Stages of receivables management policy. Modern methods of managing accounts receivable of an enterprise: stages, questions, analysis of problems and ways to solve them, features

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Ministry of Education and Science of the Russian Federation

federal state budgetary educational institution higher professional education

Moscow State University of Technology and Management K.G. Razumovsky

Institute of Economics and Business

Department of "Financial Management"

Test

According to "Financial Management"

Theme "Management accounts receivable»

Introduction

Theoretical part

2. Stages of the receivables management policy

Settlement part

Conclusion

Bibliography

Introduction

Accounts receivable is the amount of debts due to an enterprise, firm, company from other enterprises, firms, companies, as well as citizens who are their debtors, debtors.

The main objectives of receivables management are:

limiting the acceptable level of receivables;

selection of sales conditions that ensure the guaranteed receipt of funds;

· definition of discounts or allowances for various groups of buyers from the point of view of observance by them of payment discipline;

Acceleration of debt collection;

reduction of budget debts;

· Evaluation of possible costs associated with receivables, that is, lost profits from non-use of funds frozen in receivables.

The most common type of receivables is the debt of buyers and customers for goods, materials, services released to them, performed and unpaid on time; the excess of debt on loans issued by the organization to its employees over loans received for these purposes. Accounts receivable divert funds from the organization's turnover, worsen its financial position. Timely collection of receivables is the most important task of the organization's accounting department. After the deadline limitation period it is subject to write-off as a loss as part of non-operating expenses.

Another important indicator is specific gravity overdue receivables. With the growth of sales, the total amount of overdue accounts receivable also increases, but its share should decrease. However, much depends on the composition of buyers. If the increase in sales is associated with the development of production and the sale of new goods designed for a different circle of buyers compared to the existing one, then significant changes are possible both in the dynamics and in the share of overdue debts.

receivables management turnover

Theoretical part

1. Economic essence and classification of receivables

As practice shows, in the conditions of a modern market economy at various stages of financial and economic activity, enterprises are faced with the problem of the emergence and collection of receivables. The lack of clear incentives for counterparties to fulfill their declared obligations leads to undesirable consequences for any organization - the emergence of receivables. The complexity of this situation is exacerbated by the low efficiency and inefficiency of the executive system. It should be noted that any economic legal relationship between the parties is fraught with the risk of debt. Starting from contractual and ending with delicate obligations. Today, businesses and organizations are increasingly faced with unpaid bills and defaults. A harmless delay in payment in other cases can lead to bankruptcy and loss of management, the curtailment of investment programs, the need to borrow, and so on. Unfortunately, many managers fail to build a coherent, efficient and workable debt recovery system.

At the same time, today it is almost impossible to successfully run a business and never lend to anyone, so it is extremely necessary to properly organize work in this direction. The debt paradox lies in the fact that the total amount of a company's receivables, most often, decreases with an increase in the number of debtors and transactions. For example, if the assortment of the company's products and the circle of customers is wide enough, the failure to return part of the debt becomes a kind of business constant. Such debt is planned and laid down as an element of the company's overhead costs, and it is recommended to monitor not individual debtors, but groups of debtors. Despite the huge number of debtors, the size of the debt remains constant and bearable, and the risks are diversified.
Accounts receivable is an important component of working capital. When one company sells goods to another company, it does not mean at all that the cost of the goods sold will be paid immediately. Being a part working capital, namely part of the circulation funds, receivables, and especially unjustified "hanging", sharply reduces the turnover of working capital and, thereby, reduces the income of the enterprise. Therefore, today the most important problems, the solution of which should contribute to the improvement of the financial condition of enterprises, are: - the correct organization of accounting for receivables; - analysis of accounts receivable, which should be aimed at identifying factors affecting the growth of accounts receivable and determining reserves aimed at eliminating unjustified, “hanging” debt and reducing its growth. The key point in the management of receivables is the understanding that, on the one hand, an increase in receivables leads to an increase in sales. It promotes distraction own funds, because of which it may be necessary to attract a loan to advance working capital and this will lead to an increase in costs (due to the fee for the loan). On the other hand, if the terms of commercial credit are shortened, accounts receivable will decrease, but at the same time sales volumes will decrease, and this may lead to an increase in storage costs. finished products, loss of customers. If you need to replenish funds, it is more expedient to resort to discounts.

Discounts are distinguished by terms, when when paying within a certain period, the purchase price is reduced by several percent, as well as by volume: when purchasing the specified volume, the buyer receives the goods at a lower price.

Accounts receivable can be classified according to several criteria:

Classification sign	Types of accounts receivable
1. By maturity (by the term of providing capital to the counterparty)	receivables for which payments are expected more than 12 months after the reporting date accounts receivable for which payments are expected within 12 months after the reporting date
2. By quality	normal accounts receivable - accounts receivable for goods, works, services, the payment term of which has not come; doubtful DZ - a debt for which the payment deadline specified in the contract is violated and which is not secured by collateral, bank guarantee or guarantee of third parties; uncollectible receivables - DZ is considered uncollectible after the expiration of the limitation period of three years or recognized as such by a court decision.
3. By degree of liquidity	"liquid" accounts receivable; "Low-liquid" receivables; assets with a quick realizability (all DZ).

2. Stages of receivables management policy

In modern economic practice, receivables are classified into the following types:

DZ for goods, services, work, the payment deadline for which has not come.

DZ for goods, services, work, unpaid on time.

DZ on bills received.

DZ for settlements with the budget.

DZ for settlements with personnel.

Other types of DZ.

In the total amount of receivables, settlements with buyers account for 80-90%. Therefore, the management of DZ at the enterprise is primarily associated with optimizing the size and ensuring the collection of buyers' debts for settlements for products sold. In order to effective management For this DZ, enterprises should develop and implement a special financial policy for the management of the DZ (or its credit policy in relation to buyers of products).

The DZ management policy is part of the general current asset management policy and the company's marketing policy aimed at expanding the volume of product sales and consisting in optimizing the total amount of this debt and ensuring its timely collection.

Formation of a management policy for the remote sensing of an enterprise (or its credit policy in relation to buyers of products) is carried out according to the following main stages:

1. Analysis of accounts receivable of the enterprise in the previous period. The main objective of this analysis is to assess the level and composition of the company's accounts receivable, as well as the effectiveness of investments invested in it. financial resources. Analysis of accounts receivable for settlements with buyers is carried out in the context of commodity (commercial) credit and consumer credit.

2. Formation of the principles of credit policy in relation to the buyers of products. In modern commercial and financial practice, the sale of products on credit (with a deferred payment for it) has become widespread, both in our country and in countries with advanced economy. The formation of credit policy principles reflects the conditions of this practice and is aimed at improving the efficiency of the operating and financial activities enterprises.

3. Determination of the possible amount of financial resources invested in receivables for commodity (commercial) and consumer credit. When calculating this amount, it is necessary to take into account the planned volumes of sales of products on credit; the average period for the presentation of a deferred payment, for individual forms of credit; the average period of delay in payments based on the prevailing business practice (it is determined by the results of the analysis of receivables in the previous period); the ratio of the cost and price of products sold on credit.

4. System formation credit conditions. These conditions include the following elements:

1) term of the loan (credit period);

2) the amount of the loan provided ( credit limit);

3) the cost of providing a loan (a system of price discounts when making immediate payments for purchased products);

4) a system of penalties for delay in the fulfillment of obligations by buyers.

5. Formation of standards for assessing buyers and differentiating the conditions for granting a loan. The basis for establishing such standards for evaluating buyers is their creditworthiness. The creditworthiness of the buyer characterizes the system of conditions that determine his ability to attract credit in various forms and in full, within the stipulated time frame, to fulfill all financial obligations associated with it.

6. Formation of the collection procedure for receivables. This procedure should include: the terms and forms of preliminary and subsequent reminders to buyers of the payment date, the possibilities and conditions for prolonging the debt on the loan; conditions for initiating bankruptcy proceedings against insolvent debtors.

7. Ensuring the use of modern forms of refinancing receivables at the enterprise. Development of market relations and infrastructures financial market make it possible to use a number of new forms of receivables management in the practice of financial management - its refinancing, i.e. accelerated transfer to other forms of current assets of the enterprise: cash and highly liquid short-term securities.

8. Building effective control systems over the movement and timely collection of receivables. Such control is organized within the framework of building common system financial control at the enterprise as its independent block. One of the types of such systems is "System ABC" in relation to the portfolio of receivables of the enterprise. The category "A" includes the largest and most doubtful types of receivables (the so-called "problem loans"); in category "B" - medium-sized loans; in category "C" - other types of receivables that do not have a serious impact on the financial performance of the enterprise.

3. Evaluation of the effectiveness of receivables management

One of the reasons for the emergence of overdue receivables may be working with insolvent and insolvent companies or with companies that have a dubious reputation in the market. To reduce the risk, it is necessary to analyze the available information about a potential partner or client.
A meeting with representatives of this company and the opportunity to get answers to questions such as the year of foundation, authorized capital, types of activities, clients and partners of the company will help form an initial opinion about the status and reliability of the company. Another source of information about firms, especially large ones, is commercial magazines, newspapers, directories, government reports, etc. Some companies also turn to competitors of the company they are interested in. Such information should be used with extreme caution, but it can be very useful. Today, there are a fairly large number of companies that conduct their activities in the field of collecting, analyzing information and forming single base data on legal entities from different regions. The reports of these companies contain registration and banking data, information about the founders legal entity, its management, financial and balance data, information about the involvement of this enterprise in litigation or being on the "black list" of non-payers.

The information received about a potential partner should be carefully analyzed in order to make the best decision on the terms of future cooperation.

The main sources of information for analysis financial position enterprises are balance sheet and form financial statements(for example, "Profit and Loss Statement"), as well as current accounting and management accounting data. At the same time, the solvency of the enterprise, trends in changes in receivables, liquidity, indicators equity, financial strength, funds and assets of the company. In addition, it must be analyzed payment morality potential client. Payment morality - this is a clear and timely fulfillment by the enterprise of its payment obligations. Often, non-payment of an invoice is caused not only by the lack of resources of the enterprise, but also by the policy of payment of invoices established by management, which does not always correspond to the principles of punctuality of payments.

Settlement part

Coefficient of diversion of current assets into accounts receivable (KOAdz).

The receivables turnover (ODZ) measures the speed of repayment of the organization's receivables, how quickly the organization receives payment for the sold goods (works, services) from its customers.

The average balance of receivables is calculated as the sum of receivables from buyers according to the balance sheet at the beginning and end of the analyzed period, divided by 2.

The period of turnover of receivables (Podz) or the maturity of receivables is calculated by the formula:

where Tper is the duration of the period in days (month, quarter or year in days).

From the foregoing, we can conclude that receivables are not always an exclusively positive phenomenon for the organization. When analyzing financial results any commercial organization it is worth paying great attention to this type of asset, as it is taken into account in profit. Often there is the following situation. According to the income statement, the company can demonstrate high profitability, that is, success in the market and development. However, receivables have a large share in the current assets of this company, but the funds in its accounts are either small or absent altogether. If the money was not invested in the further development of production, then this is generally a bad sign for the entire organization. This means that it does not have real funds that go not only to pay off debts to other firms or banks, but also to pay employees, pay taxes and fees, not to mention invest in their own activities.

Situations like this happen for a variety of reasons. The state of receivables is influenced by external and internal factors. External factors include the state of the economy in the country as a whole, the level of inflation, fluctuations exchange rates And so on. For example, it is not uncommon for a debtor to delay payment of sharply increased prices. Internal factors include illiterate management of receivables, unfavorable terms of the contract for the creditor, lack of measures to influence the non-debtor, incorrect pricing, etc. An example is a situation where a company provides many of its counterparties, debtors, with long debt repayment periods. Because of this, a situation may arise when the company urgently needs funds, but they have not yet been transferred. In such cases, you have to apply to banks for a loan, which only increases future costs.

Bibliography

1. Brigham Y., Gapensky L. "Financial management". Full course / School of Economics: Per. from English. (Kovalev V.V.) St. Petersburg, School of Economics, 1997, 1-2 vols. ISBN: 5-900428-30-3.

2. Vakulenko T.G., Fomina L.F. "Analysis of accounting (financial) statements for making managerial decisions". Gerda. The year of publishing. 2001. Pages. 288. ISBN. 5-94125-018-5.

3. Volchkov S.A. "Assessment of the financial condition of the enterprise." // Methods of quality management. - 2002. - No. 3.

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ESSENCE AND MAIN STAGES OF RECEIVABLE MANAGEMENT

The essence of any management process lies in the purposeful influence of the subject on the object of management. The object of management is accounts receivable, the subject of management is the financial manager.

Accounts receivable (AR) - this is an element of working capital, the debt of organizations and individuals to the enterprise. An increase in receivables means a diversion of funds from circulation.

Accounts receivable are classified according to various criteria:

1. For reasons of education:
- - justified remote sensing associated with the normal terms of the document flow (accounts receivable, the maturity of which has not yet come or is less than 1 month);
- - unjustified remote sensing- overdue debt, as well as debt associated with errors in the execution of settlement documents, in violation of the terms of business contracts, etc.;
- hopeless DZ - invoices that buyers have not paid. Bad debts are written off as losses after the limitation period (3 years).
2. According to the balance sheet items - buyers and customers; bills receivable; debt of subsidiaries and dependent companies; advances issued; other debtors.

For most enterprises, in the total amount of receivables, the largest share is made up of payments for goods, works and services, i.e. accounts receivable.

IN balance sheet receivables are divided by the terms of their formation into 2 groups:

accounts receivable, payments on which are expected within 12 months after the reporting date, - short-term remote sensing;
accounts receivable, payments on which are expected more than 12 months after the reporting date, - long term DZ.

The amount of accounts receivable is determined by external and internal factors.

1. External factors - do not depend on the activities of the enterprise, and it is almost impossible to limit their impact on the enterprise:
- the state of the economy in the country (the decline in production increases the size of the RD);
- the state of settlements in the country (the crisis of non-payments leads to an increase in DR);
- efficiency monetary policy Central Bank of the Russian Federation (limitation of emission causes "money hunger" and complicates calculations);
- inflation rate (with high inflation, they are not in a hurry to part with debts, the later the debt payment deadline, the lower its amount);
- type of products (if these are seasonal products, then DZ increases);
- the capacity of the market and the degree of its saturation (if the market is small and saturated with this type of product, then there are difficulties with the sale of products).
2. Internal factors - depend on the enterprise itself, on how well the financial manager owns the art of managing receivables:
- credit policy of the enterprise (incorrect setting of terms and conditions for granting loans, failure to provide discounts for early payment of invoices, incorrectly established criteria for creditworthiness, errors in determining the solvency of customers, unaccounted for risks can lead to a sharp increase in DZ);
- types of settlements used by enterprises (the use of types of settlements that guarantee payment reduces the size of the DZ);
- the state of control over receivables;
- professionalism of a financial manager involved in the management of the company's remote control;
- other factors.

Quantitatively, the amount of receivables is determined by two factors:

1) sales volume on credit(total revenue from the sale of goods and services is divided into two parts - revenue from sales for cash and revenue from sales on credit);
2) average time span between the sale of goods and the receipt of revenue.

As for the form of receivables, most often it is a loan provided by open account. In this case, the only evidence that the buyer owes the supplier money for the goods or services received by him is the entry in the books and the invoice signed by the buyer. To protect itself from the risk of non-payment of invoices, the supplier may require the execution of a commercial loan transaction by issuing a bill of exchange - ordinary or transferable (accepted) or issuing a letter of credit by the buyer.

Main tasks of management accounts receivable:

facilitating sales growth by providing commercial credit;
profit growth caused by sales growth;
increasing competitiveness through deferred payments;
determination of the degree of risk of insolvency of buyers;
calculation of the forecast amount of the reserve for doubtful debts;
providing recommendations on working with actually or potentially insolvent buyers.

Management process accounts receivable is presented in the form of an algorithm in Fig. 10.1.

Accounts receivable management consists of the following steps:

1) the financial analysis activities of the supplier enterprise;
2) development of the credit policy of the enterprise;
3) making a decision on granting a loan, insurance of receivables;
4) change in the credit policy of the enterprise;

Rice. 10.1.

5) control over the shipment of products, issuing an invoice and sending it to the buyer; drawing up a file of debtors;
6) control over the financial position of the debtor;
7) in case of non-payment of the debt or part of it, the establishment of operational communication with the debtor for the purpose of recognizing the debt;
8) appeal to the arbitration court with a claim for the recovery of overdue debts;
9) initiation of bankruptcy proceedings;
10) compensation for losses from the bad debt compensation fund.

Essence and main stages of receivables management

The Importance of Accounts Receivable Management

The value of qualified receivables management in a market economy is great. Late repayment of receivables leads to a payment crisis. The scheme for the development of a crisis in a market economy is simple:

Þ Growth in commercial debt leads to an increase in the demand for short-term loans and a reduction in their supply, as well as to an increase in the cost of short-term loans. To pay off debts, enterprises turn highly liquid assets into cash and pay off debts, otherwise this can lead to bankruptcy.

As a result, some enterprises go bankrupt, while others improve their financial position.

This is the usual market mechanism of self-regulation.

Accounts receivable (AR) – this is an element of working capital, it is the debt of organizations and individuals to the enterprise. An increase in receivables means a diversion of funds from circulation.

Accounts receivable are classified according to various criteria:

1. For reasons of education:

ð Justified remote sensing associated with the normal terms of document circulation (accounts receivable, the maturity of which has not yet come or is less than 1 month).

ð Unjustified remote sensing- ϶ᴛᴏ arrears, as well as debts associated with errors in the preparation of settlement documents, in violation of the terms of business contracts, etc.

ð Hopeless DZ- ϶ᴛᴏ invoices that buyers have not paid. Bad debts are written off as losses after the limitation period (3 years).

2. According to balance sheet items – buyers and customers; bills receivable; debt of subsidiaries and dependent companies; advances issued; other debtors.

Figure 19 - Algorithm for managing the receivables of an enterprise

Most enterprises in the total amount of receivables account for the largest share of payments for goods, works and services, ᴛ.ᴇ. accounts receivable.

In the balance sheet, receivables are divided into 2 groups according to the timing of their formation:

− receivables for which payments are expected within 12 months after the reporting date – short-term remote sensing;

− receivables for which payments are expected more than 12 months after the reporting date – long-term DZ.

The amount of accounts receivable is determined external And internal factors.

1. External factors - do not depend on the activities of the enterprise, and it is almost impossible to limit their impact on the enterprise:

- the state of the economy in the country (the decline in production increases the size of the RD);

- the state of settlements in the country (the crisis of non-payments leads to an increase in DR);

− effectiveness of the monetary policy of the Central Bank of the Russian Federation (restriction of emission causes “money hunger” and complicates calculations);

− the level of inflation (in case of high inflation, they are not in a hurry to part with debts, the later the term for paying the debt, the lower its amount);

− type of products (if these are seasonal products, then DZ increases);

- the capacity of the market and the degree of its saturation (if the market is small and saturated with this type of product, then there are difficulties with the sale of products).

2. Internal factors - depend on the enterprise itself, on how much the financial manager owns the art of managing receivables:

- credit policy of the enterprise (incorrect setting of terms and conditions for granting loans, failure to provide discounts for early payment of invoices, incorrectly established criteria for creditworthiness, errors in determining the solvency of customers, unaccounted for risks can lead to a sharp increase in DZ);

- types of settlements used by enterprises (the use of types of settlements that guarantee payment reduces the size of the DZ);

− state of control over receivables;

− professionalism of the financial manager involved in the management of the company's remote control;

− other factors.

Quantitatively the amount of accounts receivable is determined by 2 factors:

1. sales volume on credit(total revenue from the sale of goods and services is divided into 2 parts - revenue from sales for cash and revenue from sales on credit);

2. average time span between the sale of goods and the receipt of revenue.

As for the form of receivables, most often it is a loan provided on an open account. In this case, the only evidence that the buyer owes the supplier money for the goods or services he received is the entry in the books and the invoice signed by the buyer. To protect itself from the risk of non-payment of invoices, the supplier may require the execution of a commercial loan transaction by issuing a bill of exchange - ordinary or transferable (accepted) or issuing a letter of credit by the buyer.

Main tasks of management accounts receivable:

§ Promoting sales growth by providing commercial credit;

§ growth in profits caused by growth in sales;

§ Increasing competitiveness through deferred payments;

§ determination of the degree of risk of insolvency of buyers;

§ calculation of the forecast amount of the provision for doubtful debts;

Management process receivables is presented in the form of an algorithm in Fig.1.

Accounts receivable management consists of the following steps:

1. financial analysis of the activities of the supplier enterprise;

2. development of the credit policy of the enterprise;

3. making a decision on granting a loan ͵ insurance of receivables;

4. change in the credit policy of the enterprise;

5. control over the shipment of products, issuing an invoice and sending it to the buyer; drawing up a file of debtors;

6. control over the financial position of the debtor;

7. in case of non-payment of the debt or part of it, the establishment of operational communication with the debtor for the purpose of recognizing the debt;

8. appeal to the arbitration court with a claim for the recovery of overdue debts;

9. initiation of bankruptcy proceedings;

10. compensation for losses from the bad debt compensation fund.

Accounts receivable arises from the gap between the sale and purchase of goods and their payment. In essence, a receivable is a type financial investments one company to another. Therefore, effective management of receivables implies the preservation of this asset in acceptable volumes.

From this article you will learn:

What is important to know for effective management of receivables of the enterprise

Accounts receivable is a consequence of the gap between the transaction for the sale of goods and payment (hereinafter, goods mean both the goods themselves and works and services). And although in all cases the funds are transferred on the terms of payment and repayment, the receivable has specifics:

funds can be returned in goods (“closing” advances);
receivables management contributes to sales growth;
accounts receivable can generate additional discount income and increase the efficiency of purchases;
like all loans, receivables are subject to risks of non-repayment, as well as inflationary and other losses.

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Types of accounts receivable

Before we talk about how to improve the efficiency of managing an organization's receivables, let's look at what it is like. Accounts receivable are divided by counterparties–buyers and customers, suppliers, budget (see Fig. 1).

Picture 1

Commercial accounts receivable associated with the main activities of the enterprise. This type of receivable consists of the main elements:

prepayments and advances to suppliers (crediting for the purchase of raw materials, materials, components, etc.);
deferred payment (commodity credits) to buyers for shipped products;
overpayments for commercial purchases (amounts of funds transferred in excess).

non-profit(administrative and economic) is associated with the costs of ensuring the operation of the company.

In both cases, depending on the cause of the occurrence, the receivable can be of two types:

documentary - when expenses are not covered by primary documents. This significantly distorts reporting and forces the company to overpay taxes, and in some cases hide fraud and theft;
monetary - arises as a result of non-receipt of money or goods advanced by them and is a form of temporary diversion of working capital, the most unpleasant of the consequences lie in the payment for money, lost profits and the property of such an asset is not always timely and fully converted into amounts on accounts or into material values in warehouses.

There is also an intermediate type of receivables - this is a "disputed" receivable(usually as part of non-commercial expenses), which over time should be assigned to one of the main categories (see Chart 2).

Figure 2

Stages of life of a receivable

To manage the receivables of an organization, it is important to understand the cycles of receivables evolution, they are illustrated in Figure 3 and are associated with the following key events:

point A - the date of the actual transfer of values to the counterparty;
point B - date of posting to the balance sheet;
point C - the maturity date specified in the contract;
point D - date of transfer to the category "overdue";
point E - the date of transfer to the category "hopeless";
point F - the moment of write-off from the balance.

Figure 3. Life cycle

Let's consider them in more detail.

Stage 1. Virtual

Period from B to C. At this stage, the correct formation of primary documents and their entry into counterparty accounting systems to prevent unreasonable delays in the formalization of the transaction and its parameters.

Example

In my practice, a group of companies used the fact that in contracts the deferment was calculated from the moment the primary documents were drawn up. Deliberately delaying the process, repeatedly forcing them to redo and send documents, the company actually received an additional delay, in some cases exceeding that fixed in the contracts. Sometimes this approach added 90 or 120 or more days to the official deadlines.

Lack of properly formalized primary documentation it also makes it difficult to timely resolve problems with shortages and surpluses in supplies, and if the problem is dragged out too much, the very fact of the transfer of values is called into question (especially with rapid rotation of staff, excessive meticulousness of lawyers and the presence of malicious intent on one of the parties). In some cases, such errors, inaccuracies or invalidity of signatures may lead to the recognition of the transaction as invalid. That is why, at this stage, attention should be paid to finding ways to reduce the average time interval between the actual transfer of inventory items and the issuance of an invoice to the buyer. In the case of cash advances, this period is determined by the timing of the transfer of funds to the recipient. In other words, it is necessary to avoid discrepancies in determining the timing if the debiting from the buyer's account and crediting to the supplier's account does not occur on the same day.

Stage 2. Current

Period from point C to point D. Accounts receivable at this stage:

in terms of volume, it is formed by primary documents recorded in the system;
in terms of maturity, it remains until the maturity date (repayment is understood as both the receipt of funds for the granted deferrals, and the receipt of goods on account of the advance payment made. - Approx. Aut.);
in terms of quality it is considered normal (working) and can be most effectively refinanced through an assignment.

It should be noted that even current debt the probability of timely repayment is inversely proportional to the length of the period for which it is granted. The reason is simple: agreeing to a deferred payment or advancing delivery for a month or less, you can predict the partner's position more accurately than when it comes to a period of six months or more. With an increase in the term, previously unknown factors (in particular, external economic conditions) may appear that can lead to partial or complete non-payment.

Stage 3. Problematic

Period from point D to point E. Debt at this stage:

in terms of volume is formed from debts that missed the maturity date (this also includes restructured debt before its full repayment, and in the event of the first violation of the new schedule, moving into the category of overdue accounts receivable);
in terms of time, it remains until it is recognized as overdue (each new day geometrically reduces the chances of collection of problem debt, that is, it quickly “gets old”);
in volume increases due to the imposition of penalties on the counterparty.

Part of this debt can be repaid quickly if it turned out to be problematic for two easily eliminated reasons:

human factor - inattention or indiscipline of the partner's managers, loss of documents, lack of decision-makers, etc.;
temporary technical problems with the counterparty - an emergency in the office, a delay in the transfer of funds by the bank, etc.

In practice, such situations are not uncommon when working with small enterprises with poorly designed business processes, when the problem can be fixed after one telephone reminder. Other reasons for non-payment complicate the prompt closure of the issue.

The duration of the "problem" period depends on many factors, including the rigidity of the company's credit policy and business practices in the industry. But on general rule it cannot be less than the period of voluntary settlement of the problem (within a week) and should not exceed a quarter or, if the contract implies regular payments, non-payment of the third amount according to the schedule.

It was during the “problem” period that the efficiency of the financial director’s intervention in the situation, with other equal conditions gives you a better chance of paying off your debt. Even if the receivable is the result of objective reasons - a sudden deterioration in the partner's financial situation or the presence of malicious intent (fraud), - the opportunity to "press" within reason and receive at least part of the payment remains if the initiative is not missed.

Stage 4. Overdue

The period from point E to point F. All receivables that are not repaid or not restructured in the problem status go to this stage. Lawyers and the security service are necessarily involved in the work.

Group 2. Liquidity indicators

Liquidity reflects the speed of repayment of debts without a significant loss in value and affects the solvency and financial stability firms. Debt may be recognized as liquid:

short-term (with a fast turnover);
repaid on time (on schedule or faster);
if necessary, able to be refinanced (for example, through factoring) at no significant cost.

Assessing the terms of debt refinancing allows you to determine the speed and additional costs of repaying them using the following main tools:

factoring and forfaiting (sales of debt to banks and specialized organizations), taking into account the fact that such assignment of debts additionally reduces the cost of administrative debt servicing due to the retirement of part of the functionality;
registration of a bill or other short-term valuable papers with their subsequent release into secondary circulation, taking into account the fact that this simplifies the resale of debt, and the avalization of a bill CEO is an additional motivator for the timely transfer of funds and a barrier for the partner's managers to distribute unfulfilled obligations in advance;
offset of counter obligations (including multilateral ones);
barter (non-monetary form of repayment).

Consider the main indicators by which you can assess liquidity.

1. Debt turnover characterizes the level of its natural repayment within the framework of the financial cycle. The indicator is determined by the formula

Turnover = (Average receivables in the period × Number of days in the period) : Revenue for the period

The collection period is the average number of days required for collection. The smaller it is, the higher the liquidity of working capital, the faster other assets of the company increase, all other things being equal, the creditor is used more efficiently and the cost of goods decreases (with an increase in turnover, the share of fixed costs attributable to the cost in this period decreases). The growth of the indicator may indicate difficulties with debt collection, including due to the deterioration of its quality, as well as an increase in the operating cycle and a decrease in the overall profitability of the company. It is advisable to correlate the dynamics of the turnover of accounts receivable with the dynamics of the turnover of its funding liabilities, as well as with budgetary standards.

The indicator of the share of the period of their turnover in the total duration of the operating and financial cycles can visually compare the turnover of receivables and creditors (Fig. 4).

Figure 4

If the turnover of receivables significantly exceeds the production cycle, then the company may earn more on lending (deferred payments) than on production. When Financial services are not a core competency of the company, this situation raises questions.

2. Collection rate especially useful for the analysis of the phased repayment of debt (for example, if the contract provides for a three-month installment plan according to the 50%/30%/20% scheme). The formula for calculating the indicator is as follows:

Collection ratio = (Receipt of accounts receivable of the period × 100) : Sales volume in this period

The actual value of the coefficient should be compared with the planned one, and a separate analysis should be carried out for counterparties and transactions.

3. Risk indicators characterize the probability of potential losses of debt or part of it. There are four main risks:

Credit - associated with non-fulfillment or incomplete fulfillment of obligations by the counterparty.
Inflationary - occurs due to the duration of the existence of debt on the balance sheet in the form of payment deferrals.
Currency - in the case of foreign economic activity.
Legal - causes losses due to non-recognition of debt for formal reasons.

While delays to buyers increase these risks, debt in the form of prepayments to suppliers, on the contrary, reduces them.

The specific industry of the counterparty or transaction may impose additional risks that can exceed the size of potential losses from the “standard” risks listed above.

Other things being equal, credit risk is the most important indicator for control. Its main threat is related to the fact that the counterparty is valued on the basis of incomplete and not always reliable data (for example, based on its own payment statistics, the subjective impression of managers, reputation in the market, or, much less often, on the basis of accounting reports for past periods). In addition to being incomplete (sometimes unreliable), the information provided may be outdated or irrelevant by the time of analysis. In addition, even large and financially stable companies often consciously allow themselves significant delays small counterparties, realizing that otherwise their supplier will face a break in relations and the loss of even such unstable income. Partners of large retail chains, monopolies and, in some cases, government agencies are at risk. There is also a positive effect of “personal relationships”, which sometimes allows you to maintain confidence in payments even when competing companies have significant problems.

The optimal approach is an expert assessment of credit risk, taking into account internal statistics and adjustments based on the analysis of available information.

Example

Table 1 shows that the two largest and most unreliable counterparties generate one-third of sales and almost two-thirds of potential losses, and the company, according to experts, plans to lose up to 14 percent of sales, which is comparable to the revenue for the groups of partners “New” and “ FEA. These risks, expressed in loss forecasts, must be taken into account (compensated) in the pricing policy.

Table 1. Risk analysis example

Group (partner)	Debt, rub.	Forecast of losses, rub.	Repayment forecast, rub.
Group "Reliable"
Group "New"
VED Group
OJSC "Roza"
OOO Gvozdika

Certain opportunities are provided by insurance against non-payments, although the non-proliferation of the instrument on the domestic market makes it quite expensive and not always effective, especially given the need to comply with the requirements of insurance companies. However, effective insurance can significantly reduce the amount of overdue receivables management tasks and minimize potential losses, including over-administration costs and unproductive collections.

4. Profitability indicators help assess the ability of debts to earn a return in excess of the cost of funding them. Postponing buyers or prepaying suppliers has a cost. If the creditor provides resources for free, he receives less profit from their alternative placement and loses part of them due to inflation and non-free funding liabilities.

In practice, the value of liabilities can be determined on the basis of the following indicators:

weighted average cost of capital (WACC);
the actual cost of loans to replenish working capital;
the actual cost of factoring (forfaiting) services;
the required rate of return of capital, etc.

The logic is simple: if the WACC is 18 percent per annum, then if payment is deferred for 30 days, you must include in the price a compensation of at least 1.5 percent (18%: 365 days 30 days) of the cost of shipment. It is necessary to take into account the compensation for the risk of non-return and the multiplying factor that motivates the counterparty to look for other forms of financing. This is how the effectiveness of the supplier's advance payment in exchange for a discount is also evaluated.

Example

The company attracted a loan at a rate of 18 percent per annum. Her counterparty is ready to reduce the price by 15 percent in the case of a quarterly advance payment. Such a transaction will be cost-effective, since the cost of funding is 3.3 times less than the additional benefit.

The final decision should be taken after assessing the risks of non-delivery, subject to compliance with the limits on the supplier.

Example

The duration of the production cycle is 14 days, the turnover of accounts receivable is 10 days, the turnover of receivables is 60 days, the markup on goods is 10 percent (for convenience, interest expenses are not included in the cost price), WACC is 18 percent. The financial cycle is 64 days (60 + 14 - 10) and the real markup is reduced by 3.2 percent (18% : 365 days 64 days) to 6.8 percent. If we calculate the real rate of lending to buyers, taking into account risk premiums, the "production share" in the margin will be even less. With a loan cost of 30.4 percent per annum, the markup will be distributed equally: the company will earn 5 percent on deferment, the same amount will be its real marginal income.

At this stage, the financial service can participate in increasing the profitability of the business. For example, if you include in the price the cost of factoring with additional profit, and then sell the debt to the factor without the right to recourse, you can earn on it.

Example

The company attracted financing from a factoring company for a period of 60 days at a rate of 30 percent per annum. And then she included in the cost to the buyer an additional markup of 10 percent for a delay of 60 days and ceded the debt to the factor. As a result, the company earned half of the additional markup without increasing the risk.

Such “tricks” are especially interesting for managers whose motivation is tied to EBITDA, and not net profit: even being equal, the interest expense does not reduce the markup additional income for deferred sale. But if the purchase is made in foreign currency, and the sale is made in rubles, the delay creates currency risks.

An effective analysis of receivables' returns should result in the cost of funding and maintenance of receivables, with default provisions and risk premium, being calculated and presented to the commercial service for rebilling to buyers, taking into account potential problems associated with reducing the price competitiveness of transactions.

What to include in the receivables control regulations

What to include in the control regulations, see the video.

Commercial receivables management system

Commercial debt is associated with the provision of deferrals to buyers and customers, as well as advance payments to suppliers. With fierce competition, sales only on the terms of 100% prepayment or the unwillingness to advance the supplier of raw materials worsen the position of the enterprise. If the company can raise inexpensive financing, a reasonable policy of deferrals and advances allows you to get a return on debt turnover that is commensurate with or even exceeds the direct mark-up. As part of the management of commercial receivables, it is important to consider a set of measures that will allow you to effectively control its performance and prevent excessive costs for supporting its turnover. The smaller the size, the greater the quantity and the worse the quality of the debtors, the more difficult and more expensive service debt. The more reliable the barriers to the emergence of fraudulent and pre-perilous debts are built with the simultaneous simplification of working conditions with high-quality trusted partners, the cheaper and more efficient management becomes.

An effective receivables management system is a system that solves the following tasks:

formalize and update an effective trade and procurement policy that allows increasing business profitability while maintaining acceptable risks;
maintain a balance between debt and funding liabilities;
determine priorities in terms of volumes and range of production;
to form and timely update forecasts of cash receipts;
reduce the cost of supporting purchases and sales.

The stages of solving these problems are shown in Figure 5. Next, we will consider each stage in detail.

Figure 5. The commercial receivables management cycle

Stage 1. Determining the rules of the game

This stage includes several successive steps.

Step 1. Drawing up regulations. Regulations need to be made in relation to:

commercial lending for sales (granting deferrals to various groups of buyers by type of goods);
commercial advance purchases (prepayments to various groups of suppliers of the enterprise by type of purchase).

Early payment almost always implies a discount, so buyers are interested in buying in advance, and sellers are interested in shipping on credit. Even the incomparability of the cost of such financing of counterparties with the price of attracted loans is not a weighty argument: bank interest is not included in EBITDA, and managers motivated by such an indicator will resist to the last.

Step 2 Personalization of responsibility for the implementation of regulations. The purpose of this stage is to assign a specific manager to each counterparty, and to a responsible representative of the unit for each process. In this case, the manager means the manager of the sales department or the purchasing department (OP / OZ), the divisions - the financial department (FD), the commercial department (CD), the legal service (US) and the security service (SB). Accounting is considered to be part of the FD.

In practice, there is such a division of responsibility when different departments are responsible for sales and debt collection, with conflicting goals.

Example

The sales manager is motivated to maximize sales, and the financial manager is motivated to minimize debt levels, which contributes to justified dissatisfaction on the part of customers and conflict between the commercial department and the financial department.

The distribution of responsibility for the implementation of individual procedures between departments must be determined in advance (an example is given in Table 2). Distribution success can be assessed in two ways:

the absence of "white spots" in the regulations (non-described or unambiguously defined processes);
prevention of conflicts of interest (regulation, execution and control should be separated).

Table 2. Distribution of responsibility for the implementation of the receivables management regulation

Management stage	Action	Responsible
Preliminary	Collection and provision of information about the counterparty for analysis	OP manager (OZ)
	Analysis of the information provided, collection and analysis of additional data	Representatives of the US, FD and SB
	Formation of working conditions with a counterparty	Working Group CD, FD and SB
The emergence of virtual accounts receivable	Control of document flow and ensuring the formalization of debt	OP manager (OZ)
The appearance of the current accounts receivable	Payment reminder	OP manager (OZ)
The appearance of the current accounts receivable		FD representative
Emergence of problematic accounts receivable	Blocking of payments (deliveries), informing stakeholders, finding solutions	OP manager (OZ)
	Sending claim letters	US representative
	Finding Refinancing Opportunities	FD representative
Appearance of overdue accounts receivable	Stopping payments (supplies), finding solutions	Manager of the OP (OZ) and head of the CD
	Conducting reconciliations, charging fines, working out the possibilities of selling debts	Representatives of the FD and CD
	Pre-arbitration notice partner	US representative
	Checking compliance with the regulations by managers of the EP (OZ), searching for opportunities to speed up the process	Security Council representative
The appearance of a bad debtor	Filing a lawsuit	Representative of US and SB
	Finding Selling Opportunities (debt write-off)	FD representatives
	Working off the mistakes made	Working Group CD, FD, US and SB

Step 3 Determination of responsibility for violation of regulations. Here it should be highlighted:

internal measures - the responsibility of company employees for non-compliance with procedures;
external measures - penalties to counterparties for non-fulfillment of the terms of contracts.

Step 4 Motivation to comply with regulations. As practice shows, the use of only penalties does not always lead to a decrease in delays and can even demotivate employees and contractors. Therefore, along with the measures of responsibility, it is important to think over the ways of motivation. In practice, the following effective solutions are used:

part of the remuneration of employees depends on their success in dealing with debt;
counterparties understand in advance the prospects for improving their positions, subject to strict compliance with the agreements.

Step 5 Propaganda and clarification of the "rules of the game". To comply with the regulations, employees and counterparties must understand them in order to be active accomplices, and not formal executors working under the threat of sanctions or in anticipation of monetary benefits. The clearer and more transparent the system, the more willingly the managers themselves remind counterparties of the closing of the debt, and the more savvy they turn out to be in terms of processing and completing primary documentation. In a number of cases, it is ideas “from below” (from employees) or “from the side” (from interested partners) that turn out to be the most effective tools for preventing problems or “unraveling” complex debt.

Stage 2. Planning indicators

Work on regulations begins with planning.

Tactical planning - determination for a given period of general principles for working with products and counterparties; tactical principles of debt formation should contribute to the achievement of direct (profit growth, turnover, market share, etc.) and indirect (political, image, etc.) goals of the enterprise for a specific period.

Operational planning - setting limits (standards) and working conditions for specific partners and assortment positions; operational plans are the distribution of tactical plans according to the “map” of partners (partners must be divided into segments with the definition of a matrix of working conditions for each of the segments).

The need to segment commercial partners is due to the fact that not all of them are equally economically interesting and significant for the company. For their effective ranking, it will be necessary to identify criteria that reflect the specifics of the business, as well as the risks inherent in it and counterparties, taking into account the following several parameters:

economic - solvency and discipline of the partner, its share in turnover and profit, financial conditions of interaction, etc.;
marketing - the possibility of testing a new range, the impact on brand recognition and attractiveness, etc.;
others that can effectively divide partners into groups with different principles of interaction - the size of the business and the geography of development, the history of relationships, the counterparty's belonging to certain industries or the presence of specific risks, etc.

The level of detail should not significantly complicate and increase the cost of either initial planning or further support of work with counterparties. In practice, three main methods are most often used for this purpose:

ABC-analysis to assess the prospects of customer and assortment policy;
XYZ-analysis for the classification of counterparties depending on the stability of turnover and the accuracy of predicting their dynamics;
partnership analysis for a comprehensive assessment of direct and indirect benefits.

Each segment should be assigned its own attractiveness rating and define a policy.

Example

Partners of the company with the lowest rating cannot receive deferred payments and prepayments. With an increase in the rating, they have the opportunity to have short-term receivables up to a certain level (debt limit) with the condition of its full repayment before the next transaction. The highest rating already means setting a limit on current debt without restrictions on the number of transactions that form it.

Rating determination and its “evolution” should be transparent processes and applied equally to all counterparties, regardless of whether they have any preferences. This will increase the credibility and practicality of the applied approach.

To fully understand the methods of managing receivables, you first need to understand the stages of management.

The receivables management process can be broken down into five steps:

1. Stage of preliminary calculations and analysis of receivables.

2. The stage of identifying the goals and objectives of receivables management.

3. The stage of determining the method of managing receivables.

4. Adjustment stage.

5. The stage of monitoring and evaluating the achievement of the goal.

The first stage of receivables management is debt analysis and forecasting of its return. Reconciliation of settlements with counterparties is carried out, disagreements are eliminated, and the actual amount of debt is revealed. Also at this stage, it is possible to predict the change in profit as a result of a decrease in receivables.

In general terms, the relationship between profit and receivables has the form shown in Figure 3.

Fig.3

With a low value of receivables, the activity is not properly supported, counterparties refuse to buy goods from this organization without deferred payment, respectively, the profit is low (accounts receivable level 1). At some optimal value of receivables (level 2), profit becomes maximum and any deviation from it is in principle undesirable. An unjustified increase in receivables (level 3) entails the diversion of funds from turnover and, accordingly, a decrease in profits. Thus, the receivables management policy should ensure that a compromise is found between performance and the risk of an unjustified increase in receivables.

In general, the algorithm for predicting changes in profits is proposed to be presented in the following form:

working capital accounts receivable

change in profit depending on the change in receivables;

DZi - receivables returned in period i;

Ni - the amount of the penalty charged by the organization to the counterparty;

i - period.

The proposed formula reflects the increase in the profit of the enterprise as the sum of the amount of the organization's receivables collected and accrued interest in a certain reporting period.

Further calculation of the debt coverage ratio allows you to determine the level of liquidity at this stage. The subsequent ranking of debtors by date of formation and value will allow you to outline the sequence of work with specific debtors. In addition, in accordance with the sequence given in the first part of the study, expert surveys are conducted.

Debtors can be ranked where debtor 1 has the maximum debt, debtor 2 has the smallest debt, and then in descending order.

This method of ranking will allow you to identify debtors whose debt can be considered overdue. Also, the above method of ranking receivables allows you to reflect the dynamics of debt for reporting period, to identify the debt on which there is an unjustified growth. This method is convenient for use in large organizations, as it allows you to identify the largest debtors and carry out a set of measures to pay off their debts.

It is also proposed to rank counterparties by the value of credit ratings, in accordance with table 2.

As the two most important characteristics of the buyer's creditworthiness, payment discipline and sales volume (in monetary terms) in previous periods are distinguished. These characteristics of counterparties most fully reflect the forming business relations, allow you to determine the financial discipline of the partner, his importance in terms of the volume of product deliveries.

First, customers are ranked by payment discipline. Those who received a rating of "D" or "E" are not allowed to be ranked by sales volume, contracts with them are concluded on the terms considered by the management of the organization individually for each counterparty. For companies rated "A", "B" and "C", the following working conditions are recommended:

Based on the supply volume rating, the maximum allowable volume is determined commodity credit and prices for products sold. For example, for a company with a supply volume rating of “B”, the amount of a commodity loan should not exceed 50 million rubles. per year, and the selling price is set at 5% below the base, for the rating "A" the credit limit is not more than 100 million rubles. per year, and the price is 10% lower than the base price.

Such a ranking is convenient in everyday activities for making operational decisions.

In addition to the above methods, from the point of view of various scientific schools, enterprises should use other methods of ranking receivables, for example, according to the timing of their occurrence. The classification provides for the following grouping (in days): 0-30; 31-60; 61-90; 91-120; over 120. The advantage of this ranking method is that it allows you to identify debtors whose debt is overdue or will be considered overdue in the near future.

In order to prevent the growth of overdue receivables, it is advisable to include clauses in contracts with counterparties that provide for the imposition of additional burdens on the debtor in the form of penalties in case of violation of the terms of the contracts (late payment, failure to complete work on time on the transferred advance payment).

Currently the most applicable are the following types penalties: negotiable, penalty, alternative. The contractual penalty is established in the text of the contract by agreement of the parties. In case of a penalty forfeit, the creditor has the right to demand compensation in full for the losses caused and, in addition, payment of the forfeit. Finally, an alternative penalty provides for the right of the injured party to recover either a penalty or damages.

At the stage of application of fines and penalties for the enterprise, it is of great importance to develop a scale of penalties that regulates the possibility of their application in each specific case. For example, it is proposed to establish a certain amount of fines for organizations ranked according to the value of credit ratings. The amount of penalties for each group will depend on the number of days for which the payment is delayed, in accordance with the following scale of penalties given in table 3.

The given scale of penalties establishes a fixed amount of fines for each counterparty, depending on the delay in payment in table 3.

Table 3. Penalty scale % .

The penalty is calculated as a percentage of the overdue amount for each day of delay in payment (thus, according to the terms of the contract, if the counterparty classified in group "C" delays payment for a period of 30 to 60 days, he is obliged to pay a penalty in the amount of 0.03 % of the overdue amount). After ranking the receivables by the date of formation and amount, it is advisable, in accordance with the method of accruing penalties, to accrue penalties on the debt of counterparties under those contracts for which there was a delay in the performance of work or payment.

In order to optimize the application of fines at the enterprise, a methodology for applying penalties is proposed that regulates the order of steps when working with counterparties.

1. At the stage of concluding an agreement with a counterparty, the enterprise carries out a set of measures necessary to establish the reliability and solvency of a potential counterparty.

2. Based on data on the reliability of the counterparty, the company is assigned a credit rating from A to E (rating A is assigned to the most reliable, E - the least reliable).

3. Depending on the credit rating assigned to the counterparty, the text of the agreement includes a clause on the application of penalties in case of delay in the performance of work, delivery of goods. The amount of fines is determined in accordance with the scale of penalties given in tables 2 and 3. Thus, for example, for an organization with a credit rating of C, the text of the contract provides for penalties in case of delay in payment or performance of work, delivery of goods as follows:

With a delay of 0 to 30 days - 0.02% of the overdue amount for each day of delay;

With a delay of 30 to 60 days - 0.03% of the overdue amount for each day of delay;

With a delay of 60 to 90 days - 0.04% of the overdue amount for each day of delay;

With a delay of more than 90 days - 0.05% of the overdue amount for each day of delay;

4. In the process of ongoing work with counterparties, the existing receivables are constantly monitored for violations of the deadlines for fulfilling obligations.

5. In case of detection of cases of delay in payment, performance of work or delivery of goods for an overdue amount, penalties are calculated. The amount of fines is calculated as follows:

A*B*C, where: (7)

A - the amount of debt;

B - accrued interest, in case of delay, depending on the term;

C - debt term, days.

6. The counterparty is notified of the accrual of penalties. In case of further violation of the terms of the contract, after 60 days, fines are recalculated in accordance with the scale of penalties. It is calculated using the same formula.

7. The counterparty is re-notified about the accrual of penalties. In case of further violation of the terms of the contract, after 90 days, fines are recalculated in accordance with the scale of penalties. It is calculated using the same formula.

Similarly, fines are recalculated after 90 days.

8. A claim is sent to the counterparty, a set of measures is taken aimed at pre-arbitration settlement of the situation. If the debtor refuses to repay the resulting debt, a claim is sent to the Arbitration Court for the recovery of the amount of the principal debt and the accrued penalties.

In addition to the above penalties, by order of the head of the enterprise, it is advisable to introduce personal liability of officials who initiated the conclusion of an agreement with "unreliable" counterparties, which led to the emergence of overdue or uncollectible debts. To do this, it is necessary to fix the responsibility of the employees of the organization in the regulations for managing receivables. In a simplified form, this regulation is given in Table 4.

Such regulation of the functions of departments and services of the organization allows you to specify the actions taken by them in order to reduce receivables, as well as to establish personal responsibility for unjustified growth of debt.

Also at this stage, it is necessary to analyze the solvency of the debtor for the possibility of collecting receivables.

Solvency analysis should be carried out financial service together with the service economic security enterprises. The result of this analysis is table 5, obtained at the stage of ranking by the date of occurrence, broken down into real and uncollectible debt.

For debts that are real for collection, it is necessary to carry out a full range of measures to clear it, debts that are unrealistic for collection after the expiration of the limitation period of 3 years established by Article 196 Civil Code of the Russian Federation, it is necessary to submit it to the commission for writing off accounts receivable and payable for analysis for the possibility of writing off the balance sheet.

Table 4. Regulations for the management of accounts receivable of the organization.

In addition, at this stage, it is necessary to examine the debt for the possibility of its expansion with the help of well-established, standard schemes.

Monitoring receivables and payables for the possibility of repayment using standard schemes at the stage of preliminary calculations and analysis makes it possible to simplify and speed up debt settlement.

The second stage of receivables management is to identify the goals and objectives of receivables management. Based on the analysis of receivables carried out at the first stage, the debt of specific debtors can be divided into non-overdue, overdue and deferred depending on the date of formation (for the purposes of calculations, overdue debt is considered to be more than 3 months from the date of formation, deferred debt is considered to be restructured debts and debts subject to a moratorium).

For overdue debts, in accordance with the established scale of penalties, the amount of the fine is calculated and the final amount of the debt is determined.

Further, depending on which category the debt of a particular debtor fell into, one of three strategies is adopted for development, in accordance with Figure 4 - an accounting strategy, a recovery strategy, or a strategy for monitoring the possibility of recovery.

The accounting strategy is carried out in relation to non-overdue debts and does not require active collection actions. At this stage, debt is a normal consequence of market relations. In this situation, the amount of debt, taking into account the delay in payment, does not differ from the original debt.

Table 5. Register of receivables with a breakdown into real and unreal for collection.

Fig.4.

The collection strategy is carried out in relation to overdue receivables and requires more active actions to collect them.

At this stage, the primary task is to minimize the difference between the amount of receivables, taking into account the delay in payment, and the original amount of the debt, that is, to reduce the period of delay in payment.

The collection monitoring strategy is conducted on deferred receivables and does not require any action other than monitoring the partner's financial condition in order to collect the amount due.

The third stage is the determination of the method of managing receivables based on the strategy chosen in the second stage. In the event that an accounting strategy has been adopted for development, it is advisable to use the most convenient payment methods for the enterprise, namely the collection of debt in cash, the implementation of offset schemes or the assignment of debt to third parties on the basis of assignment or factoring agreements. If a collection strategy is being developed, and the debt is overdue, in addition to the “convenient” methods of payment (in cash, offset schemes), it is advisable to use less preferred, but necessary ways settlements, such as the exchange of debt for shares of the debtor, registration of debt with a bill of exchange, signing a settlement agreement, and in the event of an unsuccessful outcome of the above methods, an appeal to the Arbitration Court. In the event that the debt of debtors is restructured, or a moratorium is imposed on it, it is necessary to monitor the possibility of its collection.

All of the above methods in most cases lead to an effective result, however, at the fourth stage, the adjustment stage, the “ideal” conditions are adjusted to the conditions of real market relations. In addition to the activities of the enterprise to collect receivables, debt settlement can be influenced by such factors as the government's policy regarding financial and economic relations between enterprises, the behavior of competitors, the stability of the financial condition of debtor partners, the integrity of partners, the state of the sectors of the country's economy, the state of investments in industries, the state of foreign economic relations at the macroeconomic level, the competence of the organization's personnel. In the event that these factors have a positive or negative impact on the activities of the organization, the level of collected receivables increases or decreases accordingly.

At the fifth stage, an analysis of receivables is carried out after the implementation of measures to collect them. In the event that at this stage the receivables are equal to zero, then it is concluded that the measures taken were correct, the collection method carried out is entered into the database for further use in a similar situation.

If at this stage the receivables are less than before the actions to collect them, then the debt is partially collected, you must return to the stage of determining the method of receivables management and select one of the methods for the final debt clearing. If the receivables at this stage are equal to the debts before the collection activities, then the activities were unsuccessful and it is necessary to analyze the receivables for the possibility of writing off and decide whether to return to the stage of determining the method of receivables management in order to choose a different method of debt collection , or it is more expedient to refuse its collection.

One of the most important stages of the above model of receivables management is to determine the method of receivables management. At this stage, the management of the enterprise needs to make a decision on the method of debt settlement, the correctness of which determines the final result of collecting a particular debt.

The collection of any receivable must begin by considering the possibility of repaying the most convenient ways - in cash or bills of exchange with a maturity date "at sight". This is the most profitable way settlements, as it guarantees full payment.

Only in the absence of such an opportunity, it is advisable to proceed to the consideration of other methods of settlement - the holding of offset schemes, cession, acceptance of discount bills of exchange, barter transactions. These payment methods are less preferable, as they do not guarantee payment in full.

Set-off of counterclaims can be carried out if two or more parties have settlement obligations, when they, as a result of the execution of contracts different in content, are both a debtor and a creditor in relation to each other. Assignment agreements are also an effective and fairly common method of settlement. According to this agreement, the right to demand repayment of the debt and other rights and obligations of the original creditor are transferred to another organization for an appropriate fee, and the consent of the debtor is not required. The disadvantage of this method of settlement is that often the right to claim is assigned at a discount and the company does not receive full amount debt. Also, one of the ways to eliminate receivables is to accept discount bills of exchange as payment, which leads to losses, but allows you to reduce receivables.

In the event that none of the above methods of collecting receivables has brought results, it is necessary to take not the most profitable, but necessary measures - the exchange of debt for shares, the signing of a settlement agreement, novation, registration of a bill (debtor-issuer), appeal to the Arbitration court.

If it is impossible to collect receivables and the limitation period expires, the debt must be referred to the commission for writing off receivables and payables for analysis for write-off in accordance with applicable law.

Based on the results of the research, the following conclusion can be drawn: the presented model of managing the receivables of an enterprise covers all stages of the management process and meets the conditions for this process. In this model, the selection stage is distinguished economic solution and approaches to the analysis of receivables.