at all levels. The ASFR subsystems solve a set of problems related to consolidated budget calculations, income and taxes, expenses of budgetary institutions, and finances of sectors of the national economy. ASFR is used not only in the field of planning, but also in budget execution (drawing up a budget list, making changes to budget indicators, accounting for budget execution by income and expenses, etc.) - ASFR allows you to establish a rational structure of the apparatus of financial bodies. In addition, the use of ASFR requires improving the system of financial indicators, developing new methods for identifying and mobilizing income, forming financial reserves, and rationally spending financial resources.

In modern conditions, local finance is becoming increasingly developed in the financial system of the state. Hence, an important task becomes the introduction of automation of financial calculations in the work of regional, district and city departments (departments) of executive committees. The initial stage of ASFM at lower levels is the introduction of automated workstations (AWS) using PCs, as well as the creation of information and computing centers. This is especially true for employees tax inspectorates dealing with large, constantly changing data. The emergence of computer information centers and automated workstations in the structure of local financial institutions leads to a change in the work of their employees, since the manual method of collecting and paper technology for processing information is being replaced by paperless technology in the form of machine-based information carriers.

Improving financial relations in the insurance business in modern conditions is impossible without an automated insurance management system. Here, mathematical modeling of calculations is used to determine the amount of insurance payments, insurance claims, etc.

Despite the importance of an automated financial management system, its capabilities cannot be exaggerated. Many financial management tasks cannot be formalized, since they require the experience of employees of financial authorities and traditional (mental-analytical) methods of work. For example, an automated financial management system by itself cannot improve the forms and methods of financial relations. This is the field of activity of a specialist. But in order to make this improvement, a specialist sets goals and objectives for the system, provides it with primary information, corrects it, and constantly monitors the operation of the system. Thus, a finance specialist, having received data based on the ASSF, makes a choice of solution from the prepared options.

It should be noted that an automated financial management system can operate successfully in a stable economy. Only in this case will it make it possible to significantly change the content of the work of the apparatus of financial authorities, since specialists will have time freed up to analyze the established forms and methods of financial relations, develop and solve problems related to their improvement.

Financial planning is one of the most important financial management tools. It should be borne in mind that there is no unified system of intra-company planning; financial planning can only be considered as a whole, highlighting what is useful that can be used in Russian conditions.

The financial plan reflects the synchronicity of the receipt and expenditure of funds. This allows you to estimate future liquidity, i.e. sufficiency of funds to finance the activities of the business plan and settlements of the enterprise’s obligations. The plan is based on the method of cash flows, the movement of which is identified on the basis of budgeting all costs and expenses and drawing up forecasts of income and receipts.

Based on this, financial plans can be divided into long-term, current and operational plans. As a rule, a distinction is made between short-term and long-term planning. The implications of some of the decisions we make extend over the very long term. Long-term plans should be a kind of framework, the components of which are short-term plans. Basically, enterprises use short-term planning and deal with a planning period of one year. This is explained by the fact that during a period of such length, as one might assume, all events typical for the life of an enterprise occur, since during this period seasonal fluctuations in the market conditions are leveled out. By time, the annual budget (plan) can be divided into monthly or quarterly budgets (plans).

Planning goals may be different at different enterprises, for example: determining the possible volumes of financial resources, capital and reserves based on forecasting the value of financial indicators. Planning functions may be given different importance depending on the type and size of the enterprise.

Planning objectives are:

Determination of the planned volumes of necessary funds and directions for their expenditure;

Establishing financial relations with the budget, bank, insurance organizations and other business entities;

Identification of ways for the most rational investment of capital and its effective use;

Increasing profits through the economical use of the enterprise’s financial resources;

Monitoring the use and expenditure of funds and others.

Financial planning in an enterprise comes down to achieving the main goals:

Profitability,

Solvency,

Liquidity.

In the broadest sense of the word, financial forecasting consists of studying the possible financial position of an enterprise in the future, developing the main directions of a strategy in the field of finance to ensure the necessary stability of the enterprise when financing certain expenses. Such a forecast is important primarily for the enterprise itself, since raising capital and preventing bankruptcy remains constant tasks during ongoing operations.

Along with this, the concept of “forecast” is used in relation to the calculations necessary for drawing up financial plans, for example, a forecast of sales volumes, a forecast of costs, etc. This gives the calculations a certain flexibility and allows adjustments to be made depending on changing circumstances.

The forecast of the prospects for the financial condition of an enterprise is also important for external users of economic information. Based on the experience of Western countries, it can be said that banks carry out significant work on predicting the bankruptcy of enterprises. The methods used to assess the probability of bankruptcy are covered in specialized literature, including domestic literature. In accordance with the results of the assessment of the financial condition, the enterprise may be declared insolvent, conclusions can be drawn about the real possibility of the debtor enterprise to restore its solvency, about the real possibility of the enterprise to lose solvency if it does not fulfill its obligations to creditors in the near future.

Financial forecasting provides the basis for annual and forward-looking financial planning for the period that can be considered suitable for a reliable plan. Forecasts can be medium-term (5-10 years) and long-term (more than 10 years). In Western practice, this is usually 3-5 years. In fact, financial forecasting should precede planning and evaluate many options (respectively, determine the possibilities for managing the movement of financial resources at the macro and micro levels).

6. Financial planning methods.

In the practice of financial planning, the following methods are used: economic analysis, regulatory, multivariate calculations, balance sheet, etc.

The method of economic analysis allows you to assess the financial condition of an enterprise, determine the dynamics of financial indicators, trends in their changes, and internal reserves for increasing financial resources. This method is advisable to use in cases where there are no financial and economic standards, and the relationship between indicators identified during the analysis is stable and will remain in the planning period.

The normative method is used to determine the need for financial resources based on advance established norms and technical and economic standards, both legally established (tax rates and other mandatory payments, depreciation rates, etc.), and developed directly at the enterprise and used to regulate economic and financial activities.

The normative method is widely used in financial planning. For example, when planning the cost of production, the norms for the consumption of raw materials, supplies, fuel, labor costs for production workers, etc. are used.

The method of multivariate calculations consists in calculating alternative options for planned indicators in order to select the optimal one. In this case, the selection criteria may be:

Minimum value of invested capital;

Maximum profit;

Maximum return on assets and equity;

Increasing the competitiveness of the organization, etc.

Using the balance sheet method allows you to link between

represent separate planned indicators, for example, the organization’s needs for financial resources with the sources of their formation.

In the financial planning system, methods of balance calculations can be used (using the formula O0 + P = P + O1) when developing a balance of income and expenses of the payment calendar and planned balance.

When developing financial plans, the coefficient method and the method of economic and mathematical modeling can also be used.

Various financial tables and graphic images are widely used as tools.

7. Types of financial forecasts, plans and documents.

A financial plan is a document that reflects the desired parameters of income, expenses, financial condition, cash receipts and payments of the planning object and how to achieve them.

Long-term and medium-term financial plans are developed for a period of more than a year and are characterized by aggregated indicators that determine the size and sources of financial resources. Financial indicators are planned, as a rule, broken down by year. The planning horizon depends on the goals of the enterprise and the degree of uncertainty in the external environment. The more uncertain the external environment, the shorter the planning horizon. Until recently, long-term plans for more than three years were rarely developed in Russia. With increasing sustainability of economic development, the planning horizon expands; medium-term planning (for a period of 1 to 3 years) and long-term planning (for a period of more than 3 years) begin to be distinguished.

Short-term financial plans are developed based on indicators of long-term plans. The annual plan details the articles of medium-term plans and uses calculation methods that are more accurate than long-term plans. Financial indicators are planned by quarters and months. Recently, financial planning for a period of 15 months has become increasingly popular.

The development of operational (quarterly, monthly, ten-day, daily) financial tasks and bringing them to the attention of performers is carried out in the process of operational financial planning. Operational financial planning is aimed, first of all, at balancing cash receipts and payments to ensure the ongoing solvency of the organization.

It is necessary to distinguish between the categories “financial plan”, “financial forecast” and “budget”.

In a market economy, forecasting is a scientific and analytical stage of planning, a research basis for preparing planning decisions and plan tasks. The forecast outlines the areas and opportunities within which real tasks and goals can be set, and identifies problems that should be the object of development in the plan. If the plan must be qualitatively unambiguous, aimed at achieving an already chosen goal, then the forecast can consider various options for the development of events, does not set any specific tasks for the plan, but contains the material necessary for their development.

When developing a forecast, two approaches are used:

Making a forecast taking into account inflation;

Making a forecast without taking into account inflation.

The main financial forecasts include:

Forecast of income, expenses and financial results;

Cash flow forecast;

Forecast balance of assets and liabilities.

Each enterprise needs to develop long-term multivariate sliding financial projections. For example, at the Novolipetsk Metallurgical Plant, a rolling financial forecast of cash flows from operating activities is developed quarterly with a planning horizon of fifteen years.

At the national and territorial levels, financial forecasts are compiled in the form of a long-term financial plan and a balance of financial resources (country, region, municipality) (Articles 172, 174, 175 of the Budget Code of the Russian Federation).

A long-term financial plan is a document formed on the basis of a medium-term forecast of socio-economic development of the Russian Federation, a constituent entity of the Russian Federation, a municipal entity and containing data on the forecast capabilities of the budget for mobilizing revenues, attracting state or municipal borrowings and financing basic budget expenses.

Budget is a narrower concept compared to plan.

A budget is a type of planning document with the following characteristic features:

Always has an absolute quantitative expression;

Provides a specific person responsible for execution;

Provides a monetary expression of the enterprise's goals, strategies and planned activities;

Contains quantitative, time-bound, calculation-based and agreed upon with a higher level of management data on the need for resources and (or) sources of their formation;

Compiled in tabular form;

It is a tool for monitoring the use of resources.

The purpose of budgeting is planning and accounting for the results of an enterprise’s activities, primarily financial ones.

The main financial plans at the national and territorial levels are the budget (federal, regional, local) and the budgets of state extra-budgetary funds.

The budget as a planning document is a list of income and expenses of state authorities or local government. It is compiled in the form of a balance of funds intended to financially support the tasks and functions of the state and local government. Specification of budget revenues and expenditures is carried out in accordance with the grouping of budget revenues and expenditures at all levels of the budget system of the Russian Federation, as well as sources of financing the deficits of these budgets, established by the Budget Code of the Russian Federation and Federal law dated August 15, 1996 No. 115-FZ “On the budget classification of the Russian Federation.”

The budget is prepared by the executive authority for one calendar year and is approved in the form of a law by the relevant legislative (representative) authority. The procedure for drawing up and approving the budget as a planning document is regulated by the Budget Code of the Russian Federation and the regulatory legal acts of the constituent entities of the Russian Federation and municipalities adopted in accordance with it, establishing the features of the budget process in these administrative-territorial entities.

The budget as a plan is targeted and directive in nature, it is characterized by specificity and targeting of indicators; the budget, in essence, has become the main document in Russia, comprehensively defining the quantitative and qualitative parameters of state (regional, municipal) socio-economic policy.

The budgets of state extra-budgetary funds (Pension Fund of the Russian Federation, Social Insurance Fund of the Russian Federation, federal and territorial compulsory health insurance funds) are formed in the form of a balance of income and expenses of state extra-budgetary funds, ensuring the implementation of the constitutional rights of citizens to social security, health care and receiving free medical care. The composition of income and expenses of the budgets of state extra-budgetary funds is determined by the Budget Code of the Russian Federation.

The budgets of state extra-budgetary funds are compiled by the management bodies of these funds for one calendar year. They are approved by the legislative authorities in the form of laws simultaneously with the adoption of the law on the federal (regional) budget.

There are many types of budgets used depending on the structure and size of the organization, distribution of powers, characteristics of activities, etc.

In-kind cost budgets can be maintained in both monetary and natural units - kilograms, tons, meters, pieces, cubic meters, pieces, etc.

Natural cost budgets include:

Budgets for sales of products, goods, works, services;

Materials procurement budgets;

Budgets for inventory balances at the beginning and end of the planning period;

Budgets for the purchase of fixed assets and intangible assets;

Budgets for sales of fixed assets and intangible assets.

Cost budgets are calculated in monetary terms. For an enterprise financial management system, cost budgets play a key role. With their help, financial flows can be controlled and streamlined, which will allow them to be optimized and managed. Sometimes, in addition to the actual cost budgets, cash budgets are allocated, which reflect real cash flows.

The financial (final) budget of an enterprise presents financial data for a set of generalized items.

Financial budgets include:

Budget of Income and Expenditures (BDR);

Cash flow budget (CFB);

Balance budget (BB).

All three financial budgets are cost budgets. However, only the cash flow budget is monetary.

The purpose of forming financial budgets of budgets:

Monitoring the achievement of strategic and tactical goals of the enterprise;

Timely adjustment of the strategic goals of the enterprise;

Planning of financial results, cash flow, resource consumption and financial and economic condition of the enterprise.

The operating budget contains a combination of items for which responsibility lies with a given financial institution.

The purpose of drawing up an operating budget is to plan and record the results of business operations conducted by the relevant central financial district. In essence, the operating budget is a tool for delegating authority and responsibility to each financial institution for its financial indicators. Only one operating budget is drawn up for each central financial district. Consequently, the total number of operating budgets in an enterprise is equal to the number of central financial districts formed in it.

8. Problems and main directions for improving state financial planning and forecasting in the Russian Federation.

The Russian Ministry of Finance has identified the following methods for forecasting expenses for the long term:

Inertial planning method. The method assumes that the composition of expenses of the type under consideration remains generally unchanged in the future. When applying this method, for each type of expense it is necessary to set the dynamics of the corresponding indices (decrease, maintenance or growth in real terms);

Normative method of planning. The method assumes that costs are determined on the basis of standards approved in the relevant regulations, taking into account changes in quantitative factors that influence costs;

Target planning method. The method implies a targeted approach to cost planning, that is, target indicators and their values that need to be achieved, as well as activities and costs to achieve them must be established;

Other planning methods. These methods include, among other things, carrying out reforms in the industry relating to both the principles of service provision and financing mechanisms. At the same time, it is recommended to determine the forecast of budget expenditures in planning periods separately according to the budget of existing and the budget of assumed obligations.

The presented approaches suggest that today the methods of long-term forecasting of budget expenditures are poorly developed. On the problems of introducing long-term budget planning In the Russian Federation, the existing system for forecasting the socio-economic development of the Russian Federation and the constituent entities of the Russian Federation should be included. This conclusion based on the experience of implementing budget planning for the medium term. The relationship between forecasts and the medium-term financial plan is still predominantly declarative in nature. The explanation for the current situation is the fact that the practice of forecasting in modern conditions is still poorly developed not only at the level of the constituent entities of the Russian Federation, but also at the level of the federal government.

The validity and reliability of the forecast are the most important conditions when drawing up long-term goals and objectives for the development of society, developing programs for their implementation, and determining ways and means to achieve the final result. Mechanisms for determining forecast indicators are an integral part of long-term budget planning, as they justify the prerequisites for making management decisions for the long term. In connection with this, it becomes relevant to analyze existing foreign experience in the field of budget forecasting and adapt this experience for implementation in the budget process of the Russian Federation.

2.3 Financial management of business entities

Financial management of sectors of the national economy is carried out by financial departments (directorates) and departments of ministries, departments, companies, joint-stock companies, partnerships, financial departments and financial services of firms and business entities.

The finances of public organizations are managed by the financial departments or groups of these organizations.

In some ministries and departments, the financial management scheme is combined with the performance of other management functions: planning (forecasting), accounting. In such cases, planning and financial or financial and accounting departments (administrations) operate. These bodies analyze economic financial activities systems, prepare proposals aimed at increasing its efficiency using finance: accelerating the turnover of working capital, involving unused inventory assets in economic circulation, reducing unproductive expenses and losses, reducing and eliminating the unprofitability of subordinate facilities, mobilizing on-farm reserves, improving the use of resources, reducing costs, increasing profitability (profitability). They also develop guidelines, instructions, and methodological materials regulating the financial work of subordinate business units.

Apparatus financial departments ministries and other higher authorities carries out work on consolidated financial forecasting (planning), monitoring the implementation of the consolidated balance of income and expenses, coordinates the work financial departments subordinate economic entities.

Financial work in firms and companies is carried out by the financial department, which is independent structural unit. In small companies, financial departments can be combined with a sales department or accounting department (finance and sales or accounting and financial departments).

In this link of the financial system, management in market conditions is called financial management, which is understood as a form of management of socio-economic processes and cash flows through and within the entrepreneurial activities of business entities. Entrepreneurial activity is risky and aimed at making a profit from the production and sale of goods, performance of work, provision of services, and from the use of property.

The objects of financial management at lower levels are: real and movable property, property rights, works and services, information, results of intellectual activity, intangible benefits.

Financial management is based on motivation - activities to achieve goals that determine the needs and appropriate behavior of people or teams. Motivation manifests itself in stimulation processes business activity, productivity and quality of work.

Financial departments (services) of business entities carry out operational financial planning, maneuvering financial resources, using new forms of credit and settlement operations (shares, bills, factoring, etc.).

IN business partnerships financial management is coordinated, along with other functions, higher authorities - general meetings(meetings of representatives) of their participants, in joint stock companies- general meetings of shareholders. The executive body - the board includes officials, including financial management: the vice-president (deputy manager) for finance, who oversees the corresponding division of the partnership (company) - financial department, group, sector or individual employees work under his subordination - financial managers in the areas of financial activity of an economic entity.

The structure of the financial department (Figure 1) usually includes the following directions work: forecasting and analytical, calculation, claims, operational and financial work. The typical structure of a financial department includes: an economic planning bureau consisting of groups: financial and credit planning, operational planning and control, economic analysis; banking and cash transactions; settlement bureau consisting of groups: settlements with buyers, settlements with suppliers, claims. At enterprises engaged in foreign exchange transactions, a currency group is created.

On large enterprises financial activities can be headed by a deputy director for economics or finance, a financial director, a vice president (especially in joint-stock companies), Financial Manager. Other economic services may also be subordinate to these officials: economic planning, accounting, economic analysis sector, etc.

Financial and sales departments are divided into groups: settlements with customers, with suppliers, with the budget, banks and higher organizations, financial planning and analysis, cash. Similar functions can be performed by individual specialist performers.

In economic agencies where there are no financial departments, financial forecasting and calculation of financial standards is assigned to the economic service, and operational financial work, all types of calculations and cash planning are assigned to the accounting department.

Scheme 1. Financial management of an economic entity

Financial department of an economic entity
Planning and Economic Bureau		Bureau of banking and cash operations		Settlement bureau
GROUPS
Financial and credit planning	Operational planning and control	Economic analysis	Settlements with buyers	Payments to suppliers	Claim

Important tasks of financial services of business entities are: finding ways to increase income and increase profitability; providing financial resources for production assignments; investments, introduction of new equipment and other planned costs; fulfillment of financial obligations to the state budget, banks, suppliers, higher organizations; organization of payments; promoting efficient use production assets and capital investments; control over the correct use of financial resources, ensuring the safety and accelerated turnover of working capital.

Banking institutions take part in the operational management of the finances of firms and enterprises. Second-tier banks provide settlement and cash services and provide loans for temporary cash needs.

Financial management - component general system for managing the socio-economic development of the country.

Financial management is the conscious influence of legislative and executive authorities on the finances of the country as a whole and its territories, economic entities, as well as financial processes, financial activities in order to achieve and maintain macroeconomic balance, financial stability economics, financial support for solved economic and social problems.

The financial management system in a modern market economy is an interconnected set of measures, tools, as well as financial institutions that ensure the stable and efficient functioning of the financial system as a whole and its individual links, contributing to the development of the real sector of the economy and solving pressing social problems.

In accordance with the structure of the financial system of the Russian Federation, financial management by type of management objects is divided into:

Financial management of the country's federal authorities;

Financial management of the subjects of the Federation;

Municipal financial management;

Financial management of business entities (financial management).

Financial management is carried out using administrative, administrative and economic methods.

In financial management, objects, subjects and management tools are distinguished.

The objects of financial management are various areas of financial relations: public finance(federal and subfederal budgets, state extra-budgetary social funds, budget credit, stock market), insurance, local finance (municipal budgets, local extra-budgetary funds), finance of commercial and non-profit organizations, finance of individual entrepreneurs.

Subjects of financial management - a set organizational structures authorities that regulate and control financial processes in the economy (legislative bodies that pass laws on finance, financial activities, and executive bodies that direct, regulate and control financial processes at the national, regional and local levels, as well as the financial apparatus in commercial and non-profit organizations ).

The instrument of financial management is the financial mechanism, which is integral part economic mechanism. The financial mechanism is a set of types and methods of organizing financial relations and is used to influence the economy and social sphere, carrying out a unified financial policy of the state.

The financial mechanism is aimed at solving specific problems and achieving real effects, meeting the needs of society. Structure financial mechanism complex due to the variety of financial relationships. The structure of the financial mechanism includes such functional links as mobilization of financial resources, financing, incentives, etc. The financial mechanism sets financial resources in motion and influences social production through financial support and financial regulation.

The construction of the financial mechanism is carried out in accordance with financial policy and the rules of financial law reflected in financial legislation.

Financial management functions include:

The financial analysis;

Financial forecasting;

Planning of financial resources and financial activities;

Operational regulation of finance;

Control over the state of finances.

Financial analysis is designed to generate information for making management decisions in the field of finance based on the current situation.

Financial forecasting reveals the expected future picture of the state of financial resources and is a prerequisite for financial planning.

Planning of financial resources is associated with establishing the parameters of the financial system, the amount and sources of financial resources, channels for their expenditure, and the level of their scarcity.

Operational regulation of finance is carried out in order to respond to the current situation in order to redistribute and change the target orientation of financial resources in the light of new tasks. Operational financial management is entrusted to financial authorities - the Ministry of Finance, financial authorities of the constituent entities of the Russian Federation and municipalities, financial services of enterprises.

Control over the state of finances is intended to act as a link feedback in the management chain, provide management bodies with the necessary information on compliance with laws, norms and rules for the formation and use of finance (funds).

Financial management is closely related to credit management and the functioning of the banking system, since loans serve as the most important source of financial resources.

Financial market

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