Introduction

Each enterprise, starting its production and economic activities, must have a certain amount of money. With these monetary resources, the enterprise purchases raw materials, materials, fuel on the market or from other enterprises under contracts, pays electricity bills, pays wages to its employees, bears the costs of developing new products, all this represents one of the most important parameters of management, which received the name "working capital of the enterprise."

In market conditions, working capital becomes especially important. After all, they represent a part of productive capital, which transfers its value to the newly created product in its entirety and returns to the entrepreneur in cash at the end of each capital circulation.

Thus, working capital is an important criterion in determining the profit of an enterprise.

Methods for rationing working capital.

The following main methods of rationing working capital are used:

 Direct counting method. This method consists in first determining the amount of advance of working capital into each element, then summing them up to determine the total amount of the standard.

 Analytical method. It is applied in the case when the planning period does not provide for significant changes in the operating conditions of the enterprise compared to the previous one. In this case, the calculation of the standard working capital is carried out on an aggregate basis, taking into account the relationship between the growth rate of production volume and the size of the normalized working capital in the previous period.

 Coefficient method. In this case, the new standard is determined on the basis of the old one by making changes to it, taking into account the conditions of production, supply, sales of products (works, services), and calculations.

In practice, it is most appropriate to use the direct counting method. The advantage of this method is its reliability, which makes it possible to make the most accurate calculations of partial and aggregate standards. Private standards include standards for working capital in production inventories: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers, MBP, spare parts; in work in progress and semi-finished products of own production; in deferred expenses; finished products. The peculiarity of each element determines the specifics of standardization.

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

N=R*D, Where

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

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

D - stock norm in days.

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

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

The stock norm in days for certain types of raw materials, materials and semi-finished products is established based on the time required to create transport, preparatory, technological, current warehouse and insurance stocks.

 Transport stock is necessary in cases where the time of movement of cargo in transit exceeds the time of movement of documents for its payment. In particular, transport stock is provided in the case of payments for materials on the basis of advance payment. Transport stock in days is defined as the difference between the number of days of cargo travel and the number of days of movement and payment of documents for this cargo.

 Preparatory stock. Provided for in connection with the costs of receiving, unloading and storing raw materials. It is determined based on established standards or actual time spent.

 Technological stock. This stock is taken into account only for those types of raw materials for which, in accordance with production technology, preliminary production preparation is necessary (drying, holding raw materials, heating, settling and other preparatory operations). Its value is calculated according to established technological standards.

 Current warehouse stock. It is recognized to ensure the continuity of the production process between supplies of materials, which is why it is fundamental in industry. The amount of warehouse stock depends on the frequency and uniformity of deliveries, as well as the frequency of launching raw materials into production. The basis for calculating the current warehouse stock is the average duration of the interval between two adjacent deliveries of a given type of raw material. The duration of the interval between deliveries is determined on the basis of contracts, orders, schedules or based on actual data for the past period. In cases where this type of raw material comes from several suppliers, the current warehouse stock rate is assumed to be 50% of the delivery interval. At enterprises where raw materials come from one supplier and the number of types of material assets used is limited, the stock norm can be taken at the rate of 100% of the delivery interval.

 Safety stock. It is created as a reserve that guarantees an uninterrupted production process in the event of a violation of the contractual terms of supply of materials (incomplete receipt of a batch, violation of delivery deadlines, inadequate quality of materials received). The amount of safety stock is accepted, as a rule, within the limits of up to 50% of the current warehouse stock. It can be even more if the enterprise is located far from suppliers and transport routes, if unique, high-quality materials are periodically consumed.

Thus, the total stock rate in days for raw materials, basic materials and purchased semi-finished products generally consists of the five listed stocks.

The working capital standard for auxiliary materials is established in two main groups:

 The first group includes materials consumed regularly and in large quantities. The standard is calculated in the same way as for raw materials and basic materials.

 The second group includes auxiliary materials used in production rarely and in small quantities. The standard is calculated using analytical methods based on data for previous years.

The general standard of working capital for auxiliary materials is the sum of the standards of both groups.

Working capital standard for fuel is calculated in the same way as for raw materials. The standard for gaseous fuel and electricity is not calculated. When calculating fuel consumption, the need for fuel for production and non-production needs is taken into account. For production needs, the need is determined based on the production program and consumption rates per unit of production by workshop; for non-production - based on the volume of work performed.

Working capital norm for containers determined depending on the method of its preparation and storage. Therefore, the methods of calculation for containers in different industries are not the same.

At enterprises that use large containers for packaging products, the working capital rate is determined in the same way as for raw materials.

For containers of our own production, used for packaging finished products and included in the wholesale price, the stock rate in days is determined by the time this container is in the warehouse from the moment of its manufacture to the packaging of the products in it. If the cost of containers of own production is not included in the wholesale price of finished products, but is included in the cost of gross and marketable products, a standard for it is not established, since it is taken into account in the standard for finished products.

For returnable containers received from the supplier with raw materials and supplies, the working capital rate depends on the average duration of one turnaround of the container from the moment the invoice for the container along with the raw materials is paid until the invoice for the returned container is paid by the supplier. The cost of containers intended for storing raw materials, materials, parts and semi-finished products in warehouses and workshops is not taken into account when determining the working capital standard for containers, since it is part of fixed assets or IBP.

Working capital standard for spare parts is established for each type of spare parts separately based on their delivery time and time of use for repairs. The standard can be calculated based on standard standards per unit of book value of fixed assets, using an analytical method based on data from previous years.

Standard for IBP is calculated separately for tools and devices, low-value equipment, special clothing and shoes, special tools and devices.

For the first group, the standard is determined by direct calculation methods based on the required set of low-value and wear-out tools and their cost. For the second group, the standard is established separately for office, household and industrial equipment. The standard for office and household equipment is determined based on the number of places and the cost of a set of equipment per place. For production inventory - based on the need for a set of this inventory and its cost.

Working capital standard for workwear and footwear determined based on the number of workers who rely on them and the cost of one set. The standard for this group of working capital in the warehouse is determined by multiplying one-day consumption by the stock rate in days, including transport, current and safety stocks.

For special equipment and devices, the standard is determined based on their required set, cost and service life.

At enterprises that have a small share of small business enterprises in the structure of working capital, the standard is calculated based on the ratio of average actual inventories to the amount of production costs.

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

The amount of working capital advanced to work in progress is not the same across enterprises and industries. The main reasons for the differences are the characteristics of organizations, production volume, and structure of products.

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

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

N=P*T*K, Where

P - one-day production costs;

T is the duration of the production cycle in days;

K is the cost increase coefficient.

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

The product of the production cycle duration and the cost increase factor represents the stock rate in days under the item “Work in progress”.

The duration of the production cycle reflects the time the product remains in work in progress from the first technological operation to the complete production of the product and transfer to the warehouse.

The production cycle includes technological stock (processing time of a product), transport stock (time of transfer of a product from one workplace to another and to a warehouse), working stock (stay time of a product between processing operations) and safety stock (in case of delay of any operation ). When calculating the standard, the production cycle is determined for each type of product in calendar days, taking into account the number of shifts of the enterprise per day. At enterprises that produce a wide range of products, the duration of the production cycle is determined as a weighted average.

The cost increase coefficient reflects the nature of the increase in costs in work in progress by day of the production cycle.

All costs in the production process are divided into:

One-time costs. These include costs incurred at the beginning of the production cycle (costs of raw materials, basic materials and purchased semi-finished products).

Increasing costs. The remaining costs are considered accrual (depreciation of fixed assets, electricity costs, labor costs, etc.). The cost increase coefficient is determined by the ratio of the average cost of a product in work in progress to the total amount of production costs. The coefficient is determined in different ways for production with a uniform and uneven increase in costs.

If the main share of costs enters production at the very beginning of the production cycle (one-time), and the remaining (increasing) costs are distributed relatively evenly throughout the production cycle (in mass production), the coefficient is determined by the formula:

A+(0.5*B)

K= A+B, Where

A - costs incurred at a time at the beginning of the production cycle;

B - other costs included in the cost of production.

If costs increase unevenly over the days of the production cycle, the coefficient is determined by the formula:

(Ce*E)+(C 2 * T 2 )+( C 3 * T 3 )+...+(0,5* Cp * T )

K= S*T,Where

Non-recurring costs of the first day of the production cycle;

C2, C3,... - costs by day of the production cycle;

T2, T3... - time from the moment of one-time operations to the end of the production cycle;

Ср - costs incurred evenly during the production cycle;

C is the production cost of the product;

T is the duration of the production cycle.

Costs that increase evenly (Cp) are taken into account in calculating the average cost of a product in half the amount, since they are at all stages of work in progress simultaneously.

Standard for the article “Future expenses” are calculated by the formula:

H=Po+Pn-Rs, Where

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

Pn - expenses incurred in the planning period according to the estimate;

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

Finished products manufactured at the enterprise characterize the transition of working capital from the sphere of production to the sphere of circulation. This is the only regulated element of circulation funds.

Working capital standard for finished products determined by the formula:

N=R*D, Where

P - one-day production of commercial products at production cost;

D is the stock norm in days.

The rate of working capital for annual production is determined separately for finished products in the warehouse and for goods shipped, for which settlement documents are being processed.

The standard for finished products in the warehouse is determined by the time of completing and accumulating products to the required sizes, storing products in the warehouse until shipment, packaging and labeling of products, delivering them to the departure and loading station.

The norm for goods shipped, for which documents have not been submitted to the bank, is determined by the established deadlines for issuing invoices and payment documents, submitting documents to the bank, and the time of crediting amounts to the accounts of the enterprise.

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

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

The difference between the standards is the amount of increase or decrease in the working capital standard, which is reflected in the financial plan of the enterprise.

Conclusion

For the normal functioning of each enterprise, working capital is necessary, which is money used by the enterprise to acquire working capital and circulation funds.

0revolving funds, i.e. Material resources, unlike fixed assets, are used in one production cycle, and their cost is transferred to the product immediately and completely.

Rational and economical use of working capital is the primary task of enterprises, since material costs account for 3/4 of the cost of industrial products. Reducing the material intensity of a product (consumption of material resources in physical and value terms per unit of product) is achieved in various ways, among which the main ones are the introduction of new equipment, technology, and improvement of the organization of production and labor.

The main feature of the modern transition period is the lack of working capital among enterprises. Acceleration of the turnover of working capital, which is measured by the turnover ratio and the duration of one turnover in days, is achieved by various measures at the stages of creating inventories, work in progress and at the circulation stage.

List of used literature

Efimova O. V. Analysis of the organization’s current assets. // Accounting – 2000. - No. 10 – p.47-53.

Paramonov A.V. Accounting and analysis of entrepreneurial capital // Audit and financial analysis. – 2001 - No. 1 – p.25 – 88.

Churilov S.V. Analysis of own working capital // Accounting. – 2000 - No. 11 – p.76-78

Enterprise Economics: Textbook/Ed. prof. N.A. Safronova.-M.: Yurist, 2003. - 608 p.

Economics of organizations (enterprises): textbook/ed. I.V. Sergeeva. – 3rd ed., revised. and additional – M.: TK Welby, Prospekt Publishing House, 2007. – 560 p.

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MINISTRY OF EDUCATION AND SCIENCE RUSSIAN FEDERATION

STATE EDUCATIONAL INSTITUTION HIGHER PROFESSIONAL EDUCATION ALL-RUSSIAN CORRESPONDENCE INSTITUTE OF FINANCIAL AND ECONOMIC

Department of Financial Management

COURSE WORK

in the discipline "FINANCE OF ORGANIZATIONS"

on the topic “METHODS FOR RATING WORKING CAPITAL OF THE ENTERPRISE”

INTRODUCTION

4. CALCULATION PART

CONCLUSION

BIBLIOGRAPHY

INTRODUCTION

Working capital (working capital) is the assets of an enterprise that are renewed with a certain regularity to ensure current activities, investments in which are turned over at least once during the year or one production cycle.

For the normal operation of an enterprise, it is necessary to calculate the amount of working capital sufficient to achieve the planned volume of production and sales of products and at the same time ensuring minimal diversion of funds from circulation.

Since the need for working capital depends decisively on such changeable phenomena as prices for raw materials and materials, the nature of their supply, general market conditions, and the production program of the enterprise itself, there is no once and for all determined amount of necessary working capital. This value must be adjusted periodically.

The calculation of the need for working capital is carried out in the process of financial planning - the constantly required minimum amount of working capital is established to ensure a stable financial position of the enterprise.

As you can see, the process of rationing the working capital of an enterprise plays an important role in the economic activity of any company.

The purpose of this course work was to explore the essence of rationing the working capital of an enterprise, for the solution of which the following tasks were set:

· study the economic meaning and importance of the company’s working capital;

· consider the classification and composition of working capital in order to identify elements subject to rationing;

· explore the essence of the rationing process, its basic principles;

· consider standardization methods, such as the direct counting method, the analytical method and the coefficient method;

· study the standardization of individual elements of working capital by combining them into three large groups - standards for industrial inventories, standards for work in progress and deferred expenses, and standards for inventories of finished goods.

In the practical part of the course work, the following calculations were carried out to formulate a financial plan for an industrial enterprise:

Calculation of cost estimates for production;

Calculation of depreciation, taxes and capital investments;

Calculation of working capital requirements;

Decisions will be made on the distribution of profits for the planned period, etc.

As a result, based on the planned indicators, the organization’s balance sheet was drawn up, and the problem of distributing income items among the corresponding expense items was solved, which is important for the correct calculation of profits.

1. WORKING CAPITAL OF THE ENTERPRISE

1.1 Economic essence and importance of the enterprise’s working capital

Working capital is the funds of an enterprise advanced for the systematic formation and use of circulating production assets and circulation funds.

Current assets are presented in the second section of the balance sheet.

The management policy for these assets is important, first of all, to ensure the continuity and efficiency of the current activities of the enterprise, which requires investment in working capital. Unlike fixed assets, which are repeatedly involved in the production process, working capital operates only in one production cycle and completely transfers its value to the newly manufactured product.

The essence of working capital is determined by their economic role, the need to ensure the reproduction process, including both the production process and the circulation process.

The circulation of working capital, ensuring the continuity of the production and circulation process, represents the organic unity of its three phases. Passing through them, circulating assets change their natural and material form. At the same time, they move from the sphere of circulation to the sphere of production and back, consistently taking the form of circulating production assets (in the form of inventories, work in progress and deferred costs) and circulation funds (in the form of finished products in the warehouse and in transit, cash in settlements, in cash, on bank accounts, as well as funds invested in short-term financial assets).

For normal operation of an enterprise, working capital must be present at all stages of the production cycle (storage time of inventories, duration of the production process, period of storage of finished products in the warehouse) and in all forms (monetary, productive and commodity). The absence of any element of current assets at one of the stages leads to a stop in production.

It is necessary to distinguish between the concepts of “working capital” and “own working capital”.

Own working capital (SOC) characterizes that part of the enterprise's own capital, which is the source of covering its current assets. The value of SOS is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. All other things being equal, the growth of this indicator in dynamics is considered as a positive trend. The main and constant source of increasing own working capital is profit.

The algorithm for calculating the SOS indicator has changed over the years. During the centrally planned economy, it looked like this:

SOS = SK + UP - VA,

where SK is equity capital;

UP - stable liabilities;

VA - non-current assets.

Own capital represented the sources of own funds and was numerically equal to the total of the first section of the liabilities side of the balance sheet. Sustainable liabilities are an accounting and analytical category that characterizes temporarily attracted funds that are constantly (i.e., sustainably) in circulation. As the name suggests, these are sources of funds that arise due to the specifics of settlements with counterparties. For example, the balance sheet constantly reflects the debts owed to employees of the enterprise for wages, social insurance, advances from buyers and customers, etc. Part of these liabilities, within the limits of the standards provided for by the financial plan, was equated to sources of own funds.

In the context of the transition to a market economy and, in particular, in connection with changes in the principles of financial planning, targeted lending for production activities and the increasing development of commercial lending, restrictions on the use of both own and borrowed funds, which were of a prescriptive nature, have been practically eliminated.

Where and in what proportion to allocate available financial resources is decided by the management of a commercial organization. These changes had a serious impact on the interpretation of the concepts of liquidity and solvency. In particular, the concept of “sustainable liabilities” has been excluded from the methodological foundations of accounting, the concept of rationed working capital has disappeared (in this case, rationing means a centrally regulated procedure), the structure of the balance sheet has changed, which is reflected in some algorithms traditional for domestic analytical practice.

Thus, the formula for the SOS calculation algorithm was transformed as follows:

SOS = SK - VA.

Due to the strengthening in the 90s. The influence of the Anglo-American school of accounting on the development of accounting, audit and financial analysis in Russia in domestic analytical practice has received recognition of another algorithm for calculating the amount of own working capital or net working capital (Net Working Capital):

SOS = (SK - R) + DO - VA,

where P - uncovered losses and other regulations;

DO - long-term obligations.

Having your own working capital is a necessary condition for ensuring the financial stability of an enterprise. It is recommended to set the minimum value of this indicator at 10% of the total volume of current assets. The higher this indicator, the more stable the financial condition of the enterprise, the more opportunities it has to pursue an independent financial policy.

The availability and dynamics of own working capital depend on a number of factors:

- industry affiliation of a commercial organization;

- bank lending conditions;

- the existing system of settlements with counterparties;

- profitability of a commercial organization;

- level of organization of commercial work;

- informal aspects in relationships with counterparties, etc.

1.2 Composition and structure of working capital

In planning practice, accounting analysis, working capital is grouped depending on the following factors:

· functional role in the production process as circulating production assets and circulation funds;

· practices of control, planning and management based on the principles of organization and regulation of production and circulation - regulated and non-standardized working capital;

· liquidity (speed of conversion into cash) - absolutely liquid, quickly sold and slowly sold working capital;

· degree of investment risk - working capital with minimal, medium, high investment risk;

· accounting standards and reflection in the balance sheet of an enterprise - working capital in inventories, accounts receivable, cash, short-term financial investments, settlements and other assets, etc.;

· material content - objects of labor (raw materials, supplies, work in progress), finished products and goods, cash and settlement funds.

In the framework of this course work, for understanding the essence and significance of working capital, the first criterion is of most interest, and for the study of rationing - the second.

The placement of working capital in the reproduction process determines its division into circulating production assets and circulation funds. Working capital assets function in the process of production, and circulating assets function in the process of circulation, i.e. sales of finished products and acquisition of inventory items. The optimal ratio of these funds is determined by the largest share of circulating production assets involved in value creation. The size of circulation funds must be sufficient to ensure a clear and rhythmic circulation process.

Based on the principles of organization and regulation of production and circulation, working capital is divided into standardized and non-standardized. Standardized working capital is inventories and costs calculated according to economically feasible standards. All elements of circulating production assets and one element of circulation assets are standardized - finished products in the warehouse.

Non-rationed funds include elements of circulation funds: products sent to consumers, but not yet paid for, and all types of funds and settlements.

The absence of standards does not mean that the size of these elements of working capital can change arbitrarily and indefinitely and that there is no control over them. The current procedure for settlements between enterprises provides for a system of economic sanctions for violation of contractual terms.

Standardized working capital is reflected in the financial plans (business plan) of the enterprise, while non-standardized working capital is practically not an object of planning.

The composition and structure of an enterprise’s working capital depends on many factors:

· forms of ownership;

· type of business (nature of the enterprise’s activities);

· features of the organization of specific production;

· conditions and practices of lending to economic activities of enterprises;

· financial condition of the enterprise.

· production and sales volumes;

· scale of activity;

· capital structure of the enterprise;

· accounting policy of the enterprise and settlement system;

· level of material and technical supply;

· types and structure of consumed raw materials;

· growth rates of production volumes and sales of the enterprise's products;

· the skills of managers and accountants and other factors.

Working capital management is closely related to its composition and structure. The composition of working capital is understood as a set of elements (items) that form working capital. The structure of working capital is the relationship between items.

Different enterprises have different composition and structure of working capital. Working capital must ensure the continuity of the production and circulation process. Therefore, the composition and size of an enterprise’s need for working capital is determined by the needs of not only production, but also circulation.

The condition, composition and structure of inventories, work in progress and finished products are an important indicator of the commercial activity of an enterprise. Studying the structure and identifying trends in changes in the elements of working capital serves as the basis for predicting future changes in the composition of working capital.

2. RATING OF WORKING CAPITAL OF THE ENTERPRISE

2.1 The essence and basic principles of rationing the working capital of an enterprise

The most important element of working capital organizations is their rationing.

Through rationing, the need of enterprises for working capital is determined. Correct calculation of this need is important, since a constantly required minimum amount of funds is established to ensure the sustainability of the financial condition of the enterprise.

In the process of rationing working capital, norms and standards are developed.

Working capital norm (N) is a value corresponding to the minimum, economically justified volume of inventories of inventory items. It is usually set in days. Working capital standards depend on:

· norms of material consumption in production;

· wear resistance standards for spare parts and tools;

· duration of the production cycle;

· conditions of supply and sales;

· time to give certain materials certain properties necessary for industrial consumption;

· other factors.

Being a relatively stable indicator, the norm is valid for several years.

The need to clarify it is due to significant changes in the technology and organization of production, delivery conditions, product range, changes in prices, tariffs and other indicators.

Working capital standard (W) is the minimum required amount of working capital to ensure the entrepreneurial activity of the enterprise.

If working capital standards can be established for a relatively long period, then the standards are calculated for a specific period (year, quarter, month).

The following main indicators are identified that determine the working capital standard of each enterprise:

· volume of production and sales of products;

· costs of production, storage and sales of products;

· norms of working capital for certain types of inventory, expressed in days.

There are aggregate standards (total amount of working capital) and private standards (amounts of funds for the corresponding types of working capital). The formula for calculating the private standard for a separate element of working capital can be expressed as follows:

,

where Wi is the standard for the i-th element of working capital, thousand rubles;

O -- turnover for this element of working capital for the period (consumption of inventory items according to production cost estimates, cost of gross output, volume of marketable products according to production cost);

T - duration of the period in days (hence, the O/T ratio represents the one-day consumption of a given element of working capital);

Нi is the norm of the i-th element of working capital in days.

One-day consumption (or output) at enterprises with production volume increasing evenly throughout the year is calculated according to the cost estimate for the fourth quarter of the coming year. This is explained by the fact that the resulting working capital standard is valid at the end of the planned period (year, quarter) and must meet production needs at the beginning of the next period.

In conditions of seasonal production, one-day expenses are calculated according to the cost estimate for the quarter with a minimum volume of production: the need for working capital in excess of the minimum is covered by borrowed funds.

Thus, the entire rationing process includes:

· development of stock standards for certain types of inventory items of all elements of standardized working capital;

· determination of frequent standards for each element of working capital;

· calculation of the total working capital ratio.

The basic principles of rationing working capital are determined depending on business conditions, the development of market relations, and corporatization.

In accordance with the principle of planning, the rationing of working capital is carried out according to cost estimates for production and non-production needs; according to consumption standards and inventories of material assets; according to plans of organizational and technical measures aimed at improving production; according to plans for the sale of finished products and payment terms.

The principle of consistency reflects the organic relationship of financial norms with the system of applied technological norms and standards. Financial standards are based on technological norms and standards (one-day consumption of material resources, duration of operations of the production cycle, etc.). In turn, financial standards, through a system of established standards, have a stimulating effect on the improvement of equipment and production technology, and the accelerated implementation of scientific and technological progress. Increasing consistency in stock rationing is an important condition for strengthening the balance of plans and promotes better use of resources.

The principle of scientific validity assumes that the process of rationing working capital is based on the achievements of scientific and technical progress and the use of progressive rationing methods. At the same time, the creation of a scientifically based system of working capital norms and standards is a means of mobilizing internal reserves. The regulatory framework must be progressive. To do this, inventory rationing is preceded by an analysis of production and financial activities, proposals are developed to improve the organization of production, and measures are planned aimed at increasing the efficiency of resource use and accelerating the turnover of inventory items.

Also, the norms and standards of working capital are clarified annually in order to bring them into line with the changing conditions of production and sales of products. Long-standing standards are adjusted for those types of material assets where the indicators underlying the standardization have changed significantly. These include standards:

· for raw materials and materials - terms of delivery of these values, method of transportation, structure and prices of consumed raw materials and materials;

· for work in progress - technology and organization of production, range of products, commissioning of new workshops and production facilities;

· for finished products - a change in the ratio between products shipped to non-resident and local consumers, as well as a change in the level of production specialization, product range, payment forms, mechanization of loading and unloading and other warehouse operations.

At enterprises where in-plant standards have been introduced, the standards of the corresponding workshop (for work in progress), the sales department (for stocks of finished products), and the supply department (for stocks of raw materials, main and auxiliary materials) are specified.

To obtain an economically justified amount of working capital, the standard is adjusted taking into account the actual level of inflation.

Rationing of working capital is ultimately aimed at obtaining the optimal value of their elements, which ensures a close relationship between the production and financial indicators of the enterprise.

As market relations develop and settlement and payment discipline strengthens, the importance of rationing working capital increases. The presence of sufficient working capital provides enterprises with expanded reproduction, modernization and structural restructuring. In this regard, there is a need to improve the quality of calculations, establish progressive, economically sound norms and working capital standards. Electronic computing technology should be widely used in this process.

2.2 Methods for rationing working capital

When rationing working capital, three main methods are used: direct calculation, statistical and analytical and the coefficient method.

The essence of the direct counting method is that the need for working capital of an organization is determined for each of its elements, and then, by summing them up, the need for working capital as a whole is calculated. Moreover, if an enterprise has a stable structure of the production program, a stable system for the purchase of raw materials, fuel, energy, and sales of finished products, then it can use the normative method for determining the need for working capital, “building” it in a certain way into the direct counting method.

Rationing is carried out at each enterprise in accordance with production cost estimates and a business plan that reflects all aspects of financial and economic activity. This ensures the relationship between production and financial indicators, which is necessary for successful entrepreneurship.

The meaning of standardization using the direct counting method is that the enterprise develops for itself inventory standards for each type of inventory in days and determines the total need for working capital (working capital standard) by multiplying these standards by the average daily costs for these items provided for in the production program -material assets (standardized working capital).

The total standard of working capital for the enterprise as a whole is determined by summing up the private standards for individual elements (for industrial inventories (Wпз), work in progress (Wпзп), deferred expenses (Wрпп) and finished goods inventories (Wгп)):

Woc = Wпз + Wзп + Wрбп + Wгп.

In cases where its value exceeds the working capital standard for the reporting year, the difference constitutes an increase in the standard, which is provided for by the financial plan and must be provided by appropriate sources of financing.

The direct calculation method allows you to most accurately calculate the needs for working capital and is used in current financial planning when determining the standard for the main elements of working capital. At the same time, this method is very labor-intensive. Therefore, in planning practice it is complemented by other methods, in particular statistical-analytical and coefficient methods.

The statistical and analytical method involves determining the working capital standard in the amount of average actual balances, taking into account various factors influencing the formation of working capital. This method is used in the case when there are no significant changes in the organization’s work in the planning period and funds invested in material assets and inventories occupy a large share. The need for working capital is calculated in aggregate, taking into account the relationship between the growth rate of production and the size of normalized working capital in the previous period, i.e., based on the average actual balances. The calculation algorithm is as follows:

1. Determine the working capital ratio in the base year (Kosb):

Kob = OSb/VPb,

where OSb is the average annual cost of working capital in the base year;

VPb - the volume of products sold in the base year.

2. Based on the assessment of reserves for reducing the duration of turnover of working capital, we determine the planned coefficient of working capital provision (Kosp).

3. We calculate the total need for working capital in the planning year (OSpl):

OSpl = VPb · Irp · Kosp,

where IRP is an index of growth in the volume of products sold in the planning period.

The method is applicable mainly for long-term and forecast calculations of the need for financial resources.

The disadvantages of this method are that its use does not fully take into account the specific operating conditions of the enterprise in the planned year, which does not always ensure the accuracy and validity of the calculations.

In long-term planning of working capital requirements, the coefficient method can also be used.

Its essence lies in calculating the working capital standard for the enterprise as a whole. The calculation of the standard working capital using the coefficient method is carried out based on the relationship between the growth rate of production and sales of products and the size of the normalized working capital in the base period. In this case, all working capital is divided into two groups.

The first group includes those elements of working capital that directly depend on changes in production volumes. This:

· raw materials;

· materials;

· finished products;

· work in progress, etc.

The working capital standard for them is determined by adjusting the reporting year standard to the rate of change in production volumes, prices for the corresponding inventory items, taking into account the planned acceleration of working capital turnover.

The elements included in the second group do not have a proportional dependence on the growth of production volume; their value either does not change at all or changes, but only slightly:

· spare parts;

· special equipment;

· other working capital invested in business equipment;

· deferred expenses, etc.

The working capital standard for this group is adopted either at the level actually established for the reporting period, or taking into account the existing proportions between the working capital standard of the first and second groups.

3. RATING OF INDIVIDUAL ELEMENTS OF WORKING CAPITAL OF THE ENTERPRISE

3.1 Calculation of standards for production inventories

The most important component of working capital is production inventories - a complex group of working capital, including raw materials, basic materials and purchased semi-finished products, fuel, containers, spare parts, special tools and devices, etc. Due to the different nature of their functioning in the production process, methods for rationing individual elements of industrial inventories are not the same.

The working capital standard for stocks of raw materials, basic materials and purchased semi-finished products is calculated on the basis of their one-day consumption (Rdn) and the average stock rate in days. The average rate of working capital, in turn, is defined as the weighted average of the rate of working capital for individual types or groups of raw materials, basic materials and purchased semi-finished products and their daily consumption. The rate of working capital for each type or homogeneous group of materials takes into account the time spent in current (Nt), insurance (Ns), transport (Nm), technological (Na), as well as preparatory stocks (Np). Thus, the working capital standard for production inventories of raw materials, basic materials and purchased semi-finished products is determined by the formula:

Wпз = Рдн (Нт + Нс + Нм + На + Нп).

Current stock is the main type of stock, therefore the rate of working capital in the current stock is the determining value of the entire stock rate in days. The size of the current stock is influenced by the frequency of supplies of materials under contracts (supply cycle) and the volume of their consumption in production.

Insurance (warranty) stock is the second largest type of stock, determining the general norm. It is necessary at every enterprise to guarantee the continuity of the production process in cases of violation of the terms and conditions for the supply of materials by contractors, transport, or the shipment of incomplete batches.

The amount of transport stock is calculated by direct and analytical methods. The direct counting method is used when there is a small range of consumable material resources coming from a limited number of suppliers. With a large number of suppliers and a significant range of consumed resources, the standard of transport stock is determined by the analytical method.

A technological stock is created for the period of preparation of materials for production, including analysis and laboratory tests. This stock is taken into account if it is not part of the production process. For example, when preparing for the production of certain types of raw materials and materials, time is required for drying, heating, grinding, settling, bringing to certain concentrations, etc.

The preparatory stock required for the period of unloading, delivery, acceptance and storage of materials is also taken into account in calculating the stock standards for raw materials, basic materials and purchased semi-finished products. The time for preparing materials for production is determined by the list of relevant operations and the conditions for their implementation based on technological calculations or by timing.

When rationing working capital by stocks of auxiliary materials, due to their large range, two groups are distinguished. According to the first of them, which includes the main types of these materials (at least 50% of the total annual expenditure), working capital standards are determined by the direct counting method, i.e. the same as for raw materials, basic materials and purchased semi-finished products. The working capital standard for the second group is determined by the analytical method based on the average actual balances of these materials for the previous period. Previously, excess, seasonal and unnecessary inventories are excluded from the amount of actual balances. The general standard of working capital for a group of auxiliary materials is determined as the product of their one-day consumption in production by the general standard of inventory in days.

The standard for fuel reserves is set similarly to the standard for raw materials, basic materials and purchased semi-finished products: based on the stock standard in days and one-day consumption for production and non-production needs. The standard is calculated for all types of fuel (technological, energy and non-production), with the exception of gas.

Rationing of working capital for container stocks is carried out depending on the sources of receipt and the method of using the containers. There are different types of packaging: purchased and home-produced, returnable and non-returnable.

The stock norm for purchased containers is calculated in the same way as for raw materials, basic materials and purchased semi-finished products. For containers of our own production, the cost of which is included in the wholesale price of the finished product, the working capital rate is determined by the time it is in the warehouse from the moment of manufacture to the packaging of the finished product. For containers arriving with material assets and subject to return to suppliers, the working capital rate is equal to the duration of one container turnover. For containers of own production, the cost of which is not included in the wholesale price of finished products, the working capital standard is not provided, since it is part of the standard for finished products in the warehouse.

When rationing working capital for spare parts and repairs, the machines, equipment and vehicles used at the enterprise are divided into the following groups:

· machines, equipment and vehicles for which standard working capital standards for spare parts have been developed;

· large unique equipment, machines, vehicles for which standard standards for spare parts have not been developed;

· other (small, single) equipment, machines and vehicles.

The working capital standard for spare parts for the first group of equipment is defined as the product of standard standards and the quantity of this equipment, taking into account reduction factors that clarify the need for working capital in the presence of similar equipment and interchangeable parts.

The need for working capital for spare parts for the second group of equipment is determined by the direct calculation method. For this purpose, a list of the most wear-prone parts and assemblies that must be kept in stock is compiled, indicating the number of machines and equipment used at the enterprise and in need of repair, as well as the coefficients for reducing the service life and price of each part.

The standard for spare parts for the repair of the third group of equipment is established by an aggregated calculation method: based on the ratio of the average actual balances of spare parts for the reporting year and the average annual cost of operating equipment and vehicles.

The elements of the working capital standard for general-purpose tools and devices are: the cost of tools at workplaces, in the tool-dispensing storeroom, for sharpening and repair.

Using the direct calculation method, the cost of tools at workplaces is determined taking into account the price of the tool, the number of machines where it is used, work shifts, and the standard of provision of each workplace with them. The amount of stock of tools in the tool-distributing storeroom is calculated taking into account the daily need and the period after which the replenishment of costly tools is carried out. The cost of a tool for sharpening and repair is determined by multiplying the cost of a batch of tools sent for sharpening and repair by the duration of its stay there.

The calculation of the working capital standard for household inventory and industrial packaging occurs by excluding excess and unclaimed household inventory from the cost of actual inventories at the end of the planning period.

The calculation of working capital standards for special clothing and footwear is carried out in the same way as for raw materials and purchased semi-finished products. The need for working capital to finance the balances that are in operation is calculated on the basis of the standards for issuing workwear, the number of relevant categories of workers, the cost of a unit of workwear, the period of its wear, the current procedure for writing off costs for the cost of production.

Calculation of the working capital standard for special tools and accessories is carried out for each new product. This takes into account: the remaining costs for this element at the beginning of the planning period, the amount of costs for its production in the planned year, etc.

The calculation of the working capital standard for replacement equipment depends on the nomenclature list of replacement equipment, its cost, service life, and source of receipt. If replacement equipment is supplied from outside and the list is relatively limited, the calculation of the stock rate is carried out in the same way as for raw materials, basic materials and purchased semi-finished products, and the standard is determined by multiplying the one-day consumption by the corresponding stock rate in days. If replacement equipment is manufactured by the enterprise itself, the working capital rate for replacement equipment is calculated as the product of the duration of the production cycle and the cost increase factor, and the standard is calculated by multiplying the resulting rate by one-day consumption. The general standard is equal to the sum of the received private standards for individual items of replacement equipment.

3.2 Calculation of standards for work in progress and deferred expenses

Work in progress refers to products that are not yet completed at all stages of the production cycle.

The duration of the production cycle is calculated from the beginning of the first technological operation until the acceptance of the finished product. In some cases, this includes time for packaging finished products, if this is provided for by the relevant regulatory documents.

The methodology for rationing working capital in work in progress varies depending on the types of engineering production: serial, mass, single and small-scale.

In serial production, the rate of working capital for work in progress is determined by the formula

Nd = Tc · Knz.

where Nd is the working capital rate;

TC - duration of the production cycle in calendar days;

Knz - coefficient of increase in costs (or material intensity).

The use of the cost increase coefficient is explained by the fact that material costs enter production at the beginning of the production cycle, and all other costs (wages and overhead costs) are distributed evenly throughout the entire production cycle. Naturally, the later costs enter production, the less they are there and, consequently, the smaller the volume of work in progress. The cost increase coefficient is always less than one, and, therefore, the rate of working capital in work in progress is always less than the duration of the production cycle. working capital rationing stock

The cost increase coefficient is determined by the formula

,

where M is the planned costs for basic materials;

Рп -- other cost elements;

C is the planned cost of a part or product.

Only half of the other cost elements are taken into account, since they increase gradually and relatively evenly throughout the entire production cycle. With a large range of parts, working capital norms are calculated based on representative parts and representative products. For the workshop as a whole, the working capital rate is determined as a weighted average.

For example, the planned cost of a device produced by an enterprise is 8,000 rubles, including material costs in the assembly shop - 6,400 rubles, the duration of the production cycle in this workshop is 9 days, the production of such devices in the fourth quarter of the planned year is 1,800 thousand rubles. . From these conditions, Knz = 0.9 (6400 + 0.5 1600): 8000. The working capital norm is 8 days (9 0.9), one-day production output is 20 thousand rubles. (1800: 90). Consequently, the working capital standard for unfinished production of a device in the assembly shop will be equal to 160 thousand rubles. (20 thousand rubles · 8). This means that when producing this device, the enterprise must have a work in progress in the amount of 160 thousand rubles.

In mass production, the standard of working capital in work in progress is calculated as the sum of the backlog of parts and assemblies calculated in quantitative and monetary terms at all stages of the production cycle. The size of reserves in each workshop in physical terms is established by the production department of the enterprise. The need for working capital for work in progress in workshops is determined by multiplying the planned cost of parts, assemblies and products by the amount of their backlog in physical terms.

For example, the planned cost of a product is 120 rubles, the amount of the reserve is 300 pieces. Consequently, the need for working capital for this product is 36 thousand rubles. (120 300).

In case of single and small-scale production, the need for working capital is calculated by multiplying one-day production at production cost by the rate of work in progress in days. The working capital rate is determined in the same way as in mass production, i.e. by multiplying the duration of the product’s production cycle by the cost increase factor. In this case, the calculation is carried out by products, and not by parts. If there is a large range of products, calculations are carried out based on representative products.

Deferred expenses include expenses of the enterprise in a given reporting period, but written off to the cost of production in subsequent periods. These include the following costs:

· to develop new types of products and new technological processes;

· for mining and preparatory work;

· for land reclamation in agriculture;

· for repairs of fixed assets carried out unevenly throughout the year in the absence of an appropriate reserve or fund;

· related to the payment of rent for subsequent periods;

· related to subscription to periodicals;

· related to prepayment of communication services;

· in the form of taxes and fees paid in advance, etc.

The working capital norm for future expenses is not established. The standard in monetary terms is calculated by the direct counting method based on estimates and calculations developed by the enterprise. The calculation of the working capital standard for deferred costs (Wрпп) is made using the formula:

Wrbp = Rpr + Rpl - Rs,

where Ppr is the carryover amount of deferred costs at the beginning of the coming year;

Rpl - deferred costs in the coming year, provided for in the relevant estimates;

Рс - deferred costs to be written off against the cost of production for the coming year in accordance with the production cost estimate.

3.3 Calculation of standards for finished product inventories

Finished products are products completed by production and accepted by the technical control department. The formation of stocks of finished products is necessary to ensure their systematic implementation in accordance with concluded contracts.

The working capital norm for finished products is calculated as the product of one-day production at production cost and the working capital norm in days. The working capital norm includes the time required to prepare finished products for sale and is determined by the number of days from the moment the products are accepted into the warehouse until payment documents are submitted to the bank or until payment is made. The time it takes to prepare finished products for sale depends on a number of factors, the main ones being:

· packaging of products according to orders;

· weighing and packaging of finished products;

· accumulation of finished products in the volume of the transit norm (capacity of one railway car or container);

· acceptance by the customer’s representative;

· time for non-delivery of railway cars;

· loading of finished products;

· issuing payment documents and submitting them to the bank.

The working capital rate can be defined as the sum of all the above factors or as the average time spent by finished products in the warehouse between two shipments.

With a large range of products, the calculation should cover at least 70-80% of the planned output of finished products. The resulting weighted average rate of working capital applies to all finished products.

The working capital norm for the stock of finished products in the warehouse is determined for the period of time necessary for picking and accumulating to the size of the required batch, mandatory storage of products in the warehouse until shipment (in a number of industries - for ripening of finished products), packaging and labeling of products, and delivery to the departure and loading station.

The working capital norm for shipped products, the payment documents for which are being processed, is determined based on the time required for issuing invoices for payment requests and submitting payment documents to the bank. In cases where an enterprise purchases goods for sale or as rental items, and also when the cost of finished products purchased for assembly is not included in the cost of manufactured products, but is subject to reimbursement by buyers separately, when planning the need for working capital, it is necessary to provide for reserves purchased products. Calculation of the standard for this group of goods is carried out in the manner established for raw materials, materials and components.

The working capital norm for finished product inventories (Wgp) is defined as the product of one-day production of marketable products (at production cost) and the working capital norm for finished product inventories in days:

Wgp = Ctp H,

where N is the working capital norm for finished product inventories in days;

Stp - one-day production of commercial products, calculated at production cost.

Stp is calculated in non-seasonal industries for the fourth quarter of the planned year, in seasonal industries - for the quarter with the lowest production volume by dividing the volume of marketable products by the number of calendar days in the period.

4. CALCULATION PART

In the calculation part of the course work, you should draw up a balance of income and expenses (financial plan) of an industrial enterprise. The calculation was carried out in the following sequence:

1. In table. 2 the cost estimate for production of products is calculated. Previously in the table. 4, the amount of depreciation charges was calculated based on the data in table. 3. The change in work in progress balances was determined after calculating the enterprise’s need for working capital (Table 13). The estimate indicates that there is an increase in the standard for work in progress, which amounted to 308 thousand rubles. in year.

Table 2 Cost estimate II for the production of LLC products, thousand rubles.

The amount of depreciation charges is calculated using the formula:

A = SSOF * NAO, where

A - the amount of depreciation charges;

SSOF - average annual cost of fixed assets;

NAO - depreciation rate.

To calculate the average annual cost, the following were previously calculated:

a) average annual cost of input fixed assets:

Свв - cost of the fixed asset put into operation;

Chm - the number of months of operation in the current year, not counting the month of commissioning (since depreciation is accrued from the month following the month of commissioning).

b) average annual cost of disposal of fixed assets:

St - the cost of the retiring fixed asset;

Chm - the number of months of non-functioning in the current year.

The average annual cost of fixed assets is calculated as:

SSOF = Sng + Svved - St - Spa, where

CIS - the cost of fixed assets at the beginning of the year;

Sved - average annual cost of introduced fixed assets;

St - average annual cost of disposal of fixed assets;

Spa is the average annual cost of fully depreciated equipment.

22420 + 6517 - 824 - 2780 = 25333 thousand rubles.

Thus, the amount of depreciation charges was: 2533312.5% ​​= 3167 thousand rubles.

2. In table. 6 based on data from table. 5 determines the volume of marketable products sold and profit. The balances of finished products at the end of the year are calculated based on the stock norms in days indicated in table. 5 and production cost estimates for the 4th quarter:

a) the planned balances of unsold products at the end of the year in current prices are equal to:

Okg (in current prices) = Stp / 90 * Okg (in days of supply)

Stp - the cost of marketable products in selling prices for the 4th quarter;

Okg (in days of supply) - planned balances of...

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When operating, the organization carries out supply, production and sales activities in parallel. In accordance with the performance of these functions, the circulation of working capital is carried out. Financial resources invested in inventories, work in progress, finished but not sold products, and accounts receivable are related(lose liquidity), while the funds in the current account can be considered as free(liquid) working capital. To manage working capital at all stages of circulation, a special method is used - the rationing method.

Rationing- this is the establishment of economically sound stock standards and standards for elements of working capital necessary for the normal operation of the enterprise.

The fact is that with regard to working capital, one cannot focus on comparing the results obtained only with the actual values ​​in the reporting period or based on an assessment of the deviations that have arisen from the corresponding data obtained in the previous reporting period. There is a need for an economic justification for the amount of working capital, calculated on the basis of technical, techno-economic and economic norms and standards: with the norms of consumption of material resources for the production of a unit of finished products, production norms, headcount standards, norms and standards for the use of production facilities, etc.

By rationing working capital, the total need of business entities for working capital is determined. The correct calculation of inventories of material assets is of great economic importance, since a constantly required minimum amount of funds is established to ensure a normal (continuous) production process and a stable financial condition of the enterprise. The calculation of such a value is necessary, since a lack of free cash will complicate the financial ability of the organization to repay its obligations, and an excessive amount of free cash can also reduce the efficiency of the use of financial resources. Therefore, it is necessary to maintain a certain ratio (balance) between free and tied funds, which is achieved through rationing of working capital.

Working capital is divided into two separate groups: normalized and non-standardized working capital. To do this, the organization for the current planning period forms for itself regulatory framework on working capital.

The main task rationing of working capital is the development and establishment of economically sound reserve standards for individual elements of working capital, ensuring the uninterrupted production and sales process at their minimum size. Such elements of working capital may be stocks of raw materials, materials, fuel, semi-finished products, work in progress, finished products in the warehouse, as well as those shipped to the consumer. All of these elements of working capital are standardized and for them in the planning period, inventory standards are established in relative values ​​(days, percentages) and in monetary terms.

Essence rationing is to use certain standards, that is, indicators calculated according to a certain standard (norm). The standards are set based on predetermined values ​​for the consumption of materials, time, etc., which are calculated, in turn, on the basis of data from previous years or on the basis of technical standards and engineering calculations (if it is known that they did not cause a decrease in efficiency). At the same time, norms and standards are the initial data for the development of the entire system of planned indicators.

Norm- this is the maximum permissible planned value of the absolute consumption of means of production and labor per unit of production or for performing a certain amount of work (for example, the rate of metal consumption shows how many kilograms of metal should be spent on 1 product). From the point of view of scientific economic content, this is a measure that has a numerical value, which is used for study and application in business practice, that is, it allows you to influence the management object. Closely related to inventory standards are norms such as time norms, production norms, material resource consumption norms, etc.

Working capital norm- this is a relative value corresponding to the minimum, economically justified volume of inventories of inventory items, established, as a rule, in days and indicating the duration of the period.

For example, if the inventory rate is 24 days, then there should be exactly enough inventory to support production for 24 days. Norms of working capital depend on the norms of consumption of materials in production, the norms of wear resistance of spare parts and tools, the duration of the production cycle, supply and sales conditions, the time at which certain materials acquire certain properties necessary for consumption, and other factors.

Standard- this is a planned indicator that characterizes the element-by-element components of the consumption rates of raw materials, materials, fuel, energy, labor costs and the degree of efficiency of their use (for example, wage consumption per 1 ruble of finished products, product removal from 1 m 2 of area, planned metal utilization rate) .

Working capital ratio- this is the minimum required amount of funds to ensure the production and economic activities of the enterprise. Standards are determined taking into account the need for funds both for core activities and for major repairs of auxiliary, auxiliary and other units that are not on an independent balance sheet.

Thus, any organization should develop a standard package of methodological documents to determine such norms and standards for standardized indicators. At the same time, the system of working capital standards is the most important component of the system of standard indicators at the enterprise, since for effective operation it is important to know:

• at what level of production and sales reserves the uninterrupted process of production, supply and sales is ensured;
• how many financial resources are diverted to their maintenance;
• what is the optimal amount of cash in cash?

Basic principles standardization (formation of norms and standards) are:

• progressiveness - reflection in the norms and standards of the achievements of the scientific organization of labor, production, management, experience, new technology;
• validity - development of standards based on technical calculations and production analysis;
• comprehensiveness – all standards and standards in their interrelation are covered;
• flexibility and dynamism – systematic updating of the regulatory framework;
• comparability – ensuring harmonization of the regulatory framework at different levels of management and production.

Based on the rate of stock and consumption of a given type of inventory, the amount of working capital necessary to create standardized stocks for each type of working capital is determined (to determine private standards).

Private standards include working capital standards in production inventories: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers, work in progress and semi-finished products of own production; in deferred expenses; finished products.

The working capital element standard is calculated using the formula

Where N el – standard of own working capital for an element;

About el – turnover of funds (expense) for this element for the period, t;

T - duration of the period, days;

N el – working capital norm for this element, days.

It is advisable to establish by organization:

1. norms and level of reliability of supplying industrial supplies for the entire specified range of material resources;
2. norms and standards of working capital (including accounts receivable and cash) and the level of security reliability;
3. the share of borrowed funds invested in working capital.

Under reliability the probability of delivery is understood, which affects the relative number of days per year during which the organization will be provided with working capital and circulation funds. The lower the level of reliability, the lower the value of the established norm. The main idea is not just to set standards, but also to evaluate degree of risk(how many days will be enough at a given level of norms).

The degree of risk is directly related to the selected level of reliability of supply with supplies - the higher the level of reliability, the lower the degree of risk. For example, a reliability of 100% means a reserve of 20 days, a reliability of 95% means a reserve of 22 days, etc.

In this case, a rationally chosen risk will make it possible to use material and financial resources much more efficiently in conditions of a lack of own working capital. Thus, one of the goals of rationing is to determine the range of possible variations in daily balances throughout the year, on the basis of which the value of the required stock norm is established.

Currently, there is no clear opinion regarding the use of specific methods for rationing working capital. It is proposed to use different methods for determining norms and standards: analytical, balance sheet, calculation and statistical, etc. The variety of methods is due to the large number of factors influencing the amount of working capital and the variety of models for accounting for these factors. Also important is the desire to simplify the procedure for calculating standard values.

COMPOSITION OF WORKING CAPITAL OF THE ORGANIZATION

A summary grouping of working capital by main characteristics is presented in the table.

Table - Grouping of working capital

Composition and structure of working capital:

Industry characteristics of production and nature of activity

Volume of production and sales of products

Nature and complexity of the production cycle

Production cycle time

Cost of raw materials and supplies, their role in the production process

Level of logistics

Market conditions

Payment procedure and payment discipline

Price level prevailing on the market

Fulfillment of mutual contractual obligations

Financial status of the enterprise

Taking into account the listed factors to determine and maintain at an optimal level the volume and structure of working capital is the most important goal of working capital management

The efficiency of an enterprise largely depends on the correct determination of the need for working capital.

According to the degree of planning, working capital is divided into:

Normalized - only own working capital, but not all, but only working production assets and partly circulation funds, namely the balances of finished products in the enterprise's warehouse

Non-standardized - the remaining elements of circulation funds: goods shipped, cash payments and funds in settlements. However, this does not mean that their magnitude is uncontrollable.

The enterprise manages non-standardized elements of working capital and influences their value through a system of lending and settlements.

Rationing represents the establishment of the optimal amount of working capital necessary for the organization and implementation of normal economic activities of the enterprise.

Rationing of working capital of intra-company objects is one of the key areas for managing the formation and use of working capital.

There are several main methods for calculating working capital standards:

Direct counting method

Analytical

Coefficient

1. Direct counting method

It is the most accurate, reasonable, but at the same time labor-intensive.

It is based on the determination of scientifically based stock standards for individual elements of working capital and the working capital standard, i.e. the value expression of the stock, which is calculated both as a whole and for each element of standardized working capital.

The standardization process includes:

1) Development of stock standards for certain types of inventory items of all elements of standardized working capital

2) Determination of private standards for each element of working capital

3) Calculation of the total standard for own standardized working capital

Working capital standards- this is the volume of stock of the most important goods and materials necessary for the enterprise to ensure normal rhythmic operation.

Norms- these are relative values ​​that are established in days of inventory or as a percentage of a certain base (commodity products, volume of fixed assets) and shows the duration of the period provided by this type of inventory of material resources. Standards are established separately for the following elements of standardized working capital:

Inventory

Work in progress and semi-finished products of own production

Deferred expenses

Inventories of finished products in warehouses of enterprises

The standard in days for production inventories is established for each type or group of materials and includes the time necessary for:

Unloading, receiving, storing inventory items (preparatory stock)

The presence of raw materials and materials in the warehouse in the form of stock for the current production process (current stock) and insurance or guarantee stock (safety stock)

Preparation for the production of raw materials and other similar operations (technological stock)

Finding materials in transit and document flow time (transport)

After establishing inventory standards, a private cost standard should be determined for each element of normalized working capital.

The working capital standard shows the minimum required amount of cash to ensure the economic activity of the enterprise, in other words, it is the monetary expression of the planned inventory of goods and materials.

In general, the private standard for a separate element of own working capital is calculated as the product of the stock norm in days and the one-day consumption of inventory items or output for this element of working capital.

1. Analytical (experimental-statistical) method

It involves an aggregated calculation of working capital in the amount of their average actual balances.

When calculating planned consumption. The analytical method takes into account, firstly, the planned growth from product sales, and secondly, the acceleration of working capital turnover.

Based on the planned acceleration of working capital turnover, the planned value of the working capital ratio (load factor) is determined.

K z. pl. = K z. Baz. * T rev / 100

Knowing the planned working capital load factor and the growth rate of product sales, the amount of working capital in the planning period is calculated:

Juice. pl. = VRbase * Tvr /100 * Kz. pl

VRbase - revenue from sales of products in the base period

Tvr - growth rate of product sales

Kz. pl - load factor in the planning period

1. Coefficient method

Based on the definition of new. normites. working capital on the basis of the existing one, taking into account adjustments for changes in production volumes and sales of products to accelerate the turnover of working capital.

When applying this method, all inventories and costs of the enterprise are divided into:

• Dependent on changes in production volume: raw materials, materials, costs of work in progress and finished products in warehouse
• Independent of the growth of production volume: spare parts, low-value and quickly wearing items, deferred expenses

For elements of working capital that depend on the volume of production, the need is planned based on their size in the base year, the rate of production growth and the possible acceleration of working capital turnover. For other elements of inventories and costs, the planned requirement is determined at the level of their average actual balances.

The need for working capital is determined by the enterprise when drawing up a financial plan.

The value of the standard is not constant. The size of own working capital depends on the volume of production, supply and sales conditions, the range of products produced, and the forms of payment used.

Rationing of working capital carried out in monetary terms. The basis for determining the need for them is the cost estimate for the production of products (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the fourth quarter as the basis for calculations, in which the production volume is, as a rule, the largest in the annual program. For enterprises with a seasonal nature of production, data from the quarter with the lowest production volume, since the seasonal need for additional working capital is provided by short-term bank loans.

In the process of standardization, private and aggregate standards are established. Private standards include working capital standards in production inventories: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers, low-value and wear-and-tear items (IBP); in work in progress and semi-finished products of own production; in deferred expenses; finished products. By adding up private standards, the total working capital standard is determined.

1) When determining the working capital standard for raw materials, basic materials and purchased semi-finished products, their average daily consumption (P SUT ) , which is equal to the ratio of the annual (quarterly) consumption of a given element in production to the number of days in the period:

Further development stock standards- relative values ​​corresponding to the stock volumes of each element of working capital. Typically, standards are set in days of supply and indicate the duration of the period, provided by this type of material assets.

Working capital stock norm for each type or homogeneous group of materials (N Z ) takes into account the time spent in current, insurance, transport, technological and preparatory stocks.

Current stock(3 TEK ) – the main type of stock necessary to ensure uninterrupted operation of the enterprise between two next deliveries.

Safety stock(3 STR ) is formed in case of violation of delivery deadlines and other unforeseen circumstances.

Transport stock (3 TR) is formed when payment requests arrive earlier than material assets. The transport inventory time is equal to the difference between the cargo turnover time and the document circulation time.

Technological stock(3 THOSE ) is created in cases where incoming material assets do not meet the requirements of the technological process and, before being put into production, undergo appropriate processing (drying, stripping, peeling, heating, grinding, etc.). This stock is taken into account if it is not part of the production process.

Preparatory stock (3 UNDER ) is associated with the need to receive, unload, sort and store inventory.

Working capital standard for each type of raw material provides for the summation of all these types of reserves:

N OS = Z TEK + Z STR + Z TR + Z TECH + Z UNDER.

Wherein, current stock (Z TEK ) is defined as the product of the average daily consumption (R SUT) by the interval between two deliveries (I), which represents the current stock rate:

Z TEK = P SUT · I,

Safety stock (Z STR ) is defined as the product of half the average daily material consumption (P SUT) by the gap in the intervals of planned and actual deliveries (AND FACT - AND PL):

Z STR = P SUT · (AND FACT - AND PL) · 0.5.

In case of an aggregated assessment, the safety stock can be taken in the amount of 50% of the current stock. In cases where an industrial enterprise is located far from transport routes or non-standard, unique materials are used, the safety stock rate can be increased to 100%. When supplying materials under direct contracts, safety stock is reduced to 30%.

Transport stock (Z TR ) can be defined in the same way as safety stock.

Z TR = P SUT · (AND FACT - AND PL) · 0.5.

Technological stock (Z TECHN ) is calculated as the product of the material manufacturability coefficient (K TECH) by the sum of current, insurance and transport stocks:

Z TECH = (Z TEK + Z STR + Z TR) ·K TECH.

The material's manufacturability coefficient is established by a commission consisting of representatives of suppliers and consumers.

Preparatory stock (3 UNDER ) determined based on timing.

2) Working capital standard for auxiliary materials is calculated in the same way as the standard for basic raw materials. When using a wide range of auxiliary materials, at least 50% of the annual consumption should be calculated. Other auxiliary materials are determined on the basis of consumption for the past year and actual balances.

3) Working capital standard for spare parts is established based on actual consumption per 1 rub. the cost of all equipment by dividing the working capital standard by the book value of the equipment. For large unique equipment, the working capital standard for spare parts is calculated using the direct counting method for each part, taking into account its service life and price using the formula:

,

where B is the number of mechanisms (equipment) of one type, pcs.;

n is the number of parts of the same name in each mechanism, pcs.;

D - the norm of stock of parts, days;

K - reduction coefficient;

T - service life of the part;

C - price of the part, rub.

4) The amount of stock in work in progress calculated using the following formula:

N NP = Q SUT · C ED · D PC · K NZ, = C SUT · D PC · K NZ,

where Q SUT is the quantity of products produced per day (t., l., pcs., etc.);

C ED - cost per unit of production, rub.;

With SUT - average daily costs for production, rub.;

D PC - duration of the production cycle in calendar days;

K NZ - cost increase coefficient, characterizing the level of product readiness as part of work in progress.

When determining the impact on the amount of work in progress by the cost increase coefficient (C NC), all costs in the production process are divided into one-time (initial) ones, i.e. costs incurred at the beginning of the production cycle (raw materials, basic materials, etc.), and increasing costs (depreciation, wages, steam, water, energy, etc.). Costs increase in the production process evenly and unevenly. With a uniform increase in costs, the coefficient is calculated as follows:

,

where FIRST - initial costs;

With NAR - other costs;

WITH FULL - the sum of all costs (FROM FIRST + WITH NAR);

5) Working capital standard for deferred expenses determined by the formula:

N RBP = O NG + R B.PL – R S.PL,

where ONG is the balance of expenses at the beginning of the planned year;

R B.PL - deferred expenses incurred in the planned year;

R S.PL - part of the expenses that is written off as cost in the planned year.

6) Standard for finished products is calculated as the product of the planned cost of the average daily output of marketable products (with SUT) by the time from the beginning of its receipt at the warehouse to its departure from the station, taking into account the time for selection, packaging, storage, loading, registration of transport and settlement documents, etc. (
):

N GP = C SUT 
,

Where
- stock norm in days for finished products.

7)The total standard of working capital at the enterprise(N OS), equal to the sum of standards for all elements, determines the total need of an economic entity for working capital:

,

N OS i - private standard.

But the composition of working capital (capital) necessary for an enterprise to implement normal business conditions includes, along with regulated working capital, also non-standardized ones.

The main elements of non-standardized working capital are: goods shipped; funds in accounts receivable and other settlements arising due to the specifics of settlements, forms and speed of cargo movement; cash; short-term financial investments in securities. Non-standardized working capital cannot be taken into account in advance and calculated like normalized working capital. However, enterprises have the opportunity to influence their value and manage these funds using financial management methods (settlements, loans).

The amount of standardized and non-standardized working capital determines the total need of the enterprise for working capital.