Financial analysis at an enterprise is needed for an objective assessment of the economic and financial condition in periods of past, present and projected future activity. To identify weak production areas, areas of problems, and identify strong factors that management can rely on, the main financial indicators are calculated.

An objective assessment of a company’s position in terms of economics and finances is based on financial ratios, which are a manifestation of the relationship between individual accounting data. The goal of financial analysis is to achieve the solution of a selected set of analytical problems, that is, a specific analysis of all primary sources of accounting, management and economic reporting.

Main goals of economic and financial analysis

If the analysis of the main financial indicators of an enterprise is considered as identifying the true state of affairs in the enterprise, then the results will provide answers to the following questions:

• the company’s ability to invest funds in investing in new projects;
• the current progress of affairs in relation to material and other assets and liabilities;
• the state of loans and the company’s ability to repay them;
• the existence of reserves to prevent bankruptcy;
• identifying prospects for further financial activities;
• assessment of the enterprise in terms of value for sale or re-equipment;
• tracking the dynamic growth or decline of economic or financial activity;
• identifying reasons that negatively affect business results and finding ways out of the situation;
• consideration and comparison of income and expenses, identification of net and total profit from sales;
• studying the dynamics of income for basic goods and in general from all sales;
• determining the portion of income used to reimburse costs, taxes and interest;
• studying the reasons for the deviation of the amount of balance sheet profit from the amount of sales income;
• study of profitability and reserves to increase it;
• determining the degree of compliance of the enterprise's own funds, assets, liabilities and the amount of borrowed capital.

Stakeholders

An analysis of the company's main financial indicators is carried out with the participation of various economic representatives of departments interested in obtaining the most reliable information about the affairs of the enterprise:

• internal subjects include shareholders, managers, founders, audit or liquidation commissions;
• external ones are represented by creditors, audit firms, investors and government officials.

Financial analysis capabilities

The initiators of the analysis of the enterprise’s work are not only its representatives, but also employees of other organizations interested in determining the actual creditworthiness and the possibility of investing in the development of new projects. For example, bank auditors are interested in the liquidity of a firm's assets or its current ability to pay its bills. Legal entities and individuals wishing to invest in the development fund of a given enterprise try to understand the degree of profitability and risks of the investment. An assessment of key financial indicators using a special technique predicts the bankruptcy of an institution or indicates its stable development.

Internal and external financial analysis

Financial analysis is part of the general economic analysis of the enterprise and, accordingly, part of a complete economic audit. The full analysis is divided into internal management and external financial audits. This division is due to two practically established systems in accounting - management and financial accounting. The division is recognized as conditional, since in practice external and internal analysis complement each other with information and are logically interconnected. There are two main differences between them:

• by accessibility and breadth of the information field used;
• degree of application of analytical methods and procedures.

An internal analysis of key financial indicators is carried out to obtain summarized information within the enterprise, determine the results of the last reporting period, identify free resources for reconstruction or re-equipment, etc. To obtain results, all available indicators are used, which are also applicable when researched by external analysts.

External financial analysis is performed by independent auditors, outside analysts who do not have access to the internal results and indicators of the company. External audit methods assume some limitation of the information field. Regardless of the type of audit, its methods and methods are always the same. What is common in external and internal analysis is the derivation, generalization and detailed study of financial ratios. These basic financial indicators of the enterprise’s activities provide answers to all questions regarding the work and prosperity of the institution.

Four main indicators of financial health

The main requirement for the break-even operation of an enterprise in market conditions is economic and other activities that ensure profitability and profitability. Economic activities are aimed at reimbursing expenses with income received, generating profit to satisfy the economic and social needs of team members and the material interests of the owner. There are many indicators to characterize activities, in particular these include gross income, turnover, profitability, profit, costs, taxes and other characteristics. For all types of enterprises, the main financial indicators of the organization’s activities are highlighted:

• financial stability;
• liquidity;
• profitability;
• business activity.

Financial stability indicator

This indicator characterizes the degree of correlation between the organization’s own funds and borrowed capital, in particular, how much borrowed funds account for 1 ruble of money invested in tangible assets. If such an indicator when calculated is obtained with a value of more than 0.7, then the financial position of the company is unstable, the activity of the enterprise to some extent depends on attracting external borrowed funds.

Liquidity characteristics

This parameter indicates the main financial indicators of the company and characterizes the sufficiency of the organization’s current assets to pay off its own short-term debts. It is calculated as the ratio of the value of current current assets to the value of current passive liabilities. The liquidity indicator indicates the possibility of converting the company's assets and values ​​into cash capital and shows the degree of mobility of such transformation. The liquidity of an enterprise is determined from two perspectives:

• the length of time required to convert current assets into cash;
• the ability to sell assets at a specified price.

To identify the true indicator of liquidity in an enterprise, the dynamics of the indicator are taken into account, which allows not only to determine the financial strength of the company or its insolvency, but also to identify the critical state of the organization’s finances. Sometimes the liquidity ratio is low due to the increased demand for the industry's products. Such an organization is completely liquid and has a high degree of solvency, since its capital consists of cash and short-term loans. The dynamics of the main financial indicators demonstrate that the situation looks worse if the organization has working capital only in the form large quantity warehoused products in the form of current assets. To turn them into capital, a certain amount of time is required for implementation and the presence of a customer base.

The main financial indicators of the enterprise, which include liquidity, show the state of solvency. The company's current assets must be sufficient to repay current short-term loans. In the best situation, these values ​​are approximately at the same level. If an enterprise has much more working capital in value than short-term loans, then this indicates an ineffective investment of money by the enterprise in current assets. If the amount of working capital is lower than the cost of short-term loans, this indicates the imminent bankruptcy of the company.

As a special case, there is an indicator of quick current liquidity. It is expressed in the ability to pay off short-term liabilities using the liquid portion of assets, which is calculated as the difference between the entire working portion and short-term liabilities. International standards determine the optimal level of the coefficient in the range of 0.7-0.8. The presence of a sufficient number of liquid assets or net working capital within an enterprise attracts creditors and investors to invest money in the development of the enterprise.

Profitability indicator

The main financial indicators of an organization's effectiveness include the value of profitability, which determines the efficiency of using the funds of the company's owners and generally shows how profitable the operation of the enterprise is. The profitability value is the main criterion for determining the level of stock exchange quotes. To calculate the indicator, the amount of net profit is divided by the amount of average profit from sales net assets companies for the selected period. The indicator reveals how much net profit each unit of goods sold brought.

The generated income ratio is used to compare the income of the desired enterprise in comparison with the same indicator of another company operating under a different taxation system. The calculation of the main financial indicators of this group provides for the ratio of profit received before taxes and due interest to the assets of the enterprise. As a result, information appears about how much profit each monetary unit invested in the company’s assets brought in for work.

Business activity indicator

Characterizes how much finance is obtained from the sale of each monetary unit of a certain type of asset and shows the turnover rate of financial and material resources organizations. For the calculation, the ratio of net profit for the selected period to the average cost of costs in material terms, money and short-term securities is taken.

There is no standard limit for this indicator, but the management forces of the company strive to accelerate turnover. Constant use in economic activity loans from outside indicate insufficient financial receipts as a result of sales, which do not cover production costs. If the value of current assets on the organization's balance sheet is overstated, this results in the payment of additional taxes and interest on bank loans, which leads to loss of profit. A low number of active funds leads to delays in fulfilling production plans and the loss of profitable commercial projects.

For an objective, visual examination of economic activity indicators, special tables are compiled that show the main financial indicators. The table contains the main characteristics of work for all parameters of financial analysis:

• inventory turnover ratio;
• indicator of the company's receivables turnover over time;
• value of capital productivity;
• resource return indicator.

Inventory turnover ratio

Shows the ratio of revenue from the sale of goods to the amount in monetary terms of inventories at the enterprise. The value characterizes the speed of sale of material and commodity resources classified as a warehouse. An increase in the ratio indicates a strengthening of the organization’s financial position. The positive dynamics of the indicator is especially important in conditions of large accounts payable.

Accounts receivable turnover ratio

This ratio is not considered as the main financial indicators, but is an important characteristic. It shows the average time period in which the company expects payment to be received after the sale of goods. The calculation is based on the ratio of accounts receivable to average daily sales revenue. The average is obtained by dividing the total revenue for the year by 360 days.

The resulting value characterizes the contractual terms of work with customers. If the indicator is high, it means that the partner provides preferential working conditions, but this causes caution among subsequent investors and creditors. A small value of the indicator leads, in market conditions, to a revision of the contract with this partner. An option for obtaining the indicator is a relative calculation, which is taken as the ratio of sales revenue to the company's receivables. An increase in the ratio indicates an insignificant debt of debtors and high demand for products.

Capital productivity value

The main financial indicators of the enterprise are most fully complemented by the capital productivity indicator, which characterizes the rate of turnover of finance spent on the acquisition of fixed assets. The calculation takes into account the ratio of revenue from goods sold to the annual average cost of fixed assets. An increase in the indicator indicates a low cost of expenses in terms of fixed assets (machines, equipment, buildings) and a high volume of goods sold. A high value of capital productivity indicates insignificant production costs, and a low capital productivity indicates inefficient use of assets.

Resource efficiency ratio

For the most complete understanding of how the main financial indicators of an organization’s activities develop, there is an equally important resource return ratio. It shows the degree of efficiency of the enterprise’s use of all assets on the balance sheet, regardless of the method of acquisition and receipt, namely, how much revenue is received for each monetary unit of fixed and current assets. The indicator depends on the procedure for calculating depreciation adopted at the enterprise and reveals the degree of illiquid assets that are disposed of to increase the ratio.

Main financial indicators of LLC

Income source management ratios show the financial structure and characterize the protection of the interests of investors who have made long-term injections of assets into the development of the organization. They reflect the company's ability to repay long-term loans and credits:

• share of loans in the total amount of financial sources;
• ownership ratio;
• capitalization ratio;
• coverage ratio.

The main financial indicators are characterized by the volume of borrowed capital in the total mass of financial sources. The leverage ratio measures the specific amounts of assets purchased with borrowed money, which includes the firm's long-term and short-term financial liabilities.

The ownership ratio supplements the main financial indicators of the enterprise by characterizing the share of equity capital spent on the acquisition of assets and fixed assets. A guarantee of obtaining loans and investing investor money in a project for the development and re-equipment of an enterprise is the indicator of the share of own funds spent on assets in the amount of 60%. This level is an indicator of the stability of the organization and protects it from losses during a downturn in business activity.

The capitalization ratio determines the proportional relationship between borrowed funds from various sources. To determine the proportion between equity and borrowed finance, the inverse leverage ratio is used.

The interest coverage indicator or coverage indicator characterizes the protection of all types of creditors from non-payment of interest rates. This ratio is calculated as the ratio of the amount of profit before interest to the amount of money intended to pay off interest. The indicator shows how much money the company earned to pay borrowed interest during the selected period.

Market activity indicator

The main financial indicators of an organization in terms of market activity indicate the position of the enterprise in the securities market and allow managers to judge the attitude of creditors to the general activities of the company for the past period and in the future. The indicator is considered as the ratio of the initial book value of a share, the income received on it and the prevailing market price at a given time. If all other financial indicators are within the acceptable range, then the market activity indicator will also be normal if the market value of the stock is high.

In conclusion, it should be noted that financial analysis of the economic structure of an organization is important for all stakeholders, shareholders, short-term and long-term creditors, founders and management.

Graduate work

Subject thesis:

Analysis and assessment of the financial activities of an organization (using the example of Prospekt LLC)

Introduction

1. Theoretical basis analysis and assessment of the organization’s financial activities

1.1 The meaning and information support of the analysis of the financial activities of an organization

1.2 Objectives of analysis and assessment of the financial activities of an organization

1.3 Profitability and profit as indicators of organizational performance

2. Analysis and assessment of the financial activities of Prospekt LLC

2.1 Organizational and economic characteristics of Prospekt LLC

2.2 Analysis of the financial activities of the organization

2.3 Evaluation of the financial results of the organization’s activities

3. Improving the financial activities of Prospekt LLC

3.1 Ways to financially improve an organization

Conclusion

Bibliography

IN conducting

Today, the stage of rapid market development has almost passed, and a new stage of economic relations is approaching, when the success of an organization largely depends on the art of managing it.

An important role in the implementation of this task is given to the analysis and diagnosis of the financial and economic activities of organizations. With their help, strategies and tactics for the development of the organization are developed, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the activities of the organization, its divisions and employees are assessed. A modern manager must have a good knowledge of not only the general patterns and trends of economic development in the context of the transition to market relations, but also a subtle understanding of the manifestations of general, specific and private economic laws in the practice of his organization, and promptly notice trends and opportunities for increasing production efficiency. He must master modern methods of economic research, methods of systematic, comprehensive economic analysis, and mastery of accurate, timely, comprehensive analysis of the results of economic activity.

Managing an organization based on an analysis of financial activities is possible if the management of the organization really knows its capabilities, and this is possible only after analyzing production and economic activities, since with its help plans and management decisions are substantiated, reserves for increasing production efficiency are identified and, as a result, a strategy is developed and organizational development tactics. In this regard, studying the fundamentals of financial activity analysis is particularly relevant today.

The relevance of the chosen topic is also confirmed by the fact that the overwhelming majority of directors of domestic organizations have higher education in the field of “technical” sciences, where they are specialists whose qualifications are many times higher than the world level. At the same time, in the field of economics, namely in the field of managing an organization in a market economy, they do not have the necessary theoretical or practical basis.

Analysis of financial and economic activities is the link between accounting and management decision-making. During the process, accounting information undergoes analytical processing: the achieved performance results are compared with data for past periods of time, with indicators of other organizations and industry averages; the influence of various factors on the results of economic activity is determined; shortcomings, errors, unused opportunities, prospects, etc. are identified. By analyzing the organization’s activities, comprehension and understanding of information is achieved. Based on the results of the analysis, management decisions are developed and justified. Economic analysis precedes decisions and actions, justifies them and is the basis of scientific production management, increasing its efficiency.

Consequently, economic analysis can be considered as an activity for preparing data necessary for scientific substantiation and optimization of management decisions.

A large role is given to analysis in determining the use of reserves to improve the efficiency of the organization. It promotes rationalization, economical use of resources, identification and implementation of best practices, scientific organization labor, new equipment and production technology, prevention of unnecessary costs, shortcomings in work, etc. As a result, the economy of the organization is strengthened and the efficiency of its activities increases.

Consequently, the analysis of the financial and economic activities of an organization consists not only of assessing the implementation of plans and establishing the results achieved, but also of identifying internal reserves and finding ways to better use them.

On the other hand, when analyzing an organization, the financial results of the organization’s activities are taken into account, which are characterized by the amount of profit received and the level of profitability. The greater the profit and the higher the level of profitability, the more efficiently the organization operates, the more stable its financial condition. Therefore, finding reserves for increasing profits and profitability is one of the main tasks in any area of ​​business. Economic analysis is of great importance in the process of managing financial results.

The purpose of the final qualifying work is to study existing theoretical methods for analyzing the financial activities of an organization, presenting a clear and precise methodology for analyzing the management of an organization based on an analysis of financial activities, as well as developing measures and practical recommendations for optimizing the financial condition and increasing financial results regarding a specific organization , capable of serving as both a methodological and practical basis for managing an organization.

This goal of the work is defined objectively: it is of particular significance for Russia. In fact, if we do not touch upon the analysis of the internal political situation of our state, we can say that the Russian Federation is potentially one of the richest countries in the world. Practice says that one of the determining factors inhibiting economic development country, is the insufficiently high level of qualifications of management employees of domestic organizations in the field of economics.

In the current economic conditions, a modern leader of an organization must have the skills not only to manage a team, not only to manage production, but also to be a specialist in the field of financial management of the organization.

The main objectives of this work are as follows:

Reveal the significance and information support of the analysis of the financial activities of the organization;

Reveal the tasks of analyzing and assessing the financial activities of the organization;

Describe the concepts of profitability and profit as the main indicators of organizational performance;

Conduct an analysis of the financial activities of Prospekt LLC;

Conduct an assessment of the organization’s financial activities;

Develop ways to financially improve the organization;

Outline the prospects for the financial activities of the organization.

The object of research in this work is the trading organization Prospekt LLC.

The subject of the study is the financial aspects (financial condition and financial results) of the organization’s activities for the reporting period from 2006 to 2007.

1. Theoretical foundations of analysis and assessment of the financial activities of an organization

1.1 The meaning and information support of the analysis of the financial activities of an organization

Financial analysis is an essential element of financial management and auditing. Almost all users of financial statements of organizations use financial analysis methods to make decisions to optimize their interests.

Owners analyze financial statements to improve the return on capital and ensure the stability of the company's growth. Lenders and investors analyze financial statements to minimize their risks for loans and deposits. We can firmly say that the quality of decisions made depends entirely on the quality of the analytical justification for the decision.

IN last years Quite a lot of serious and relevant publications devoted to financial analysis have appeared. Foreign experience in financial analysis and management of organizations, banks, insurance organizations, etc. is being actively developed. At the same time, it should be noted that the presence of a large number of interesting and original publications on various aspects of financial analysis does not reduce the need and demand for special methodological literature, which would consistently, step by step, reproduce a comprehensive, logically integral procedure of financial analysis.

Bringing the forms of financial statements into greater compliance with the requirements of international standards necessitates the use of new methods of financial analysis that correspond to the conditions of a market economy. This technique is needed to make an informed choice of a business partner, determine the degree of financial stability of the organization, evaluate business activity and the effectiveness of business activities.

The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The reporting of organizations in a market economy is based on a generalization of financial accounting data and is an information link connecting organizations with society and business partners who are users of information about the organization’s activities.

The subjects of analysis are, both directly and indirectly, information users interested in the organization's activities.

The first group of users includes owners of the organization's funds, lenders (banks, etc.), suppliers, clients (buyers), tax authorities, organization personnel and management.

Each subject of analysis studies information based on their interests. Thus, owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by the organization’s administration; to creditors and suppliers - the feasibility of extending the loan, credit conditions, loan repayment guarantees; potential owners and creditors - the profitability of investing their capital in the organization.

It should be noted that only the management (administration) of an organization can deepen the analysis of reporting using production accounting data as part of management analysis carried out for management purposes.

The second group of users of financial statements are the subjects of analysis, who, although not directly interested in the activities of the organization, are required by contract to protect the first group of users of the statements. These are audit firms, consultants, stock exchange lawyers, the press, associations, trade unions.

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Certain user groups, such as management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, more often than not, annual and quarterly reports are the only source of external financial analysis.

The financial analysis methodology consists of three interconnected blocks:

Analysis of the financial results of the organization;

Analysis of financial condition;

Analysis of the effectiveness of financial and economic activities.

The main source of information for analyzing the financial condition is the organization’s balance sheet (Form No. 1 of annual and quarterly reporting). Its importance is so great that financial analysis is often called balance sheet analysis. The source of data for the analysis of financial results is the report on financial results and their use (Form No. 2 of annual and quarterly reporting). The source of additional information for each of the blocks of financial analysis is the appendix to the balance sheet (Form No. 5 of the annual reporting).

In accordance with Methodological recommendations on the procedure for the formation of indicators of the organization’s financial statements, approved by order of the Ministry of Finance of the Russian Federation dated June 20, 2000, No. 60n, the financial statements must include the data necessary for the formation of a reliable and complete presentation; about the financial position of the organization, the financial results of its activities and changes in its financial position. In the event that there is insufficient data to form a complete picture of the financial position of the organization, appropriate additional indicators and explanations are included in the financial statements of the organization. At the same time, the neutrality of the information contained in the financial statements must be ensured, i.e. unilateral satisfaction of the interests of some groups of interested users of financial statements over others is excluded. Data from the organization's financial statements must include performance indicators for all branches, representative offices and other divisions. The consistency and complexity of the information contained in the financial statements is a consequence of the following requirements for its preparation:

Completeness of reflection in the accounting for the reporting year of all business transactions carried out in the current year;

Correctness of attribution of income and expenses to the reporting period in accordance with the chart of accounts and the Regulations on accounting and financial reporting in the Russian Federation;

Identity of analytical accounting data with turnovers and balances on synthetic accounting accounts as of the date of the annual inventory;

Compliance with the adopted accounting policies during the reporting year.

An organization's financial statements serve as the main source of information about its activities. A careful examination of the accounting reports reveals the reasons achieved successes, as well as shortcomings in the organization’s work, helps to outline ways to improve its activities.

The main goal of financial analysis is to obtain a small number of key (the most informative) parameters that give an objective and accurate picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, and in settlements with debtors and creditors. At the same time, the analyst and manager (manager) may be interested in both the current financial state of the organization and its projection for the near or longer term, i.e. expected parameters of financial condition.

But it is not only time boundaries that determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information.

The goals of analysis are achieved as a result of solving a certain interrelated set of analytical problems. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. The main factor, ultimately, is the volume and quality of the source information. It should be borne in mind that the periodic accounting or financial statements of an organization are only “raw information” prepared during the implementation of accounting procedures in the organization.

To make management decisions in the areas of production, sales, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of initial raw information. An analytical reading of the source data is necessary based on the purposes of analysis and management.

The basic principle of analytical reading of financial statements is the deductive method, i.e. from general to specific, but it must be applied repeatedly. In the course of such an analysis, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

The market economy contributes not only to strengthening, but also to a qualitative change in the role of financial analysis, which is becoming the main method for assessing the financial condition of an organization. It allows you to identify the efficiency of resource use, assess the profitability and financial stability of an economic entity, establish its position in the market, and also quantitatively measure the degree of riskiness of activities and competitiveness.

The main task of analyzing the financial activities of an organization is to timely identify and eliminate deficiencies in financial activities and find reserves for improving the financial condition of the organization and its solvency. In this case it is necessary:

1) based on studying the cause-and-effect relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the perspective of improving the financial condition of the organization;

2) predict possible financial results, economic profitability based on real conditions economic activity and the availability of own and borrowed resources and developed models of financial condition for various options for using resources;

3) develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the organization.

The financial condition of an organization, its sustainability and stability depend on the results of its production, commercial and financial activities. If the assigned tasks in the listed types of activities are successfully implemented, this has a positive effect on the financial position of the organization. And, conversely, due to a decline in production and sales of products, as a rule, the volume of revenue and the amount of profit will decrease and, as a result, the financial condition of the organization will worsen. Thus, the stable financial condition of an organization is the result of competent and rational management of the entire complex of factors that determine the results of the financial and economic activities of the organization.

The practice of analysis has developed the basic methods for its implementation.

Horizontal (time) analysis - a comparison of each reporting position with the corresponding position of the previous period, consists of constructing one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates.

Vertical (structural) analysis - determining the structure of the final financial indicators, identifying the impact of each reporting item on the result as a whole. This analysis allows you to see the specific weight of each balance sheet item in the overall total. An obligatory element of the analysis is the dynamic series of these quantities, by means of which it is possible to track and predict structural changes in the composition of assets and their sources of coverage.

Horizontal and vertical analysis complement each other, so in practice it is possible to build analytical tables that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators.

Trend analysis - comparison of each reporting item with the positions of a number of previous periods and determination of the trend, i.e. the main trend of the indicator dynamics, cleared of random influences and individual characteristics of individual periods. With the help of a trend, possible values ​​of indicators in the future are formed, and therefore, a promising, predictive analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of reporting ratios, determination of the relationship between indicators.

Comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as comparison of the organization’s financial indicators with indicators of competing organizations, industry averages and average general economic data.

Factor analysis is an analysis of the influence of individual factors (reasons) on an effective indicator. Factor analysis can be direct (analysis itself), i.e. fragmentation of an effective indicator into its component parts, and the reverse (synthesis), when its individual elements are combined into a common effective indicator.

Financial ratios are widely used as tools for analyzing the financial condition of a business firm - relative indicators of the financial condition of an organization that express the relationship of some absolute financial indicators to others. Financial ratios are used:

To compare indicators of the financial condition of a particular company with basic (normative) values, similar indicators of other organizations or industry average indicators;

Identification of the dynamics of development of indicators and trends in changes in the financial condition of the company;

Definitions of normal limits and criteria for various aspects of the financial condition of a business firm.

As basic values, theoretically justified values ​​or values ​​obtained as a result of expert surveys are used that characterize the optimal or critical values ​​of financial ratios from the point of view of the stability of the financial position of the organization. In addition, the basis for comparison can be the time-series averaged values ​​of indicators of a given organization, relating to favorable periods from the point of view of financial condition, industry average values ​​of indicators, values ​​of indicators calculated based on reporting data of similar organizations. Such basic values ​​actually serve as standards for ratios calculated during the analysis of financial condition.

The financial condition of an organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity capital and obligations, i.e. liabilities).

The balance sheet asset contains information about the allocation of capital available to the organization. Each type of allocated capital corresponds to a separate balance sheet item.

For the analysis, indicators are calculated that characterize the structure (shares, shares) and dynamics (growth rates) of property (assets) and sources of financing (liabilities).

The placement of an organization's funds has a very great importance in financial activities and increasing its efficiency.

The financial condition of an organization is characterized by a system of indicators reflecting the availability, placement and use of its financial resources. The calculation and analysis of such indicators is carried out according to the organization’s balance sheet in a certain sequence.

The financial stability of an organization is based on its provision of its own funds (equity).

The most general indicator of financial stability is the surplus (+) or shortage (-) of sources of funds for the formation of reserves and costs, obtained as the difference between the value of sources and the value of reserves and costs.

In general, we can say that financial stability is a complex concept that also has external forms of manifestation, which is formed in the process of all financial and economic activities, and is influenced by many different factors.

To characterize the sources of reserve formation, three main indicators are determined:

1. Availability of own working capital (SOC), as the difference between equity (III section of the liability side of the balance sheet) and non-current assets (I section of the asset side of the balance sheet). This indicator characterizes net working capital. In formalized form, the availability of own working capital can be written as:

SOS = SC (p. 490) – VA (p. 190), (1)

where: SK – equity capital,

VA – non-current assets.

2. Availability of own and long-term borrowed sources of reserve formation (SD), determined by increasing the previous indicator by the amount of long-term liabilities:

SD = SOS (p. 490 – p. 190) + DO (p. 590), (2)

Where: DO – Long-term liabilities

3. The total value of the main sources of reserve formation (IO), determined by increasing the previous indicator by the amount of short-term borrowed funds:

OI = SOS (p. 490 – p. 190) + DO (p. 590) + ZS (p. 610), (3)

Where: ZS – borrowed funds.

These indicators of sources of formation of reserves and costs correspond to three indicators of the provision of reserves and costs with sources of their formation:

1. Surplus (+) or deficiency (–) of own working capital (ΔSOS):

ΔSOS= SOS – 3, (4)

where Z - reserves

2. Excess (+) or deficiency (–) of own and long-term sources of reserve formation (ΔSD):

ΔSD = SD – 3 (5)

3. Excess (+) or deficiency (–) of the total value of the main sources of reserve formation (ΔOI):

ΔOI = OI – Z (6)

To characterize the financial situation in an organization, there are four types of financial stability.

Absolute stability of financial condition, which is rare in modern Russian practice, represents an extreme type of financial stability. It is set by a system of conditions:

1a. surplus (+) of own working capital or equality of the values ​​of own working capital and inventories.

Z< СОС (7)

Normal stability, which is guaranteed by its solvency:

2a. lack of (-) own working capital,

2b. surplus (+) of long-term sources of reserve formation or equality of the values ​​of long-term sources and reserves.

Z = SOS + ZS (8)

An unstable financial condition associated with a violation of solvency, in which, however, it remains possible to restore balance by replenishing real equity capital and increasing one’s own working capital:

3a. lack of (-) own working capital,

3b. lack of (-) long-term sources of reserve formation,

3c. surplus (+) of the total value of the main sources of reserve formation or equality of the values ​​of the main sources and reserves.

Z = SOS+ZS+OI, (9)

where IO is the part of equity capital intended to service other short-term obligations, restraining financial tension.

Financial instability is considered normal if the amount of short-term loans and borrowings attracted for the formation of reserves and expenses does not exceed the total cost of inventories and finished products, i.e. the following conditions are met.

Z 1 + Z 4 > ZS - [ + IO] (10)

Z 2 + Z 3 ≤ ΔSD, (11)

where Z 1 – production inventories;

Z 2 – work in progress;

Z 3 – deferred expenses;

Z 4 – finished products;

ZS - [ + IO] – part of short-term loans and borrowed funds involved in the formation of inventories and costs

A crisis financial condition in which an organization is on the verge of bankruptcy, since in this situation cash, short-term financial investments, receivables of the organization and other current assets do not even cover its accounts payable and other short-term liabilities:

4a. lack of (-) own working capital;

4b. lack of (-) long-term sources of reserve formation;

4c. lack of (-) total quantities of the main sources of reserve formation.

Z > SOS+ZS (12)

For a more complete analysis of the financial stability of an organization in global and domestic practice, a special system of indicators and coefficients has been developed.

1. One of the most important characteristics of the stability of the financial position of an organization, its independence from borrowed sources of funds is the autonomy coefficient or the financial independence coefficient , which is defined as the ratio of equity capital to the value of all assets of the organization.

K 1 = SK/V, (13)

where, SK – equity capital;

B is the value of the organization’s assets.

It characterizes the level of overall financial independence, i.e. the degree of independence of the organization from borrowed sources of financing. Thus, this ratio shows the share of equity capital in total liabilities.

2. Financial leverage (leverage) K 2:

K 2= KZ/SC, (14)

where KZ are borrowed funds raised by organizations.

The relationship between the autonomy coefficient and financial leverage is expressed by the formula:

K 2 =1/ K 1 -1, (15)

from which it follows that the normal limit for the debt-to-equity ratio is K 2< 1.

3. Coefficient of provision of current assets with own funds of financing (K 3) shows what part of current assets is financed by own sources:

K 3 = (SK+VA)/OA, (16)

where, VA – non-current assets;

OA – current assets.

This ratio characterizes the presence of a business firm’s own working capital necessary for its financial stability. The normal limit for this coefficient, obtained on the basis of statistical data from business practice, K 3 > 0,6 - 0,8.

4. The agility coefficient, another significant characteristic of the stability of the financial condition, is equal to the ratio of the company’s own working capital to the total amount of equity:

K 4 =(SK - VA)/SK (17)

It shows what part of the organization's own funds is in mobile form, allowing relatively free maneuvering of these funds. Sometimes in specialized literature the optimal value is K4 = 0.5.

5. The investment coverage ratio (financial stability ratio) characterizes the share of equity capital and long-term liabilities in the total assets of the organization:

K 5 = (SC + DZ) / V, (18)

where DL are long-term loans.

This is a softer indicator compared to the autonomy coefficient. In world practice it is considered normal K 5 = 0.9, critical - reduction to 0.75.

The solvency of an organization is the presence of cash and cash equivalents sufficient to pay accounts payable requiring immediate repayment. The main signs of solvency are:

absence of overdue accounts payable;

availability of sufficient funds in the current account.

Liquidity of an organization is the presence of working capital in an amount sufficient to pay off short-term obligations, or the potential ability of the organization to pay off its obligations in the future.

The main signs of solvency are:

No overdue accounts payable;

Availability of sufficient funds in the current account.

The analysis of the liquidity and solvency of the organization is carried out in two stages:

Stage 1 - grouping balance sheet assets according to the timing of their transformation into cash, and liabilities - according to the degree of urgency of their payment;

Stage 2 – calculation of a number of indicators of the organization’s liquidity.

The first stage is the grouping of balance sheet items.

So, depending on the degree of liquidity, the organization’s assets are divided into 4 groups:

The most liquid assets - these include all items of the organization’s funds and short-term financial investments (securities). This group calculated as follows:

A 1 = Cash (260) + Short-term financial investments (250).

Quickly realizable assets are accounts receivable, payments for which are expected within 12 months after the reporting date.

A 2 = Short-term accounts receivable (240).

Slowly selling assets are items in section II of the balance sheet, including inventories, VAT, accounts receivable (payments for which are expected more than 12 months after the reporting date) and other current assets.

A 3 = Inventories (210) + Long-term accounts receivable (230) + VAT (220) + Other current assets (270)

Hard-to-sell assets - items in section I assets of the balance sheet - non-current assets.

A 4 = Non-current assets (190)

Grouping of balance sheet assets according to the timing of their transformation into cash and liabilities according to the degree of urgency of their payment.

The most urgent obligations include accounts payable.

P 1 = Accounts payable (620)

Short-term liabilities are short-term borrowed funds, debts to participants for payment of income and other short-term liabilities.

P 2 = Short-term borrowed funds (610) + Debt to participants for payment of income (630) + Other short-term liabilities (660).

Long-term liabilities are balance sheet items related to sections VI and VI, i.e. long-term loans and borrowed funds, as well as deferred income, reserves for future expenses and payments.

P 3 = Long-term liabilities (590) + Deferred income (640) + Reserves for future expenses and payments (650).

Permanent liabilities or stable ones are articles in Section III of the balance sheet “Capital and Reserves”.

P 4 = Capital and reserves (490).

The balance sheet is liquid if the following relationships (inequalities) are met:

A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4 ≤ P 4. (19)

The first three inequalities mean the need to comply with the constant rule of liquidity - the excess of assets over liabilities.

In domestic and foreign practice, various liquidity ratios of current assets and their elements are calculated. Let us name the most important liquidity indicators in terms of economic essence and practical relevance.

1. Current liquidity ratio, which shows what part of the organization’s short-term liabilities can be repaid if all working capital is mobilized. Values ​​corresponding to standard values ​​from 1 to 2. Calculated using the formula:

K tl = (A 1 + A 2 + A 3) / (P 1 + P 2). (20)

2. Quick liquidity ratio, or “critical assessment” ratio , shows how much the organization's liquid funds cover its short-term debt. The recommended value of this indicator is from 07-08 to 1.5.

K bl = (A 1 + A 2) / (P 1 + P 2). (21)

3. The absolute liquidity ratio is the ratio of the funds that the organization has in bank accounts and on hand to short-term liabilities. The values ​​of this coefficient for the period under review correspond to the standard 0.2 to 0.4.

K al = A 1 / (P 1 + P 2) (22)

4. The general indicator of balance sheet liquidity shows the ratio of the sum of all liquid funds of the organization to the sum of all payment obligations, provided that various groups of liquid funds and payment obligations are included in the specified amounts with certain weighting coefficients. The value of this coefficient should be < 1.

Kol = A 1 +0.5 A 2 +0.3 A 3 (23)

P 1 +0.5 P 2 +0.3 P 3

Indicators characterizing business activity include turnover and profitability ratios.

To do this, six turnover indicators are calculated, giving the most general idea of ​​the organization’s economic activity.

1. The asset turnover ratio shows how many times during a period the full cycle of production and circulation is completed, generating the corresponding income. This coefficient can be determined by the formula:

K ooa = B r /A, (24)

where is sales revenue;

A is the value of all assets.

2. The fixed asset turnover ratio represents capital productivity, that is, it characterizes the efficiency of using the organization’s fixed production assets for the period. It is calculated by dividing the volume of net sales revenue by the average value of fixed assets for the period:

F o = V r /OS, (25)

where B r is sales revenue,

OS - fixed assets.

3. An important indicator for analysis is the inventory turnover ratio, that is, the speed of their sale. The coefficient is calculated using the formula:

K oms = V r / MPZ, (26)

where, MPZ is the amount of inventories and costs (p. 210).

4. The working capital turnover ratio shows the rate of turnover of the organization’s material and monetary resources for the period and is calculated using the formula:

K ook = B r / OK (27)

where OK is the amount of working capital.

5. The equity turnover ratio is calculated using the formula:

K osk = V r / SK (28)

where SK is the amount of equity capital (p. 490).

6. The turnover ratio of short-term receivables is calculated as the ratio of the volume of income (revenue) from the sale of products (works, services) to receivables using the formula:

K od = V r / DZ, (29)

where DZ is short-term receivables (p. 240).

Thus, the main sources of reserves for increasing the level of profitability are: an increase in the amount of profit from the sale of products and a decrease in its cost.

The volume of sales, the amount of profit, the levels of profitability, liquidity, solvency depend on the production, supply, marketing and financial activities of the organization, in other words, these indicators characterize all aspects of management. The total financial result of an organization's activities is balance sheet profit.

Balance sheet profit includes financial results from the sale of products, works and services, from other sales, income and expenses from non-sales operations. The analysis of balance sheet profit begins with determining its composition, structure and studying its dynamics for the analyzed period, which makes it possible to find out due to what components the changes occurred and how they affect the overall amount of balance sheet profit.

Net profit represents that part of the profit that remains at the disposal of the organization after paying all taxes and other obligatory payments. If the share of net profit grows, this indicates the optimal amount of taxes paid, the organization’s interest in working conditions and efficient management.

Profit from the sale of products (works, services) is the financial result obtained from the main activities of the organization. It is defined as the difference between revenue from sales of products without VAT and excise taxes and the costs of production and sales included in the cost of production.

The most important indicator reflecting the final financial results of an organization is profitability, which characterizes the profit received from each ruble of funds invested in the organization. This indicator characterizes the profitability of various areas of the organization’s activities, cost recovery, that is, the effectiveness of the organization as a whole. It characterizes the final results of business more fully than profit, because their value shows the relationship between the effect and the available or used resources. Profitability indicators are used to evaluate the activities of an organization as a tool in investment policy and pricing.

In practice, the dynamics of the following profitability indicators are calculated and analyzed:

Return on sales:

where N r - revenue from sales of products (works, services);

Рр - profit from sales of products (works, services).

Return on total capital of the company:

where B av is the average balance sheet total for the period,

P can be represented by both balance sheet profit (P b) and profit from sales (P p);

Profitability of fixed assets and other non-current assets:

where F avg is the average value of fixed assets and other non-current assets on the balance sheet for the period;

Return on equity

where I is the average value for the period of the sources of the organization’s own funds on the balance sheet.

In addition, the following dynamics of profitability indicators are used:

Total (balance sheet) profitability (P total) - shows the total weight of profit in the volume of work performed and is determined by the ratio of book profit to the estimated cost of work performed:

Rototal = Pb/Ssmr×100%,

where Pb is balance sheet profit;

Construction and installation work is the estimated cost of completed construction and installation works.

Return on products sold (Ррп) - shows all the profits remaining at the disposal of the organization in the volume of work performed and is determined by the ratio of net profit to the estimated cost of work performed:

Rrp = P h / Ssmr×100%,

where P h is net profit.

Since the level of profitability depends on the efficiency of contract work, the efficiency of ancillary and auxiliary production and the rationality of other activities of the organization, a change in any of these components will cause a change in the overall level of profitability (total and completed work).

Profitability of core activities (PCMR) - shows how much profit from sales falls on each ruble of costs and is calculated by the ratio of profit from sales of work to the cost of products sold:

Рsmr = Preal/SSf×100%,

where Preal is the profit from the sale of work;

ССф - cost of goods sold.

It should be noted that a change in the volume of construction and installation work does not affect the change in the level of profitability of construction and installation work, since it represents the same amount in the profit (divisible) and in the base (divisor). Structural changes in the composition of the completed volume of work can have a significant impact on the level of profitability, since it includes types of work with different profitability.

Profitability of production assets (Ra) - reflects the efficiency of the organization's use of production assets and is determined by the ratio of the profit remaining at the disposal of the organization to the average annual cost of fixed assets and working capital:

Ra = Pch / (Soc + Sob) ×100%,

where Soс is the average annual cost of fixed assets;

Sob - average annual cost of working capital.

This indicator depends not only on the size of production assets, but also on their rational operation. The more efficiently production assets are used, the higher the capital productivity of fixed assets and the turnover of working capital, the higher the level of profitability as an indicator of the ratio of profit to assets.

To analyze these factors when the level of profitability changes, the above formula can be presented as follows:

Pch / (Sos + Sob) = (Pch / Ssmr) / (Sos / Ssmr + Sob / Ssmr) == (Pch / Ssmr) / (1 / (Ssmr / Sos) + 1 (Ssmr / Sob),

In this form, the formula establishes a connection between profitability and three arguments:

Product profitability - the amount of profit per 1 ruble of products sold (P h / S smr);

Capital intensity (Soc/Csmr) or capital productivity (Csmr/Soc), characterizing the efficiency of using fixed production assets;

Working capital consolidation coefficient (Sob/Ssr) or the number of working capital turnovers (Ssmr/Sob).

Return on fixed assets and other non-current assets (Rvneob.a) shows how much profit the organization receives from each ruble invested in fixed capital and is determined by the ratio of net profit to the average value of non-current assets for the period:

R extraob.a. = IF / Sneob.a: × 100%,

where Sneob a is the value of non-current assets.

Return on current assets (R tek.a) - shows how much profit the organization receives from each ruble invested in current assets and is determined by the ratio of the profit remaining at the disposal of the organization to the average value of current assets for the period:

Rtek.a = Pch/SobY0%,

where Sob. - the amount of current assets.

From the point of view of shareholders, the best assessment of the organization's economic performance is the presence of a return on invested capital.

Return on equity (R ck) - shows what profit each ruble of capital invested by the owners gives and is defined as the ratio of the profit remaining at the disposal of the organization to the average source of equity capital for the period:

Rsk = Pch / SK × 100%,

where SK is the average source of equity capital for the period.

This indicator depends on three factors:

Product profitability;

resource efficiency;

Structures of advanced capital (financial dependence ratio).

This relationship can be represented in the following three-factor model:

Rsk = (Pch / Ssmr) × (Ssmr / VB) × (VB / SK),

The significance of the identified factors is explained by the fact that they summarize all aspects of the financial and economic activities of the organization.

The amount of availability of own working capital (SOS)12 is determined either as the difference between current assets (TA) (total of section 2 of the balance sheet assets) and current liabilities (TO) (total of section 5 of the balance sheet liabilities), or from the amount of equity capital (Ksob) (total Section 3 of the balance sheet liability) subtract the amount of losses (U) (the sum of lines 465 and 475 of the balance sheet liability) and the amount of non-current assets (VA) (the total of Section 1 of the balance sheet asset):

SOS=TA-TO=Ksob-U-V A,

When analyzing, it is also important to establish how the organization, during the analyzed period, maintained its own working capital available at the beginning of the analyzed period, replenished them, or whether they decreased.

Analysis of the organization's provision of sources of funds to cover inventories, receivables from buyers and customers for work and services is based on the fact that all organizations can be conditionally divided according to the criterion of financial stability into four types.

The analysis is based on a comparison of the actual values ​​of inventories and costs (33) with the actual values ​​of own working capital (SOC) and normal sources of financing. The amount of inventories and costs is calculated as the sum of balance sheet lines 210 “Inventories” and 220 “VAT on purchased assets.” The value of normal sources of financing (IFS) is calculated by subtracting from the sum of balance sheet lines 490 “Capital and reserves” and 590 “Long-term liabilities” lines 190 “Non-current assets”, 465 “Uncovered loss of previous years” and 475 “Uncovered loss of the reporting year”.

Thus, based on the results of financial analysis, an assessment of the organization’s activities as a whole is carried out, specific factors are identified that have had a positive and bad influence on its results, and options are being developed for making optimal management decisions both for the company’s management and for its business partners.

Limited Liability Company "Prospect" (LLC "Prospect") was organized in 2006. This is a diversified organization successfully engaged in retail trade.

Organizational and legal form of ownership: limited liability company. The founders are 100% individuals.

Prospect LLC is a legal entity, that is, it is an organization that has separate property in ownership, economic management or operational management and is responsible for its obligations. The rights and obligations of a legal entity correspond to the goals of activity provided for in its constituent documents. The constituent document of Prospekt LLC is the Charter.

The organization has its own current account in Sberbank of the Russian Federation in Penza. The sources of formation of the organization's property are cash and profit received from the sale of goods.

The main goals of Prospect LLC are: making a profit for the further development of the organization; sale of goods that satisfy the needs and demands of customers; provision of various basic and additional services to serve customers; studying the needs and requirements of consumers; study of suppliers and others.

The sales method is self-service.

The economic activities of Prospekt LLC are influenced by the following direct environmental factors: consumers, suppliers, competitors, government agencies.

According to the functional division of labor in the Prospect store, there are the following categories of personnel:

1.Management personnel – manages the trade, technological and labor process. This is the store director, his deputies, managers.

Director shopping center carries out general management, manages planning and economic work, selects personnel, organizes their professional development, ensures labor protection, safety precautions and fire safety.

Deputy directors of the shopping center manage commercial activities, issues of organizing technological operations and economic services.

2. Key personnel - busy serving customers on the sales floor. These are sellers and cashier-controllers, whose positions in the Prospect store are combined into one.

Sales cashiers prepare goods for sale, serve customers, perform settlement transactions with customers, etc.

3. Accounting. Here, accounting and tax records of the store’s business activities are maintained, as well as financial statements are prepared for submission to the tax authorities and interested users.

4. Purchasing and sales department. Here we search for profitable partners for the supply of goods for the store. Sales managers are preparing measures to increase the store's turnover.

5. Support staff perform the functions of maintaining the store in proper sanitary and hygienic condition. These are cleaners and auxiliary transport workers.

“Prospect” is a self-service retail store, divided into departments, offering food products and a limited range of non-food products and basing its trading policy on a significant sales volume.

The range of goods sold includes about 12,000 assortment items. To make it easier for customers to navigate the sales floor, products in the supermarket are divided into groups.

The most important task of the organization is to provide the population with food products of high quality and in the required assortment, promptly responding to changes in consumer demand.

The organizational structure of the supermarket is as follows:

Fig.1. Organizational structure

Each of the listed departments has a manager and workers engaged in replenishing the display of goods.

The trading department is engaged in concluding contracts for the supply of goods with organizations in the city and region, constantly monitoring the status of sales of goods, studying the structure of inventory, and coordinating transport activities.

The marketing department studies the demand for food products sold, timely response to changes caused by market conditions and customer demands to replace the range of goods. To attract buyers more widely in a competitive environment, the marketing department organizes trade advertising for incoming food products, exhibitions - sales of products of its own production, and conducts customer surveys.

Thus, the main tasks of the marketing department are to research market opportunities, forecast consumer demand, plan the range of products sold, and stimulate sales through advertising, exhibitions, and fairs.

In the analyzed trade organization The following main stages are distinguished: study and formation of consumer demand; developing applications and orders in accordance with demand forecasts; transportation of goods, warehousing and creation of optimal reserves, processing of goods (including sub-sorting, packaging, packaging): sale of goods.

The Prospekt supermarket carries out retail trade in all groups of food products. The main share in the sale of food products falls on socially significant goods: bread, milk, meat, sausages, butter, cheese, fish, etc.

The marketing department, studying and forecasting consumer demand, compiles market reviews and other materials used in the formation of applications and orders to suppliers.

Trade department specialists are directly involved in concluding agreements and contracts for the supply of goods.

The organization has widely used direct economic ties with food producers. The sales department considers many factors when selecting and contracting with such suppliers. This is, first of all, the range of food products produced by the organization, the territorial location of the organization, the possibility of rhythmic delivery of goods from the supplier’s warehouse to stores according to an established schedule and an agreed assortment, the economic feasibility of direct contractual relations, taking into account the procedure for payment for goods, from the turnover document, transportation and unloading costs , storage.

Direct contact between the manufacturer and the consumer facilitates the delivery of goods to the consumer directly, bypassing intermediaries, which has a positive effect on reducing distribution costs.

More than 50% of the company's food products are sold through a single-level distribution channel (manufacturer-store-buyer).

The main suppliers of products are located in Zarechny and the region. Direct contractual relations with them are cost-effective and contribute to the fullest satisfaction of customer demand.

Using a two-level distribution channel (supplier - wholesale warehouse - store - buyer), 50% of all food is sold. Among the bases, the largest share is occupied by the Nadezhda base. The bases supply a wide range of groceries, canned meat and dairy products, cheeses and other products. Issues regarding assortment replacement are promptly resolved with wholesale warehouses, and goods in high demand are supplied.

To ensure the availability of an assortment list of necessary goods in the trading network, purchases are carried out from decentralized sources (JSC, LLC, private enterprise). In this way, primarily vegetables, fruits, and meat are purchased.

At the first stage of analyzing the financial activities of the organization, we will analyze the balance sheet.

The balance sheet asset contains information about the allocation of capital available to the organization, i.e. about investments in specific property and material assets, about the organization’s expenses for the production and sale of products and about free cash balances. Each type of allocated capital corresponds to a separate balance sheet item.

The main feature of the grouping of balance sheet asset items is the degree of their liquidity (the speed of conversion into cash). On this basis, all balance sheet assets are divided into long-term, or fixed capital (I section of the balance sheet asset), and current (current) assets (II section of the balance sheet asset).

The organization's funds can be used in its internal turnover and outside it (accounts receivable, purchase of securities, shares, bonds of other organizations).

The placement of an organization's funds is very important in financial activities and increasing its efficiency. The results of production and financial activities, and therefore the financial condition of the organization, largely depend on what funds are invested in fixed and working capital, how many of them are in the sphere of production and in the sphere of circulation, in monetary and material form, and how optimal their ratio is. In this regard, in the process of analyzing the assets of an organization, first of all, it is necessary to study changes in their composition, structure and evaluate them.

If the assets of the balance sheet reflect the funds of the organization, then the liabilities - the sources of their formation.

The financial condition of an organization largely depends on what funds it has at its disposal and where they are invested.

According to the degree of ownership, the capital used is divided into own (IV section of the balance sheet) and borrowed (VI and VI sections of the balance sheet).

Based on the duration of use, a distinction is made between long-term constant (permanent) capital - IV and V sections of the balance sheet and short-term capital - VI section of the balance sheet.

The need for equity capital is due to the self-financing requirements of organizations. Own capital is the basis of the organization's independence. However, it must be taken into account that financing the organization’s activities only from its own funds is not always beneficial for it, especially in cases where production is seasonal. Then in certain periods large funds will accumulate in bank accounts, and in other periods there will be a shortage of them. In addition, it should be borne in mind that if prices for financial resources are low, and the organization can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can increase the return on equity.

At the same time, if the organization’s funds are created mainly through short-term liabilities, then its financial position will be unstable, since short-term capital requires constant operational work aimed at monitoring their timely return and attracting other capital into circulation for a short time .

Consequently, the financial position of the organization largely depends on how optimal the ratio of equity and debt capital is.

In the process of analyzing the liabilities of an organization, first of all, it is necessary to study changes in their composition, structure and evaluate them.

Table 2 shows the dynamics and structure of the balance sheet.

Table 2 Dynamics and structure of the balance sheet

Balance sheet items	as of 01/01/2007		as of 01/01/2008		Change
	thousand roubles.	% to total	thousand roubles.	% to total	thousand roubles.	in specific gravity	growth rate, %
1	2	3	2	3	6	7	8
ASSETS
1.Non-current assets
Fixed assets
Construction in progress
2.Current assets, including:	3655	100,00	8505	100,00	4850	0,00	232,69
Reserves	1486	40,66	7522	88,44	6036	47,79	506,19
VAT on purchased goods and materials
Accounts receivable	2103	57,54	974	11,45	-1129	-46,09	46,31
Cash	66	1,81	9	0,11	-57	-1,70	13,64
BALANCE	3655	100	8505	100	4850	0,00	232,69
PASSIVE
3.Equity	2860	78,25	7717	90,73	4857	12,49	269,83
Authorized capital	250	6,84	250	2,94	0	-3,90	100,00
Extra capital
Undistributed profit	2610	71,41	7467	87,80	4857	16,39	286,09
4. Long-term obligations
5. Current liabilities	795	21,75	788	9,27	-7	-12,49	99,12
Loans and credits
Accounts payable	795	21,75	788	9,27	-7	-12,49	99,12
BALANCE	3655	100,00	8505	100,00	4850	0,00	232,69

As can be seen from the data in Table 2, during the analyzed period there was an increase in the balance sheet; in 2007, the organization’s assets increased by 4850 thousand rubles, or by 132.69%.

The organization does not have fixed assets. All assets are current.

During the analyzed period, current assets increased by 4850 thousand rubles, or by 132.69%. This increase occurred as a result of an increase in inventories by 6,036 thousand rubles, or 406.19%, a reduction in accounts receivable by 1,129 thousand rubles, or 53.69%, and a reduction in cash by 57 thousand rubles, or by 86.36%.

In the structure of the organization's assets, the largest share is accounts receivable (57.54% at the beginning of the analyzed period), but by the end of 2007 the share of accounts receivable decreased to 11.45%. The reduction in accounts receivable indicates a reduction in the shipment of goods without prepayment and through barter and is a positive development.

The share of reserves at the beginning of the analyzed period was 40.66%, and at the end it increased by 47.79 percentage points and amounted to 88.44%. A large amount of funds was diverted into finished products. There is a need to improve commercial activities and financial management, a tightened system of control and analysis of the use of the organization's resources.

The organization has no long-term liabilities, short-term credits or borrowings.

Accounts payable for the analyzed period decreased by 7 thousand rubles, or 0.88%. The share of accounts payable decreased during the analyzed period from 21.75% to 9.27%. Such a reduction indicates a reduction in debt to suppliers and to the organization’s personnel.

Analyzing the structure of the balance sheet, it should be noted that accounts receivable exceed accounts payable.

To maintain the financial stability of an organization, net working capital (working capital) is necessary, since the excess of current assets over short-term liabilities means that the organization not only can pay off its obligations, but also has the financial resources to expand its activities in the future.

Table 3 Analysis of net working capital

Net working capital is the working capital that is necessary to maintain the financial stability of the organization, since the excess of working capital over short-term liabilities means that the organization not only can pay off its obligations, but also has the financial resources for expanding activities in the future.

Fig.1. Dynamics of net working capital (thousand rubles)

Current assets exceed short-term liabilities, resulting in the organization having net working capital. This means that the organization can pay off its obligations. There was no significant change in net working capital, which also indicates the stable financial well-being of the organization. This dynamic is regarded as positive; society can pay off its short-term debts at any time. The solvency of the organization increases.

The key to survival and the basis for the stability of an organization’s position is its liquidity and financial stability.

Analysis of balance sheet liquidity consists of comparing funds for assets, grouped according to the degree of decreasing liquidity (Table 4), with short-term liabilities for liabilities, which are grouped according to the degree of urgency of their repayment.

The first group (A 1) includes absolutely liquid assets, such as cash and short-term financial investments.

The second group (A 2) is quickly realizable assets: finished products, shipped goods and accounts receivable. The liquidity of this group of current assets depends on the timeliness of shipment of products, execution of bank documents, speed of payment document flow in banks, demand for products, their competitiveness, solvency of buyers, payment forms, etc.

The third group (A 3) is slowly selling assets (inventories, work in progress, deferred expenses). Much longer period will be needed to convert them into finished products and then into cash.

The fourth group (A 4) is difficult to sell assets: fixed assets, intangible assets, long-term financial investments, unfinished construction.

Accordingly, the organization’s obligations are divided into four groups:

P 1 - the most urgent obligations that must be repaid within a month (accounts payable and bank loans that are due for repayment, overdue payments);

P 2 - medium-term liabilities with a maturity of up to one year (short-term bank loans);

P 3 - long-term bank loans and loans;

P 4 - own (share) capital, which is constantly at the disposal of the organization.

The balance is considered absolutely liquid if:

A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4 ≤ P 4.

Studying the ratios of these groups of assets and liabilities over several periods will allow us to establish trends in changes in the structure of the balance sheet and its liquidity.

Table 3 Estimated data for analysis of balance sheet liquidity (thousand rubles)

ASSETS	as of 01/01/07	as of 01/01/08	PASSIVE	as of 01/01/07	as of 01/01/08
						1. The most liquid assets (cash + short-term financial investments) (A1)	66	9	1. The most urgent obligations (credit debt + dividend payments + other short-term obligations + loans not repaid on time) (P1)	795	788
2. Quickly realizable assets (accounts receivable up to 12 months + other current assets) (A2)	2103	974	2. Short-term liabilities (short-term loans + other loans up to 12 months) (P2)	-	-
3. Slowly selling assets (inventories + accounts receivable for more than 12 months + VAT (A3)	1486	7522	3. Long-term liabilities (long-term borrowings + other debt liabilities) (P3)	-	-
4. Hard-to-sell assets (Non-current assets) (A4)	-	-	4. Constant liabilities (III section of the balance sheet + income for the future period + consumption funds + reserves for future expenses and payments (P4)	2860	7717
Balance	3655	8505	Balance	3655	8505

The calculation results are presented in Figure 2.

Fig.2. Correlation between groups of assets and liabilities

In the analyzed organization, the ratio of groups of assets and liabilities was:

For the beginning of the year:

A 1< П 1: 66 < 795

A 2 > P 2: 2103 > 0

A 3 > P 3: 1486 > 0

A 4< П 4: 0 < 2860

At the end of the year:

A 1< П 1: 9 < 788

A 2 > P 2: 974 > 0

A 3 > P 3: 7522 > 0

A 4< П 4: 0 < 7717

A comparison of absolutely liquid and quickly realizable assets with urgent and short-term liabilities shows that for the analyzed organization the first condition of absolute liquidity of the balance sheet is not met. This indicates the solvency of the organization.

Table 4 shows the values ​​of solvency indicators.

Table 4 Solvency indicators

The current liquidity ratio shows the ratio of the actual value of the organization's working capital in the form of inventories, accounts receivable, cash and other current assets to the organization's most urgent obligations. It characterizes the organization’s overall provision of working capital for conducting production and economic activities and timely repayment of the organization’s urgent obligations. As can be seen from the table, at the end of the year there was an increase in this indicator, which indicates that the organization has sufficient working capital.

The quick (intermediate) liquidity ratio helps to assess the ability of an organization to repay short-term obligations in the event of a critical situation when it is not possible to sell reserves. As can be seen from the table, this coefficient is above the recommended range of values.

The absolute liquidity ratio is the most stringent criterion of solvency and shows what part of the short-term debt the organization can repay in the near future. The table shows that this coefficient does not exceed the minimum acceptable value.

We can conclude that the organization is solvent.

The financial results of an organization's activities are characterized by the amount of profit received and the level of profitability. The organization’s profit comes mainly from the sale of products, as well as from other activities.

The volume of sales and the amount of profit, the level of profitability depend on the production, supply, marketing and financial activities of the organization, in other words, these indicators characterize all aspects of management.

Table 5 Dynamics of financial results of the organization

The calculation results are presented in Figure 3.

Fig.3. Dynamics of financial results of the organization’s activities (thousand rubles)

Revenue from product sales increased by 13,465 thousand rubles, or by 71.90%. Cost of goods sold increased by 10,838, or 70.12%. The growth rate of revenue from product sales is higher than the growth rate of product costs, as a result of which profit from product sales for the analyzed period increased by 2,627 thousand rubles, or 44.54%.

The economic efficiency of an organization's activities can be assessed by profitability indicators: Return on total capital ratio - (the ratio of net profit earned during the period to the Total Balance Sheet) - indicates the organization's ability to earn additional money and increase its capital.

Table 6 Profitability ratios

Economic indicators	2006	2007	Absolute deviation	Growth rate
Sales revenue, thousand rubles.	18728	32193	13465	71,90
Cost of production, thousand rubles.	15457	26295	10838	70,12
Profit from sales, thousand rubles.	3271	5898	2627	-80,31
Balance sheet profit, thousand rubles.	2610	4856	2246	-86,05
Net profit, thousand rubles.	2610	4856	2246	-86,05
Average annual value of assets, thousand rubles.	3655	8505	4850	132,69
Average annual value of current assets, thousand rubles.	3655	8505	4850	132,69
Average annual cost of equity capital, thousand rubles.	2860	7717	4857	169,83
Return on assets, %	71,41	57,10	-14,31	20,04
Return on current assets, %	71,41	57,10	-14,31	20,04
Return on sales, %	21,16	22,43	1,27	-5,99
Return on equity, %	91,26	62,93	-28,33	-31,05

The return on assets of an organization shows how much net profit falls on 1 ruble of all assets. In the reporting period, return on assets amounted to 57.10%. This value is very small and indicates the high profitability of the organization, although compared to last year this figure decreased by 14.31 kopecks. The return on current assets experienced similar changes. Return on equity shows how much net profit falls on 1 ruble of sources of equity; for us it is 62.93%. Using your own funds also brings high profits.

The table data allows you to do the following conclusions. The organization uses its assets effectively.

As for the profitability of sales, in 2007, for every ruble of products sold, the organization received 1.27 kopecks. more profit than in 2006. Return on equity is also high.

It can be concluded that the organization is operating effectively.

3. C improving the financial activities of Prospekt LLC

3.1. Ways to financially improve an organization

In the previous section of this work, the financial and economic activities of Prospect LLC were analyzed. Based on the results obtained, this section develops recommendations and proposes measures to improve the management of Prospekt LLC.

Evidence of whether an organization performed well or poorly is the profit received by the organization for the analyzed period.

It is known that the profit of an organization is the difference between the organization’s revenue for goods sold and the costs of purchasing and selling goods. So, in order to increase the level of profit received, Prospekt LLC needs to reduce or optimize the costs of purchasing goods. In this case, it is necessary to develop a method to reduce costs.

Review the terms of purchase prices and the terms of contracts for the supply of goods with major suppliers in order to identify the maximum benefit for the organization. Establish direct contacts with product manufacturers in order to optimize the level of purchase prices and terms of transactions.

Create a marketing service at Prospekt LLC, conduct relevant research in the field of the market for product suppliers and, based on the results of the work, develop a marketing policy for the organization. Based on the results of the organization’s work for the next year, the marketing service develops the document “Marketing Policy of the Organization.”

Develop strategic plans for business diversification. In particular, use the organization’s free space for a confectionery shop. This will reduce costs and reduce production costs.

Operate equipment that allows you to work with discount cards.

In order to increase trade turnover and expand the range, it is proposed to take out a bank loan.

When choosing suppliers of goods, give preference to suppliers with the most favorable terms for the supply of goods for the trading organization. Establish direct contacts with product manufacturers;

The main objectives of this marketing strategy will be:

Analysis of purchase prices for goods purchased for further resale;

Marketing research of the market of goods suppliers;

Conducting marketing research to assess the demand for goods sold by Prospekt LLC, identifying the advantages and disadvantages of trade compared to competitors, studying the activities of competitors.

Yes, to carry out the entire range of marketing research, the organization will incur significant costs, but with a greater likelihood they will be compensated by optimizing the price level for purchased goods. Identifying the positive and negative aspects of the services offered to customers will allow us to develop other trading strategies that are more effective and will increase the profit of the trading organization.

It is necessary to carry out measures to help reduce costs (here in this case we mean the purchase price of the goods):

improvement of labor standards and remuneration;

improving the organization of production and labor in order to prevent overtime work;

improving occupational health and safety;

systematic training of managers and salespeople;

reducing the labor intensity of work through the use of small-scale mechanization equipment (conveyors, carriages, etc.);

motivation and stimulation of personnel (use of a bonus system of remuneration).

Significant reserves for reducing costs lie in the reduction of expenses and losses included in the item “Other overhead expenses,” which include fines, penalties, and penalties paid by the organization for non-compliance with any contractual terms.

One of the important and relevant strategies is diversification of activities.

By diversification we mean any change (increase, decrease) in the number of activities. A change in the type of activity can either be aimed at increasing the potential of the company, or be a consequence of the negative results of its functioning. There is reason to believe that dysfunctional organizations more often resort to diversification as a means of overcoming a crisis, trying to ensure an influx of “real” money by switching activities to another field of activity. At the same time, organizations characterized by a stable financial and economic situation expand the area of ​​their interests, mastering new types of activities as the material basis for business stability. It is advisable to note that the financial position of the organization Prospekt LLC fits these two conclusions.

One of the main features of small business (and Prospekt LLC is a very prominent representative of small business in the city of Zarechny, Penza region) is the ability to quickly adapt to changes in market conditions, leaving unprofitable ones and occupying new, promising market niches. This is due to the relatively limited amount of resources of the organization, the simplified structure of intra-company management, and the direct dependence of employee income on the successful sale of goods. However, in a developed market economy, a specific organization, as a rule, maneuvers within the boundaries of its chosen specialization, improving quality and changing its assortment.

It is proposed to choose one of the areas of the organization’s diversification activities - the development of the production of confectionery products (pizza, pies with various fillings, cakes) on the premises of Prospekt LLC. It is assumed that the produced confectionery products will be sold here. Confectionery products produced on our own premises will have a fairly low cost due to the absence of transport costs and VAT (since the transfer of products is carried out within one organization).

The price factor greatly influences the financial stability of an organization. Free prices are set by the organization itself, depending on the competitiveness of the product, supply and demand in the market. It is obvious that the price level is determined, first of all, by the quality of goods sold and manufactured products (confectionery). In this case, it is proposed to consider reducing the cost of manufactured confectionery products using internal resources. Here it is necessary to take into account that the costs associated with the production of confectionery products can be reduced by purchasing ingredients (flour, butter, sugar, etc.) directly from manufacturers.

Fulfilling the plan for the sale of confectionery products and increasing the profit volumes of Prospekt LLC largely depends on the financial condition of the organization.

The stability of the financial condition can be restored by accelerating the turnover of capital in current assets, a reasonable reduction in inventories (to the standard), and replenishing one’s own working capital from external and internal sources. The lack of own funds can be temporarily compensated for by accounts payable and bank loans.

The most important source of covering the shortage of working capital is the acceleration of their turnover. The main factors influencing the acceleration of working capital turnover are: improvement of the organization and technology of production, introduction and full use of new equipment, improvement of logistics.

It is necessary to further increase the amount of real equity capital through the distribution of profits into accumulation funds, subject to the growth of the part of these funds not invested in non-current assets. This will contribute to the growth of its own working capital and increase the financial stability of the organization. The main source of replenishment of equity capital is profit, therefore an increase in net profit is a reserve for the accumulation of real equity capital.

3.2 Prospects for the financial performance of the organization

Retail trade involves concluding a transaction for the purchase and sale of goods between the seller (retail trade organization or individual entrepreneur) and buyers (the public).

At the same time, like any other field of activity, retail trade has specific features of accounting for trade operations. Moreover, these features may differ depending on the types of retail trade, volumes of trade operations, types of retail outlets, etc.

The main goals of Prospekt LLC as a trading company are the following:

1) obtaining the planned amount of profit;

2) increase in trade turnover, market share, retail space and number of personnel;

3) creation of financial reserves to guarantee independence;

4) achieving independence from various creditors.

To achieve these goals, practice has developed recommendations, the skillful application of which allows you to achieve real savings in money. They are as follows:

reduction of inventory and, as a result, reduction of costs for their acquisition and storage;

an increase in trade turnover, contributing to a decrease in inventory;

purchasing goods at a lower purchase price;

increase in the selling price of goods.

Prospekt LLC should identify the most stressed financial areas and take appropriate measures to reduce costs for them and increase turnover.

The business of Prospekt LLC is developing as sales volume increases. In 2007, significant progress was achieved in the trading business. At the same time, in 2008 the organization took steps aimed at diversifying its business, i.e. opens a workshop for the production of confectionery products. In order to continue to move forward, the organization's leaders began to think about further business development. In this regard, it is proposed to implement the following measures aimed at increasing the trade turnover of a trading organization.

1. In order to increase trade turnover, Prospekt LLC has developed a marketing policy for 2009. In order to implement this marketing policy, Prospect LLC produced and successfully distributed discount cards.

2. Any developing company sets itself the goal of not only systematically making a profit from its activities, but also constantly increasing this very profit. Therefore, trading companies strive to increase trade turnover by retaining old customers and attracting new ones. Discounts are an effective tool in the fight for buyers.

From January 1, 2006, paragraph 1 of Art. 265 of the Tax Code of the Russian Federation was supplemented with a new paragraph. 19.1, which allows you to take into account, for profit tax purposes, costs in the form of a premium (discount) paid (provided) by the seller to the buyer as a result of fulfilling certain conditions of the contract, in particular the volume of purchases.

All discounts can be divided into two groups:

1) related to changes in the price of a unit of goods;

2) not related to changes in the price of a unit of goods.

This division is due to the different accounting and tax accounting discounts

Providing a discount that does not entail a change in the price of a unit of goods can be done in several ways:

In the form of payment to the buyer of a cash premium;

By reviewing the amount of his debt;

In the form of additionally shipped goods.

Thus, the purchasing power of the population increases and trade turnover increases.

3. It is proposed to take out a loan in order to expand the range and increase trade turnover, and open a new retail outlet in the city of Zarechny. To do this, the head of Prospekt LLC held negotiations with several banks and settled on one proposal, where the percentage of use of the loan was minimal. A loan agreement was concluded with VTB 24 Bank. The credit department specialist agreed to provide Prospekt LLC with 3,500,000 rubles at 18 percent per annum for a period of one year. It is proposed to use borrowed funds to buy new equipment and products in order to sell them at a markup equal to 22 percent of the purchase price. Considering that revenue in 2007, according to the Profit and Loss Statement, amounted to 32,193 thousand rubles. the projected trade turnover in 2008 will be 36,500 thousand rubles. (100 thousand rubles per day - revenue plan).

Total expenses, including wages, utilities, etc., will amount to 430 thousand rubles. per month. For the planned year, the profit from sales will be 36,500 – 430*12 = 31,340 thousand rubles.

Taking into account the loan repayment (3500 * 1.18 = 4130 thousand rubles), the organization’s profit will be 27,210 thousand rubles.

The investment project of opening a new retail outlet is profitable; the payback period for the project will be approximately 4 months.

4. When choosing suppliers of goods, suppliers with the most favorable terms for the supply of goods are determined for the trading organization. Thus, goods suppliers offer three options for wholesale wholesale prices and calculations:

removal of goods by transport of a trade organization and settlements for goods at prices "ex-warehouse" of the supplier;

delivery of goods by supplier’s transport and settlements separately for goods at supplier’s selling prices and transport;

delivery of goods by the supplier's transport and settlements for goods at the supplier's selling prices, including the costs of delivering the goods.

The third option of prices and calculations is the most preferable, since it allows you to refuse to maintain your own transport and does not require accounting for transport costs.

5. Introduce a management accounting system into Prospekt LLC and provide for such subsystems as forecasting and planning. Their task is to determine the assortment of goods for each trading section based on a study of consumer demand, its changes by season, volumes of purchases by variety, model, and size of goods. Taking into account the specified conditions, contracts for the supply of goods are concluded with suppliers.

6. Based on management accounting data, business plans are developed for each trading section.

Business plans contain the following indicators: main ones - volume of sales of goods (turnover), number of employees, gross income, expenses, profit; derivatives - the volume of sales of goods (turnover) per 1 m2 of retail space, per employee of the sales department, section.

In accordance with business plans, decisions are made about the inappropriateness of having unprofitable divisions.

Draft business plans are developed taking into account the changed operating conditions of trading sections compared to the previous year: changes in the range of goods, purchase and sale prices, the amount of expenses, the size of retail space, etc. Management accounting helps to choose the optimal solutions in order to increase income and reduce expenses.

7. Analysis of actual income and expenses according to the established indicators of business plans is carried out using correction factors for the prices of goods, the labor intensity of customer service, the placement of retail space and a number of other features of the work of trade departments and sections. Thus, commensurability of the calculated performance indicators of sales departments and sections is achieved.

8. In order to increase trade turnover, organize an exhibition and sale of products from various manufacturers in the sales area with a drawing of prizes for participants. Free prizes for some visitors are also advertising costs for the organization and are subject to appropriate tax. These costs are included in distribution costs in the amount of 1% of the net trade margin (the difference between purchase and sale prices excluding VAT).

9. Depending on the season, change retail prices in order to improve the organization of retail trade turnover throughout the year.

Thus, the implementation of the proposed measures opens up new opportunities for trade and increasing trade turnover at Prospekt LLC.

Z conclusion

As a management function, analysis of an organization's financial activities is closely related to production planning and forecasting, since without in-depth analysis, the implementation of these functions is impossible.

An important role belongs to analysis in preparing information for planning, assessing the quality and validity of planned indicators, and in checking and objectively assessing the implementation of plans. Approval of plans for an enterprise, in essence, also represents making decisions that ensure the development of production in the future planned period of time. At the same time, the results of the implementation of previous plans are taken into account, the development trends of the enterprise are studied, and additional production reserves are sought and taken into account. Planning begins and ends with an analysis of the results of the organization’s activities, which makes it possible to increase the level of planning and make it scientifically sound.

As part of this work, the financial activities of the organization Prospect LLC were analyzed, recommendations were developed for improving and optimizing the financial condition and increasing the financial results of the trading organization Prospect LLC.

The role of economic analysis in the field of trade is to study the economic processes of trade to develop optimal solutions, identify opportunities, means and ways to increase their competitiveness, financial stability, and financial results. It is possible to assess the possibilities for development and ensuring the financial sustainability of economic structures only on the basis of economic analysis, which determines its importance in this industry.

Retail trade is currently developing in two directions; on the one hand, the creation of large supermarkets in which the product range is unlimited, and on the other hand, bringing retail trade closer to the population through a network of small convenience stores with the most necessary list of goods.

The faster a product is sold, the faster a new one will be purchased; with an increase in product turnover, inventory increases, thereby restructuring the distribution network.

The efficiency of an organization's economic activities is characterized by a relatively small range of indicators: the volume of work performed, the cost of finished products, profit, profitability, financial indicators. Each such indicator is influenced by a whole system of factors, determined by the rational use of all resources available to the organization: labor, material, financial.

During the analysis, for the period from 2007 to 2008, the performance indicators of the organization Prospect LLC, profit and profitability were touched upon; accounts receivable and accounts payable; solvency and liquidity ratios.

The goal of any organization is to make a profit, and to get a larger profit it is necessary to reduce production costs

During the analysis, it was revealed that the organization does not have fixed assets. All assets are current.

In the structure of the organization's assets, the largest share is accounts receivable. The reduction in accounts receivable indicates a reduction in the shipment of goods without prepayment and through barter and is a positive development.

The share of inventories in the structure of the organization's assets is more than 40%, and during the analyzed period their share increases. A large amount of funds was diverted into finished products. There is a need to improve commercial activities and financial management, a tightened system of control and analysis of the use of the organization's resources.

In the structure of liabilities, the largest share is equity capital, and its share increased from 78.25% to 90.73%. An increase in equity capital is associated with an increase in the organization's retained earnings. This increase is a positive development and indicates an increase in the organization’s independence from external sources.

The share of accounts payable is insignificant, and it is reduced from 21.75% to 9.27%. Such a reduction indicates a reduction in debt to suppliers and to the organization’s personnel.

A comparison of absolutely liquid and quickly realizable assets with urgent and short-term liabilities shows that for the analyzed organization the conditions for absolute liquidity of the balance sheet are not met. This indicates the solvency of the organization.

Analysis of solvency indicators showed that the organization is solvent.

Revenue from product sales during the analyzed period increased by 13,465 thousand rubles, or by 71.90%. Cost of goods sold increased by 10,838, or 70.12%. The growth rate of revenue from product sales is higher than the growth rate of product costs, as a result of which profit from product sales for the analyzed period increased by 2,627 thousand rubles, or 44.54%.

The calculated profitability indicators showed that the organization's activities are effective.

Maximizing profit is the main goal of any trading organization. Its achievement is impossible without determining the optimal volume of trade turnover, ensuring the achievement of the greatest profit. For trade organizations, it is necessary to achieve such a volume of retail turnover that can provide the maximum possible profit, subject to high-quality customer service.

Taking into account the above facts, in order to increase the efficiency of decisions made to optimize the activities of Prospekt LLC, based on an analysis of financial results, the following measures are proposed:

Review the terms of purchase prices and the terms of contracts for the supply of goods with major suppliers in order to identify the maximum benefit for the enterprise. Establish direct contacts with product manufacturers in order to optimize the level of purchase prices and terms of transactions.

Create a marketing service at Prospekt LLC, conduct relevant research in the field of the market for product suppliers and, based on the results of the work, develop a marketing policy for the enterprise. Based on the results of the organization’s work for the next year, the marketing service develops the document “Marketing Policy of the Organization.”

Develop strategic plans for business diversification;

To attract buyers, introduce a system of various discounts. For example, introduce a system of cumulative discounts.

Operate equipment that allows you to work with discount cards;

In order to increase trade turnover, expand the range and open a new outlet, it is proposed to take out a bank loan;

When choosing suppliers of goods, give preference to suppliers with the most profitable trading enterprise terms of delivery of goods. Establish direct contacts with product manufacturers;

In order to increase trade turnover, organize an exhibition and sale of products from various manufacturers in the sales area with a drawing of prizes for participants;

Depending on the season, change retail prices in order to improve the organization of retail turnover throughout the year.

Thus, information on the results of regularly conducted analysis of financial activities will allow the head of a trading organization to make management decisions in a timely manner. This is necessary to obtain satisfactory financial results, prevent negative phenomena in commercial activities, identify internal production reserves and their effective use, and ensure the financial stability of the organization.

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The assessment of the financial activities of each economic entity is carried out using economic analysis, which allows a comprehensive determination of its effectiveness in a synthetic form.

The main objects of financial analysis are the final results of business and the financial position of the enterprise. These two final indicators characterize not only the efficiency of the subject, but also in a market economy they become a decisive prerequisite for its continuous functioning and development.

It is no coincidence that in the theory and practice of enterprise management, financial analysis is considered to be the most important tool, and at the same time a mandatory stage of this process. With his help:

monitoring of the progress of production processes, proper coordination of the movement of material and financial resources is carried out, deficiencies are identified that should be eliminated;

initial data is determined to justify current and strategic decisions, taking into account the actual state of resources, financial capabilities and expected results;

the selection of optimal options for planned tasks and their implementation is ensured in terms of expected costs and income.

A real assessment of the financial situation of an enterprise is of interest not only to its managers, employees, shareholders, but also to partners in all financial transactions (banks, financial and insurance companies, sellers, buyers). They are mainly concerned about the solvency of the entity, the real possibility of fulfilling its financial obligations on time.

The assessment of financial activity is carried out on the basis of generalization and analysis of extensive information that characterizes internal business processes in their value terms.

The continuous and effective activity of each business entity is possible only if it has a stable financial position, which is primarily characterized by its financial capabilities. They must be distinguished by planned cash flows that ensure timely settlements with participants in the production process.

Enterprises that are deprived of the opportunity to timely pay their employees, banks, budgets, and partners are unable to function normally. In such a situation, it is difficult to acquire new values ​​for the rhythmic production of products, losses and unproductive costs (penalties, fines, etc.) increase.

A prolonged difficult financial situation becomes one of the most important reasons for bankruptcy and cessation of economic activity of an entity. Therefore, it is necessary to constantly study the financial situation of the enterprise and take immediate measures to stabilize it. In the realities of a market economy, especially a transition economy, this is not easy, since the financial condition of an enterprise is influenced by many internal and external factors.

The financial condition of an enterprise actually appears as the result of many actions of the enterprise itself, as well as factors not directly dependent on it. Therefore, this multifaceted phenomenon is assessed using an integral system of various indicators and coefficients.

The object of the study is the financial condition and activities of the enterprise. The subject of the study is the assessment and analysis of the financial condition and activities of the enterprise.

1. Collection of information and processing of financial statements

Analysis of the financial and economic state of the organization begins with the preparatory stage, which includes the collection of information, verification and processing of the organization's financial statements.

The result of the analysis of the financial and economic condition of the organization is a conclusion about the financial condition of the organization, which provides initial information for making economically sound management decisions in the field of financial and economic activities of the organization in order to increase the efficiency of the use of financial, material and labor resources. The basis for analyzing the financial and economic condition of an organization is its financial and statistical reporting.

Annual financial (accounting) statements of enterprises consist of five main forms:

balance sheet - form No. 1;

profit and loss statement - form No. 2

statement of changes in capital - form No. 3;

cash flow statement - form No. 4;

Appendix to the balance sheet - form No. 5.

These and some other forms of reporting are mandatory for enterprises and organizations carrying out entrepreneurial activities and being legal entities, regardless of the form of ownership.

2. Balance sheet of the enterprise

The most informative form for analyzing and assessing the financial and economic condition of an organization is Form No. 1 “Balance Sheet” . It reflects the value (monetary expression) of the balances of non-current and current assets, capital, funds, profits, loans and borrowings, accounts payable and other liabilities.

The balance sheet contains a summary of information about the state of the organization’s economic assets, which are included in the asset, and the sources of their formation, which constitute the liability. This information is presented “At the beginning of the year” and “At the end of the year,” which makes it possible to analyze, compare indicators, and identify their growth or decline.

Balance sheet assets include items that combine certain elements of the organization’s property according to functional characteristics. The balance sheet asset consists of two sections.

Section I “Non-current assets” reflects the value of land plots, buildings, structures, machinery, equipment, construction in progress; long-term financial investments; intangible assets and other non-current assets.

Section II of the balance sheet asset “Current assets” reflects the amount of material current assets: inventories, work in progress, finished products, the organization’s availability of free cash, short-term financial investments, the amount of accounts receivable and other current assets.

In the Russian Federation, the balance sheet asset is built in order of increasing speed of transformation of these assets in the process of economic turnover into monetary form, i.e. in order of increasing degree of liquidity of assets.

Thus, section I of the balance sheet asset shows property that, almost until the end of its existence, retains its original form and purpose. From the standpoint of assessing the current liquidity of assets, this group of assets is classified as illiquid or hard-to-sell assets, since their sale requires quite a long time.

Section II of the balance sheet assets shows such elements of the organization's property that during the reporting period repeatedly change their form and purpose. The assets of this section of the balance sheet relate to liquid assets; the elements of assets in this section, depending on the degree of their transformation into cash, are divided into three groups:

Slow-moving assets (inventories, work in progress, finished goods);

Average realizable assets (accounts receivable);

Highly liquid (quickly sold) assets (cash).

In the liabilities side of the balance sheet, the grouping of items is based on legal characteristics. The entire set of obligations of the organization for the received values ​​and resources is divided by subject: to the owners of the farm and to third parties (lenders, banks, etc.

Liabilities to owners (equity capital) consist in turn of two parts:

1) from the capital that the organization receives from shareholders and shareholders at the time of establishment of the enterprise and subsequently in the form of additional contributions from outside;

2) from the capital that the enterprise generates in the course of its activities, funding part of the profit received in the form of savings.

External liabilities of the organization (borrowed capital or debts) are divided into long-term (for a period of more than a year) and short-term (for a period of up to 1 year).

External obligations represent the legal rights of investors and creditors to the organization’s property. From this point of view, external obligations are the source of formation of the organization’s assets, and from a legal point of view, they are the organization’s debt to third parties.

Balance sheet liability items are grouped according to the degree of urgency of repayment (return) of obligations in increasing order. The first place is occupied by the authorized capital as the most constant (permanent) part of the balance sheet. The rest of the articles follow.

The balance sheet allows you to assess the effectiveness of the organization's capital allocation, its sufficiency for current and future economic activities, assess the size and structure of borrowed sources, as well as the effectiveness of their attraction.

Analysis of the financial and economic condition is carried out on the basis of the analytical balance sheet of the organization, which differs from the balance sheet by some adjustment of the data presented in the balance sheet in order to clarify the cost values ​​of individual items and sections of the balance sheet, based on their economic essence.

3. General economic interpretation of sections and items of the balance sheet

An asset is the sum of non-current and current assets, which should be considered as the value of the organization's property, or the amount of the organization's advanced capital, or the amount of investment made in the organization's activities. In contrast to the balance sheet, the value of the organization’s property is reduced by the amount of debt of the participants (founders) for contributions to the authorized capital (line 300 - line 244)

Non-current assets in their economic essence represent fixed assets, or fixed capital. Their size is determined by the sum of the balances based on the results of Section I “Non-current assets” (p. 190) and the size of the expected receipt of long-term receivables (p. 230).

Current assets, based on the economic essence of their constituent elements, should be considered as current assets, or working capital, or current assets. Their size, in contrast to the balance sheet data (line 290), is reduced by the amount of fund balances on lines 230, 244.

The liability of the analytical balance sheet as the sum of the sections “Capital and Reserves”, “Long-Term Liabilities” and “Short-Term Liabilities” reflects the sources of formation of the organization’s property; in contrast to the balance sheet, the total amount of the organization’s sources is actually reduced by the amount of fund balances (p. 244).

According to the form of ownership, all sources of the organization are divided into own and borrowed. Own funds, or the amount of equity capital, in the analytical balance sheet is determined as the result of the following calculations: line 490 - line 244 - line 450 + line 640 + line 650.

In other words, the summary of section III " Capital and reserves" is reduced by the amount of funds in the lines "Debt to participants" and "Targeted financing and revenues", and increased by the amount of future income and reserves for future expenses.

Borrowed funds, or the amount of borrowed capital, are defined as the sum of long-term liabilities (p. 590), increased by the amount of targeted financing and revenues (p. 450) and short-term liabilities, reduced by fund balances (p. 640) "Deferred income", (p. 650) "Reserves for future expenses", i.e. is determined as the result of the following calculations: p.590 + p.450 + + p.690 - p.640 - p.650.

Depending on the time of attraction, borrowed sources are divided into short-term and long-term. Long-term borrowed funds, or long-term liabilities, represent the sum of the balances on line 590 and line 450 (the amount of funds on line 450 “Targeted financing and receipts”, as a rule, is equated to long-term borrowed funds, since they are allocated for the implementation of activities (programs) ) for targeted purposes by organizations, government bodies in the form of subsidies for a period of more than one goal. If the funds are allocated for a period of up to one year, then the amounts under this code refer to short-term borrowed funds).

Short-term borrowed and raised funds, or current liabilities, are the result of the following calculations: line 690 - line 640 - line 650. In other words, short-term borrowed and attracted funds are defined as the amount of short-term liabilities (p. 690), reduced by the amount of deferred income (p. 640) and reserves for future expenses (p. 650).

In general, all sources of the organization, according to the time of their use in production and commercial activities, are divided into sources of long-term and short-term use.

Sources of long-term use, or permanent capital, include own funds (line 490 - line 244 + line 640 + line 650) and long-term borrowed funds (line 590). Sources of short-term use include short-term borrowed and borrowed funds, or current liabilities (line 690 - line 640 - line 650).

Analysis and assessment of the financial and economic condition of an organization on the basis of an analytical balance involves not only assessing the structure of individual sections, items of the organization’s property and sources of its financing, but also the ratio of sections and items of assets and liabilities to each other, as well as checking compliance with the rules for financing the organization’s activities, reflecting economic feasibility and feasibility of using the organization’s sources in its activities.

The rule for financing the activities of an organization is as follows: financing of fixed assets, or non-current assets, is carried out at the expense of own funds and long-term borrowed funds, and financing of working capital, or current assets, is carried out partially at the expense of own funds (own working capital) and short-term borrowed and raised funds.

Despite the fact that the balance sheet is the most important form of financial reporting used for analysis, it does not fully provide the information base for the analysis of all aspects of the financial and economic activities of the organization, since (the balance sheet contains information about the organization’s property and sources of its financing only on a specific date, while for a deeper and more comprehensive analysis additional data from the following reporting forms is used):

Form No. 2 “Profit and Loss Statement”;

Form No. 3 “Report on changes in capital”;

Form No. 5 "Appendix to the Balance Sheet";

"Explanatory note" outlining the main factors that influenced the final results of the organization's activities in the reporting year, with an assessment of its financial condition;

The final part of the audit report (for enterprises subject to mandatory audit), confirming the degree of reliability of the information included in the financial statements of the enterprise.

The accounting regulations “Accounting statements of an organization” highlight and require separate disclosure of at least revenue from the sale of goods, products, works, services; interest receivable; income from participation in other organizations, other operating income and expenses; non-operating income and expenses; extraordinary income and expenses.

The profit and loss report is the most important source of information for analyzing the indicators of an organization's business activity, the profitability of its assets, return on sales, and predicting the bankruptcy of the organization.

The statement of changes in capital and the statement of cash flows complement the balance sheet and profit and loss statement, allow you to reveal the factors that determined the change in the financial stability and liquidity of the enterprise, help build forecasts for the coming period based on extrapolation of existing trends taking into account new conditions, make more clear conclusions during the analysis.

Report on changes in capital" (form No. 3) shows the structure of the organization's equity capital (authorized, reserve, additional, etc.), presented in dynamics. For each element of equity capital, it reflects data on balances at the beginning of the year, replenishment of the source of equity funds , its expenditure and balance at the end of the year.

Cash flow statement" (form No. 4) reflects cash balances at the beginning and end of the reporting period and cash flows (receipts and expenditures) in the context of the organization's current, investment and financial activities.

Some of the most important balance sheet items are deciphered in the Appendix to the balance sheet (form No. 5), which consists of the following sections.

1. Movement of borrowed funds (long-term loans and borrowings, short-term loans and borrowings) with the allocation of loans not repaid on time.

2. Accounts receivable and payable (long-term and short-term).

3. Depreciable property: intangible assets; fixed assets and profitable investments in material assets; low-value and high-wear items.

4.Movement of funds to finance long-term investments and financial investments.

5. Financial investments (long-term and short-term, shares and shares of other organizations, bonds and other securities, loans provided, etc.)

6. Costs incurred by the organization (by element).

7. Social indicators: contributions for social needs (to the Social Insurance Fund, to the Pension Fund, to the Employment Fund, to health insurance), average number of personnel; cash payments and incentives, income from shares and contributions to the organization’s property.

Data f. No. 5 are used to calculate individual indicators of business activity, profitability, and price competitiveness of the organization.

Along with financial statements, if necessary, statistical reporting can be used for analysis - federal state statistical observation forms No. P-1 “Information on the production and shipment of goods and services” and No. P-4 “Information on the financial condition of the organization on an accrual basis since the beginning of the year.”

4. Profit and loss statement

One of the most important reporting documents is the profit report, which is analyzed by the management of the enterprise in terms of the successes achieved and the losses of opportunities in the most important areas of activity.

"The profit and loss statement is the most important source of information for analyzing the indicators of an organization's business activity, the profitability of its assets, profitability of sales, as well as predicting the bankruptcy of the organization."

"The profit report contains important information about cash receipts, costs and financial results in each area of ​​activity. Their comparison with planned targets and achievements of previous years allows us to identify certain trends in the formation of profit and assess the influence of decisive factors on its value."

The profit and loss statement contains data on the income, expenses and financial results of the organization, which are presented in total on an accrual basis from the beginning of the year to the reporting date.

The profit report becomes a guide for further actions aimed at eliminating weaknesses in the work.

5. Analysis of liquidity and solvency of the organization

The assessment of the destruction of the balance sheet is carried out on the basis of comparisons of the calculated coefficients of liquidity, solvency, financial independence, sustainability and stability of the analyzed organization with their standard (recommended) values.

The main indicators characterizing the liquidity and solvency of an organization are the absolute, critical (immediate) and current liquidity ratios, and the solvency ratio.

“Liquidity is the ability of a business entity to timely repay its financial obligations through the unhindered transformation of its current assets (part of the property) into monetary resources. In foreign practice, to calculate it, coefficients of three degrees (1,2,3) are used, which we usually call absolute, intermediate and total liquidity."

"An organization's liquidity is the organization's ability to fulfill its short-term obligations in a timely manner."

It should be noted that the basic liquidity ratios for organizations of the consumer cooperation system have been reduced. This is justified by the fact that the activities of its organizations are not commercial and, according to the Law of the Russian Federation “On consumer cooperation (consumer societies, their unions) in the Russian Federation,” is considered as a unique system that acts as a guarantor of social and economic protection of the interests of shareholders, whom it serves.

At this stage of the analysis, it is necessary to establish whether the organization is liquid, what is the reason for its possible illiquidity, and what needs to be done to restore or preserve it.

In the conditions of the transition period, it is advisable to evaluate the financial liquidity of enterprises using two indicators: the total ratio and the intermediate liquidity ratio.

In the first case, the total liquidity ratio (total coverage) determines the extent to which current assets (all current assets) cover current liabilities. These are payments to suppliers of raw materials and other material assets, to the budget, special state funds, obligations to their employees and the bank.

A satisfactory level of the overall ratio means that maintaining the financial balance of the enterprise requires that the amount of working capital be almost twice as large as current liabilities.

However, this coefficient to some extent obscures the ability of the entity to fulfill all urgent obligations in a timely manner, since a significant part of the working capital may be frozen in inventories. Since these values ​​cannot always be quickly converted into cash, they are excluded from current assets and then the intermediate liquidity ratio is assessed.

In the most precise definition, this ratio is calculated as the ratio of current assets minus inventories to current liabilities.

A coefficient level above one (1 - 1.3) is considered satisfactory, which shows that the company will be able to quickly fulfill its current obligations.

Only with high inflation can a lower intermediate liquidity ratio be considered justified.

Liquidity indicators should also be compared with previous achievements and, at the same time, changes in the difference between intermediate and total liquidity should be analyzed.

The faster growth rate of the total liquidity ratio compared to the intermediate one means a rapid increase in inventories or a slowdown in capital turnover.

A high intermediate liquidity ratio may be caused by ineffective use of funds, their accumulation in bank accounts, or an increase in the volume of accounts receivable.

If low balance sheet liquidity is a signal of difficulties in repaying debt, then too high liquidity has a negative impact on the profitability of the enterprise.

The absolute liquidity ratio (K al) is calculated using the formula:

(Cal) = Cash + Short-term financial investments /

Short-term liabilities

The share of own working capital in the formation of inventories (Kobzap) is calculated using the formula:

Cob.zap = Own working capital / Inventories

The organization is considered financially independent in terms of financing inventories, i.e. in financing its current activities, if the share of its own sources in financing inventories is from 60 to 80% (Cob.zap varies from 0.6 to 0.8). For trade organizations and organizations of the consumer cooperation system - the recommended value is more than 50% (more than 0.5).

This indicator is of particular importance when assessing the creditworthiness of an organization. So, if its value is less than the normative one, then the organization is considered uncreditworthy and not lendable. And vice versa.

An organization is recognized as financially independent only if the actual values ​​of these two indicators. The critical liquidity ratio shows how much cash and expected cash receipts from accounts receivable are per 1 ruble. short-term liabilities.

The standard value for this indicator, equal to 1, means that the amount of cash, short-term financial investments and future income from current activities (expected accounts receivable) must be no less than the amount of short-term debt of the organization (line 690 - line 640 - line 650 ), and for trade organizations of consumer cooperation - at least half of it.

The current liquidity ratio (CTL) is calculated using the formula:

Ktl = Current assets / Current liabilities

The current liquidity ratio shows how many current assets are available per 1 ruble. short-term liabilities.

The standard value for this indicator, equal to 2, indicates that the size of current assets (current assets) must exceed the size of short-term liabilities by at least 2 times (and for trade organizations of the consumer cooperation system - by 1.5 times; the minimum acceptable value is 1 ,1). Otherwise, the balance sheet structure is considered unsatisfactory, and the organization is considered illiquid.

The most general indicator that quickly signals the financial well-being of an enterprise is its solvency, i.e. the ability to repay your financial obligations within a specific period of time. The most important signs of solvency are the availability of funds in bank accounts, the absence of overdue debt, and the ability to cover current obligations by mobilizing working capital.

"Solvey is the real state of an enterprise's finances, which can be determined on a specific date or for an analyzed period of time. To establish the possibility of repaying current payments on time, solvency is assessed according to the report at the beginning and end of the year (quarter, month). In addition, the balancing of upcoming payments with cash receipts for a short period of time (month, ten-day, five-day period). "

Signs of insolvency or financial difficulties in each period are expressed in the lack of financial resources to fulfill urgent obligations. In this regard, overdue debt may arise in payment of bills for the delivery of raw materials, materials and other necessary elements of normal production. Mandatory payments to the budget, the bank for loans received, and sometimes wage payments also become overdue. In such a situation, the consistency in the movement of material and monetary resources is disrupted, and the continuity of the enterprise’s functioning is at risk. However, insolvency may be a temporary phenomenon caused by a violation of the payment discipline of buyers, and does not reflect the actual financial position of the business entity. Therefore, it cannot be judged only by the volume of financial obligations overdue on a specific date, for the liquidation of which it is necessary to take urgent measures.

"The solvency of an organization is the ability of the organization to fulfill all its obligations (both short-term and long-term) in a timely manner."

The main indicator of solvency is the coefficient of total solvency (Kop). The formula for calculating this coefficient is as follows:

K op = Organizational property / Amount of borrowed capital

The standard value of the total solvency coefficient: (Cop) > 2.0 means that the size of all property must be 2 times greater than all the obligations of the organization, otherwise it is considered insolvent.

6. Analysis of financial independence and sustainability of the organization’s activities

For a more complete description of the financial situation, it is advisable to study the coefficients of independence and financial stability, which largely depend on the structure of assets and liabilities (the so-called property-capital) and for this purpose, balance sheet data is analyzed vertically and horizontally. The structure of property differs significantly at different enterprises depending on the specifics of the activity, the nature of production and its technology, the organization of labor, the production process, sales and many other features of the relevant economic entities.

Therefore, the analysis of assets is carried out primarily on the basis of the formation of rational proportions between fixed assets and working capital and their individual elements.

For this purpose, the share of fixed and current assets in the total volume of property is calculated, and then the structure of each of these groups at the beginning and end of the current period and changes over a number of years are analyzed in more detail.

When analyzing the property structure, you should always take into account the specifics of a given enterprise. However, it must be remembered that a high share of fixed assets in the total volume of property to some extent reduces the possibility of increasing income and freezes the financial resources of the enterprise for a longer period. Therefore, it is advisable to study in more detail the structure of fixed assets, the efficiency of their use, the technical level of production equipment, and to reveal the reasons for their low productivity. Based on an in-depth analysis of the movement of fixed assets, measures are subsequently substantiated to promote their more rational use.

For example, a high level of inventories of material assets (a significant share in the volume of working capital) negatively affects the profitability of property, capital, sales, financial liquidity and some other performance indicators.

All items of accounts receivable and funds in settlements are also subject to careful analysis. Increasing amounts of debt (primarily an increase in overdue payments) signal shortcomings in the management of this process: the choice of non-cash payments, control over the collection of these payments, the application of appropriate sanctions, etc. Changes in accounts receivable should also be analyzed in connection with the growth in product sales.

To determine the level of financial independence and stability of the financial position of the enterprise, it is necessary to assess the structure and changes in sources of financing.

To do this, an analysis of the balance sheet liabilities is carried out, first of all, taking into account the possibilities of self-financing the current and strategic needs of the enterprise, its debts and the ability to cover them.

The financial position of the organization in terms of financial soundness, independence and stability is characterized by the values ​​of such indicators as the autonomy coefficient, the share of its own working capital in the formation of reserves, financial stability ratios, the difference in net assets and authorized capital, type and type of financial stability.

Based on the calculated values ​​of these indicators, it is established how financially dependent or independent the organization is from external sources of financing in its current and investment activities, and it is assessed how financially stable or unstable its activities as a whole are.

“The financial independence (dependence) of an organization is determined by the extent to which its activities do not depend (depend) on external sources of financing, i.e., the extent to which its activities are financed from its own funds (sources).”

Let us dwell on the economic interpretation of the main indicators of the financial independence of an organization. The coefficient of autonomy (financial independence) (K a) is calculated using the formula:

Ka = Amount of equity capital / Total sources of the organization

The coefficient is determined by the ratio of its own sources to the total amount of sources available to the organization, and thus shows the share of its own sources in the total amount of sources.

In general, an organization is considered financially independent if the share of its own sources in the organization’s balance sheet currency is at least 60%, and that of consumer cooperation organizations is at least 50%. In other words, an organization is considered financially independent if every ruble of all its sources includes at least 60 kopecks. own funds.

The share of own working capital in the formation of inventories (Kobzap) is calculated using the formula:

Kobzap = Own working capital / Inventories

The coefficient is determined by the ratio of own working capital to the amount of inventories available in the organization.

The organization is considered financially independent in terms of financing inventories, i.e. in financing its current activities, if the share of its own sources in financing inventories is from 60 to 80% (Kobzap varies from 0.6 to 0.8). For trade organizations and organizations of the consumer cooperation system - the recommended value is more than 50% (more than 0.5).

This indicator is of particular importance when assessing the creditworthiness of an organization. So, if its value is less than the normative one, then the organization is considered uncreditworthy and non-lending. And vice versa.

The general conclusion about the financial independence (dependence) of the organization is formed based on the results of an analysis of the indicators of the autonomy coefficient and the share of its own working capital in the formation of reserves.

An organization is recognized as financially independent only if the actual values ​​of these two indicators (autonomy coefficient and the share of its own working capital in the formation of reserves) meet the recommended ones.

The financial stability of an organization is characterized by the level of provision of its activities with sources of long-term financing (own and long-term borrowed funds). In other words, financial sustainability shows the extent to which financing of the organization’s activities is stably provided for the long term. The economic interpretation of the main indicators of financial stability is as follows.

The financial stability coefficient of the organization as a whole (Ku) is determined by the share of long-term sources of financing in the balance sheet currency and is calculated by the formula:

Ku = Permanent capital / Total sources of the organization

If there are no long-term liabilities in the organization (Section IV of the Balance Sheet is 0), then the recommended value of this indicator can be taken at the level of the autonomy coefficient.

There is no strictly regulated value for this indicator, but taking into account the above, its value cannot fall below the value of the autonomy coefficient. If there are long-term liabilities, the value of the financial stability coefficient should be significantly higher than 0.6 (provided that the autonomy coefficient should be higher than 0.6).

Financial stability of the organization's current activities (F y). An organization is considered financially stable if the size of its reserves is less than the sum of its own working capital and short-term loans and borrowings [f. No. 1; p.210< (стр.490 + + стр.640 + стр.650 - стр.244 + стр.590 - стр. 190 - стр.230 + + стр.610)].

The economic meaning of this indicator is that the organization is considered financially stable in terms of the formation of inventories if the amount of its own working capital (availability of its own working capital) and short-term loans and credits is greater than the amount of inventories.

The smaller the amount of inventories (form No. 1; p. 210) in comparison with the amount of short-term loans and credits, the higher the financial stability of the enterprise in terms of financing inventories.

The difference between net assets and authorized capital (Ch a -U k) is calculated using the formula:

C h a -U k = (p.300 - p.244 - p.590 - p.450 - p.690 + + p.640 + p.650) - (p.410) > 0.

The economic meaning of this indicator is that, comparing the size of net assets (H a) and real equity capital (form No. 1; p.300 - p.244 - p.590 - p.690 + p.640 + p. 650) with the size of the authorized capital (form No. 1; p. 410), determine whether funds were formed in the organization and whether it received profit as a result of its activities.

If the difference between net assets and authorized capital is negative, then we can talk about the organization’s unprofitable activities, and therefore its financial instability. In this case, the organization is obliged to announce a reduction in the size of the authorized capital (Law “On Joint-Stock Companies”, paragraph 4, article 35.) to the level of its own real capital.

In the event that the value of real equity capital is a negative value, as can be seen already in the balance sheet (the result of Section III of the Balance Sheet), then there can be no talk of reducing the authorized capital, and in this case the organization may be declared bankrupt.

In this case, the joint stock company does not have the right to decide on the payment of dividends, as well as in the case if the value of net assets may be less than the specified value after payment of dividends.

The value of this indicator is also important because it is the basis for determining the book value of shares.

The type and type of financial stability of an organization is determined by the size of the fluctuations of the coefficients characterizing the liquidity and financial independence of the organization, as well as the nature of the trend of their change.

If the size of absolute growth and the growth rate of the values ​​of these indicators are positive and approximately equal, then the organization’s activities can be considered financially steadily growing.

And if the values ​​are negative - financially steadily declining. If the size of the absolute increase in indicators changes both in size and in directions during the analyzed period, then the organization’s activities are recognized as financially unstable and unstable.

7. Analysis of business activity and profitability of the organization

The next stage of analysis of the financial condition of the organization is the analysis of business activity and profitability.

Analysis and assessment of an organization's business activity are carried out at qualitative and quantitative levels. Analysis at a qualitative level involves assessing the organization’s activities according to non-formalized criteria: breadth of the product sales market; reputation of the organization; fame and reliability of clients using the organization’s services; the presence of long-term purchase and sale agreements; presence of a trademark; the nature of relationships with local authorities, etc.

Analysis of the assessment of business activity at a quantitative level is carried out on the basis of the results of calculating a number of indicators characterizing the efficiency of the organization as a whole.

Indicators of business activity include: indicators characterizing the efficiency of use of property, capital, fixed working capital, the level of price competitiveness of the organization, as well as the growth rate of the organization's development, taking into account how certain financial results of its activities were achieved (due to rising prices on products or by reducing production costs).

It should be noted that the basic values ​​for all indicators of business activity are their average or best industry values ​​in a system of homogeneous organizations.

Let us dwell on the main indicators of the organization’s business activity.

The amount of net profit (profit remaining at the disposal of a commercial organization) (PE).

The value of the indicator is defined in f. № 2; p. 190. The higher the profit, the more efficient the organization’s activities.

The amount of gross profit (gross profit) from product sales (VP). The value of the indicator is defined in f. No. 2; p.140.

The gross profit figure shows how profitable its core business is. The higher the gross profit, the more effective the organization's core activities.

Capital productivity of fixed assets (F os) is calculated by the formula:

F os = Revenue \ Average annual cost of fixed assets

This ratio shows how much revenue each ruble invested in fixed assets provides.

The growth of this indicator means an increase in the efficiency of use of fixed assets. It should be noted that the value of the indicator under consideration should not be lower than 0.022, which is determined by the currently applicable corporate property tax rates (2.2% of the average annual value of property). For certain categories of payers, local governments may establish a preferential property tax rate.

Total capital turnover ratio (capital return on advanced capital) (How). This ratio determines how much revenue is provided by each ruble of advanced capital or each ruble invested in the organization’s property. The formula for calculating the indicator is as follows:

How = Revenue / Average annual value of property

An increase in this indicator means an increase in the efficiency of using advanced capital (organizational property). And vice versa.

Equity turnover ratio (return on equity capital). The indicator is calculated using the formula:

Revenue / Average annual cost of equity capital

The value of this coefficient shows how much revenue each ruble of equity capital provided.

An increase in this indicator means an increase in the efficiency of using equity capital. And vice versa.

In this regard, it becomes necessary to analyze the performance of an enterprise on the basis of relative values, the so-called profitability. Profitability is calculated based on profit, as an index calculated on the basis of such important indicators as sales (turnover from sales), property and capital.

“Profitability of sales is defined as the ratio of profit to sales volume or the total amount of production and sales costs associated with the sale of products. For the calculation, book or net profit (gross, net) is taken; sales volume is mainly taken into account without indirect taxes (VAT and excise taxes). "

Cost-benefit analysis. Profitability characterizes the economic efficiency of an organization's activities and reflects how profitable or unprofitable its activities are. It can be defined as a percentage or as a coefficient.

In this case, we are considering profitability ratios, the economic content of which is that they show how much profit (balance sheet, net, profit from sales) is accounted for either per 1 ruble invested in property, or per 1 ruble. equity capital, or 1 rub. revenue. The higher the coefficient value, the more efficient the enterprise’s activities.

It should be noted that the basic values ​​of all indicators are the average or best values ​​for the industry (system of homogeneous organizations).

Let's consider the main profitability ratios, which are most often calculated in the practical activities of an organization.

The return on total capital (total assets) ratio based on accounting (balance sheet) profit. It is calculated using the formula:

Book profit / Average annual value of property

In general, this coefficient shows the efficiency of using all the organization’s assets. In other words, it reflects how much book profit the organization receives from each ruble invested in total assets. A decrease in the value of the coefficient often indicates a falling demand for the organization’s products and an overaccumulation of assets.

Return on equity ratio based on accounting (total) profit. It is calculated by the formula:

Accounting profit / Average annual cost of equity capital

The total return on equity ratio shows the efficiency of using equity capital. This indicator is especially important for joint-stock companies, since its dynamics influence the level of quotation of their shares on stock exchanges.

The return on equity ratio for net profit is calculated using the formula:

The economic meaning of this indicator is the same as the coefficient of total return on equity capital for accounting (total) profit, only we're talking about about net profit.

The sales profitability ratio based on sales profit is calculated using the formula:

Profit (loss) from sales / Revenue

Return on sales based on sales profit shows how much profit accrues per unit of products sold. The growth of the indicator is a consequence of an increase in prices for products sold at constant unit production costs or a decrease in unit production costs at constant sales prices. A decrease in it indicates a decrease in prices at constant production costs or an increase in production costs at constant prices.

The return on sales ratio for book and net profit is calculated using the formula:

Balance Sheet Profit/Revenue

This ratio shows how much book profit falls on a unit of products sold. Its economic meaning is the same as that of the return on sales ratio based on net sales profit.

At the same time, the analysis should compare the rate of change in this indicator with the rate of change in the return on sales ratio for net profit in order to identify the impact of the tax pressure on the organization’s performance results.

So, if the growth rate of the sales profitability ratio for balance sheet profit is higher than the growth rate of the sales return ratio for net profit (the latter indicator is calculated as the ratio of form No. 2; line 190 of the current year/form. No. 2; line 010 of the current year .), this indicates an increase in tax pressure on the financial results of the organization. And vice versa.

Comparing the growth rate of the sales profitability ratio for profit from sales (form No. 2; line 050 of the current year / form No. 2; line 010 of the current year) and the sales profitability ratios for book profit (form No. 2 ; p.140 kg/f. No. 2; p.010 ng), we can talk about the effectiveness of the main activities of the organization.

If the growth rate of balance sheet profit is greater than the growth rate of profit from sales, this indicates that profit from core activities is decreasing, and profit from operating and non-operating operations is increasing. And vice versa. Therefore, re-profiling of production is necessary.

Conclusion

The analysis materials not only assess the actual state of the relevant subject, but also its trends and development prospects. This becomes the starting point for eliminating identified shortcomings, continuing positive actions, and the basis for justifying new, rational decisions. It is only necessary to emphasize that with a high or galloping level of inflation, the reality of assessing financial indicators is achieved with proper adjustment of reporting and planning data.

The assessment of financial activity is carried out using specific indicators established for each of its sections or objects. In this case, generally accepted economic analysis following methods.

Comparative analysis, the purpose of which is to identify deviations of actual data from accepted postulates. This is achieved by comparing reporting materials with planned targets or achievements of past periods, sometimes with corresponding indicators of similar enterprises, industry averages and even world standards.

Multifactor analysis, which consists in determining the influence of decisive factors on changes in the analyzed indicators, revealing the causes of these phenomena and their assessment. In this case, it is necessary to establish the nature of the influence of these factors on the overall financial results of the enterprise and its condition. It is advisable to analyze subjective factors in more depth, in detail in connection with dependent indicators.

A correct assessment of the financial activity of an enterprise is achieved only when a comparative and multifactor analysis of reliable and comparative (in dimension and time) extensive information is simultaneously applied.

No less important is the form of presentation of the results of the analysis. It must, in writing, comprehensively characterize the real financial situation of the analyzed entity, the effectiveness of actions in all areas of economic activity.

The main conclusions must be confirmed by appropriate calculations, tables and graphs, which reflect the most important changes in absolute figures, relative indicators (in coefficients, percentage deviations from specified requirements, average data, etc.). Based on them, it is possible to correctly assess the financial condition of the enterprise and its financial results, reveal the reasons for their changes and take immediate measures to improve them.

Analysis of financial indicators covers the entire complex multifaceted process of managing the financial activities of an enterprise. On its basis, the state of all resources, business conditions and financial capabilities at the beginning of the planning period are determined. A reliable analysis of the movement of resources and factors affecting the effectiveness of specific activities allows us to ensure rational maneuvering of funds and stimulate positive phenomena.

In order to summarize the final results of activities based on the intended business goal and the adopted development strategy, at the end of the reporting period, a comprehensive assessment of all indicators characterizing the financial condition of the enterprise is carried out.

Bibliography

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Currently, in a market economy, the competitiveness of enterprises and the feasibility of their activities in the future are based, first of all, on the efficiency of their functioning. The efficiency of financial activities is the key to financial attractiveness for external investors, counterparties in financial and economic activities, as well as the owners of the organization. In this regard, assessing the financial performance of the organization in the present, past and future becomes of great importance.

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

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

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

The object of study in this work is the financial activity of an organization as an integral part of economic activity as a whole.

The subject of the study is the efficiency of the organization's functioning as the result and ultimate goal of financial and economic activity.

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

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

1. Financial activities of an organization as an object of comprehensive analysis

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

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

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

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

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

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

As is known, the purpose of any commercial organization is generating profit. However, for an external analyst, the amount of income received cannot answer the question: is the amount of profit received optimal for a given enterprise at a given point in time, that is, absolute indicators cannot give a holistic picture of performance. It is known that the same results can be obtained by investing different quantities and quality of funds to achieve the goal, or in another way - by choosing more or less effective ways to achieve the goal. Accordingly, the effectiveness of achieving a goal can be interpreted as obtaining a higher quality result at lower costs. As mentioned above, the purpose of an organization’s work, and, in particular, financial activities, is to make a profit; hence, financial efficiency can be defined as generating higher quality profits. By quality profit we mean that profit which, firstly, is more stable from the influence of other factors in relation to the main activity, that is, more predictable; secondly, the quality indicators of which have positive dynamics.

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

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

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

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

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

When analyzing the activities of a small enterprise, blocks on quotes on the stock market, information about issuers and an external audit report “disappear” from the list of sources of external information; blocks on the foreign economic and political situation become less significant. The methodology for indirect rating of closed 1 companies, developed by the St. Petersburg Chamber of Commerce and Industry in 2000, defines the following parameters by which the effectiveness of their functioning is assessed [see 41]:

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

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

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

The information core of a comprehensive analysis of financial activities is the Balance Sheet (Form No. 1) and the Profit and Loss Statement (Form No. 2), although this does not in any way detract from the importance of other sources of information. Balance sheet allows the analyst to obtain information about the financial and property status of the organization in the past and make forecasts for the future; Gains and losses report is a decoding of one of the balance sheet indicators - retained earnings (uncovered loss) - and allows you to assess through what activities (current, other or emergency) a particular financial result of the organization’s activities was obtained; Statement of capital flows contains information that allows you to track changes in the owners’ capital; Cash flow statement is important when analyzing liquidity, since this report contains information about the organization’s free funds [see. 17, p. 48].

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

Information at the disposal of an (external) analyst may be questioned by him due to the unreliability of the source of this information; in this case, it is necessary to turn to several sources and compare the values ​​of the indicators. The most objective should be recognized as accounting information that has been audited, since the meaning and purpose of the latter is precisely to establish and confirm the correctness of the reflection of data on business transactions in accounting registers and, above all, in financial statements. In this case, you should pay attention to the type of audit report (unconditionally positive, conditionally positive, negative). For analytical purposes, a conditional positive conclusion is comparable to an unconditional positive conclusion and, depending on the nature of the errors identified, may be acceptable. A negative audit report indicates that the reporting data is unreliable in all its essential aspects, and therefore it is not advisable to conduct an analysis based on such reports, since the financial condition of the enterprise will be obviously distorted.

As practice shows, today audit reports are not a 100% guarantee of the veracity of data. After a number of recent high-profile accounting scandals that resulted in the bankruptcy of large companies, particularly in the United States, more attention has been paid to the quality of financial reporting of companies. As follows from publications in the press, the essence of the distortion of reporting made by the management of bankrupt companies came down mainly to overestimating sales revenue and underestimating operating expenses (the scandals are associated with companies that prepared their reports according to USA GAAP). The result of this practice was the bankruptcy of large companies and the end of the business of one of the Big Five auditing and consulting companies - Arthur Andersen (in connection with the bankruptcy of Enron) [see. 39].

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

The issue of data comparability is reflected in PBU No. 4, which states that if the data for the period preceding the reporting period are not comparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by regulatory acts on accounting [see. 2]. Each material adjustment must be disclosed in a note to the Balance Sheet and the Income Statement together with an indication of the reasons for the adjustment.

Another component of the preparatory stage of complex analysis is the process of converting source data. We are talking about drawing up the so-called analytical balance sheet and profit and loss account. Evaluating the items in the financial statements and identifying relationships and interdependencies between various indicators of the financial activity of an enterprise allows us to get an idea of ​​its financial position at a certain date - at the beginning and end of the reporting period - while the evolutionary nature of the enterprise's functioning remains hidden from the user's eyes. A more in-depth analysis of the financial condition is carried out using additional non-reporting data, however, the circle of people who have the opportunity to work with such information is very limited. As a result of the use of internal data, the negative impact of static reporting information is reduced; studying, along with quantitative (cost) characteristics, the qualitative characteristics of the object under study (for example, according to the method of the St. Petersburg Chamber of Commerce and Industry, which we have already described above) improves the quality of judgments made by the analyst regarding the economic well-being (ill-health) of the enterprise.

Good information support is the key to the correctness and effectiveness of analytical work, but does not fully guarantee the reliability and correctness of the conclusions formulated during the analysis process. An important role in the interpretation of information is played by the competence of the person conducting the analysis.

Comprehensive analysis and assessment of the effectiveness of the organization’s financial activities

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

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

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

Currently, the analysis of small businesses based on external reporting data is carried out less actively than the analysis of the activities of large enterprises and corporations: this is due to the fact that the costs of qualitative analysis are high and do not correlate with the size of the small business.

However, let us present a situation where financial analysis is also relevant in a small business. If there is a large range of enterprises in one market segment that are competitive with each other, for example, the network of franchisees of the 1C company, which amounts to more than 2,600 companies, an external investment partner is interested in identifying the most efficiently operating organization.

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

• what are the changes in the composition of property and the sources of its formation over the analyzed period of time, and what are the reasons for such changes?
• What items on the Income Statement can be used to forecast financial results?
• what is the profitability of sales; own and borrowed capital; assets, including net assets?
• What is the organization's property turnover?
• Is the company capable of generating income? What is the efficiency of its financial activities?

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

So what indicators determine the effectiveness of an organization’s financial activities?

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

Taking into account the above, let's say that, in our opinion, the indicators that reflect the effectiveness of an organization are profitability and business activity, determined by turnover.

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

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

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

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

In the process of analyzing profitability, it is necessary to pay special attention to the quality of the “net profit” indicator: it is important to determine the composition and structure of income and expenses and analyze them from the point of view of stability and compliance with the nature of the organization’s activities. Items of income and expenses not related to current activities are usually classified into: normal, that is, recurring, ordinary and extraordinary 5. Due to limited information, an external analyst has difficulty identifying rare and extraordinary items from income and expenses. It is possible that the analyst can find some useful information for himself in Form No. 5 and in the explanatory note, but only for large enterprises. Small businesses are not allowed to use these forms in external reporting.

The next indicator for assessing performance is the return on debt capital. When studying the profitability of borrowed capital from the point of view of the lender, the amount of payment (interest for using the loan, fines, penalties, penalties) for the provided borrowed funds is taken as the numerator of the coefficient, and from the point of view of the company being financed, the amount of borrowed capital is taken as the numerator. The methodology for calculating this indicator will be discussed in more detail in the first part of the second chapter. A general indicator of the first two is the return on total capital, which can be interpreted as an indicator of the overall “profitability” of the enterprise’s activities and the efficiency of using its resources, respectively.

Return on sales, in contrast to return on equity, on the contrary, decreases with an increase in the amount of borrowed funds and, accordingly, the payment for them. It should also be taken into account that the dynamics of the ratio of income and expenses as part of revenue depends on the accounting policies applied at the enterprise. Thus, an organization can increase or decrease its profit by: 1) choosing a method for calculating depreciation of fixed assets; 2) choosing a method for assessing the material; 3) establishing the useful life of non-current assets; 4) determining the procedure for assigning overhead costs to the cost of products sold (work, services) [see. 1].

The next method used in the process of comprehensive analysis of business performance is the factorial method. The concept of this method is widely presented in the scientific works of A.D. Sheremet. The essence of the method lies in the quantitative characteristics of interrelated phenomena, which is carried out using indicators. Signs that characterize the cause are called factorial (independent, exogenous); signs characterizing the consequence are called effective (dependent). The set of factor and resultant characteristics connected by one cause-and-effect relationship is a factor system. In the practical application of this method, it is important that all factors presented in the model are real and have a cause-and-effect relationship with the final indicator. So, if we consider return on assets, then, as one of the options, it can be presented in the form of three interrelated indicators: expenses to revenue, profit to expenses and revenue to assets. That is, the enterprise’s profit received from each ruble invested in assets depends on the profitability of expenses incurred, the ratio of expenses and sales revenue and the turnover of capital invested in assets. Of the total number of factor models of return on equity, the DuPont model is the most widely used. In this model, return on equity is determined by three indicators: return on sales, asset turnover and the structure of sources of funds advanced to a given enterprise. The significance of the identified factors from the perspective of current management is summarized by almost all aspects of the financial and economic activities of the organization: the first factor summarizes the Profit and Loss Statement; the second factor is the assets of the balance sheet, the third is the liabilities of the balance sheet.

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

An additive relationship is represented as an algebraic sum of factor indicators:

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

The multiplicative relationship is expressed as the influence on the effective indicator of the product of factor indicators:

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

The multiple relationship is presented as the quotient of dividing the factor indicators:

y = x1 / x2

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

The combined relationship represents various variations of the first three models:

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

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

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

As one example of factor calculations, let’s solve the four-factor model of return on equity using the absolute difference method:

Return on equity

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

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

Balance of deviations

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

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

Turnover as an indicator of operational efficiency in factor models influences the level of profitability. In a comprehensive analysis of turnover, indicators such as:

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

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

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

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

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

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

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

The next step after calculating and analyzing the turnover ratio and the turnover rate in days is to identify the involvement or release of enterprise funds in relation to the previous period. This is how absolute and relative release are distinguished. With the turnover of working capital, when the actual balances of working capital are less than the standard or the balances of the previous period when the sales volume is reduced or exceeded for the period under study, an absolute release occurs. Relative release occurs in cases where, in the presence of current assets within the limits of the need for them, accelerated growth in the production of products, works, and services is ensured.

The method of comprehensive analysis of the effectiveness of financial activities that we are considering above allows the analyst, based on external reporting data, to assess the efficiency and riskiness of enterprise management based on profitability and turnover indicators. Thus, financial risk and efficiency exist in constant interdependence: obtaining maximum return on capital and a high level of profitability requires the enterprise to use not only its own, but also borrowed funds; attracting borrowed funds creates financial risk for the enterprise. An increase in the absolute value of accounts payable and, as a consequence, a decrease in its turnover, on the one hand, can affect the overall solvency of the enterprise; on the other hand, with effective management, short-term obligations in the form of loans and borrowings can be replaced by “free” accounts payable.

2. Assessing the effectiveness of the organization’s activities in a comprehensive analysis

2.1. Profitability and profitability as indicators of the efficiency of an organization's financial activities

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

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

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

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

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

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

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

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

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

O.V. Efimova presents a grouping of profitability indicators in accordance with the types of activities of the organization: current, investment and financial. One general indicator is also highlighted that most fully characterizes the efficiency of an organization - this is the return on equity indicator. The indicators that the author identifies in accordance with the types of activities are considered from the point of view of their influence on the general indicator. In current activities, the following indicators are highlighted: return on assets, return on current assets, return on sales and return on expenses. In investment activities, return on investment, return on ownership of an investment instrument and internal indicator of return on investment are distinguished. Indicators of profitability of total capital investments, prices of borrowed capital and the effect of financial leverage (the ratio of borrowed capital to equity) constitute the third group of indicators - the profitability of financial activities. [cm. 18, pp. 363-389].

HELL. Sheremet distinguishes return on assets with detail into non-current, current and net assets and return on sales [see. 31, pp. 89-94].

J.C. Van Horn says that “there are only two types of profitability ratios. Thanks to indicators of the first type, profitability is assessed in relation to sales, and indicators of the second type - in relation to investments” and, accordingly, identifies indicators of return on sales and return on investment [see. 13, pp. 155-157].

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

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

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

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

Return on net assets is the ratio of net profit to the arithmetic average amount of net assets at the beginning and end of the reporting period. Net assets are assets cleared of liabilities, or in other words, real equity capital. When calculating net assets 9 in Russian practice there are adjusting items both in assets taken into account for the calculation of net assets and in liabilities taken into account in the calculation of net assets. The amount of net assets is the difference between assets, minus the debt of participants for contributions to the authorized capital and the amount of shares purchased from shareholders, and borrowed capital, minus deferred income. Special mention should be made of the article “Targeted financing and revenues” in the “Capital and Reserves” section. If these funds are used for production purposes, this item is deducted from the amount of assets when calculating net assets; if this article is aimed at the social sphere, then the net assets are not adjusted by the amount of this article. However, considering net assets as a residual value, we cannot say that this is the amount of funds that the owners would receive in the event of liquidation of the company. The fact is that net assets are calculated on the basis of book value, which may not coincide with their market value.

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

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

1. check the influence of the components of profit on the change in the value of net assets. To do this, the numerator of the formula takes the indicator of net profit (according to the analytical balance sheet) as the sum of revenue, cost with a “-” sign, administrative and commercial expenses with a “-” sign, operating, non-operating, extraordinary income and expenses, income tax and other similar mandatory payments;
2. create a multiplicative model of return on net assets as the product of return on sales, working capital turnover, current liquidity ratio, the ratio of short-term liabilities to accounts receivable, the ratio of accounts receivable to accounts payable, the ratio of accounts payable to borrowed capital and an indicator that characterizes the financial stability of the organization as the ratio debt capital to net assets. It is no coincidence that the indicators of current liquidity and financial stability were chosen in the model. According to logic, as efficiency and profitability increase, the riskiness of the business increases, so it is necessary to monitor certain trends, for example, that an increase in profitability does not entail a decrease in the current liquidity ratio to an unacceptable level and that the organization does not lose its financial stability.

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

The next indicator we consider is the return on current assets.

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

The following models are proposed for factor modeling:

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

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

P – net profit;
N – revenue;
CK – equity capital;
OA – average value of current assets.

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

In general, by analyzing the trends in changes in the profitability of total assets, the profitability of current and net assets, it is possible to assess the effectiveness of the organization’s management in terms of the allocation of funds.

In the process of analyzing the next group of profitability - return on capital - the indicators of return on total, debt and equity capital are studied.

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

When modeling return on equity, we propose to use the now classic model developed by analysts at Dupont, in which return on equity is directly proportional to return on sales, asset turnover and the financial independence ratio as the ratio of equity to assets in a net valuation. It should be taken into account that the sales profitability factor, being an effective indicator of the reporting period, does not make it possible to determine the planned and long-term effect. The third factor influencing return on equity, the coefficient of financial independence, on the contrary, expresses the tendencies of the financial management strategy of debt capital. Thus, the value of this indicator is less than 0.5 indicates a fairly high level of risk, which implies an orientation towards high profitability of activities, and vice versa, if the value of the financial independence indicator is above 0.5, this indicates a conservative strategy.

You can also analyze the influence on changes in the return on equity indicator of such a factor as borrowed capital. To do this, it is proposed to consider the following model:

Return on equity = P/N · N/ZK · ZK/SK (2.6)

When calculating the return on borrowed capital, it should be noted that we consider borrowed capital from the perspective of the borrower, not the lender, therefore the return on borrowed capital is determined by the formula:

If we are a lender, then the return on debt capital is determined as:

In this case, information on the amount of payment for the use of borrowed capital can be obtained from Form No. 4 “Cash Flow Statement”, line 230 “for payment of loans”.

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

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

Equally important when analyzing profitability are cost-benefit indicators. Thus, it is advisable to analyze the ratio of expenses from ordinary activities to sales revenue. Expenses from ordinary activities are understood as the total cost of goods, works and services produced, administrative and commercial expenses. For a more detailed analysis, it is recommended to consider the following indicators: the ratio of cost to revenue, the ratio of management expenses to revenue and the ratio of commercial expenses to revenue, on the basis of which conclusions are drawn about the effectiveness of cost management. An increase in cost-benefit ratios may signal problems with cost control. Unfortunately, a deeper analysis of the impact of certain expenses on the efficiency of sales management is not available to an external analyst due to limited information; In the process of such analysis, the internal analyst must identify reserves for reducing costs.

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

The efficiency of an organization’s financial activities depends to a large extent on the speed of turnover of funds: the faster the turnover, the, other things being equal, the organization has more opportunities for increasing income, and therefore the efficiency of financial activities is higher.

The turnover rate of individual groups of assets and their overall turnover, as well as the turnover of accounts payable and liabilities, vary significantly depending on the field of activity of the organization (production, supply and sales, intermediary, etc.), their industry affiliation (there is no doubt that the turnover of working capital at a shipbuilding plant and at an airline will be objectively different), scale (as a rule, in small enterprises the turnover of funds is much higher than in large ones) and other parameters. The overall economic situation in the country, the level of development of its individual regions, the existing system of non-cash payments and the associated operating conditions of enterprises have no less impact on the turnover of assets and liabilities.

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

• aggressive, in which the formation of assets necessary for carrying out business activities occurs mainly through short-term accounts payable and liabilities. From the standpoint of operational efficiency, this is a very risky strategy, since maintaining the efficiency of the organization requires a high turnover of assets.
• conservative, which involves the use of predominantly long-term sources of financing current assets (this model, however, in our opinion, is somewhat unrealistic). Since the terms of repayment of borrowed capital are significantly distant in time, asset turnover can thus be relatively low.
• compromise, which combines both of these sources of funding.

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

It should be noted that for an internal analyst, the financial policy of an enterprise is the object of close attention and serves as a starting point when analyzing financial and economic activities. Based on reporting data, an external analyst can form only an approximate idea of ​​the financial policy of an enterprise, or, more precisely, of its individual aspects that lie on the surface, but even such information should be used by him when studying the effectiveness of the organization’s financial activities (of course, the analyst in his actions must be guided by the principle of caution). Regarding the turnover of assets and liabilities, the point is that an external analyst, using reporting for a number of years and, having identified trends in the dynamics of turnover indicators, can, with some degree of convention, assume that the company will adhere to the same strategy in the future, and in accordance with this cost forecast for the future.

In the process of analyzing turnover, the analyst uses dynamic, coefficient and factor methods for studying turnover indicators. The dynamic research method allows us to identify temporary changes in turnover indicators. The coefficient method of turnover analysis involves calculating turnover indicators and the duration of one turnover. With the factor method, we identify the influence of other factors on the effective turnover indicator.

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

• average

  For example,
  average amount of accounts payable = (KZ NG. + KZ K.Y.) /2, (2.9)
  where KZ n.g., KZ k.g. – respectively, the amount of accounts payable at the beginning and end of the period.

• average chronological

  For example,
  average amount of accounts payable

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

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

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

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

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

- unusualness, when the income and expenses of the organization are characterized by a high degree of abnormality and are of a nature that is clearly unrelated or related only incidentally to normal activities

- infrequency, when, based on reasonable arguments, it is unlikely that these income and expenses can be expected to recur in the foreseeable future

6 In this context, an algebraic sum also means the difference between indicators as a sum with a “-” sign

7 More detailed analysis of inventory turnover and other constituent elements We will look at assets and liabilities in the second part of the second chapter 8. A loss can be interpreted as a profit with a “-” sign.

9 Order of the Ministry of Finance of the Russian Federation and the Federal Commission for the Securities Market dated January 29, 2003 No. 10n, 03-6/pz “On approval of the Procedure for assessing the value of net assets of joint-stock companies”

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

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

To ensure the positive performance of an enterprise, management personnel must, first of all, be able to realistically assess the financial condition of their enterprise and the condition of existing and potential counterparties.

The purpose of economic analysis is to optimize the position of the company in the core market; increasing the financial and economic performance indicators and professional rating of the company.

Study of economic phenomena, factors and causes that determined them;

Objective assessment of the efficiency of production and economic activities;

Scientific substantiation of plans, monitoring their implementation, identifying on-farm reserves;

Development of measures to improve work efficiency.

Objectives of economic analysis:

Scientific substantiation of current and future business plans and monitoring their implementation;

Assessment of the efficiency of use of production factors;

Identification and measurement of internal reserves;

Justification of the optimality of management decisions.

Economic analysis is carried out in accordance with the principles:

Systematicity (economic processes are considered as interrelated phenomena and elements);

- integrity (the unity of individual factors and elements of production and economic activity);

- complexity (the need to consider the full range of factors influencing the performance of the organization).

Economic processes are assessed using quantitative and qualitative indicators.

Quantitative indicators measure an economic phenomenon in absolute, relative, average values; qualitative indicators reflect the economic content or effectiveness of an economic phenomenon.

Techniques and methods for analyzing financial and economic activities used in economic analysis - This is a system of theoretical-cognitive categories, scientific tools and regulatory principles for studying the financial activities of enterprises. There are various classifications of methods of economic analysis.

The first level of classification is distinguished: informal; formalized methods of analysis.

Informal methods - are based on a description of analytical procedures at a logical level, rather than on strict analytical dependencies. These are methods of expert assessments, scenarios, morphological, comparisons, etc. The use of these methods is characterized by a certain subjectivity, since the intuition, experience and knowledge of the analyst are of great importance. Formalized methods - they are based on fairly strict formalized analytical dependencies. Dozens of these methods are known. Let's list some of them.

Classical methods of analysis of economic activity and financial analysis: chain substitutions, arithmetic differences, balance sheet, isolating the isolated influence of factors, percentage numbers, differential, logarithmic, integral, simple and compound interest, discounting.

Traditional methods of economic statistics: average and relative values, groupings, graphical, index, elementary methods for processing dynamics series.

Mathematical and statistical methods for studying relationships: correlation analysis, regression analysis, variance analysis, factor analysis, principal component method, covariance analysis, object-period method, cluster analysis and other methods.

Economic methods: matrix methods, harmonic analysis, spectral analysis, theoretical methods production functions, methods of the theory of interindustry balance.

Methods of economic cybernetics and optimal programming: methods of system analysis, machine simulation method, linear programming, nonlinear programming, dynamic programming, convex programming, etc.

Operations research methods and decision theory: graph theory methods, tree method, Bayesian analysis methods, game theory, queuing theory, network planning and management methods.

Of course, not all of the listed methods can find direct application within the framework of financial analysis, since the main results of effective analysis and financial management are achieved with the help of special financial instruments; however, some of their elements are already in use.

To make decisions on enterprise management, constant business awareness on relevant issues is required, which is the result of selection, analysis, evaluation and specification of initial information. Therefore, an analytical reading of the source data is necessary.

The basic principle of analytical reading of financial statements is the deductive method, i.e. From general to specific. In the course of such an analysis, a logical sequence of economic factors and events is produced, their direction and strength of influence on the results of operations.

The practice of financial analysis has already developed the basic methods for analyzing financial statements.

Basic methods:

- horizontal (time) analysis - comparison of each reporting item with the previous period;

- vertical (structural) analysis - determining the structure of the final financial indicators, identifying the impact of each reporting item on the result as a whole;

- trend analysis - comparison of each reporting item with a number of previous periods and determination of the trend, i.e. the main trend of the indicator dynamics, cleared of random influences and individual characteristics of individual periods. With the help of a trend, possible values ​​of indicators in the future are formed, and, consequently, a promising forecast analysis is carried out;

- analysis of relative indicators (coefficients) - calculating the relationships between individual report items or items of different reporting forms, determining the relationships between indicators;

Comparative (spatial analysis) - This is both an on-farm analysis of summary reporting indicators for individual indicators of a company, subsidiaries, divisions, workshops, and an inter-business analysis of the indicators of a given company with the indicators of competitors, with industry average and average economic data;

- factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator using deterministic research techniques. Moreover, factor analysis can be either direct (analysis itself), when the effective indicator is divided into its component parts, or reverse (synthesis), when its individual elements are combined into a common effective indicator.

The proposed methodology for analyzing financial condition is intended to ensure management of the financial condition of an enterprise and assessment of financial stability in a market economy. It includes elements common to both external and internal analysis.

Along with absolute indicators characterizing various aspects of financial condition, financial ratios are also used. Financial ratio represents relative indicators of financial condition. They are divided into distribution and coordination coefficients. Distribution coefficients are used in cases where it is necessary to determine what part a particular absolute indicator makes up of the total of the group of absolute indicators that includes it. These coefficients are used mainly in preliminary analysis.

Coordination coefficients are used to express the relationships between essentially different absolute indicators of financial condition.

Analysis of financial ratios consists of comparing their values ​​by period. Indicators of the base period of a given business entity can be used as basic values.

Special financial ratios, the calculation of which is based on the existence of certain relationships between reporting items, are called financial and operational indicators. They allow you to realistically assess the position of a given economic entity. Analysis of financial ratios is performed in the following groups:

- financial stability analysis;

- solvency analysis;

- asset turnover analysis;

- cost-benefit analysis.

Financial ratios characterize the proportions between various reporting items. The advantages of financial ratios are the simplicity of calculations and elimination of the influence of inflation.

Important The factors that determine the solvency of an enterprise are: timely implementation of operations recorded in the financial plan, and replenishment as the need arises for own working capital at the expense of profits, and the turnover rate of working capital (assets).

Liquidity is the ability of values ​​to be converted into money, which is considered an absolutely liquid asset. The property of liquidity has two sides. On the one hand, this - the reciprocal of the time required to quickly sell an asset at a given price. On the other hand, this - the amount that can be obtained for it.

Liquidity The balance sheet is defined as the degree to which the enterprise's liabilities are covered by its assets, the period for converting them into cash corresponds to the period for repayment of the obligations.

Analysis of balance sheet liquidity begins with the fact that all assets and liabilities are divided into four groups (assets - depending on the rate of conversion into cash; liabilities - depending on the urgency of payment). The characteristics of all groups are presented in Table 1.

Table 1. Condensed liquidity balance

A 1 - the most liquid assets - the company’s cash and short-term financial investments	P 1 - the most urgent obligations - accounts payable, loans not repaid on time
A 2 - quickly realizable assets - accounts receivable and other assets	P 2 - short-term liabilities - short-term loans and borrowings
A 3 - slowly selling assets - inventories and costs, long-term financial investments	P 3 - long-term liabilities - long-term loans and borrowings
A 4 - hard-to-sell assets - fixed assets and other non-current assets, with the exception of long-term financial investments	P 4 - permanent liabilities - sources of own funds
Balance = A1-4	Balance = P1-4

A balance is considered absolutely liquid if the following relationships hold:

A 1 P 1 ; A 2 P 2 ; A 3 P 3 ; A 4 P 4 (1)

The fulfillment of the fourth relation from inequalities (1) indicates that the enterprise has its own working capital (the minimum condition for financial stability). If at least one of the inequalities (1) is not satisfied, the enterprise’s balance sheet cannot be considered absolutely liquid. In this case, the lack of funds in one group of assets is compensated by their surplus in another group, however, compensation takes place only in value, since in a real payment situation less liquid assets cannot replace more liquid ones.

At In this case, you also need to evaluate the maneuverability of your own working capital:

Comparison of the most liquid funds and quickly realizable assets with the most urgent liabilities allows you to find out current liquidity, that is, liquidity (and solvency) at the current time.

The current liquidity ratio is equal to the ratio of all current assets to the amount of short-term liabilities:

This ratio shows how many rubles in assets account for one ruble of current liabilities and characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of all current assets. The normal limit for this coefficient is: 1 K l.tek 2. The lower limit is due to the fact that working capital must be sufficient to cover its short-term obligations.

The quick liquidity ratio characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables:

Regulatory quick liquidity ratio value: K l.fast 1. If the ratio of current assets and short-term liabilities is lower than 1:1, then we can talk about a high financial risk associated with the fact that the company is not able to pay its bills; if the ratio is greater than 1:1, then it can be argued that the enterprise has a sufficient amount of free resources generated from its own sources.

The absolute liquidity ratio shows what part of the short-term debt the company can repay in the near future (as of the balance sheet date):

Regulatory limitation of this coefficient: K l.abs 0,2 0,5.

So Thus, the signs of a “good” balance sheet from the point of view of liquidity and solvency are the following:

current ratio > 2.0;

the enterprise's provision with its own working capital > 0.1;

there is an increase in equity capital;

there are no sudden changes in individual balance sheet items;

accounts receivable are in accordance (equilibrium) with the size of accounts payable; there are no “sick” items in the balance sheet (losses, overdue debt to banks and the budget);

inventories and costs do not exceed the minimum sources of their formation (own working capital, long-term loans and borrowings, short-term loans and borrowings).

Indicators liquidity in the aggregate provide a versatile, comprehensive characteristic of the stability of the financial condition of an enterprise with different classifications of liquid funds in the accounting process.

The concept of sustainability is multifactorial and multifaceted. Thus, depending on the factors influencing it, the sustainability of an enterprise is divided into internal, external, general and financial. Internal stability - This is the general financial condition of an enterprise when a consistently high result of its functioning is ensured. To achieve it, an active response to changes in external and internal factors is necessary. The external stability of an enterprise, in the presence of internal stability, is determined by the stability of the external economic environment within which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country. The overall stability of the enterprise is achieved by organizing cash flows in such a way that ensures that the receipt of funds (income) always exceeds their expenditure (costs). Financial stability is a reflection of the stable excess of income over expenses. It ensures free maneuvering of the enterprise’s funds and contributes to the uninterrupted process of production and sales of products. Financial stability is formed in the process of all production and economic activities and can be considered the main component of the overall sustainability of the enterprise. The financial stability of an enterprise is characterized by relative and absolute indicators.

The most important indicator of this group of indicators - coefficient of concentration of equity capital (coefficient of independence, autonomy). It shows the share of equity in the value of the enterprise’s property:

Enough high level is considered 0.5. In this case, the risk of creditors is minimized. By selling half of the property formed from its own funds, the company will be able to pay off its debt obligations, even if the second half, in which borrowed funds were invested, is depreciated for some reason.

The reciprocal of K auto is the coefficient of financial dependence:

The coefficient of maneuverability of equity capital reflects the share of equity capital invested in working capital, the degree of mobility of the use of equity capital. The higher its value, the better the financial condition. The optimal value of the coefficient is 0.5.

The coefficient is determined by the formula:

The dependence of an enterprise on external loans is characterized by the ratio of borrowed and equity funds. This ratio is determined using the debt capital concentration ratio:

The coefficient characterizes the amount of borrowed funds per 1 ruble of equity capital, the degree of independence from external sources of financing. The higher the value of this indicator, the higher the degree of risk for shareholders, since in case of failure to fulfill payment obligations, the possibility of bankruptcy of the enterprise increases. The standard value of the indicator is 0.5 1.0. Its critical value is equal to unity. An excess of the amount of debt over the amount of equity indicates that the financial stability of the enterprise is in doubt.

Data on the enterprise's debt must be compared with debts of debtors. Their share in the value of the property is calculated using the formula:

To characterize the structure of an enterprise's sources of funds, along with the above indicators, private indicators should be used that reflect various trends in changes in the structure of individual groups of sources. Let's look at these indicators.

The long-term investment structure coefficient reflects the share of long-term liabilities in the composition of non-current assets:

The long-term fundraising ratio allows you to approximately estimate the share of borrowed funds when financing investment projects. It is equal to the ratio of the amount of long-term loans and borrowed funds to the sum of the sources of the enterprise’s own funds and long-term loans and borrowings:

To characterize the ratio of borrowed funds and other elements, the following are calculated:

- debt capital structure ratio:

Debt to equity ratio:

Absolute indicators of financial stability are indicators characterizing the level of provision of current assets with sources of their formation. To characterize the sources of reserve formation, three main indicators are determined.

Availability of own working capital (S OS), as the difference between capital and reserves and non-current assets. This indicator characterizes net working capital. In formalized form, the availability of working capital can be written as follows:

S OS = Capital and reserves - Non-current assets (15)

Availability of own and long-term borrowed sources of formation of reserves and costs (S OL), determined by increasing the previous indicator by the amount of long-term liabilities:

SOL= S OS+ long-term liabilities (16)

The total value of the main sources of formation of reserves and costs (About S), determined by increasing the previous indicator by the amount of short-term borrowed funds:

O S = S OL+ short-term liabilities (17)

Based on these indicators, the following indicators are calculated:

Surplus (+) or deficiency (-) of own working capital (S OS):

SOC= S OS - supplies (18)

Excess (+) or deficiency (-) of own and long-term borrowed sources of formation of reserves and costs (S OL):

SOL= S OL- stocks (19)

Excess (+) or deficiency (-) of the total amount of the main sources of inventory formation and costs (O S):

ABOUT S= O S - supplies (20)

At further analysis financial stability in an enterprise there are four types of financial stability:

Absolute sustainability (reserves< sOS+ bank loans);

Normal stability (stocks = s OS+ bank loans);

Unstable financial position (inventories = s OS+ bank loans + sources that ease financial tension);

Crisis financial situation (inventories > s OS+ bank loans).

In the case where the structure of the enterprise's balance sheet is recognized as unsatisfactory, and the enterprise is insolvent, and the current liquidity ratio has a standard value, it is required to calculate the loss of solvency ratio for a period of 3 months:

where K l.tek.k,n - respectively, the actual value of the current ratio at the end and at the beginning of the period;

To l.tek.norm - standard value of the current liquidity ratio (=2);

T - duration of the reporting period in months.

If the calculated value of the loss of solvency coefficient is less than 1, then a decision may be made that the enterprise is in an unstable financial position and is threatened with loss of solvency in the near future.

If the balance sheet structure is unsatisfactory and the current liquidity ratio is below the standard value, the solvency recovery ratio should be calculated within six months:

If the calculated value of Quosst is greater than 1, we can conclude that the company has the opportunity to restore its ability to repay loans.

Recently, when assessing the solvency and probability of bankruptcy of enterprises in Russia, they began to use an indicator known in the international practice of analyzing the financial and economic activities of enterprises as the Altman Z-score. This is an integrated indicator calculated using the formula:

where A - assets;

II A - section IIa of the balance sheet (current assets);

P nr - retained earnings;

P in - profit from sales;

In op - market value of ordinary and preferred shares;

L - liabilities.

The critical value of the Z coefficient is considered to be 1.8. If the Z value ranges from 1.8 to 2.7, the probability of bankruptcy is high; at values ​​from 2.8 to 2.9 possible; if the value is more than 3.0 - the probability of bankruptcy is considered low.

The tax authority is interested in the answer to the question of whether the enterprise is capable of paying taxes. Therefore, from the point of view of the tax authorities, the financial situation is characterized by the following indicators:

- balance sheet profit;

Return on assets;

- balance sheet profit per 1 ruble means to pay for labor.

Based on these indicators, tax authorities can determine the receipt of payments to the budget for the future. Enterprise managers are primarily concerned with resource efficiency and enterprise profitability. The main goal of financial activity is reduced to one strategic objective - increasing the assets of the enterprise.

Thus, methods for assessing the financial results of an enterprise have shown that the main methods are: horizontal (time) analysis; vertical (structural) analysis; trend analysis; analysis of relative indicators (coefficients); comparative (spatial analysis); factor analysis. The key elements of the analysis of financial results are: marginal income; profitability threshold; production leverage; marginal safety margin.