Conclusion

Thus, based on the above material, the following conclusions can be drawn.

In the process of economic activity, enterprises and organizations have contractual relations with various legal entities and individuals when carrying out commodity transactions, performing work and providing services.

Settlements with debtors and creditors are reflected by each party to the agreement in its financial statements in the amounts arising from the accounting records and recognized by it as correct. In this case, any organization can act as both a debtor and a creditor.

Currently, in the context of a decrease in the level of settlement discipline, the system of “non-payments” leads to an increase in receivables, including overdue ones. This situation makes it necessary to control the amount of receivables and its movement (occurrence and repayment).

A condition for ensuring the financial stability of an organization is the excess of the amount of accounts receivable over the amount of accounts payable.

Accounts receivable are the property claims of an organization to legal entities and individuals who are its debtors.

Accounts receivable can be considered in three senses: firstly, as a means of repaying accounts payable, secondly, as part of the products sold to customers but not yet paid for and, thirdly, as one of the elements of current assets financed from own or borrowed funds.

If an organization purchases goods, products, as well as accepts works and services from other legal entities and individuals, it incurs accounts payable. The organization's accounts payable includes debt to the budget for taxes, including the unified social tax, social insurance and security authorities and health insurance funds, as well as other legal entities and individuals for obligations arising in accordance with current legislation or the terms of contracts.

To account for accounts receivable, the accounting system provides several accounts: “Settlements with buyers and customers”, “Settlements with accountable persons”, “Settlements with various debtors and creditors”, etc.

To account for accounts payable, the accounts “Settlements with suppliers and contractors”, “Settlements with personnel for wages”, “Settlements with personnel for other operations”, “Settlements with various debtors and creditors”, etc. are used.

Bibliography

1. Alborov R.A. Principles and Fundamentals of Accounting. - M.: KNORUS, 2006. - 344 p.

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13. Sanin K.V., Sanin M.K. Accounting: Textbook. - St. Petersburg: St. Petersburg GUITMO, 2005. - 400 p.

14. Terekhova V. A. Financial accounting: A short course. - St. Petersburg: Peter, 2005. - 368 p.:

15. Filina F. N. Receivables and payables. Acute tax issues. - M.: GrossMedia, ROSBUKH, 2008. - 152 p.

Bragina Tatyana Evgenievna

Candidate of Economic Sciences, Associate Professor Bashkir State University, Ufa, Russian Federation

Abstract: The article discusses the theoretical, methodological and practical aspects of analyzing an organization's receivables and payables with the aim of organizing effective management and forecasting the sustainable development of the company.

Key words: Analysis, accounts receivable, accounts payable

Analysis of accounts receivable and accounts payable of "Gazprom gas distribution Ufa"

Khasanova Svetlana Olegovna

Institute of Economics, Finance and Business, Bashkir State University Ufa, Russia

Bragina Tat"jana Evgen"evna

PhD. in Economics, Docent Bashkir State University, Ufa, Russian Federation

Abstract: The article considers theoretical, methodological and practical aspects of the organization accounts receivable and accounts payable analysis. The purpose is to organize an efficient management and forecast firm sustainable development.

Keywords: Analysis, accounts receivable, accounts payable

Accounts receivable and accounts payable are important components of an organization's balance sheet. They are formed as a result of a discrepancy between the timing of obligations and the timing of payments for them. The financial condition of the organization is significantly influenced by the turnover period of receivables and payables, as well as the size of their balance sheets. It is important to monitor the excess of accounts receivable over accounts payable, as this threatens the financial stability of the enterprise and makes it necessary to search for and attract additional sources of financing

The analysis of receivables and payables is carried out on the basis of internal accounting data, the balance sheet and annex to the balance sheet.

The state of receivables and payables, their quality and size have a great impact on the financial condition of the enterprise.

To improve the financial position of the organization it is necessary:

• keep under control the ratio of receivables and payables;
• control settlements of overdue debts;
• If possible, focus on increasing the number of customers in order to reduce the risk of non-payment to monopoly customers.

The main focus of the analysis of receivables is the search for opportunities to accelerate turnover, determining the size and assessing the dynamics of doubtful debts, the reasons for their occurrence or growth.

It is necessary to conduct a structural (vertical) analysis of the composition of debt. The purpose of the structural analysis is to prevent concentration of debt in relation to any one business entity. Such an analysis plays a special role in relation to accounts receivable, since reducing the growth rate of this debt increases the likelihood of a significant deterioration in the financial condition of the organization. This analysis is presented in Table 1.

Table 1. Assessment of the composition and structure of receivables
OJSC Gazprom Gas Distribution Ufa for 2011-2013.

Indicator name	2011, thousand rubles	2012, thousand rubles	2013, thousand rubles	Growth rate by 2013, %	Growth rate compared to 2013, %	Share, 2011, %	Share, 2012, %	Share, 2013, %
Accounts receivable
Accounts receivable (payments for which are expected more than 12 months after the reporting date)
including
1.1. Buyers and clients
1.2. Advances issued
including
2.1. Buyers and clients
2.2. Advances issued
3. Other debtors
including
3.4. Other calculations
Accounts receivable (payments for which are expected within 12 months after the reporting date)
1. For network gas and transportation
including
1.1. Buyers and clients
1.2. Advances issued
2. For performing work on other activities
including
2.1. Buyers and clients
2.2. Advances issued
3. Other debtors
including
3.1. Advances issued for goods, works, services
3.2. Payment of taxes to the budget
3.3. Payment of extra-budgetary funds
3.4. Other calculations, total

Having analyzed Table 1, we can conclude that, in general, accounts receivable at the enterprise for the period since 2011. to 2013 increased by 56.59%, due to an increase in the share of short-term receivables by 57.67% (payments for which are expected within 12 months after the reporting date). This was due to an increase in such indicators as receivables for network gas and transportation (by 92.32%), receivables for work on other activities (by 62.36%).

The analysis showed that long-term accounts receivable (payments for which are expected more than 12 months after the reporting date) also increased by 30.9% by 2013. This growth is due to a significant increase in long-term receivables for network gas and transportation (by 2558%), as well as long-term receivables for work on other activities (by 301.56%).

Throughout the entire period since 2011. to 2013 The largest share in total accounts receivable is occupied by short-term accounts receivable, amounting to about 96%. The largest share in short-term accounts receivable is accounts receivable for network gas and transportation (55.67%).

Table 2. Assessment of the composition and structure of accounts payable of OJSC Gazprom Gazoraspredeleniye Ufa for 2011-2013.

Composition of accounts payable							Change
	amount, thousand rubles		amount, thousand rubles		amount, thousand rubles		amount, thousand rubles	rates of growth,
Accounts payable
including:
suppliers and contractors
Advances received
Targeted financing of the Republic of Belarus for the construction of gas pipelines
Wage arrears
Debt on taxes and fees
Debt to state extra-budgetary funds
Other creditors
Debt to participants (founders) for payment of income

According to the calculated data in Table 2, which analyzes the composition and structure of accounts payable, the following conclusions can be drawn that in 2013, compared to 2011, the amount of accounts payable decreased by 45,660 thousand rubles, or 7.69%. This happened due to a decrease in the following items during the period: debt to suppliers and contractors by 54,724 thousand rubles. or 40.8%, advances received for 14,897 thousand rubles. or 25.4%, targeted financing of the Republic of Belarus for the construction of gas pipelines for 444 thousand rubles. or 100%, other creditors for 14886 thousand rubles. or 82.72%. However, some indicators increased compared to 2011. Wage arrears increased by 11,991 thousand rubles. or by 29.93%, debt on taxes and fees of 13,393 thousand rubles. or by 4.59%, debt to state extra-budgetary funds by 5958 thousand rubles. or 12.05%.

In general, a decrease in accounts payable is a positive trend for the enterprise. Thus, a decrease in the share of accounts payable indicates an increase in the level of solvency of the enterprise.

Table 3. Comparative analysis of receivables and payables of Gazprom Gas Distribution Ufa for 2011-2013.

The data in Table 3 indicates the excess of accounts payable over accounts receivable for the period 2011–2013. The excess of accounts payable over accounts receivable indicates the company's use of raised funds in turnover.

The excess of accounts payable over accounts receivable in 2011 amounted to 402,649 thousand rubles. and was observed in the following positions:

• with buyers and customers for 9533 thousand rubles;
• on advances for 19569 thousand rubles;
• with a budget of 444 thousand rubles;
• for wages by 40,064 thousand rubles;
• with state extra-budgetary funds for 47,773 thousand rubles;
• for taxes and fees for 289,222 thousand rubles.

The exception is the excess of receivables over debt to other creditors in the amount of 47,637 thousand rubles.

The excess of accounts payable over accounts receivable in 2012 amounted to 159,149 thousand rubles. and was observed in the following positions:

• with a budget of 444 thousand rubles;
• for wages by 50,274 thousand rubles;
• with state off-budget funds for 48,243 thousand rubles;
• for taxes and fees by 171,785 thousand rubles.

The exception was the excess of accounts receivable over debt to buyers and suppliers, for advances and other creditors, respectively, in the amount of 92,552 thousand rubles, 714 thousand rubles. and 69771 thousand rubles.

The excess of accounts payable over accounts receivable in 2013 amounted to 248,706 thousand rubles. and was observed in the following positions:

• on advances for 30921 thousand rubles;
• for wages by 52,055 thousand rubles;
• with state extra-budgetary funds for 53891 thousand rubles;
• for taxes and fees by 296,144 thousand rubles.

The exception was the excess of accounts receivable over debt to buyers and suppliers and other creditors, respectively, in the amount of 153,420 thousand rubles. and 57669 thousand rubles.

The largest share in the composition of receivables and payables is occupied by settlements with suppliers of material and technical resources and consumers of finished products, which arise as a result of mutual non-payments. It should be noted that the organization applies the strategy of commodity loans, releasing its products to customers with installment payments, and also uses interest-free borrowed funds to purchase material and production resources and make other payments.

The ratio of accounts payable and receivable by year is irrational, since accounts payable should exceed accounts receivable by no more than 10%. At the OJSC Gazprom Gazoraspredeleniye Ufa enterprise this figure is 46% in 2012 and 83% in 2013. In this case, a mandatory step would be the need to monitor the ratio of receivables and payables on a quarterly basis and make every effective effort possible to reduce it. Thus, it is necessary to gradually and carefully analyze and pay off with creditors, systematically, and within the established time frame, to repay their debts, otherwise the company will lose the trust of its regular suppliers, which may affect its business reputation, as well as banks and other creditors, receiving high penalties. sanctions for settlements with counterparties.

An assessment of the state of accounts receivable and accounts payable according to Table 4 allows us to draw the following conclusion that in 2012, the period for repayment of accounts payable is 17.5 days longer than accounts receivable, which is explained by the excess of the amount of accounts payable over accounts receivable by 1.46 times .

The period for repayment of accounts payable in 2013 exceeds the period for repayment of accounts receivable by 12 days, since accounts payable are 1.83 times greater than accounts receivable.

This was due to the fact that accounts payable have a lower turnover rate compared to accounts receivable. This situation can be viewed from a positive perspective, since it provides an additional influx of cash, but only if the share of overdue payments is insignificant. Otherwise, a shortage of means of payment, subject to the maturity of debt obligations, can lead to a subsequent increase in accounts payable and ultimately to the insolvency of the organization.

2014 Khasanova S.O., Bragina T.E.

Territory of science. 2015. No. 2

agricultural machinery and units, which will allow solving such problems as operational control over the operation of units and compliance with production standards; automation of accounting of material costs and wages; transferring coordinates of the position of agricultural machinery to the vehicles serving them in order to plot the shortest routes to them; introduction of a point farming system, etc.

Bibliography

1. Kurnosov A.P. Optimization of the composition of cargo road transport and its use in agricultural enterprises / A.P. Kurnosov et al. - Voronezh: VSAU, 2009. - 218 p.

2. Likhacheva O.N. Financial planning at an enterprise: Educational and practical guide / O.N. Likhacheva. - M.: “Prospekt”, 2005. - 264 p.

3. Naumov A.S. Conceptual and methodological approaches to the rationalization of the processes of formation and use of a fleet of trucks of integrated agro-industrial formations / A.S. Naumov, A.V. Ulezko // Bulletin of the Voronezh State Agrarian University. - 2014. - Issue. 1-2 (40-41). - pp. 255-260.

4. Ulezko A.V. Simulation modeling as a tool for researching agro-economic systems / A.V. Ulezko, A.P. Kurnosov, A.A. Tyutyunikov // Economics of agricultural and processing enterprises. - 2012. - No. 8. - P. 28-30.

5. Ulezko A.V. Priority directions for the development of the transport service system for integrated agro-industrial formations / A.V. Ulezko, A.S. Naumov // Polythematic network electronic scientific journal of the Kuban State Agrarian University / - 2014. - No. 02 (096). - pp. 761-774.

Kobeleva S.V., Konova O.Yu.

ACCOUNTS RECEIVABLE: ORIGIN, ANALYSIS AND MANAGEMENT

Voronezh State University of Engineering Technologies, Voronezh, Russia

Key words: accounts receivable, refinancing, management, control.

Abstract: The article discusses the causes of

receivables, as well as factors causing the growth of its volume, classification and sequence are presented

Territory of science. 2015. No. 2

carrying out debt analysis, measures aimed at increasing the efficiency of its management.

Keywords: accounts receivable, refinancing, management, optimization, control.

Abstract: The article discusses the causes of receivables, as well as factors that contribute to the growth of its volume, classification and sequence analysis of debt, measures aimed at improving the efficiency of its management.

In modern market conditions, financial and economic entities are constantly faced with the problems of the occurrence and collection of receivables. This is an objective process due to the existence of risks when conducting mutual settlements between counterparties based on the results of business transactions.

The formation of receivables results from the existence of contractual relations between counterparties when the moment of transfer of ownership of goods (work, services) and their payment do not coincide in time.

It is possible to identify subjective and objective reasons for the occurrence of receivables, as well as factors causing the growth of its volume (Fig. 1).

Funds that are part of accounts receivable

the organization's debts are diverted from participation in economic turnover, which is not a positive moment for its financial condition.

An increase in accounts receivable can lead to the financial collapse of an organization, and therefore the accounting service must organize proper control over its condition, which will ensure timely collection of funds constituting accounts receivable.

A necessary condition for ensuring the financial stability of an organization is the excess of the amount of accounts receivable over the amount of accounts payable.

The economic practice of industrial enterprises shows that settlements with customers for shipped products account for more than 80% of the total volume of accounts receivable, which makes it one of the main objects of financial management of the enterprise.

Territory of science. 2015. No. 2

Figure 1. Causes and factors for growth of debt volume

Territory of science. 2015. No. 2

The presence of a significant amount of accounts receivable and its constant growth in the context of the financial crisis create serious problems and threats to the activities of enterprises. Therefore, at present, one of the most important tasks of financial management at enterprises is the effective management of trade receivables, which should be aimed at optimizing its size, ensuring timely collection of debt, as well as restructuring receivables and their refinancing.

Effective management of accounts receivable requires the use of an integrated and systematic approach, which cannot be reduced to solving individual problems (searching for an “ideal client”, relying on judicial debt collection, etc.).

The goals of creating a management system are to reduce the risks of the enterprise, as well as to optimize the actions of all personnel and save time when making management decisions.

Accounts receivable management, along with pricing, will be a key element of sales management. An increase in the profitability of an enterprise is possible both due to an increase in sales with the liberalization of lending, and due to the acceleration of the turnover of receivables, which, on the contrary, is facilitated by a tightening of credit policy.

Analysis of accounts receivable allows us to conclude whether the company has problems with debtors, in particular, whether there is an increase in overdue debt.

We believe that one of the tools for improving the quality of accounts receivable is increasing control.

To effectively strengthen internal control over receivables, it is advisable to develop and approve regulations on the management and control of receivables, which should detail the algorithm for working with debt, which is aimed at the timely detection of overdue debts, procedures for its collection and the appointment of those responsible for their implementation.

Territory of science. 2015. No. 2

Figure 2. Sequence of accounts receivable analysis

Measures aimed at improving the efficiency of accounts receivable management are shown in Fig. 3.

Territory of science. 2015. No. 2

Accounts receivable management

carrying out preliminary work with potential debtors before shipment, including to determine their solvency

reflection in contracts with buyers of the conditions for granting deferment, a system of penalties for late payment

Conducting regular monitoring of the debt status, in particular analysis of the composition, structure, dynamics and turnover of receivables

Carrying out reconciliation acts with counterparties to confirm debt

control over the quality of receivables, i.e. when identifying overdue accounts receivable, which may develop into bad debt, promptly take measures for pre-trial and judicial settlement of such debt

development of a claims system

control over the ratio of accounts payable and receivable

Figure 3. Accounts receivable management

These areas will make it possible to more clearly organize the accounting and analysis of receivables, which makes it possible to identify overdue receivables at an earlier date, timely create reserves for doubtful debts, and improve the quality of receivables management in the organization.

It is also advisable to regulate the processes of using software for operational information exchange of data.

Territory of science. 2015. No. 2

It is necessary to strive to minimize the receivables of each buyer and other debtors, which will reduce the need for borrowed sources of financing and have a positive impact on the liquidity of the organization’s activities.

The main goal of accounts receivable management is the comprehensive development of measures aimed at improving the current or creating a new policy for lending to its customers, and as a result, increasing profits. Competent and accurate analysis will allow you to assess how effectively the company invests its funds in lending to customers.

The development of market relations leads to the emergence of a number of new forms of settlements with debtors, for example, refinancing of receivables (implementation of an accelerated transfer to other forms of current assets, such as cash and highly liquid short-term securities).

Thus, any work related to accounts receivable requires the detailed development of decision-making regulations that allow assessing and comparing benefits and risks.

Bibliography

1 Kobeleva S.V., Konova O.Yu. Organizational structures of innovative entrepreneurship // Economics. Innovation. Quality management, 2014. - No. 1(6). - pp. 24-27.

2 Kobeleva S.V., Konova O.Yu. Innovations in the oil and fat industry // Economics. Innovation. Quality management, -2014. - No. 2(7). - pp. 29-34.

3 Konova O.Yu., Kobeleva S.V. Features of the application of management analysis at public catering enterprises // Economics. Innovation. Quality Management, 2014. - No. 4 (9). - P. 152.

4. Shatalov M.A. Improving the methodology for analyzing the efficiency of using fixed assets of an enterprise // Territory of Science. 2014. No. 2. P. 66.

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Annex 1

Enlarged balance sheet of OJSC "Operational Carriage Depot" for the period 2004-2006.
Balance sheet items	Code timing	2004		2005		2006		2006 deviation from
								2004		2005
		Thousand roubles.	%	Thousand roubles.	%	Thousand roubles.	%	Thousand roubles.	%	Thousand roubles.	%
1	2	3	4	5	6	7	8	9	10	11	12
Assets
1. Non-current assets
1.1. Intangible assets	110
1.2. Fixed assets	120	18463	74,54	18367	73,10	18037	69,69	-426	-4,85	-330	-3,41
Total for section 1	190	18463	74,54	18367	73,10	18037	69,69	-426	-4,85	-330	-3,41
2. Current assets								0	0,00	0	0,00
2.1. Reserves	210	2251	9,09	2273	9,05	2331	9,01	80	-0,08	58	-0,04
2.2. VAT	220	4	0,02	5	0,02	4	0,02	0	0,00	-1	0,00
2.3. Long-term accounts receivable	230	1091	4,40	1119	4,45	1651	6,38	560	1,97	532	1,93
2.4. Short-term receivables	240	942	3,80	1104	4,39	1113	4,30	171	0,50	9	-0,09
2.5. Short-term financial investments	250		0,00		0,00		0,00	0	0,00	0	0,00
2.6. cash	260	2017	8,14	2258	8,99	2746	10,61	729	2,47	488	1,62
Total for section 2	290	6305	25,46	6759	26,90	7845	30,31	1540	4,85	1086	3,41
BALANCE	300	24768	100,00	25126	100	25882	100,00	1114	0,00	756	0,00
Continuation of Appendix 1
1	2	3	4	5	6	7	8	9	10		12
Passive
3. Capital and reserves
3.1. Authorized capital	410	3250	13,12	3250	12,93	3250	12,56	0	-0,56	0	-0,38
3.5. retained earnings	470	7752	31,30	8797	35,01	9781	37,79	2029	6,49	984	2,78
Total for section 3	490	11002	44,42	12047	47,95	13031	50,35	2029	5,93	984	2,40
4. Long-term liabilities
4.1. Loans and credits	510	13087	52,84	12398	49,34	12119	46,82	-968	-6,01	-279	-2,52
Total for section 4	590	13087	52,84	12398	49,34	12119	46,82	-968	-6,01	-279	-2,52
5. Current liabilities
5.1.Loans and credits	610	156	0,63	165	0,66	197	0,76	41	0,13	32	0,10
5.2. Accounts payable	620	523	2,11	516	2,05	535	2,07	12	-0,04	19	0,01
5.3. Debt to participants (founders) for payment of income	630
5.4. revenue of the future periods	640
5.4. Reserves for future expenses	650
Total for section 5	690	679	2,74	681	2,71	732	2,83	53	0,09	51	0,12
BALANCE	700	24768	100	25126	100	25882	100	1114	0	756	0

Introduction

Conclusion

Bibliography

Applications

Introduction

The relevance of research. Accounts receivable and payable are an objective, inevitable consequence of the existing system of settlement relationships of an enterprise with counterparties, financial authorities, social security authorities, insurance organizations, employees, as well as other debtors and creditors. Both types of debt are the result of a gap in the time of payment and the moment of transfer of ownership of the goods, presentation of payment documents and their payment.

Accounts receivable do not lead to negative results and a decrease in economic stability if mutual debts are balanced and the company manages to regulate it. Therefore, it is initially important for an enterprise to create an effective management system in the field of accounts receivable, so that the enterprise’s funds and its position relative to consumers, partners and competitors are not irretrievably lost.

At the same time, you need to be very attentive to settlements with creditors, repay debts to them in a timely manner, otherwise the company may lose the trust of its suppliers, banks and other creditors, and will have penalties for settlements with counterparties.

Rational management of receivables and payables will ensure the enterprise a sufficient level of profitability and eliminate debt on obligations. At the same time, the above actualizes the problem of effective enterprise management, in particular the problem of accounting, valuation and management of receivables and payables in order to optimize its activities.

The purpose of the thesisis a study of the theoretical and methodological foundations for assessing receivables and payables to develop recommendations leading to improving the economic performance of the enterprise.

In accordance with the goal, it was decided set of tasks:

explore the economic nature of accounts receivable and payable, evaluate its role in the activities of the enterprise;

formulate a concept for managing receivables and payables;

explore the logical relationship between receivables and payables management policies and the economic performance of the enterprise;

develop a methodology for enterprise management by optimizing credit policy.

Subject of researchare economic relations that arise in the process of increasing the efficiency of enterprise management by optimizing the management of receivables and payables.

Object of studyis the activity of the enterprise Kubaninterprisis LLC, which is engaged in wholesale and retail trade of branded clothing.

Methodological and information basisThe research consists of the works of Russian and foreign economists, theorists and practitioners in the field of receivables and payables management.

The research of the problems considered in the thesis is devoted to the works of such authors as H. Anderson, J. Bethge, R. Bradley, M. Brett, F. Brigham, H. Gernon, G. White, R. Campbell, R. Lewis, McCoinell, G. Müller, O. Morgenstern, Toffler, M. Tracy, M. Friedman, J. Von Neumann, E. Hendriksen, R. Holt, M. Hirsch, W. Sharp, G. Schick, B. Edwards, et al. These authors considered the issues of methodology for managing receivables and payables, issues of classification of receivables and payables, issues of economic modeling of the processes of managing receivables and payables within the framework of the enterprise management process.

The issues of managing receivables and payables were considered in their works by such Russian authors as M.Yu. Alekseev, A.S. Bakaev, M.P. Berezina, L.E. Basovsky, A.V. Bryzgalin, V.V. Bocharov, V.V. Burtsev, V.A. Bykov, O.B. Veretennikova, V.R. Zakharyin, V.P. Ivanitsky, V.B. Ivashkevich, A.V. Ignatieva, V.V. Kovalev, M.A. Komarov, A.I. Kovalev, A.M. Kovaleva, N.P. Kondrakov, M.M. Maksimtsov, A.N. Medvedev, V.M. Popova, V.P. Privalov, L.D. Revutsky, L.P. Khabarova, B.S. Khoreyev, E.M. Chetyrkin, etc.

Research information baseincludes legislative and regulatory acts of the Russian Federation, data from periodicals on the problems of managing accounts receivable and accounts payable, and financial statements of the business entity under study.

Work structure.The purpose and objectives of the thesis predetermined the logic and structure of the work. The thesis consists of an introduction, three chapters of the main part, a conclusion, a list of references of 53 titles, 23 tables, 13 figures, 4 appendices, the volume of the thesis is 94 pages.

In the introductionthe relevance of the chosen topic is substantiated, the purpose of the work is formulated, the main tasks are set in accordance with it, the object and subject of research are determined.

In the first chapter - "Theoretical and methodological aspects of assessing receivables and payables of an enterprise" reveals the concept of receivables and payables, considers the classification of receivables and payables of an enterprise. The main approaches to the process of managing receivables and payables are determined. The necessity of managing receivables and payables for the effective operation of the enterprise is substantiated.

In the second chapter - ""Evaluation of receivables and payables of an enterprise" analyzed the indicators characterizing the receivables and payables of the enterprise. The result of this analysis was the formation of a group of indicators that must be taken into account when conducting a qualitative and quantitative analysis of receivables and payables. In accordance with the goals and objectives of the thesis, and Also, as a result of the research, a concept for managing receivables and payables of the enterprise is formed.

In the third chapter - "The main directions for increasing the efficiency of managing receivables and payables of an enterprise" presents developed methods for managing receivables through the formation of a system of effective credit conditions, developed standards for assessing buyers and differentiating the provision of credit, and identified proposals for improving the organizational structure of the enterprise.

In custodyconclusions are drawn and the main results of the study are presented.

accounts receivable accounts payable credit

1. Theoretical and methodological aspects of assessing receivables and payables of an enterprise

1.1 Concept and structure of receivables and payables

In the process of financial and economic activity, any enterprise enters into economic and financial relations with other enterprises, individuals, etc. Thus, settlement relationships arise. Calculations are divided into two groups:

for commodity transactions carried out by an enterprise if the enterprise is a supplier of finished products (works, services), a procurer of inventory, or a buyer;

for non-commodity transactions related to the repayment of debt to the bank, budget, employees, extra-budgetary funds and other settlements.

In accounting, accounts receivable are reflected as assets of the organization, and accounts payable are reflected as liabilities. However, both types of debt are inextricably linked and have a steady tendency to move from one to the other. Therefore, these two types of debt must be considered in conjunction.

According to Yu.A. Babaev, accounts receivable refers to the debt of organizations, employees and individuals of a given organization, which arises in the process of economic activity of the organization, i.e. debt of buyers for purchased goods and services, accountable persons for amounts of money issued to them on account, etc.

Accounts receivable by their nature, depending on the settlement relationship, can be divided into normal, which is a consequence of the organization’s economic activities, and overdue accounts receivable, which creates financial difficulties for the acquisition of inventories and payment of wages. Such receivables must be the focus of attention and prompt action must be taken to eliminate them.

For accounting and analysis purposes, accounts receivable are divided into current and long-term. Current debt must be received within a year or normal production and commercial cycle.

The production and commercial cycle includes: transfer of funds as an advance to suppliers, receipt and storage of production inventory, storage and sale of finished products, and repayment of accounts receivable.

The level of accounts receivable is determined by many factors: the type of product, market capacity, the degree of market saturation with this product, the policy adopted by the enterprise for settlements with customers, and the last factor is especially important.

From the standpoint of financial management (according to such authors as I.A. Blank, Yu.F. Brigham), accounts receivable have a dual nature. On the one hand, “normal” growth in accounts receivable indicates an increase in potential income and increased liquidity. On the other hand, not every size of receivables is acceptable for an enterprise, since an increase in unjustified receivables can also lead to a loss of liquidity.

In countries with developed market economies, accounts receivable are accounted for in the balance sheet at net realizable value, i.e. is based on the amount of money that is expected to be received when repaying this debt.

Net realizable value means that when recording accounts receivable, uncollectible receipts and various types of discounts are taken into account. Uncollectible receipts on accounts receivable are losses or expenses due to the fact that part of the accounts receivable is not paid by customers. At the time of product sales, the company does not have information about what part of the invoices will not be paid. Therefore, when valuing accounts receivable, a certain discount is applied to these receipts.

The allowance for uncollectible receipts is calculated based on the amount of outstanding accounts receivable for previous years, taking into account changes in economic conditions. Two methods are used to estimate uncollectible revenues:

based on the percentage of outstanding accounts receivable to net sales;

based on their percentage of unpaid bills or bills in their total volume.

For a more visual representation of the structure of accounts receivable, consider Figure 1.

Figure 1 - Classification of receivables

In a market system, any company strives to sell its goods and services as quickly as possible in order to obtain cash. However, the growth in sales of goods and services on credit increases the time it takes for money to arrive in current accounts. The following factors contribute to the increase in credit sales:

increased competition between producers in the market;

the desire to reduce the “staling” of goods and inventories, and therefore warehouse costs;

increasing turnover and efficient use of working capital.

When goods and services are sold on credit, accounts receivable are opened on the company's books. Before opening these accounts, the credit department analyzes the creditworthiness of customers and, based on the credit rating, compiles a classified credit portfolio of the company by debtor company. The practice of market management shows that companies with a period of operation in business from several months to a year and from a year to two years should be especially careful, since such companies make up 50-70% of the total number of companies that have failed.

On the other hand, the company itself, when purchasing raw materials, undertakes monetary obligations that it must fulfill within a specific time frame and in a specific amount. In addition, the company has financial obligations to tax authorities and personnel for the timely payment of wages. Thus, problems arise in the analysis and management of receivables and payables, which are reflected in the corresponding accounts.

The mirror image of working with accounts receivable is working with accounts payable, for which it is necessary to make cash payments to other enterprises in a timely manner and in the required amount. On the one hand, the delay and “spreading out” of payments over time increases the company’s income and liquidity, and on the other hand, it creates problems in relations with supplier companies, banks and other creditors, for example, regarding additional payments of legal costs. Sooner or later, the bad reputation of a late payer will force other suppliers not only to eliminate trade discounts, but also to increase prices for supplied raw materials, materials and goods.

Long-term liabilities include:

long-term bank loans used for long-term capital investments: for the purchase of expensive equipment, construction of buildings, modernization of production;

long-term loans, reflecting long-term loans (except for bank loans) and other borrowed funds for a period of more than one year, including long-term bonds issued by the enterprise and long-term bills issued.

Short-term liabilities include obligations that are covered by current assets or repaid as a result of the formation of new short-term liabilities. These obligations are repaid over a relatively short period of time (usually within a year).

Current liabilities are shown on the balance sheet either at their current price, which reflects the future expenditure of cash to pay off those obligations, or at the price at the date of repayment of the debt.

Short-term liabilities include such items as bills and bills payable arising as a result of the provision of a loan to an enterprise, debt certificates of the company receiving a short-term loan; tax debt, which is essentially a form of credit provided by the government to a given company; wage arrears; part of long-term liabilities subject to repayment in the current period.

The state of accounts payable characterizes settlement relationships with suppliers, the budget, workers and employees. When checking amounts related to suppliers, accepted payment documents and uninvoiced deliveries, it should be borne in mind that their value largely depends on the uniformity and volume of supplies at the end of the reporting period, the forms and payment procedure used, etc. .

Each enterprise and organization in its business activities conducts settlements with external and internal counterparties: suppliers and buyers, customers and contractors, with tax authorities, with founders (participants), banks and other credit organizations, with their employees, other debtors and creditors (Figure 2).

Figure 2 - Classification of the enterprise’s debt in relation to the counterparty

The liabilities of any enterprise can be divided into two types of debt:

“urgent” (obligations to the budget, to the bank for a loan received, to social insurance and security authorities);

“calm” (advances received from buyers, suppliers and contractors).

To summarize this paragraph of the thesis, we note that the policy for managing receivables and payables is part of the overall policy for managing current assets and the marketing policy of the enterprise, aimed at expanding the volume of product sales and consisting in optimizing the total size of this debt and ensuring its timely collection.

At the same time, it is necessary to keep in mind that accounts receivable, as a real asset, plays a fairly important role in the field of entrepreneurial activity.

Accounts payable are to a certain extent useful for the enterprise, because allows you to receive for temporary use funds belonging to other organizations.

The state of receivables and payables, their size and quality have a strong impact on the financial condition of the organization.

In order to manage receivables and payables, it is necessary to analyze them.

1.2 Methodology for analyzing receivables and payables

Influence on the receivables management process is possible when the enterprise management and other officials have complete and reliable information about all business processes. The formation of such information occurs through the interaction of three functions of managing settlements with debtors: accounting, analysis and control, which makes it possible to characterize the state of receivables and payables not only from the quantitative side, but also from other positions, as well as make effective strategic and tactical decisions.

A sharp increase in accounts receivable and its share in current assets may indicate an imprudent credit policy of the enterprise in relation to customers, or an increase in sales volume, or the insolvency and bankruptcy of some customers. On the other hand, the company can reduce the shipment of products, then accounts receivable will decrease.

The analysis of receivables and payables is of particular importance for banks, investment funds and companies, which, before providing a loan or making financial investments, carefully analyze the financial statements of clients, including receivables and payables.

Effective organization of analysis and management of receivables solves the following problems facing the enterprise:

ensuring constant and effective control over the state of debt, timely receipt of reliable and complete information on the state and dynamics of debt necessary for making management decisions;

compliance with the permissible amounts of receivables and payables and their optimal ratio;

ensuring timely receipt of funds from debtors' accounts, excluding the possibility of applying penalties and causing losses;

identification of insolvent and dishonest payers;

determining the enterprise's policy in the field of payments, in particular the provision of trade credit, discounts and other benefits to consumers of products, obtaining commercial loans in settlements with suppliers.

Savitskaya G.V. believes that in the process of analyzing the preparation of calculations it is necessary to study the dynamics, composition, causes and duration of debt formation; to analyze receivables, data from the asset section II of the balance sheet is used, and accounts payable - from the liability section V of the balance sheet and data from primary and analytical accounting.

Blank I.A. suggests, at the first stage of the analysis, also assessing the level of receivables, i.e. determine the coefficient of diversion of current assets into accounts receivable, and the level of accounts payable, i.e. determine the coefficient of diversion of current (short-term) liabilities into accounts payable.

Bernstein L.A. proposes to evaluate debt quality using the following indicators:

share of doubtful accounts receivable in the total amount of accounts receivable;

share of overdue receivables in the total amount of receivables;

share of overdue accounts payable in the total amount of accounts payable;

share of overdue loans and borrowings (credits and loans not repaid on time) in the total amount of loans.

The composition and structure of debt should be assessed for specific buyers. At the same time, V.I. Strazhev recommends studying what percentage of non-collection of receivables falls on one or more main debtors; will non-payment by one of the main debtors affect the financial position of the enterprise. It is advisable to assess the composition and structure of debt, according to L.A. Bernstein, based on the timing of debt formation or the timing of their possible repayment. The most common classification provides for the following grouping of current debt: up to 30 days, from 1 to 3 months, from 3-6 months, from 6-12 months, more than 12 months.

Analysis of debtors involves, first of all, an analysis of their solvency in order to develop individual conditions for the provision of commercial loans and the terms of factoring agreements. The level and dynamics of liquidity ratios could lead the manager to the conclusion about the advisability of selling products only on an advance payment basis or, conversely, about the possibility of reducing interest on commercial loans, etc.

Analysis of accounts receivable and assessment of its real value consists of analyzing the debt according to the timing of its occurrence, identifying bad debts and forming a reserve for doubtful debts for this amount. It is of some interest to consider the dynamics of accounts receivable by the timing of its occurrence and/or by turnover period. Such an analysis allows you to make a forecast of funds received, identify debtors for whom additional efforts are needed to recover debts, and evaluate the effectiveness of accounts receivable management.

The ratio of accounts receivable and accounts payable characterizes the financial stability of the company and the effectiveness of financial management.

In the practice of financial activities of Russian companies, a situation often arises when it becomes unprofitable to reduce accounts receivable without changing accounts payable. Reducing accounts receivable reduces the coverage ratio. The enterprise acquires signs of insolvency and becomes vulnerable to tax authorities and creditors. Therefore, financial managers are required to solve not only the problem of reducing accounts receivable, but also balancing it with accounts payable. In this case, it is important to study the terms of the commercial loan provided to the company by suppliers of raw materials.

Analysis of accounts receivable involves consideration of its absolute and relative values, assessment of their changes according to horizontal and vertical balance sheet analyses. An increase in accounts receivable items is possible but for various reasons. It may be caused by the enterprise’s imprudent credit policy towards customers, indiscriminate choice of partners, insolvency and even bankruptcy of some consumers, too high rates of sales growth, difficulties in selling products, etc.

It is advisable to analyze accounts receivable by terms of formation (up to 1 month, from 1 to 3 months, from 3 to 6 months, from 6 months to 1 year, over 1 year). On the balance sheet, accounts receivable are divided into two types: debt for which payments are expected in more than 12 months. after the reporting date, and debt for which payments are expected within 12 months. after the reporting date. Obviously, accounting for the amount of debt passing through accounts makes sense only as long as there is a probability of its collection. It is reasonable to assume that this probability depends on the length of the receivables collection period.

Thus, the main objectives of accounts receivable analysis are:

checking the reality and legal validity of the amounts of receivables listed on the company’s balance sheet;

checking compliance with the rules of accounting and financial discipline;

checking the correctness of receipt of amounts for shipped material assets and the completeness of their write-off, the availability of supporting documents when making settlement transactions and the correctness of their execution;

checking the timeliness and correctness of registration and presentation of claims to debtors, as well as organizing control over the movement of these cases and checking the procedure for organizing, collecting amounts of damage caused and other debts arising from settlement relationships.

An external analysis of the state of settlements with debtors is based on data from forms No. 1 and 5, which reflect long-term and short-term receivables by type. For internal analysis, data from analytical accounting of accounts intended to summarize information on settlements with debtors is used.

The analysis of the state of receivables begins with the general dynamics of its volume as a whole and by item.

Regardless of the control measures on the part of the enterprise, in order to avoid the sale of products to insolvent buyers, the accounting department maintains an appropriate journal-order or record of settlements with buyers and customers. Based on the statement, the debt is ranked according to the timing of payment of bills, which helps the enterprise determine a policy in the field of management of receivables (assets) and settlement operations.

the payment deadline has not arrived;

Justified debt includes debt whose repayment period has not yet arrived or is less than one month. Unjustified debts include overdue debts of buyers and customers. The longer the period of delay, the more likely it is that the invoice will not be paid. Diversion of funds into this debt creates a real threat of insolvency of the enterprise and weakens the liquidity of its balance sheet.

Bills that customers do not pay are called doubtful (bad) debts. Bad debts mean that for every dollar invested in accounts receivable, a certain portion of the funds will not be returned. The presence of doubtful accounts receivable indicates the inconsistency of the policy of providing deferrals in settlements with customers. To identify the reality of debt collection that is of a dubious nature, it is necessary to check the availability of settlement reconciliation acts or letters in which debtors acknowledge their debt, as well as the statute of limitations. For debts that cannot be collected, a reserve for doubtful debts is formed in accordance with the established procedure. If supporting documents are available, bad debts are repaid by writing them off as losses of the enterprise as receivables for which the statute of limitations has expired.

When analyzing the state of settlements based on analytical accounting data, it is necessary to identify the volume of hidden receivables arising as a result of advance payment of materials to suppliers without their shipment to the enterprise.

If the volume of accounts receivable decreases, it is necessary to determine whether it has been written off as a loss and whether there are supporting documents.

The next stage of analysis of receivables is to determine the structure and dynamics of changes in each item of the enterprise's receivables.

The analysis of other debtors reflects the timeliness of payments by workers and employees for goods purchased on credit. Overdue debt is usually shown as a separate item on the balance sheet. In the liabilities side of the balance sheet, the source of covering such debt is bank loans received to pay for goods and materials sold on credit. If, due to untimely repayment of loans by workers and employees, their debt to the enterprise exceeds the bank loan available to the enterprise, the excess amount is considered as a receivable.

An analysis of accounts receivable should also show how calculations are made for compensation for material damage accrued by shortages and theft of valuables, including claims brought for collection through the court, as well as amounts awarded by the court, but not collected. The analysis determines whether documents are submitted to judicial and investigative authorities in a timely manner for compensation of damages.

To assess the turnover of accounts receivable, first of all, the funds turnover ratio in calculations (turnovers) is used.

An important indicator characterizes the duration of repayment of receivables (in days).

The longer the repayment period, the higher the risk of repayment.

The share of accounts receivable in the total volume of working capital is also of interest for analysis. The higher this indicator, the less mobile the property structure of the enterprise.

Based on the results of the analysis, it is necessary to identify how much the receivables turnover period increases the duration of the production and commercial cycle of the enterprise.

The results of the analysis allow us to reasonably assume which items of accounts receivable can be considered from the point of view of the possibility of their reduction.

Let's consider the procedure for calculating the main groups of indicators that are calculated during the analysis process:

1. Average accounts receivable:

Where: DZ - accounts payable.

1. Accounts receivable turnover:

Where: ABOUTDZ- accounts receivable turnover;

INR

WITHDZ- Average accounts receivable.

1. Receivables repayment period:

Where: PPDZ- period of repayment of receivables.

It should be borne in mind that the longer the period of delay, the higher the risk of non-repayment.

1. Share of accounts receivable in total current assets:

Where: DZAct- share of accounts receivable in current assets;

TA- current assets.

1. Share of doubtful accounts receivable in total current assets:

Where: remote sensingwith me- share of doubtful accounts receivable

DZwith me- doubtful accounts receivable

The last indicator characterizes the “quality” of receivables. Its upward trend indicates a decrease in liquidity.

1. Average accounts payable:

KZ - accounts payable.

1. Accounts payable turnover:

Where: ABOUTshort circuit- accounts payable turnover;

INR- Revenue from sales of products;

WITHshort circuit- Average accounts payable.

1. Payables repayment period:

Where: PPKZ- period of repayment of accounts payable.

The payables repayment period shows how many turnovers during the analyzed period the company requires to pay the invoices issued to it or how many days it takes to do this.

To summarize this paragraph, it should be noted that accounts receivable and accounts payable are natural components of the balance sheet of an enterprise. They arise as a result of a discrepancy between the date of occurrence of obligations and the date of payments for them. The financial condition of the enterprise is influenced by both the size of the balance sheets of receivables and payables, and the turnover period of each of them.

At the same time, this may indicate a faster turnover of accounts payable compared to the turnover of accounts receivable. In this case, over a certain period, the debts of debtors are converted into cash, at longer time intervals than the intervals when the company needs cash to pay debts to creditors on time. Accordingly, there is a lack of funds in circulation, accompanied by the need to attract additional sources of financing.

1.3 Features of managing receivables and payables of an enterprise

Working with accounts receivable, that is, the process of managing it, is an important point in the activities of any enterprise and requires the close attention of executives and managers. Determining approaches to accounts receivable management, stages and methods is a problem that does not have a clear solution and depends on the specifics of the enterprise’s activities and the personal qualities of management.

Since accounts receivable management is a component of the enterprise management system, the process of managing it can be carried out in stages. In addition, accounts receivable management occurs over time, and it is natural that it must be presented in the form of some stage system.

According to I.A. Form, the formation of receivables management algorithms is carried out in the following stages:

analysis of the company's accounts receivable;

choosing the type of credit policy of the enterprise in relation to product buyers;

determination of the possible amount of working capital, which is aimed at receivables for commercial and consumer loans;

formation of a system of credit conditions;

formation of standards for assessing buyers and differentiation of loan conditions;

formation of a procedure for collection of receivables;

ensuring the use of modern forms of refinancing of receivables at the enterprise;

building effective systems for traffic control and timely collection of receivables.

G.G. came to almost the same conclusion. Kireytsev, but complementing I.A. Blanca, he identifies several more stages: monitoring the financial condition of debtors; in case of non-repayment of the debt or part thereof, establishing operational communication with the debtor with a view to recognizing the debt; filing a claim with the economic court for collection of overdue debt; compensation for losses from the bad debt fund.

Russian experts identify four main areas of work on accounts receivable management:

planning the amount of accounts receivable for the company as a whole;

management of customer credit limits;

control of accounts receivable;

employee motivation.

To manage accounts receivable, an enterprise needs information about debtors and their payments: data on invoices issued to debtors that are not paid at the moment; time of overdue payment for each invoice; the amount of bad and doubtful accounts receivable, assessed on the basis of standards established by the company; credit history of the counterparty (average period of overdue, average loan amount). Typically, such information can be obtained by examining the accounting system.

In general, the above stages of accounts receivable management are based on the basic management functions. Based on the definition of management, which is given in the work of a team of authors led by V. M. Zarubinsky, management is a function of organized systems of different nature (biological, social, technical), which ensures the preservation of their specific structure, support of the mode of activity, and the implementation of their programs and goals.

It is proposed to distinguish such stages in the receivables management process.

The first stage of management - planning the amount of accounts receivable - was, is and will be one of the most important. This is due to the fact that in the process of implementing work on planning the amount of receivables, it is necessary to take into account not only the parameters of receivables that characterize its condition, but also a number of external factors that can significantly affect the final results of management.

In the process of accounting for accounts receivable, information is collected about the financial position of debtors, on whom the status of accounts receivable depends. The main difficulty at this stage lies in determining the minimum volume and range of data that allows the managing subject to have a clear idea of ​​the state of the control object. This circumstance is connected with two points. The first point is due to the fact that collecting and processing accounting information requires funds, which are always limited. The second point is due to the fact that information may be duplicated and late, and this does not contribute to making an informed decision.

The third stage of management is monitoring the amount of accounts receivable, which involves comparing actual accounting data with planned or budgeted ones. In the era of centralized planning, it was enough to develop planned indicators, but in market conditions, planned indicators must be formed while studying the market, which requires the development of business development plans and budgets. Due to the lack of a system of planned indicators for the enterprise's performance, the control stage performs slightly different functions; in fact, control comes down to comparing accounting data only for the past and current (planned) period. Therefore, an effective management process must be based on the overall enterprise management system.

At the fourth stage - analysis of receivables - factors are examined and identified, the influence of which led to deviations in the actual parameters of the state of receivables from planned indicators.

The fifth stage is the stage of developing a number of alternative solutions or determining the optimal solution.

To formulate several possible solutions aimed at improving the situation in which the enterprise finds itself, information collected at the analysis stage is sufficient. Based on this information, it is possible to create a system of restrictions regarding the corresponding objective function, as well as to rank the reasons that most influence the amount of receivables. The same cause can cause several effects, and the elimination of these causes is simulated to evaluate the possible results. In this way, several alternative solutions are developed or even the optimal solution is determined.

The sixth stage is the phase of implementing one or more alternative solutions - at this stage, the adopted optimal solution or several alternative solutions are implemented. At this stage, the necessary means are determined, as well as the procedure for implementing the decision.

An important issue when managing receivables is their classification. Depending on what characteristic is used as the basis for its classification, you can use a variety of methods for managing receivables.

B.O. Zhnyakin and V.V. Krasnov offer the most complete classification of receivables on an urgent basis, namely: current, urgent, overdue, long-term and bad.

The classification of receivables can be based on the distribution of receivables depending on the target groups of debtors. In this case, marketing approaches are used that are based on the study of consumer behavior. Taking into account the various reasons for non-payments and the real possibilities of citizens to pay their debts is decided on the basis of accounting data on payments and debts.

One such method is the ABC analysis method. This method is based on a law discovered by the Italian economist V. Pareto, who says that a relatively small number of causes are responsible for most possible results; at the moment this law is better known as the “20 to 80 rule.”

This method in domestic practice and more widely abroad is used both for selecting objects from the general range of products that are produced by the enterprise, and within one type of product. The ABC analysis method is based on the distribution of a set of potential objects into groups based on the specific weight of a particular indicator. The literature provides examples of ABC analysis in terms of turnover, profit, labor intensity, material costs, and even such parameters as speed and consumer power. Regarding accounts receivable, it can be formulated this way: 80% of the amount of accounts receivable can be attributed to 20% of debtors.

The number of groups when conducting ABC analysis can be any, but the most widespread is the division of the considered population into three groups (75: 20: 5), which, obviously, determines the name of the method, known abroad as ABC-Analysis. Group A - a small number of objects with a high level of specific gravity for the selected indicator. Group B - the average number of objects with an average level of specific gravity for the selected indicator. Group C - a high number of objects with an insignificant share of the selected indicator.

G.G. Kireytsev proposes a ratio (75: 20: 5) to determine the degree of importance of buyers: A - buyers are those with whom the company makes approximately 75% of its turnover. This turnover accounts for about 5% of buyers. B - buyers (20%) give, as a rule, 20% of the turnover. C - buyers (75%), turnover is approximately 5%.

This interpretation of the Pareto rule regarding accounts receivable is also possible. Group A debtors are the most important debtors, those 20% that account for 80% of receivables, and deserve increased control, since this is where the effort will be justified. Group B - debtors of medium importance, those who in total account for 15% of receivables and require attention only occasionally. Group C - unimportant debtors are those who account for 5% of the enterprise's total receivables. You should not devote too much effort and time to managing debtors of this group.

The sequence of analysis: firstly, calculate the total amount of debt of all clients on the list; secondly, calculate 80% of this amount; thirdly, by summing up the debts on the list, starting with the part where the debts are the largest, that part of consumers who owe 80% of the total amount. Their number is significantly less than the number of debtors. The selected group of citizens is the first and main target audience, given its relative smallness and the bulk of the debt (80%). Work with this category of debtors should be based on a personal approach. These efforts are justified by the amounts of debt that will be repaid. In a similar way, two more groups are distinguished: the smallest will be the first, the most numerous - the third.

This method makes it possible to form target audiences of debtors, to whom the applied methods of debt collection will differ, which will make it possible to choose the most effective methods of collection for this category. In addition, it is an advantage to select a group of debtors who accumulate the largest amount and who need to be given attention first. When applying the ABC analysis method, certain difficulties arise, especially for utility companies. They lie in the need to automate and computerize all relationships with debtors. At the same time, in utility companies, computerized accounting of payments should be kept not by houses or areas in general, as is always done, but by end consumers. The result of the analysis is lists of debtors with whom you need to work.

The ABC analysis method is used mainly when managing receivables that already exist. Credit limit management can be used to prevent unpredictable debt. It represents the maximum allowable amount of receivables both for the enterprise as a whole and for each counterparty, or is established for each of the company’s commercial departments, allocated on an industry basis in proportion to the share of revenue for the previous period in the total sales volume of the enterprise and is approved by order of the general director. The same scheme is used to distribute limits among managers who work with customers. Each manager, in turn, must distribute the credit limit he received among clients. As a rule, for new buyers who have been working with the company for no more than six months, the credit limit is set in an amount that does not exceed the average monthly sales volume. For counterparties who have been working with the company for more than six months, the credit limit is set by the manager and must be approved by management.

When calculating these indicators, the company primarily focuses on its strategy; increasing market share requires a larger credit limit than maintaining its market share and accumulating free cash. At the same time, it is necessary to maintain sufficient liquidity of the enterprise and take into account credit risk (the risk of complete or partial loss of issued funds). In most cases, work with a new client begins on an advance payment basis. After statistics on payments and deliveries for the counterparty have been accumulated, he may be provided with a credit limit.

The use of credit limits provides advantages when working primarily with new clients - it helps prevent the occurrence of uncontrolled receivables. Difficulties that arise in this case: mandatory automation of the process, knowledge of the counterparty, study of its credit capabilities and solvency, which requires close contact.

The material considered allows us to present the mechanism for managing receivables in the form of a diagram shown in Figure 3.

Figure 3 - Accounts receivable management system

Accounts payable management refers to the application by an enterprise of the most acceptable forms and terms, as well as the volume of settlements with counterparties. Accounts payable management provides for a selective approach to the company's counterparties and makes it possible to:

?evaluate the benefits of the credit policy of counterparties, determine the value of accounts payable taking into account discounts, bonuses and deferments, credit limits and obligations;

?make decisions on the effectiveness of working with counterparties at both operational and strategic levels;

?increase the profitability of accounts payable and the enterprise as a whole;

?coordinate the management of accounts payable and receivable, which improves the financial stability of the enterprise;

?quickly identify areas and eliminate the causes of ineffective accounts payable management;

?direct employees to solve accounts payable management problems.

The process of monitoring the movement of accounts payable is carried out in stages.

The preliminary stage is determining the need to obtain a commercial loan or choosing a method of settlement with suppliers such as advance payment.

Stage 1 - concluding an agreement with the supplier to obtain a commercial loan - agreeing on payment terms, discounts so that the amount is maximum and sanctions are minimum.

Stage 2 - receipt of products from the supplier to the warehouse, control of their quality and quantity. Submitting claims to the supplier.

Stage 3 - timely repayment of debts to the supplier.

Stage 4 - drawing up acts of mutual settlements with debtors and creditors. Carrying out an inventory of receivables and payables.

Stage 5 - in case of violation of delivery conditions, enter into operational communication with suppliers regarding: a) timely shipment of products; b) compliance with its quality parameters; c) replacement with another brand or variety.

Stage 6 - in case of difficulties in paying for the purchase: a) choose the most effective form of payment; b) choose the optimal method of repaying obligations.

Stage 7 - in the event of the disappearance of the creditor - capitalize the unclaimed accounts payable as non-operating income.

The functions of monitoring the movement of accounts payable are mainly performed by the supplier, for whom in turn they are receivables.

Accounts payable management can be carried out using two main options: optimizing accounts payable and minimizing accounts payable.

Optimization - searching for new solutions with the help of which accounts payable and its changes can have an impact on the enterprise

positive impact (increase in authorized capital, increase in reserve capital, etc.).

Minimization is a mechanism for managing accounts payable, in which existing accounts payable is reduced to its reduction, up to full repayment.

Thus, in the first chapter of the thesis, the concept and structure of receivables and payables were examined, the meaning and role of the analysis of these items in the financial statements were determined, and the main indicators used in the analysis were considered.

2. Valuation of receivables and payables of the enterprise

2.1 Organizational and economic characteristics of the enterprise

Limited Liability Company "Kubaninterprisis" was created in accordance with the Civil Code of the Russian Federation and the Federal Law "On Limited Liability Companies".

Location of KubanInterprisis LLC: Russia, Krasnodar region, Krasnodar, st. Sormovskaya, 1.

KubanInterprisis LLC is a full-fledged subject of economic activity and civil law, is recognized as a legal entity, owns separate property and is responsible for its obligations.

Kuban Interprisis LLC has an independent balance sheet, a round seal containing the full name in Russian, stamps, forms with its name, emblem and other means of visual identification.

KubanInterprisis LLC has the right to open bank accounts on the territory of the Russian Federation and abroad, both in rubles and in foreign currency.

The company is the owner of its property and funds and is liable for its obligations with its own property. Participants are liable for the obligations of the Company within the limits of their contributions to the authorized capital.

The Russian Federation, constituent entities of the Russian Federation and municipalities are not liable for the obligations of the Company, just as the Company is not responsible for the obligations of the Russian Federation, constituent entities of the Russian Federation and municipalities.

The goal of the Company is to saturate the consumer market with goods and services and make a profit. The company may carry out any type of activity that generates profit and is not prohibited by federal laws.

The profit of KubanInterprisis LLC is subject to taxation in the manner prescribed by the current legislation of the Russian Federation. The profit remaining after paying taxes and other payments to the budget comes at its full disposal and is used by the enterprise independently. The decision on the distribution of profits is made by the general meeting of participants.

LLC "Kuban Interprices" may be voluntarily reorganized in the manner prescribed by law. Reorganization of the Company can be carried out in the form of merger, accession, division, spin-off and transformation.

During reorganization, appropriate changes are made to the constituent documents of the company. The decision on the voluntary liquidation of the Company and the appointment of a liquidation commission is made by the Obidim meeting on the proposal Board of Directors, General Director or member of the Company.

The company can also be liquidated by court decision. Liquidation of the Company entails its termination without transfer of rights and obligations by way of succession to other persons. Liquidation of the Company is carried out in the manner established by the Civil Code of the Russian Federation, other legislative acts, taking into account the provisions of this Charter. The General Meeting of Participants establishes, in accordance with the law, the procedure and terms for the liquidation of the Company and, in agreement with the body that registers legal entities, appoints a liquidation commission, the number of members of which, including the Chairman and Secretary, cannot be less than three. The Company's property is sold by decision of the liquidation commission.

According to the Charter, KubanInterprisis LLC was created to carry out economic activities in order to meet public needs for its products, goods, works, services and the realization, on the basis of the profits, of the economic interests of participants and members of the company's workforce.

To achieve the goals and objectives, KubanInterprisis LLC can carry out wholesale and retail trade in any types of goods and products, including textiles, haberdashery, clothing and footwear.

The organizational structure of enterprise management is presented in Figure 4.

Figure 4 - Organizational management structure of Kuban Interprices LLC

Analyzing the organizational structure of the enterprise Kuban Interprices LLC, we can say that its strengths are:

-high level of specialization;

-each head of his department is responsible for the quality of the work performed by him and his department, so they try to organize the work of their department so that all tasks are completed on time and with high quality;

-if necessary, the staff of functional departments can be easily optimized, that is, the structure within the departments is flexible and responsive;

-the existence of informal connections;

-any operational information about current indicators, conditions, etc. never lingers anywhere, i.e. any department and its employees directly provide the necessary information to the manager, and departments also provide each other with the necessary information as quickly as possible.

Labor resources are of great importance in the activities of the organization. The structure and dynamics of the number of personnel of the enterprise for 2009-2011 is presented in Figure 5.

Figure 5 - Dynamics of the average number of employees at Kuban Interprisis LLC

Analyzing the data on the number of personnel, we can conclude that it remains constant during the analyzed period. In 2009-2011, the number of employees at the enterprise was 20 people, of which:

person - administrative and management personnel;

human support service workers (service personnel: cleaner, warehouse manager);

people are essential workers.

The average salary at the enterprise also remains unchanged. In order to materially stimulate employees, a bonus system is used for the quality of work performed, for fulfilling and exceeding production and financial plans.

For a more detailed examination of the dynamics of average wages and the wage fund, we present the calculated data in Table 1.

Table 1 - Analysis of the dynamics of indicators characterizing the level of remuneration at Kuban Interprices LLC for 2009-2011.

Indicator 200920102011Average number of employees, people. 202020Average monthly salary, rub. 10812.510812.510812.5 Payroll fund, thousand rubles. 2595.02595.02595.0 Labor productivity per employee, thousand / rub. 2822.553012.855628.45 Volume of works and services, thousand rubles. 56451.060257.0112569.0

When analyzing the data in Table 1, it can be noted that there is a positive trend in indicators characterizing the economic efficiency of labor resources, namely: labor productivity per employee increased by 2805.9 thousand rubles. and amounted to 5628.45 thousand rubles in 2011. in year.

The analysis of the effectiveness of the economic activities of KubanInterprisis LLC is based on data from the enterprise’s financial statements for 2009-2011 (Appendix 1-3).

Let's consider indicators characterizing the effectiveness of managing current and non-current assets of an enterprise.

Fixed capital (non-current assets) is an investment of funds for long-term purposes in real estate, bonds, shares, mineral reserves, joint ventures, intangible assets, etc. The composition and dynamics of the enterprise's fixed capital are presented in Table 2.

Table 2 - Composition and dynamics of non-current assets of Kuban Interprices LLC for 2009-2011, (thousand rubles)

Enterprise funds200920102011Growth thousand. rub. share, % thousand rub. share, % thousand rub. share, % thousand rub. share, %2010/ 20092011/ 20102010/ 20092011/ 2010 Intangible assets0000000 0 0 0Fixed600Unfinished capital investments0000000000Long-term financial investments0 000000000TOTAL360910038001004186100191386--

From the data in Table 2 it is clear that the amount of non-current assets consists only of fixed assets. The cost of fixed capital in relation to 2009 in 2010 increased by 5.3%, respectively, in 2011 compared to 2009 they increased by 10.2%, which indicates the renewal of fixed assets.

To assess the structure of fixed assets, there is a division into the active part, which is indefinitely involved in the production process, and the passive part, with the help of which the normal functioning of active fixed assets is ensured. An increase in the share of the active part of fixed assets and, accordingly, a decrease in the share of the passive part are an important factor in increasing the efficiency of production activities.

In an organization where fixed assets account for 100% of the fixed capital structure, it is necessary to analyze their composition, structure and dynamics (Table 3).

Table 3 - Availability, movement and structure of OPF Kuban Interprices LLC for 2009-2010 (thousand rubles)

Indicators Availability at the beginning of the year Entered Out Availability at the end of the year 2009 Buildings 495 200 4952 Structures 480048 Machinery and equipment 83184642898493 Vehicles 879033846 Industrial and business equipment 182713 TOTAL: 14215466329143522010 Buildings 495 2004952Structures480048Machinery and equipment8493652739072Vehicles84641401260Industrial and business equipment130013TOTAL: 14352106673153452011Buildings4952004952Structures48000Machinery and equipment90723531894 07 Vehicles 126039801658 Industrial and business equipment 13 0 0 13 TOTAL: 153457511816078

Analyzing the data on the dynamics and structure of fixed assets, we see that there were no changes in the structure of buildings (in 2009-2011 - 4952 thousand rubles). The composition of vehicles and machinery and equipment has increased significantly (the growth rate in 2011 compared to 2009 and 2010 was 48.9% and 6.8%, respectively).

To summarize the efficiency of using fixed assets, indicators of capital productivity of fixed assets, capital intensity, and relative savings of fixed assets are calculated. The dynamics of performance indicators of fixed production assets of Kuban Interprices LLC for 2009-2010 are presented in Table 4.

Table 4 - Dynamics of performance indicators of OPF of the enterprise KubanInterprisis LLC for 2009-2011 (thousand rubles)

Indicators 2009 2010 2011 Change 2010/ 2009 2011/ 2010 Revenue 5917974302911081512316806 Average annual cost of fixed assets 14283.514848.515711.5565863 Capital productivity 4.145.05.80 860.8 Capital intensity 0.240, 200.17-0.04-0.03 Relative savings of fixed production assets 2002.3 2339.1 4315 336.8 1975.9

From the results obtained in Table 4, it can be seen that the capital productivity indicator increases over the three analyzed years (from 4.14 in 2009 to 5.8 in 2011) due to an increase in the enterprise’s revenue. The capital intensity indicator is decreasing (from 0.24 in 2009 to 0.17 in 2011), which indicates an increase in the efficiency of use of fixed production assets.

Based on the table data, we will construct a graph reflecting the efficiency of using the enterprise’s fixed assets (Figure 6)

Figure 6 - Indicators of the efficiency of use of fixed assets of Kuban Interprices LLC for 2009-2011

Current assets occupy a large share in the total balance sheet currency. This is the most mobile part of capital, the state and rational use of which largely determine the results of economic activity and the financial condition of the enterprise.

The main goal of the analysis is the timely identification and elimination of shortcomings in working capital management and finding reserves for increasing the intensity and efficiency of its use. When analyzing the structure of current assets, it should be borne in mind that the stability of the financial condition largely depends on the optimal allocation of funds according to the stages of the circulation process.

In the process of analysis, first of all, it is necessary to study changes in the availability and structure of current assets (Table 5). The structure of current assets of Kuban Interprices LLC for 2011 is also presented in Figure 7.

Table 5 - Analysis of the dynamics and structure of current assets of Kuban Interprices LLC for 2009-2011 (thousand rubles)

Type of current assetsAvailability of funds, thousand rubles. Structure of funds, % 2009 2010 2011 2009 2010 2011 1234567 Total amount of current assets 104951347717181100100100 Of which: Cash 78 127 85 0.7 0.9 0.5 Short-term financial investments 000000 Accounts receivable no.8286113091454879.083.984.7 Taxes on acquired assets 4986184.70.040.02 Inventories Including: raw materials and materials deferred expenses 1633 1470 1632023 1288 7352530 1859 67115.6 14.0 1.615.0 9.6 5.414.7 10.8 3.9 By participation in the operating process: in the sphere of production in the sphere of circulation 1633 88622023 114542530 14 65115.6 84.415.0 85.014 .7 85.3

Figure 7 - Structure of current assets of Kuban Interprices LLC in 2011, %

As can be seen from the data in Table 5 and Figure 7, at Kuban Interprices LLC the largest share in current assets is accounts receivable. Over the three analyzed years, the share of receivables increases (in 2009 - 79.0%, in 2010 - 83.9% and, accordingly, in 2011 - 84.7%). The share of cash flow decreases, which indicates the irregular operation of the enterprise.

In connection with the reform of enterprises and the need to stabilize economic development, the importance of analyzing the liquidity and solvency of an enterprise is increasing. Liquidity of assets is defined as the ability to convert them into cash, and solvency is defined as the ability to timely and fully pay for one’s obligations.

Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities, grouped by their maturity dates and arranged in ascending order (Appendix 4).

To determine the liquidity of the balance sheet, the above groups should be compared. The balance is considered absolutely liquid if the following optimal ratios are met:

In the case when one or more system inequalities have the opposite sign compared to the optimal option, the balance sheet liquidity differs from absolute. An assessment of the liquidity of the balance sheet of LLC Kuban Interprices for 2009 - 2011 is presented in Table 6.

Table 6 - Assessment of the liquidity of the balance sheet of Kuban Interprices LLC for 2009-2011

Analyzed period Actual ratio at the beginning of the analyzed period Actual ratio at the end of the analyzed period 2009 absolute liquidity conditions are not achieved 2010 absolute liquidity conditions are not achieved absolute liquidity conditions are not achieved 2011 absolute liquidity conditions are not achieved absolute liquidity conditions are not achieved

According to Table 6, an assessment of balance sheet liquidity for the three analyzed years showed that Kuban Interprices LLC did not achieve the condition of absolute liquidity.

An analysis of the financial and economic activities of the enterprise KubanInterprisis LLC for 2009-2011 allows us to conclude that the enterprise is in a stable financial position, but has insufficient liquidity of assets.

The management of the enterprise should take measures to prevent further deterioration of the financial condition and develop measures for more rational management of the enterprise's capital in order to increase the efficiency of financial and economic activities.

2.2 Analysis of the company's receivables

In the current crisis economic conditions caused by the consequences of the global financial crisis of 2008-2009, in order to prevent a significant decrease in the volume of activities, KubanInterprices LLC is pursuing an active policy of lending to its customers, which consists of providing a large number of products, payment for which can be made by bank transfer .

Regardless of the control measures on the part of the enterprise, in order to avoid the sale of products to insolvent buyers, the accounting department of Kuban Interprices LLC maintains a record of settlements with buyers and customers. Based on the statement, the debt is ranked according to the timing of payment of bills, which helps the enterprise determine its credit policy.

All accounts receivable are classified into the following groups:

the payment deadline has not arrived;

overdue from 1 to 30 days (up to 1 month);

overdue from 31 to 90 days (from 1 to 3 months);

overdue from 91 to 180 days (from 3 to 6 months);

overdue from 181 to 360 days (from 6 months to 1 year);

overdue for 360 days or more (more than 1 year).

According to the enterprise's credit policy, justified debt includes debt whose repayment period has not yet arrived or is less than one month. Unjustified debts include overdue debts of buyers and customers. In order to determine the effectiveness of the credit policy of KubanInterprisis LLC, we will analyze accounts receivable for the period under study.

To assess the composition and movement of receivables of Kuban Interprices LLC for 2009-2011, we will draw up an analytical table 7.

The data presented in table 7 show that for 2009-2011 the amount of receivables is increasing. The structure of accounts receivable contains only short-term accounts payable, which account for 100% of the total debt. Its value during the analyzed period increased from 7516 thousand rubles. at the beginning of 2009 to 14,548 thousand rubles. at the end of 2011.

In the overall structure of receivables of KubanInterprisis LLC, the share of overdue debts on average over three years accounts for 43.3%.

During the analyzed period, overdue receivables increased from 4125 thousand rubles. in 2009 to 6552 thousand rubles. in 2011. Consequently, the company was unable to achieve repayment of part of its overdue debts.

It is worth noting that the balance of accounts receivable with a maturity period of more than 3 months increased by 713 thousand rubles.

Table 7 - Assessment of the composition and movement of accounts receivable

IndicatorsMovement of accounts receivableGrowth rate of the balance, %Balance at the beginning of the yearArrearedRepaidBalance at the end of the yearamount, thousand rubles. Ud. weight, %amount, thousand rubles. Ud. weight, %amount, thousand rubles. Ud. weight, %amount, thousand rubles. Ud. weight, % 2009 Accounts receivable, total, including 7516100611410053441008286100110.2 Short-term accounts receivable 7516100611410053441008286100110.2, including overdue 311241.41445 23.64328.1412549.8132.6 of which lasting over 3 months 112815.088514.578814.7122514.8108.62010 year Accounts receivable debt, total, incl. 90814.12527.4211418.7145.02011 Accounts receivable, total, in t Part 8.6 Short-term receivables8.6 including overdue 554749.0258632.9158134.3655245.0118.1 of which lasting more than 3 months 322528.518742 3.9168736.5341223.5105.8 The receivables quality indicator determines the probability of receiving the debt in full, which depends on the period of debt formation. Practice shows that the longer the period of receivables, the lower the probability of collection. Let's analyze the state of receivables by the time of their formation (Table 8).

Table 8 - Analysis of the structure and condition of receivables of KubanInterprisis LLC for 2009-2011 (thousand rubles)

IndicatorsTotal at the end of the year. weight, % including by terms of education up to 1 month. from 1 to 3 months. from 3 to 6 months. Receivables Women of buyers and customers 1017789.99609719662114 Other debtors 113210.011100320 Total accounts receivable 11309100719719982114 As a percentage of the total amount of receivables, % 100x63.6417.6718, 692011Дебиторская задолженность покупателей и заказчиков1329091,35684930293412Прочие дебиторы12588,6511471110Всего дебиторская задолженность14548100799631403412В процентах к общей сумме ДЗ, %100х54,9621,5823,45

Analysis of the data in Table 8 shows that the main share of accounts receivable falls on the debt of buyers and customers - in 2009 - 99.648%, or 8256 thousand rubles, in 2010 - 89.99% or 10177 thousand rubles, in 2011 - 91.35% or 13290 thousand rubles. The largest volume of receivables accounts for debts with a maturity of up to 3 months. Including in 2011, 21.58% of total receivables (or 3,140 thousand rubles) are debts with a maturity period of 1 to 3 months. At the same time, KubanInterprisis LLC, as part of its accounts receivable in 2011, has a fairly high amount of debt (3,412 thousand rubles) with a long period of formation - over 3 months, which is overdue debt. Therefore, Kuban Interprices LLC needs to make every effort to collect overdue debt in the near future, since otherwise it is possible to write off overdue debt to reduce the financial results of the organization.

Depending on the specific conditions, other intervals for the period of debt incurrence may be accepted. The presence of such information over a long period makes it possible to identify both general trends in settlement discipline and specific buyers who are most often among the unreliable payers. For a more detailed presentation of the calculated data, consider Figure 8.

Figure 8 - Dynamics of the structure of short-term receivables of Kuban Interprices LLC for 2009 - 2011. V %

The structure of accounts receivable by formation period is presented in Figure 9.

Figure 9 - Structure of accounts receivable at KubanInterprisis LLC by terms of formation for 2009 - 2011, in%

The most important element of the analysis of accounts receivable is the assessment of its turnover. The trend in this indicator is often used to determine the validity of a discount for early payments. The higher the turnover rate, the less money is invested in accounts receivable.

The receivables turnover indicators of Kuban Interprices LLC are presented in Table 9.

Analysis of the data presented in Table 9 showed that:

the cash turnover ratio in settlements (all accounts receivable) increases from 6.2 at the beginning of 2009 to 7.1 at the end of 2011. The diversion of enterprise funds into settlements and indirect lending by the enterprise (in the form of trade credit) to other enterprises are reduced;

there are no receivables for which payments are expected more than 12 months after the reporting date;

the turnover of accounts receivable, payments for which are expected within 12 months after the reporting date, increases. The company suffers smaller losses from depreciation of accounts receivable;

accordingly, the turnover period of funds in the calculation of all receivables decreases and amounted to 51.1 days at the end of 2011;

There are no receivables for which payments are expected more than 12 months after the reporting date. Therefore, the turnover period for this type of debt is not determined;

the turnover period of accounts receivable, payments for which are expected within 12 months after the reporting date, is reduced;

the same values ​​of indicators of ratios and turnover periods in the calculations of all accounts receivable and accounts receivable, payments for which are expected within 12 months after the reporting date are due to the fact that the analyzed enterprise has only one type of accounts receivable.

Table 9 - Receivables turnover indicators of KubanInterprisis LLC for 2009-2011

Indicator name 2009 2010 2011 at the beginning of the year at the end of the year change (+,-) at the beginning of the year at the end of the year change (+,-) at the beginning of the year at the end of the year change (+,-) 1. Funds turnover ratio in calculations (total receivables) 6.27, 51.37.57.60.17.67.1-0.52. Funds turnover ratio in calculations (within 12 months) 6.27.51.37.57.60.17.67.1-0.53. Turnover period of funds in settlements (all receivables), days. 58.148-10.14847.4-0.647.451.19.74. Accounts receivable turnover period (within 12 months), days. 58.148-10.14847.4-0.647.451.19.7

Based on the data in the table, we will construct a graph reflecting the turnover indicators of the enterprise’s receivables (Figure 10)

Figure 10 - Receivables turnover indicators of KubanInterprisis LLC for 2009-2011

It is advisable to supplement the report on settlements with debtors with a register of aging receivables (Table 10), which reflects the distribution of debt by maturity for each debtor, as well as the percentage share attributable to each period of delay in the context of clients and in general for the total amount of receivables. It is advisable to prepare this type of report at least once a month, as well as summarize the results for the quarter and for the year.

Table 10 - Accounts receivable aging register

Client Distribution of debt by termsTotal amount of debt, thousand rubles. Share in total volume, % Up to 30 days 30-90 days Over 90 days thousand. rub. %thousand rub. %thousand rub. %2009KrasnodarGU893,0717614,372653,2RGOTUPS2175,271304,483474,2SGMA1143,9320116,413153,8SSKHA1253,042177,4830624,986487,8JSC "Oktava"714 17.3529810.28101212.3Other306074.34205270.7654244.24566968.7Total411649.85290035.13122514 ,848256100%2010KrasnodarGU894,532099,892982,9RGOTUPS2203,611799,103993,9SGMA1186,0029413,914124,0SSKHA1141,8723612,0036417,227147,0 OJSC "Oktava"61210.0464632.86125812.4Other515184.4869835.50124758.99709669.7Total60971966211410177100%2011KrasnodarGU1143 ,762045,983182,4RGOTUPS1141,662989,844123,1SGMA943,1041712,225113,8SSKHA2203,212367,7935510,408116,1Oktava JSC 5477,9946815,45101 57.6Other596887.14181960.05243671.401022376.9Total68493029341213290100%

Analysis of the data in Table 10 allows us to conclude that the largest share in the structure of receivables among the analyzed debtors belongs to OJSC Oktava (in 2009 - 12.3%, in 2010 - 12.4%, in 2011 - 7.6 %).

2.3 Analysis of the company's accounts payable

To analyze the company's accounts payable, the company's financial statements for 2009-2011, as well as analytical accounting data, are used as a source of information.

We will analyze the dynamics and structure of the enterprise's accounts payable using Table 11.

Table 11 - Analysis of the dynamics and structure of accounts payable of Kuban Interprices LLC for 2009-2011.

Balance sheet items 2009 2010 2011 Deviation 2011 from 2009 2010 thousand. rub. beat weight, %thousand rub. beat weight, %thousand rub. beat weight, %thousand rub. thousand roubles. Accounts payable259461001206510015971100-99753906 Including: suppliers and contractors2237386,231066288,371438890,09-79853726to personnel of the organization594,162,29326,962,71298,661,87-2 95.5-28.3 debt on taxes and fees 744.652.87538.14 ,46656.414.11-88.24118.3 other creditors 2231.48.6538.14.46627.663.93-160489.56

When analyzing Table 11, it can be noted that there is a trend towards a decrease in accounts payable, so in 2011 the amount of debt amounted to 15,971 thousand rubles, which is lower than the 2009 figure by 9,975 thousand rubles, but higher than the 2010 figure by 3906 thousand rubles.

These changes occurred mainly due to a decrease in debt to suppliers and contractors; from 2009 to 2011 the decrease amounted to 7,985 thousand rubles.

There is a decrease in the internal debt of the organization, namely, the debt to the personnel of the enterprise in 2011 amounted to 298.66 thousand rubles, which is lower than in 2009 by 295.5 thousand rubles.

There is also a decrease in debt to the budget and a decrease in the amount of debt to other creditors.

When considering the structure of accounts payable, it can be noted that the main share in the total amount of debt belongs to debts to suppliers and contractors (in 2009 - 86.23%, in 2010 - 88.37%, in 2011 - 90.09 %.

For a more detailed presentation of the data, we will use Figure 11.

Figure 11 - Dynamics and structure of accounts payable of Kuban Interprices LLC for 2009-2011.

Next, we will analyze the turnover of accounts payable, since in order to make management decisions, the management of the enterprise needs to have information at its disposal how many turnovers during the analyzed period the company requires to pay the invoices issued to it or how many days it takes for this.

To assess accounts payable turnover, the following group of indicators is calculated:

Average accounts payable;

Accounts payable turnover;

Period of repayment of accounts payable.

For a more convenient consideration of the calculated indicators, we use Table 12.

Table 12 - Analysis of accounts payable turnover of Kuban Interprices LLC for 2009-2011.

Indicator 200920102011 Deviation 2011 from 200920101. Average accounts payable 2311419005.514018-9096-4987.52. Accounts payable turnover 2,443,178,035,594,863. Accounts payable turnover period 149.6115.145.4-104.2-69.7

When analyzing Table 12, it can be noted that the amount of average accounts payable tends to decrease, so in 2011 accounts payable amounted to 14,018 thousand rubles, which is lower than in 2009 by 9,096 thousand rubles. These changes can be characterized positively; in addition, there is an increase in the number of turnovers made by accounts payable and, as a consequence, a decrease in the duration of one turnover.

The ability of an enterprise to make payments on time, finance its activities on an expanded basis, withstand unexpected shocks and maintain its solvency in adverse circumstances indicates its stable financial condition, and vice versa.

If solvency is an external manifestation of the financial condition of an enterprise, then financial stability is its internal side, reflecting the balance of cash and commodity flows, income and expenses, funds and sources of their formation.

A stable financial condition is achieved with adequacy of equity capital, good quality of assets, sufficient level of profitability, stable income and attraction of borrowed funds. To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movements in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing.

The financial condition of an enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities.

Using the grouping of asset and liability items given in Appendix 4, we will calculate the liquidity ratios of Kuban Interprices LLC, the data is presented in Table 13.

Table 13 - Financial and operational liquidity ratios of KubanInterprisis LLC for 2009-2011

Liquidity indicators 2009 2010 2011 at the beginning of the year at the end of the year change (+; -) at the beginning of the year at the end of the year change (+; -) at the beginning of the year at the end of the year change (+; -) 1. Overall balance sheet liquidity ratio 0.990.87-0.120.870.84-0.030.840 .83-0.012. Absolute liquidity (urgency) ratio 0.040.01-0.030.010.020.010.020.01-0.013. The coefficient of "critical assessment" (or intermediate coverage) is 1.701.51-0, 191.511.5101.511.5-0.014. Current ratio 2.151.90-0.251.901.78-0.121.781.76-0.025. The coefficient of abstraction of capital functioning is 0.210, 20-0.10, 200.15-0.050.150.1506. Share of working capital in assets0,720,740,020,740,780,040,780,80,027. Working capital ratio 0.520.46-0.060.460.43-0.030.430.4308. Enterprise solvency restoration coefficient0.880.860.88

The calculation of financial and operational liquidity ratios of Kuban Interprices LLC showed that:

For 2009-2011, the overall solvency of the enterprise is declining. It becomes a less reliable partner, the risk of economic and credit relationships with the enterprise increases, but, despite the negative results, there is a tendency towards improvement;

absolute liquidity, the likelihood of payment of supply bills and repayment of credit resources increases. Lending risk is reduced;

the likelihood of repaying short-term obligations is reduced;

the financial stability of the enterprise increases. The likelihood of repaying all current obligations using all current assets increases;

capital turnover and business activity of the enterprise increases, since at the end of the analyzed period a smaller share of operating capital is invested in inventories and diverted into accounts receivable;

the share of working capital in the assets of the enterprise increases. In conditions of growth in services provided, this is a positive trend, indicating an increase in business activity;

over the three analyzed years, all working capital generated from own funds decreases;

Taking into account the current conditions, the company has not had a real opportunity to restore solvency for three years, and this trend continues.

The analysis of receivables and payables of Kuban Interprices LLC allows us to conclude that there is an insufficiently effective policy for managing receivables at the enterprise. Over the three analyzed years, the share of receivables increases. Management sees a solution to the problem of non-payments and reduction in the volume of accounts receivable in improving contractual relations with counterparties, and does not set these divisions the task of finding other methods of influencing debtors. This indicates that employees of this organizational structure show some passivity in working with debtors.

3. Main directions for increasing the efficiency of managing receivables and payables of an enterprise

3.1 Formation of a system of effective credit conditions

The theoretical analysis of scientific research on the problem of increasing the efficiency of the enterprise's credit policy, as well as taking into account the results of assessing the existing system of indicators of receivables and payables of Kuban Interprices LLC, we propose to highlight the following goals of the credit policy of Kuban Interprices LLC: increasing the efficiency of investing funds in receivables, increasing sales volume and return on investment.

To achieve these goals, we propose the following main directions for improving the management of accounts receivable at Kuban Interprices LLC, which are summarized and presented in Figure 12.

A key point in accounts receivable management is determining the timing of credit (provided to customers) which affects sales volumes and cash collection. For example, providing longer credit terms is likely to increase sales.

Credit terms have a direct bearing on the costs and income associated with accounts receivable. If credit terms are tight, the company will have less cash invested in accounts receivable and losses from bad debts, but this may result in lower sales, lower profits and negative customer reactions. On the other hand, if the terms of the loan are vague, the company may achieve higher sales volumes and more revenue, but also risks higher bad debts and greater costs associated with ineffective customers delaying payment.

At the same time, great importance should be attached to the inflation rate, since the amount of losses of the organization as a result of ineffective accounts receivable management policies depends on it.

Figure 12 - A set of measures to improve the management of the credit policy of LLC KubanInterprises

One of the ways to manage the amount of receivables is to develop a discount policy, as a result of which the business entity also incurs certain losses.

The fair value of receivables refers to the amount that should be expected to be repaid by the end of the discount period.

Consequently, in order to increase the economic efficiency of providing services to Kuban Interprices LLC, it is proposed to evaluate the possibility of providing a discount to the company’s clients for early payment of services provided.

The calculation procedure will be as follows:

The fall in the purchasing power of money during the period of repayment of receivables is characterized using the coefficient K AND , reciprocal of the price index (Ic):

Ki = (9)

If the amount of receipt established by the contract is the value S, and the price dynamics are characterized by the index Ic, then the real amount of money Sp, taking into account their purchasing power at the time of payment, is:

Sp = S*1/ Its. (10)

According to the Ministry of Economic Development of the Russian Federation, price growth in 2011 was 12%, then the price index Ic = 1.12.

Accordingly, the payment is 1000 rubles. at this moment it is equivalent to paying 1000/1.12 = 892.86 rubles. at the time of conclusion of the contract. Then 1000-892.86=107.14 rubles. - real loss of revenue due to inflation.

Within this value, a discount from the contract price, provided subject to early payment, will reduce the losses of Kuban Interprices LLC associated with the depreciation of money.

For KubanInterprisis LLC, annual revenue from the provision of services in 2011 is 91,108 thousand rubles; 14.59% (13292.66) of revenue was received on a subsequent payment basis. The average period for repayment of receivables from buyers and customers according to financial statements in 2011 is 52.5 days.

Taking the monthly inflation rate equal to 1.2%, we obtain that the price index Ic = 1.012. Thus, a monthly deferment of payment leads to the fact that Kuban Interprices LLC actually receives only 98.8% [(1/1,012) * 100] of the contractual cost of the services provided.

For the current period of repayment of receivables from buyers and customers of 52.5 days at the enterprise, the price index will average 1.0211 (1.012n , where n = 52.5/30).

Then the coefficient of decline in the purchasing power of money will be equal to 0.9793 (1/1.0211). In other words, with an average receivables return period of 52.5 days, the enterprise actually receives only 97.93% of the contract value, having lost 20.7 rubles for every thousand rubles. (or 2.07%).

In this regard, we can say that the enterprise actually received 13,017.50 rubles from the annual revenue of Kuban Interprices LLC, sold on the terms of subsequent payment. (13292.66*0.9793). And 275.16 thousand rubles. (13292.66-13017.50) constitute hidden losses from inflation. Within this amount, it is advisable for Kuban Interprices LLC to choose the amount of the discount from the contract price, subject to early payment under the contract.

Let's analyze what a 1.5% discount on the contract price will lead to, provided payment is made within 5 days (Table 14).

Table 14 - Analysis of the choice of payment methods with wholesale buyers (option 1)

IndicatorsOption 1 (payment period 5 days subject to a 1.5% discount) Basic option (payment period 52.5 days) Deviation (+; -) 2 options from 1 Monthly inflation rate, % 1.21.20 Price index Ic0.0120.0120 Revenue 13292 ,6613292.660 Discount 1.50-1.5 Period of repayment of receivables 552.547.5 Price index for the current value of receivables 1.00201.02110.0191 Loss from inflation per thousand rubles 1.9920.6618.67 Losses from providing a 1.5% discount from every thousand rubles of the contract price, rub. 150-15 Result of the policy of providing a discount on the price when the payment period is shortened 16.9920.663.67

Thus, providing a 1.5% discount from the contract price, subject to a reduction in the payment period from 52.5 days to 5 days, will allow Kuban Interprices LLC to reduce losses from inflation in the amount of 1.99 rubles. from every thousand rubles of the contract. If the obligation arising in 2009 in the amount of 13292.66 thousand rubles. would be repaid within 5 days with a constant increase in the inflation rate, taking into account the provision of a 1.5% discount, 48,811 thousand rubles will be saved. (3.67 * 13.3).

If Kuban Interprices LLC switches completely to prepayment for the services provided and at the same time increases the discount to 2%, with revenue in the amount of 13292.66, 8.75 thousand rubles will be saved.

Calculations for this condition are presented in Table 15.

Table 15 - Analysis of the choice of payment methods with wholesale buyers (option 2)

IndicatorsOption 2 (prepayment subject to a 2% discount) Basic option (payment period 52.5 days) Deviation (+; -) 2 options from 1 Monthly inflation rate, % 1.21.20 Price index Ic0.0120.0120 Revenue 13292.6613292.660 Discount 20- 2 Repayment period for receivables 052.552.5 Price index for the current value of receivables 1.00001.02110.0211 Loss from inflation for every thousand rubles 0.0020.6620.66 Losses from providing a 1.5% discount for every thousand rubles of the contract price, rub. 200-20 Result of the policy of providing a discount on the price when the payment period is shortened 20.0020.660.66

The released funds from accounts receivable must be used to develop advertising campaigns and sales promotion activities.

In order to be able to apply the methodology for calculating the results of the policy of providing a discount on the price when reducing the payment period, in the practice of Kuban Interprices LLC, we have developed a Microsoft Excel document in which, by simply changing the terms of payment and the amount of discounts, the result of savings or losses of the enterprise is visible.

3.2 Development of standards for assessing buyers and differentiating the provision of credit

The formation of economic relations must be considered from the perspective of the economic interests of participants in the process of selling goods (works, services). The basis for the formation of credit relations with the buyer should be the debtor's reliability rating, the problem of determining which lies in the uninformative array of information about the client.

The activities of enterprises are characterized by a variety of financial processes, a plurality of indicators of financial condition, and differences in the level of their critical assessments, therefore it is advisable to determine a comprehensive assessment of the debtor’s reliability using the point method. The essence of the methodology is to classify clients by level of reliability depending on the number of points scored, according to the actual values ​​of the selected criteria (Table 16).

The indicator system is focused on available information about the client. A significant advantage of a comprehensive assessment is the expression of an assessment of the quality of a client’s creditworthiness in one numerical value. This is an important advantage for businesses that have to evaluate a large number of customers dispersed in different locations.

Evaluation criteria Parameter Class boundaries according to criteria 1 class 2 class 3 class 4 class 5 class 1. Credit history (refers to informal assessment methods) %100-8584-7069-5049-3534-0 points80-10079-6059-3029-002. Average repayment period of accounts receivable up to 3031-6061-9091-120over 120 points 80-10079-6059-3029-003. The share of accounts receivable in total sales% up to 1010.1-1515.1-2020.1-25over 25 points 80-10079-6059-3029-004. The volume of overdue accounts receivable in total sales% 0-56-1011-1516-20over 20 points 80-10079-6059-3029-005. Class boundariesRating (points * specific weight) 80-10079-6059-3029-20 Below 20Category of clientsPromisingStableUnstableUnstableUnstable

The third and fourth classes of clients are in a zone of uncertainty and prompt monitoring of the dynamics of their movement is necessary.

A “new client” is not positioned according to reliability classes, due to the lack of any retrospective information, so there must be careful control of payments and a detailed study of the client to determine the category to which he will be assigned in the future.

Proposals for structuring forms and methods of payment depending on the debtor’s reliability class in accordance with the classification of types of payments are formalized in the form of a preference matrix (Table 17).

Table 17 - Matrix of preferences for choosing forms of payment depending on the reliability class of debtors

Types of payments Debtor reliability class 1 class 2 class 3 class 4 class 5 class New Priority form of payment, the number corresponds to the priority Early 3312 Urgent 211 121 Deferred 1233 Overdue

The result of the practical implementation of this methodology is presented in the form of groups of debtor organizations of KubanInterprisis LLC (Table 18).

Table 18 - Grouping of debtors of Kuban Interprices LLC by degree of reliability

DebtorIndicatorsAssessment of indicatorsGeneral assessment1. Credit history2. Average maturity of accounts receivable3. Share of accounts receivable in total sales4. Volume of overdue accounts receivable in total sales Share 0.250.250.20.3 KrasnodarGUPoints1001008080xRating2525162490 OJSC "Oktava"Points60705060xRating1517.5101878.5RGOTUPSPoints50405040xP rating12.510101244.5 SSHAPoints30101030xRating7.52.52921

Based on the results of the ranking of debtor clients of KubanInterprisis LLC, we can conclude that Krasnodar State University belongs to the 1st class of clients, OJSC Oktava - to the 2nd class, RGOTUPS - to the 3rd class, SSHA - to the 5th class. It should be noted that the use of modern methods of managing credit policy shows that this problem must be solved by developing and applying a whole program of using various methods, since there cannot be a universal method for all specific situations.

In general, the following proposals for managing receivables can be recommended for Kuban Interprices LLC:

To ensure maximum cash flow, a business should use a wide variety of contract models with flexible payment terms. In this case, various options are possible: from prepayment or partial prepayment to the provision of services with subsequent payment.

It is advisable to conduct a preliminary study of the solvency and reliability of the partner, his credit history.

Finding joint solutions to prevent violations of contract terms regarding payments is the most rational and civilized way to prevent overdue debt.

Thus, business partnerships and cooperation between the seller and the buyer can provide the fastest and most effective solution to problems and reduction of overdue debt.

3.3 Proposals for improving the organizational structure of the enterprise

During the analysis of the organizational structure of the enterprise, it was established that Kuban Interprices LLC does not have a specially designated structure for managing receivables. An internal document defining the enterprise's credit policy has not been developed. The functions of management and control over accounts receivable are assigned to the accounting and reporting department.

In order to increase the efficiency of accounts receivable management, we consider it necessary at this enterprise to create a small department for the management of accounts receivable, consisting of the following specialists: a lawyer and a financial analyst.

The proposed organizational structure of Kuban Interprices LLC is presented in Figure 13.

Figure 13 - Proposed organizational structure for the management of Kuban Interprisis LLC

In the process of improving the credit policy of an enterprise, it is necessary to strictly distribute responsibility for managing receivables between commercial, financial and legal services. Often, different departments with conflicting responsibilities are responsible for sales and debt collection. For example, a sales manager (commercial department) is motivated to sell as much as possible, and a debtor relations manager (financial service) is motivated to receive funds and minimize the level of debt. This leads to customer dissatisfaction and departmental conflict.

A scheme for distributing responsibility is justified, in which the commercial service is responsible for sales and receipts, the financial service takes on information and analytical support, and the legal service provides legal support (drawing out a loan agreement, working to collect debt through the court).

It is necessary not only to distribute responsibilities between departments, but also to describe the actions of all employees involved in managing accounts receivable.

Proposed structure of the regulation management of receivables for the responsibility of employees of LLC Kuban Interprices is presented in table 19.

One of the forms of regulation of the receivables management procedure can be the description and regulation in the form of a business process for monitoring the return of customer debts.

Most accounts receivable management regulations state that if payment is not made on time, the first step should be to find out the reasons why the buyer does not pay.

Knowledge of these circumstances allows you to correctly place emphasis when determining further actions so that in some cases, when the company does not want to lose a client, stop at creating a payment schedule or suspending deliveries in order to smooth out relations in the future.

Table 19 - Debt management regulations at KubanInterprisis LLC

Receivables management stageProcedure Responsible person (unit) The critical payment deadline has not arrived. Conclusion of an agreement. Senior cashier. Notification of the amount and estimated repayment dates of receivables. Accounts receivable department. 2-3 days before the critical payment deadline - a call with a reminder of the end of the deferment period, and if necessary - reconciliation of amounts Delay up to 7 days If payment is not made on time - a call to clarify the reasons, formation of a payment schedule Accounting Termination of supplies (before payment) Deputy Director Sending a warning letter about the accrual of a fine Accounts receivable department Delay from 7 to 30 days Accrual of a fine Accounting Pre-arbitration warning Legal department Daily reminder calls Department of work with debtors Negotiations with responsible persons Delay from 30 to 60 days Business trip of the responsible manager, taking all possible measures for pre-trial settlement Department of work with debtors Official claim (by registered mail) Legal department Delay of more than 60 days Submitting a claim to the arbitration court Legal department

Among the main factors that determine why buyers do not pay their debts are the following groups:

First group. Economic reasons are the most relevant in modern conditions. The buyer is conscientious, but is temporarily experiencing a shortage of working capital due to crisis processes in the market.

Second group. The reasons are of a “political” nature. The debtor has the means, does not refuse to pay, but does not pay on time. A delay in payment may be “normal” for a given company, for example, due to a monopoly position in the market or due to a significant superiority in economic potential, which allows the company to impose its “style” of work. This may also be due to the peculiarity of the financial strategy of the debtor, who prefers to constantly “live on debt” and thereby expand his business.

Third group. Force majeure circumstances. The action of irresistible forces. Such factors may include not only natural disasters, accidents and other man-made disasters, but also the intervention of competent authorities.

Fourth group. Unfair reasons. For example, the debtor initially did not intend to pay off. Such debtors most often have to deal with those companies that, due to the nature of their products, are forced to work with small customers or individuals, which is important for Kuban Interprices LLC.

Once the reasons have been established, you need to move on to active actions and decide which of the regulatory procedures to focus on. Methods of influencing debtors can most generally be classified as follows:

Psychological. The simplest one is constant reminders by phone (fax, mail, etc.) of various emotional tones (depending on the situation). More complex 0 distributing information about payment delays to related suppliers and other stakeholders or using various media. Many companies understand that image losses are sometimes more expensive than monetary losses. At the same time, psychological influence turns out to be very effective for conscientious debtors.

Economic. Economic methods of influence include financial sanctions (fine, penalty, penalty) and collateral relations. Collateral is the most effective lever of influence over the debtor, as it can be sold at a reduced price. If a regular buyer violates payment terms, the first economic sanction against him may be the suspension of further deliveries or subsequent boycott by other suppliers. It should also be taken into account that the suspension of deliveries may lead to a further deterioration of the debtor’s financial condition or to its bankruptcy. Therefore, the correct application of economic sanctions should be based on knowledge of the reasons why the debtor does not pay.

Legal. Claim work, pre-trial correspondence and, finally, filing a claim in court. In the event that the debtor turned out to be dishonest: he was engaged in fictitious business, forgery of documents and other criminal acts (fourth group), then the trial will be resolved in your favor as soon as possible. If the debtor belongs to the first or second group (a “bona fide” defaulter), any legal proceedings may also be quite effective in terms of returning funds, however, most likely, after such an impact, you can exclude the company from among your clients.

To assess the consequences of changes in credit policy, it is advisable to use incremental analysis, which determines the size of the increase (decrease) in sales volume and costs as a result of changes in individual parameters of credit policy. By liberalizing the credit policy by providing large discounts, extending the lending period, easing the policy on collection of overdue debts, and relaxing credit standards, the company can expect an increase in sales volumes. At the same time, this will require additional investments to purchase more raw materials, materials, labor, the costs of maintaining increased accounts receivable will increase, the volume of bad debts will increase, the costs associated with providing discounts, etc.

In the process of incremental analysis, additional incremental income and additional expenses are compared with each other, and if a positive incremental profit is expected, the decision to change the credit policy may be positive (subject to full compensation of the possible risk). With an increase in net profit, the company under study will have free cash and invest it in liquid reserves. The forecast for the financial results of the enterprise is given in Table 20.

Table 20 - Analysis of the planned financial results of Kuban Interprices LLC for 2012 (thousand rubles).

Indicators 2011 plan Changes, (+,-), Share, % 2009 plan Revenue from sales of goods 9110811388522777100100 Cost of goods sold, products, works, services 862901043191802994.791.6 Profit from sales 4818956647485.38.4 Other income1 183652470.10.3 Other expenses 396105-2910.40.1 Profit of the reporting year 4540982652865 .08.6 Income tax 81717699520.91.6 Retained profit (loss) of the reporting year 3723805743344.17.1

As can be seen from Table 20, Kuban Interprices LLC, as a result of the proposed recommendations, will be able to achieve improved results in financial and economic activities compared to 2011. This is evidenced by an increase in net profit remaining at the disposal of the enterprise by 8057 thousand rubles. Profit growth will be the result of an increase in all its components. Elements such as profit from the provision of services increased to a greater extent (by 4,748 thousand rubles). The share of cost in sales revenue will decrease over the course of the year from 94.7% to 91.6%. The share of operating expenses has changed towards a decrease. The analysis of financial results given in Table 20 allows us to see the positive dynamics of indicators for 2012.

The company's cash flow forecast is shown in Table 21.

Table 21 - Forecast of cash flows of KubanInterprisis LLC for 2012 (thousand rubles).

IndicatorPlanBalance of cash accounts at the beginning of the period: 85Proceeds from sales113885Repayment of accounts receivable8860Cash used to pay for purchased goods, works, services, for wages, for payment of dividends and for settlements of taxes and duties 104594Business expenses-Income Tax1769Repayment of accounts payable4887Balance of cash accounts at the end period: 11580

According to Table 21, it can be seen that the forecast of the enterprise's cash flows in the planning period assumes the presence of funds in the enterprise's current account and in the cash register at the end of the planning period in the amount of 11,580 thousand rubles.

When compiling forecast cash flows, the following assumptions were made, that is, in the planning period the company will achieve repayment of accounts receivable and the released funds will be used to pay off accounts payable.

When compiling forecast data, the impact of business transactions on the following balance sheet groups was taken into account:

movement of a group of receivables;

movement of a group of funds;

movement of the enterprise's profit group;

movement of the accounts payable group.

To guide action to improve the financial condition, improve the structure of assets and liabilities, and their balance, we will draw up a forecast balance sheet in aggregate form (Table 22) and make the resulting changes, which will allow us to assess the correctness of the measures taken.

Table 22 - Forecast balance sheet of the enterprise KubanInterprisis LLC in aggregate form for 2012 (thousand rubles)

ASSETValueLIABILITYValueAt the beginning of the periodAt the end of the periodAt the beginning of the periodAt the end of the period123456I. Non-current assets42154493III. Capital and reserves1155719614II. Current assets including: inventories and costs (210+220) all other current assets 17181 2548 1463320073 2805 17268 IV. Long-term liabilities9696V. Current liabilities Loans and credits All other items9743 0 97434856 0 4856BALANCE 2139624566BALANCE 2139624566

To provide guidance for action to improve the financial condition, improve the structure of assets and liabilities, and their balance, a forecast balance sheet was drawn up in an aggregated form and the resulting changes were made, which will allow us to assess the correctness of the measures taken to improve the financial condition of Kuban Interprices LLC.

To analyze liquidity in 2012, we calculate the following relative indicators presented in Table 23.

Table 23 - Financial and operational liquidity ratios of the enterprise Kuban Interprisis LLC for 2012

Solvency indicators At the end of 2012 Standard value 1. Overall balance sheet liquidity ratio 3.13>2.02. Absolute liquidity (urgency) ratio 2.38>0.703. The coefficient of "critical assessment" (or intermediate coverage) is 3.56?1.04. Current ratio 4.13?2.05. The coefficient of abstraction of capital functioning is 0.14-6. The share of working capital in assets is 0.82-7. Provision ratio of own working capital 0.75>0.108. Enterprise solvency restoration coefficient2.66>1.0

From Table 23 it is clear that the measures taken will lead to the fact that all indicators of liquidity and solvency will increase, reaching the standard value, whereas in 2009-2011. these indicators tended to decrease.

The value of all calculated indicators tends to increase, that is, the enterprise will be able to operate more efficiently.

The analyzed enterprise LLC KubanInterprisis, against the background of developed recommendations to improve the efficiency of credit policy, will increase both economic indicators and financial indicators of its activities. The company will receive greater profits, and, consequently, profitability indicators will increase. The structure of the balance sheet will improve, that is, the balance between assets and liabilities, having received a profit in the form of cash in the current account, the company will be able to pay off its obligations of third-party organizations, thereby reducing the amount of accounts payable. This will accelerate the turnover of cash as more liquid assets.

With the practical implementation of the proposed measures, the level of security of the Kuban Interprices LLC enterprise with its own working capital for the formation of reserves and costs will increase, as well as the financial independence of the enterprise’s activities will be ensured and its solvency will increase.

Conclusion

The study of the theoretical and methodological foundations of the assessment of receivables and payables of an enterprise conducted in the thesis allows us to draw the following conclusions.

Accounts receivable refers to the debt of organizations, employees and individuals of a given organization, which arises in the process of economic activity of the organization, i.e. debt of buyers for purchased goods and services, accountable persons for amounts of money issued to them on account, etc.

Accounts receivable by their nature, depending on the settlement relationship, can be divided into normal, which is a consequence of the organization’s economic activities, and overdue accounts receivable, which creates financial difficulties for the acquisition of inventories and payment of wages. Such receivables must be the focus of attention and prompt prompt action must be taken to eliminate them.

Accounts receivable are an important component of working capital. When one enterprise sells goods to another enterprise, it does not mean at all that the cost of the goods sold will be paid immediately.

Accounts receivable always divert funds from circulation and prevent their effective use, which results in the tense financial condition of the enterprise. Those. accounts receivable characterize the diversion of funds from the turnover of a given enterprise and their use by debtors. Thus, it negatively affects the financial condition of the enterprise, so it is necessary to reduce the time frame for its collection.

The mirror image of working with accounts receivable is working with accounts payable, for which it is necessary to make cash payments to other enterprises in a timely manner and in the required amount. On the one hand, the delay and “spreading out” of payments over time increases the company’s income and liquidity, and on the other hand, it creates problems in relations with supplier companies, banks and other creditors, for example, regarding additional payments of legal costs. Sooner or later, the bad reputation of a late payer will force other suppliers not only to eliminate trade discounts, but also to increase prices for supplied raw materials, materials and goods.

Accounts payable are the debts of a given organization to other organizations, employees and individuals that arise in the course of various economic activities.

Accounts payable are divided into short-term or long-term accounts payable (long-term and short-term liabilities).

Analysis of the state of the enterprise's settlements with debtors and creditors is very important, since an increase or decrease in debt has a great influence on the turnover of capital invested in current assets, and, consequently, on the financial condition of the enterprise.

The analysis of receivables and payables is of particular importance for banks, investment funds and companies, which, before providing a loan or making financial investments, carefully analyze the financial statements of clients, including receivables and payables.

Accounts receivable and accounts payable are natural components of an enterprise's balance sheet. They arise as a result of a discrepancy between the date of occurrence of obligations and the date of payments for them. The financial condition of the enterprise is influenced by both the size of the balance sheets of receivables and payables, and the turnover period of each of them.

An assessment of the impact of balance sheet balances of receivables and payables on the financial condition of the enterprise should be carried out taking into account the level of solvency (total liquidity ratio) and the correspondence of the frequency of conversion of receivables into cash with the frequency of repayment of accounts payable.

The assessment of receivables and payables was carried out in the second chapter of the thesis using materials from KubanInterprisis LLC.

Analysis of the financial and economic activities of KubanInterprisis LLC for 2009-2011. showed that the company is in a stable financial position, but has insufficient liquidity of assets.

Over three years, the analyzed enterprise KubanInterprisis LLC increased its gross income by 38.3% due to an increase in the number of services provided. The cost of operating the enterprise increased by 18.2%, due to an increase in tariffs for services of third-party organizations, an increase in prices for inventories, fuel, rising wages, etc.

An analysis of financial indicators characterizing the solvency of the enterprise showed that by the end of 2011, none of the indicators reached the standard value; moreover, all indicators tend to decrease over time compared to previous periods.

Current liquidity during the 3 years analyzed decreased from 0.90 to 0.76 (with a norm of 2.0), i.e. By the end of the year, the enterprise could not pay off its current obligations in full, but only 74%. The reduction in the value of the indicator occurred, first of all, due to two multidirectional factors: an increase in current assets, with a simultaneous increase in current liabilities.

The coefficient of provision with own working capital in terms of the formation of working capital is reduced. This situation in the formation of working capital may negatively affect the confidence of creditors in terms of debt repayment.

All this indicates the tense financial condition of the enterprise and its low solvency during the 3 analyzed years.

The decrease in turnover ratios was generally due to insufficient growth in the volume of services provided and large investments in the property of the enterprise, and as a result, this immediately affected the decrease in profits and the low solvency of the enterprise.

During the 3 analyzed years, the share of receivables increases in 2009 - 79.0%, 2010 - 83.9% and, accordingly, 2011 - 84.7%. Accounts receivable, payments for which are expected within 12 months after the reporting date, also increase in 2009 - 770 thousand rubles, 2009 - 3023 thousand rubles, 2011 - 3239 thousand rubles. Thus, there is a negative trend. The diversion of funds (in the form of accounts receivable) from the enterprise’s turnover is increasing. Indirect lending with funds from this enterprise to defaulters is growing. The company incurs losses from the depreciation of accounts receivable. The analysis of the ratios and timing of receivables turnover showed that the turnover of receivables, payments for which are expected within 12 months after the reporting date, is increasing. The diversion of enterprise funds into settlements for up to 12 months is reduced. The company does not suffer losses from depreciation of accounts receivable. The share of cash is decreasing, which indicates the irregular operation of the enterprise.

Based on the analysis, a plan of main directions was developed to improve the financial condition of the enterprise Kuban Interprices LLC, which can be divided into blocks:

Carrying out measures for the financial recovery of Kuban Interprices LLC;

Improving the analysis and control of accounts receivable

Development of credit policy.

Improving the analysis and control of accounts receivable includes:

formation of a accounts receivable budget;

formation of a register of “aging” accounts receivable;

monitoring the dynamics of key indicators characterizing accounts receivable.

We propose to form the accounts receivable budget in the context of counterparties-buyers. Drawing up such a budget allows you to predict the level of accounts receivable for the future period and adjust it in time.

An important point in managing accounts receivable is the formation of a database of information about accounts receivable and the ability to analyze it.

The accounts receivable aging register is formed by debtors and allows one to evaluate accounts receivable by various “age groups” and determine the level and composition of “bad” and/or overdue debt.

As with other types of current assets, we recommend assessing accounts receivable based on turnover.

The analysis of the effectiveness of the credit policy of KubanInterprisis LLC showed the need to include a special department for working with creditors in the organizational structure of the enterprise.

However, it should be noted that even with a fairly responsible and qualified approach on the part of specialists and the desire of the employees of this department to reduce the time frame for collecting receivables, the effectiveness of their work in practice will largely, if not mainly, depend on the managers of the enterprise, on the management methods they use, from their will and ability to make the enterprise competitive in the conditions of the global financial crisis.

The analyzed enterprise LLC Kuban Interprices, against the background of developed recommendations for improving its financial condition, will increase both economic indicators and financial indicators of its activities.

The company will receive greater profits, and, consequently, profitability indicators will increase. The structure of the balance sheet will improve, that is, the balance between assets and liabilities, having received a profit in the form of cash in the current account, the company will be able to pay off its obligations of third-party organizations, thereby reducing the amount of accounts payable. This will accelerate the turnover of cash as more liquid assets.

With the practical implementation of the proposed measures, the level of security of the Kuban Interprices LLC enterprise with its own working capital for the formation of reserves and costs will increase, as well as its financial independence of activities will be ensured and its solvency will increase.

Thus, if Kuban Interprices LLC implements the measures proposed in this thesis, the financial condition of the enterprise will improve.

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Annex 1

Analytical balance sheet of KubanInterprisis LLC for 2009 (thousand rubles)

1. Non-current assets1.1 Fixed assets 37413609-13228.825.54-3.261.2 Intangible assets 0000001.3 Other non-current assets 000000 TOTAL for section 137643635-12928.825.73-3.07 2. Current assets2.1 Inventories and expenses 207621315512,3615,082,722.2 Accounts receivable (payments after 12 months) 000 00 02.3 Slowly selling assets 207621315512,3615,803,442.4 Accounts receivable (payments before 12 months 7516) 828677056,7658,641,882.5 Short-term financial investments0000002.6 Cash 19278-1442,080, 55-1,532.7 Most liquid assets 19278-1442,080.55-1.53 ​​TOTAL for section 297841049571171, 2074,273.07 Balance sheet total 13548141305821001000 3. Capital and reserves3.1 Authorized capital 101000.100.07-0.033.2 Additional and reserve capital 53615257-10450.9737, 20-13.773.3 Retained earnings 34643164-30021.8722.390.52 TOTAL for section 388358431-40472.9 459.67-13.27 4. Long-term liabilities167163-401,151,155. Short-term liabilities5.1 Borrowed funds 0000005.2 Accounts payable 146452594699027.0639.1812.12 TOTAL for section 5145462553699027.0639.1812.12 Total borrowed funds 471347968327.0640.33-13.27 Total balance a23548341305821001000 Amount of own funds in turnover 50714796-27531.9833.941.96

Appendix 2

Analytical balance sheet of KubanInterprisis LLC for 2010 (thousand rubles)

Name of articles Thousands R. % at the beginning of the year at the end of the year change (+,-) share in the balance sheet currency at the beginning of the period share in the balance sheet currency at the end of the period change in share in the balance sheet currency 1345678 1. Non-current assets1.1 Fixed assets 3609380019125.5421.96-3.581.2 Intangible assets 0000001.3 Other non-current assets 000000 TOTAL for section 13635382819325.7322.12-3.61 2. Current assets2.1 Inventories and expenses 21312029-10215.0811.72-3.362.2 Accounts receivable (payments after 12 months) 0000002.3 Slowly selling assets 21312041-9015.8011.79-4.012.4 Accounts receivable (payments up to 12 months 8) 28611309302358,6465,356,712.5 Short-term financial investments0000002.6 Cash funds78127490.550.28-0.272.7 Most liquid assets78127490.550.730.18TOTAL for section 21049513477298274.2777,883.61 Balance sheet total141301730531751001000 3. Capital and reserves3.1 Authorized capital 101000.070.06-0.013.2 Additional and reserve capital 52575249-837, 2030.33-6.873.3 Retained earnings (uncovered loss) 31644324116022.3924.992.6 TOTAL for section 384319583115 259.6755.38-4.29 4. Long-term liabilities163147-161,150,85-0,35. Short-term liabilities5.1 Borrowed funds0000005.2 Accounts payable25536120651203939.1843.774.59TOTAL for section 53553617575203939.1843.774.59Total borrowed funds3569917722202340.3344.624.29I balance sheet 341302730531751001000 Amount of own funds in turnover 4796575595933.9433.26-0.68

Appendix 3

Analytical balance sheet of the enterprise Kuban Interprisis LLC for 2011 (thousand rubles)

Name of articles Thousands R. % at the beginning of the year at the end of the year change (+,-) share in the balance sheet currency at the beginning of the period share in the balance sheet currency at the end of the period change in share in the balance sheet currency 1345678 1. Non-current assets1.1 Fixed assets 3800418638621.9619.56-2.561.2 Intangible assets 0000001.3 Other non-current assets 000000 TOTAL for section 13828418638622.1219.56-2.56 2. Current assets2.1 Inventories and expenses 2029254851911,7211,910,122.2 Accounts receivable (payments after 12 months) 00 00 0 02.3 Slowly selling assets 2041254850711,7911,910,122.4 Accounts receivable (payments before 12 months 1) 130914548323965,3567,992,642.5 Short-term financial investments0000002.6 Cash 12785-420,280,400,122.7 The most liquid assets 12785-420.730.40-0.33 TOTAL for section 21347717181370477.8880.32.42 Balance sheet total 173052139640911001000 3. Capital and reserves3.1 Authorized capital 101000.060.05-0.013.2 Additional and reserve capital 5249541917030.3325.33-53.3 Retained earnings (uncovered loss) 43246128180424.9928.64-1.35 TOTAL for section 3958311557197 455.3854.01-1.37 4. Long-term liabilities14796-510,850,45-0,45. Short-term liabilitiesTotal balance sheet 173052139640911001000 Amount of own funds in circulation 57557342158733.2634.311.05

Appendix 4

Balance sheet of KubanInterprisis LLC in aggregated form for 2009-2011, thousand rubles.

ASSETValueLIABILITYValueAt the beginning of the periodAt the end of the periodAt the beginning of the periodAt the end of the period2009I. Non-current assets37643635III. Capital and reserves88358431II. Current assets including: inventories and costs (210+220) all other current assets9784 2076 770810495 2131 8364IV. Long-term liabilities 167163V. Current liabilities Loans and credits All other items4546 0 45465536 0 5536BALANCE 1354814130BALANCE 13548141302010I. Non-current assets36353828III. Capital and reserves 84319583II. Current assets including: inventories and costs (210+220) all other current assets 10495 2131 836413477 2029 11448IV. Long-term liabilities 163 147 V. Short-term liabilities Loans and credits All other items5536 0 55367575 0 7575BALANCE 1413017305BALANCE 14130173052011I. Non-current assets38284215III. Capital and reserves958311557II. Current assets including: inventories and costs (210+220) all other current assets13477 2029 1144817181 2548 14633IV. Long-term liabilities 147 96V. Current liabilities Loans and credits All other items7575 0 75759743 0 9743BALANCE 1730521396BALANCE 1730521396

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