What are the elements of working capital. Working capital of the organization. Use efficiency indicators

The production process requires not only buildings and equipment, licenses for the production of products and other types of fixed assets and intangible assets. The production process also needs raw materials and supplies, spare parts and semi-finished products, as well as other resources that are included in the working capital. Working capital along with non-current assets are the most important production factor

Working capital- these are funds invested in raw materials, fuel, work in progress, finished but not yet sold products, as well as funds required to service the circulation process

A characteristic feature of circulating assets is the high rate of their turnover. The functional role of circulating assets in the production process is fundamentally different from fixed capital. Working capital ensures the continuity of the production process.

The material content of circulating assets are objects of labor, as well as means of labor with a service life of no more than 12 months.

The material elements of circulating assets (objects of labor) are consumed in each production cycle. They completely lose their natural form, therefore they are fully included in the cost of manufactured products (work performed, services rendered).

Composition, structure and classification of working capital

Under composition of working capital it is necessary to understand their constituent elements (Fig. 1):

Production stocks (raw materials and basic materials, purchased semi-finished products, auxiliary materials, fuel, spare parts ...);

Unfinished production;

Future expenses;

Finished products in warehouses;

Products shipped;

Receivables;

Cash in the cash desk of the company and in bank accounts.

Raw materials is a product of the extractive industries.

Materials (edit) are products that have already undergone certain processing. Materials are subdivided into basic and auxiliary materials.

The main- these are materials that are directly part of the manufactured product (metal, fabric).

Subsidiary Are the materials necessary to ensure a normal production process. They themselves are not included in the finished product (lubricant, reagents).

Semi-finished products- products finished by processing at one processing unit and transferred for processing to another processing unit. Semi-finished products can be own and purchased... If semi-finished products are not produced at

own enterprise, but purchased from another enterprise, they are classified as purchased and are part of inventories.

Figure 1 - Elemental composition of working capital

Unfinished production - these are products (works) that have not passed all stages (phases, redistributions) provided for by the technological process, as well as incomplete products that have not passed tests and technical acceptance.

Future expenses- these are expenses of a given period to be settled at the expense of the cost of subsequent periods.

Finished products represents fully finished finished products or semi-finished products received at the warehouse of the enterprise.

Receivables- money that individuals or legal entities owe for the supply of goods, services or raw materials.

Cash- these are funds that are in the cash desk of the enterprise, on the current accounts of banks and in settlements.

Based on the elemental composition of working capital, you can calculate them structure, which is the share of the value of individual elements of working capital in their total value.

According to the sources of education, working capital is divided into own and attracted (borrowed). Own working capital is formed at the expense of the company's own capital (authorized capital, reserve capital, accumulated profit, etc.). The structure of borrowed working capital includes bank loans, as well as accounts payable. They are provided to the enterprise for temporary use. One part is paid (loans and borrowings), the other is free (accounts payable).

In different countries, different ratios (standards) are used between equity and borrowed capital. In Russia, the ratio is 50/50, in the USA - 60/40, and in Japan - 30/70.

According to the degree of controllability, current assets are subdivided into standardized and non-standardized... The standardized assets include those circulating assets that ensure the continuity of production and contribute to the efficient use of resources. These are production inventories, prepaid expenses, work in progress, finished goods in stock. Cash, shipped products, accounts receivable are classified as non-standardized working capital. The absence of norms does not mean that the size of these funds can be changed arbitrarily. The current procedure for settlements between enterprises provides for a system of sanctions against the growth of non-payments.

The normalized working capital is planned by the enterprise, while the non-standardized working capital is not the object of planning.

Characterized by a short service life; the cost of which is immediately included in the costs of creating a new product (for example, materials; raw materials; products held for sale; money).

Working capital is the value expression of objects of labor that participate in the production process once, completely transfer their value to the cost of production, and change their natural-material form.

Accounting division

Working capital, also called working capital - those funds that the company uses to carry out its daily activities, entirely consumed during the production cycle. They are usually divided into inventory items and cash.

Financial management of working capital

The main purpose of management working capital is to determine the optimal volume and structure of working capital, as well as the sources of their financing. To achieve this goal, the manager must find a compromise between the amount of working capital and the risk of losing liquidity. To maintain liquidity, an enterprise must have a high level of working capital, and to increase profitability, the enterprise must reduce its stock of working capital in order to prevent the presence of unused current assets.

The risk of losing liquidity in financial management is divided into two types: left-sided and right-sided. The risk of losing liquidity due to a decrease in the total volume of working capital and (or) a deterioration in their structure towards an increase in hard-to-sell assets is called left-sided, since the assets are on the left side of the balance sheet. The risk of loss of liquidity due to unfavorable changes in the company's liabilities is called right-handed. To determine the optimal volume of working capital and their rational structure, various models are used. Most often in foreign practice, models are used to determine the optimal amount of inventory (stocks) and cash.

Financial management indicators

Under working capital understand the money invested in the current assets of the enterprise. In financial management for management purposes working capital classified depending on the needs of the production process and the influence of random factors on constant and variable working capital.

Permanent working capital- this is that part of the working capital, the need for which does not change or changes insignificantly throughout the entire production cycle, that is, this is the minimum of current assets required to carry out production activities.

Variable working capital represents additional current assets required by the enterprise in the event of various unforeseen circumstances, that is, it is the safety stock of the enterprise.

Net working capital equal to current assets less current liabilities.

Economic models

Optimal working capital

The purpose of modeling in inventory management is to determine the optimal amount of inventory, taking into account the risk of losing liquidity and maintaining a certain profitability. To determine the optimal volume, the EOQ (The economic order quantity model) model is used. The model allows you to find the optimal volume of one batch of an order for a certain type of working capital required to implement the planned volume of production.

EOQ = Sqrt(2FS / CP)

EOQ - economically feasible volume of one order batch;
F - fixed costs for order fulfillment, S - volume of annual sales in physical terms;
C - current costs in% of the cost of inventory;
P is the purchase price of a unit of production.

The model is valid under the following restrictions:

The volume of sales can be accurately predicted.
Sales are distributed evenly throughout the year.
Orders for consignments of inventory items arrive promptly.

Baumol model

To determine the optimal balance of funds, models are most often used Baumol or Miller-Orr.

In accordance with the Baumol model, the costs of an enterprise for the sale of securities in the case of keeping part of the funds in highly liquid securities are compared with the lost profit that the enterprise will have if it refuses to keep funds in securities, and therefore will not have interest and dividends on them. The model allows you to calculate the amount of money that would minimize both transaction costs and lost profits. The calculation is carried out according to the formula:

C = 2W / g

B - total costs associated with the sale of securities (transaction costs);
T is the total amount of funds required for a given period of time;
d - interest rate that determines the average market yield on liquid securities.

In the case when it is impossible to determine the amount of funds required for the period, and the balance of funds changes randomly, the model is used to determine the optimal amount of funds Miller-Orr.

In this case, control boundaries of the amount of funds are set: upper and lower. When the cash balance reaches the upper limit, then the securities are bought, when it reaches the lower limit, the securities are sold. The lower limit of the cash balance is determined by the formula:

Z = Sqrt ((3b * δ²) / 4r)

Z - lower border,
b - fixed costs of operations with securities,
δ² - variance of cash flows,
r - interest rate on highly liquid marketable securities.

The optimal value of the upper border is defined as 3Z.

The average cash balance is calculated using the formula:

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See what "Working capital" is in other dictionaries:

Working capital- objects of labor or other means of production that are completely spent on the manufacture of products; change their natural shape; and completely transfer their value to the manufactured products. Synonyms: Working capital See ... Financial vocabulary

Working Capital- See Working Capital Dictionary of Business Terms. Academic.ru. 2001 ... Business glossary

Working capital- (a. current assets, working assets; n. Umlaufmittel; f. moyens circulants, capitaux de roulement; and. fondos circulantes, fondos en giro, fondos de circulacion, fondos muviles, activos circulantes) part of the funds allocated to ... ... Geological encyclopedia

working capital- (circulating, constantly variable) capital, circulating funds Dictionary of Russian synonyms ... Synonym dictionary

Working capital- (current assets) see current assets ... Economics and Mathematics Dictionary

Working capital- funds contained in the production stocks of the enterprise, work in progress, stocks of finished and shipped products, in accounts receivable, as well as cash on hand and cash on the accounts of the enterprise ... Glossary of Crisis Management Terms

WORKING EQUIPMENT- the funds of the enterprise used to finance its economic activities. According to the sources, the formation consists of own and borrowed ones. Acceleration of the turnover of working capital is an important factor in increasing efficiency ... ... Big Encyclopedic Dictionary

WORKING EQUIPMENT- part of the means of production consumed in its entirety during the production cycle, usually includes materials, raw materials, fuel, energy, semi-finished products, spare parts, work in progress, deferred expenses, calculated in monetary ... ... Economic Dictionary

The circulating assets of the enterprise represent the cost estimate of the circulating production assets and circulation funds. The circulating assets simultaneously function both in the sphere of production and in the sphere of circulation, ensuring the continuity of the production process and the sale of products.

Revolving production assets are a part of the means of production that are entirely consumed in each production cycle, completely transfer their value to the products produced and are fully reimbursed after each production cycle. They are classified according to the following elements:

production stocks (raw materials, basic and auxiliary materials, purchased semi-finished products and components, fuel, containers, spare parts for equipment repair, low-value and wearing items); The category of low-value and fast-wearing items includes: items that serve for less than one year and cost at the date of purchase no more than 100 times (for budgetary institutions - 50 times) the minimum monthly wage per unit established by the legislation of the Russian Federation; special tools and special devices, replaceable equipment, regardless of their cost; special clothing, special footwear, regardless of their cost and service life, etc.
work in progress and semi-finished products of our own production (WIP);
work in progress is a product that is not finished production and is subject to further processing;
prepaid expenses, i.e. the cost of mastering new products, payment for subscription publications, payment for several months in advance of the rent, etc. These costs are written off to the cost of production in future periods;
circulation funds, i.e. a set of tools functioning in the sphere of circulation; (ready-to-sell products in the company's warehouses; products shipped but not yet paid for by the buyer; cash in the cash desk of the company and in bank accounts, as well as funds in unfinished settlements (accounts receivable).

Working capital is constantly making a circuit, in the process of which there are three stages: supply, production and marketing (sale). At the first stage (supply), the enterprise acquires the necessary production stocks for cash. At the second stage (production), production stocks enter production and, having passed the form of work in progress and semi-finished products, are transformed into finished products. At the third stage (sales), finished products are sold and working capital takes the form of money.

The structure of working capital is the share of the value of individual elements of working capital in their total value.

Sources of formation of working capital

According to the sources of formation, working capital is divided into own and borrowed working capital. Own circulating assets are funds fixed in the authorized capital in the part intended for the formation of circulating assets necessary for the operation of the enterprise. Own working capital can be replenished from profit, depreciation fund, etc.

In addition, enterprises, as a source of working capital formation, can use funds equated to their own (the so-called stable liabilities), which include: constant minimum wage arrears and deductions for social needs; amounts accrued to employees for vacations; settlements with financial authorities for taxes and fees, etc.

Borrowed funds are used to cover the temporary needs of the enterprise in working capital, are created at the expense of bank loans and accounts payable to suppliers.

Determination of the need for working capital

To determine the enterprise's need for working capital, the working capital is rationed. The standardization of working capital is understood as the process of determining the economically justified need of an enterprise for working capital that ensures the normal course of the production process.

The standardized working capital includes all circulating production assets (inventories, work in progress and semi-finished products of our own production, deferred expenses) and products ready for sale.

Working capital ratios are calculated in kind (pieces, tons, meters, etc.), in monetary terms (rubles) and in days of stock. The general standard of the working capital of the enterprise is calculated only in monetary terms and is determined by summing the standards of the working capital for individual elements:

FOBShch = FPZ + FNZP + FRBP + FGP,

where ФПЗ - standard of production stocks, rubles; FNZP - standard of work in progress, rubles; FRBP - standard of deferred expenses, rubles; FGP is the standard for the stock of finished products in the warehouses of the enterprise, rubles.

The general stock rate (refinery) determines for how many days the company must be provided with working capital for a given type of production stock.

Refineryi = NTECi + NSTRi + NPODGi,

where NTECi is the rate of the current stock, days; НСТРi - safety stock rate, days; NPODGi - the rate of the preparatory (technological) stock, days.

The current stock is necessary to ensure the smooth flow of production at the enterprise in the period between the next deliveries. The rate of the current stock is taken, as a rule, equal to half of the average interval between two successive deliveries.

The safety stock is provided to prevent the consequences associated with supply disruptions. The safety stock rate is set either within 30-50% of the current stock rate, or equal to the maximum time of deviations from the supply interval.

A preparatory (technological) stock is created in cases where raw materials and materials arriving at the enterprise require appropriate additional preparation (drying, sorting, cutting, picking, etc.). The rate of the preparatory stock is determined taking into account the specific production conditions and includes the time for reception, unloading, paperwork and preparation for the further use of raw materials, materials and components.

Indicators of the use of working capital

The most important indicators of the use of working capital at the enterprise are the working capital turnover ratio and the duration of one turnover.

The turnover ratio of working capital, showing how many revolutions the working capital made during the period under consideration is determined by the formula:

CEP = NRP / FOS,

where NРП is the volume of products sold for the period under consideration in wholesale prices, rubles; FOS - the average balance of all working capital for the period under review, rubles.

The duration of one turnover in days, showing how long it takes to return to the enterprise its working capital in the form of proceeds from the sale of products, is determined by the formula:

Tob = n / CEP,

where n is the number of days in the period under consideration.

Acceleration of the turnover of working capital leads to the release of working capital of the enterprise from circulation. On the contrary, a slowdown in turnover leads to an increase in the company's demand for working capital. Acceleration of the turnover of working capital can be achieved through the use of the following factors: the outstripping growth rate of sales volumes in comparison with the growth rate of working capital; improvement of the supply and marketing system; reduction of material consumption and energy consumption of products; improving the quality of products and their competitiveness; reducing the duration of the production cycle, etc.

Working capital is a set of funds advanced for the creation of circulating production assets and circulation funds, ensuring continuity economic activity firms.

Composition and classification of working capital

Revolving funds are assets enterprises, which, as a result of its economic activities, completely transfer their value to the finished product, take a one-time participation in production process, changing or losing at the same time the natural - material form.

Revolving production assets enter production in their natural form and are entirely consumed in the manufacturing process. They transfer their value to the created product completely.

Circulation funds associated with the maintenance of the process of circulation of goods. They do not participate in the formation of value, but are its carriers. After graduation production cycle, the manufacture of finished products and their sale, the cost of working capital is reimbursed as part of proceeds from product sales(works, services). This creates the possibility of a systematic renewal of the production process, which is carried out through the continuous circulation of the enterprise's funds.

Working capital structure- This is the ratio between the individual elements of working capital, expressed as a percentage. The difference in the structures of the working capital of companies is due to many factors, in particular, the characteristics of the organization's activities, the conditions of doing business, supply and sales, the location of suppliers and consumers, and the structure of production costs.

Revolving production assets include:

objects of labor (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);

means of labor with a service life of no more than one year or a cost of no more than 100-fold (for budgetary organizations - 50-fold) of the established minimum wage per month (low-value quick-wear items and tools);

unfinished production and semi-finished products of our own manufacture (objects of labor that have entered the production process: materials, parts, units and products in the process of processing or assembly, as well as semi-finished products of our own manufacture, not completely finished in production in some workshops of the enterprise and subject to further processing in other workshops of that the same enterprise);

Future expenses(non-material elements of working capital, including the costs of preparing and mastering new products, which are produced in this period, but are attributed to the products of the future period; for example, the costs of designing and developing technology for new types of products, for rearranging equipment).

Circulation funds

Circulation funds- funds of the enterprise operating in the sphere of circulation; an integral part of working capital.

Circulation funds include:

enterprise funds invested in stocks of finished products, goods shipped but not paid for;

funds in payments;

cash on hand and in accounts.

The amount of working capital employed in production is mainly determined by the duration of production cycles for the manufacture of products, the level of development of technology, the perfection of technology and the organization of labor. The amount of means of circulation depends mainly on the conditions for the sale of products and the level of organization of the supply and marketing system of products.

Working capital is a more mobile part assets.

In each the circuit of circulating assets goes through three stages: monetary, production and commodity.

To ensure a smooth process at the enterprise, inventories working capital or material values awaiting their further production or personal consumption. Inventories are the least liquid item among the items of current assets. The following methods of estimating reserves are used: cost each unit of purchased goods; by average cost, in particular, by weighted average cost, moving average; at the cost of the first purchases in time; at the cost of the most recent purchases. The unit of accounting for working capital as inventories is a batch, a homogeneous group, and an item number.

Depending on the purpose, stocks are divided into production and commodity. Depending on the functions of use, stocks can be current, preparatory, insurance or warranty, seasonal and carryover.

Insurance stocks- a stock of resources intended for uninterrupted supply of production and consumption in cases of a decrease in supplies compared to those envisaged.

Current reserves- stocks of raw materials, materials and resources to meet the current needs of the enterprise.

Preparatory stocks- stocks, depending on the production cycle, are necessary if the raw material must undergo any processing.

Carryover stocks- a part of unused current reserves that are carried over to the subsequent period.

Working capital is simultaneously at all stages and in all forms of production, which ensures its continuity and uninterrupted operation of the enterprise. Rhythm, coherence and high performance largely depend on optimal size of working capital(circulating production assets and circulation funds). Therefore, the process of rationing of working capital, which refers to the current financial planning at the enterprise, is of great importance. Rationing of working capital is the basis for the rational use of economic assets of the company. It consists in the development of reasonable norms and standards for their consumption, necessary for the creation of constant minimum stocks, and for the smooth operation of the enterprise.

The working capital ratio establishes their minimum estimated amount that is constantly required by the enterprise for work. Failure to fill the working capital standard can lead to a reduction in production, non-fulfillment of the production program due to interruptions in production and sales of products.

Normalized working capital- the size of production stocks, work in progress and balances of finished products in warehouses planned by the enterprise. Working capital stock rate - time (days) during which OBS are in production stock. It consists of the following stocks: transport, preparatory, current, insurance and technological. Working capital ratio - the minimum amount of working capital, including cash, required by a company, a firm to create or maintain carryover inventories and ensure continuity of work.

The sources of the formation of working capital can be profit, loans (bank and commercial, i.e., deferred payment), share (authorized) capital, share contributions, budget funds, redistributed resources (insurance, vertical management structures), accounts payable, etc.

The efficiency of the use of working capital affects the financial results of the enterprise. When analyzing it, the following indicators are used: the availability of own circulating assets, the ratio between own and borrowed resources, the company's solvency, its liquidity, the turnover of circulating assets, etc. The turnover of circulating assets is understood as the duration of the sequential passage of funds through individual stages of production and circulation.

The following indicators of the turnover of working capital are distinguished:

turnover ratio;

duration of one turnover;

load factor of working capital.

Turnover ratio(turnover rate) characterizes the size of the volume of proceeds from the sale of products by the average cost of working capital. Duration of one revolution in days is equal to the quotient of dividing the number of days for the analyzed period (30, 90, 360) to the turnover of working capital. The inverse of the rate of turnover shows the size of the circulating assets advanced by 1 ruble. proceeds from the sale of products. This ratio characterizes the degree of utilization of funds in circulation and is called working capital load factor... The lower the value of the working capital load factor, the more efficiently the working capital is used.

The main goal of managing the assets of an enterprise, including working capital, is to maximize the return on capital invested while ensuring a stable and sufficient solvency of the enterprise. To ensure stable solvency, the enterprise must constantly have a certain amount of money on the account, which is actually withdrawn from circulation for current payments. Part of the funds should be placed in the form of highly liquid assets. An important task in terms of managing the working capital of the enterprise is to ensure the optimal balance between solvency and profitability by maintaining the appropriate size and structure of working assets. It is also necessary to maintain an optimal ratio of own and borrowed working capital, since the financial stability and independence of the enterprise, the possibility of obtaining new loans directly depend on this.

Analysis of the turnover of working capital (analysis of the business activity of the organization)

Working capital are funds advanced by organizations to maintain the continuity of the production and circulation process and return to organization as part of proceeds from the sale of products in the same cash form with which they began their movement.

To assess the efficiency of the use of working capital, the indicators of the turnover of working capital are used. The main ones are the following:

average duration of one turnover in days;

the number (number) of revolutions made by circulating assets during a certain period of time (year, half a year, quarter), otherwise - the turnover ratio;

the amount of employed working capital per 1 ruble of products sold (working capital load factor).

If the circulating assets go through all the stages of the circulation, for example, in 50 days, then the first indicator of the turnover (the average duration of one turnover in days) will be 50 days. This indicator roughly characterizes the average time that elapses from the moment of purchase of materials to the moment of sale of products made from these materials. This indicator can be determined by the following formula:

P is the average duration of one turnover in days;

СО - the average balance of working capital for the reporting period;

Р - sales of products for this period (net of value added tax and excise taxes);

B - the number of days in the reporting period (360 in a year, 90 in a quarter, 30 in a month).

So, the average duration of one turnover in days is calculated as the ratio of the average balance of working capital to the one-day turnover for product sales.

The indicator of the average duration of one turnover in days can be calculated in another way, as the ratio of the number of calendar days in the reporting period to the number of revolutions made by current assets during this period, i.e. according to the formula: P = V / CHO, where CHO is the number of revolutions made by working capital for the reporting period.

Second turnover indicator- the number of revolutions made by working capital for the reporting period (turnover ratio) - can also be obtained in two ways:

as the ratio of product sales minus value added tax and excise taxes to the average balance of working capital, i.e. according to the formula: CHO = R / CO;

as the ratio of the number of days in the reporting period to the average duration of one turnover in days, i.e. according to the formula: CHO = V / P .

The third indicator of turnover (the sum of the employed working capital per 1 ruble of products sold, or otherwise - the working capital load factor) is determined in one way as the ratio of the average balance of working capital to the turnover for sales of products for a given period, i.e. according to the formula: CO / R.

This indicator is expressed in kopecks. It gives an idea of how many kopecks of working capital are spent to receive each ruble of proceeds from the sale of products.

The most common is the first turnover indicator, i.e. average duration of one turnover in days.

Most often, the turnover is calculated per year.

In the analysis, the actual turnover is compared with the turnover for the previous reporting period, and for those types of current assets for which the organization sets standards - also with the planned turnover. As a result of this comparison, the amount of acceleration or deceleration of the turnover is determined.

The initial data for the analysis are presented in the following table:

Turnover (in days)

For the previous year

For the reporting year

Acceleration (-) Deceleration (+) in days

According to plan

In fact

Against the plan

Against the previous year

Normalized working capital

Non-standardized working capital

All working capital

In the analyzed organization, the turnover slowed down, both in terms of standardized and non-standardized working capital. This indicates a deterioration in the use of working capital.

When the turnover of circulating assets slows down, they are additionally attracted (involved) into circulation, and with acceleration, circulating assets are released from circulation. The amount of working capital released due to the acceleration of turnover or additionally attracted as a result of its deceleration is defined as the product of the number of days by which the turnover accelerated or slowed down by the actual one-day sales turnover.

The economic effect of accelerating turnover is that an organization can produce more products with the same amount of working capital, or produce the same volume of products with a smaller amount of working capital.

The acceleration of the turnover of working capital is achieved by introducing new technology into production, progressive technological processes, mechanization and automation of production. These measures help to reduce the duration of the production cycle, as well as to increase the volume of production and sales of products.

In addition, to accelerate the turnover, it is important: rational organization of material and technical support and sale of finished products, compliance with the mode of saving in costs of production and sales of products, the use of forms of non-cash payments for products that contribute to the acceleration of payments, etc.

Directly in the analysis of the current activities of the organization, it is possible to identify the following reserves for accelerating the turnover of working capital, which consists in eliminating:

excess inventories: 608 thousand rubles;

goods shipped, not paid on time by buyers: 56 thousand rubles;

goods in safe custody with buyers: 7 thousand rubles;

immobilization of working capital: 124 thousand rubles.

Total reserves: 795 thousand rubles.

As we have already established, the one-day sales turnover in this organization is equal to 64.1 thousand rubles. So, the organization has the ability to accelerate the turnover of working capital by 795: 64.1 = 12.4 days.

To study the reasons for changes in the rate of turnover of funds, it is advisable, in addition to the considered indicators of general turnover, to calculate also indicators of private turnover. They refer to certain types of circulating assets and give an idea of the time spent on circulating assets at various stages of their circulation. These indicators are calculated in the same way as stocks in days, however, instead of the remainder (stock) at a certain date, the average balance of this type of current assets is taken here.

Private turnover shows how many days on average there are circulating assets in this stage of the circuit. For example, if the private turnover for raw materials and basic materials is 10 days, this means that, on average, 10 days pass from the moment the materials arrive at the organization's warehouse until they are used in production.

As a result of summing up the indicators of private turnover, we will not get an indicator of the total turnover, since different denominators (turnovers) are taken to determine the indicators of private turnover. The relationship between the indicators of private and general turnover can be expressed by the terms of the total turnover. These indicators make it possible to establish what effect the turnover of certain types of working capital has on the overall turnover rate. The terms of the total turnover are determined as the ratio of the average balance of a given type of working capital (assets) to the one-day sales turnover. For example, the summand of the total turnover for raw materials and basic materials is equal to:

Divide the average balance of raw materials and basic materials by the daily sales turnover (net of value added tax and excise taxes).

If this indicator is, for example, 8 days, then this means that the total turnover due to raw materials and basic materials accounts for 8 days. If we sum up all the terms of the total turnover, the result will be an indicator of the total turnover of all working capital in days.

In addition to those considered, other indicators of turnover are calculated. So, in analytical practice, the inventory turnover indicator is used. The number of turnovers made by stocks for a given period is calculated using the following formula:

Revenue from product sales, works and services (less value added tax and excise taxes) divided by the average value under the item "Inventories" of the second section of the balance sheet asset.

Acceleration of inventory turnover indicates an increase in the efficiency of inventory management, and a slowdown in inventory turnover indicates their accumulation in excessive amounts, and ineffective inventory management. Indicators are also determined that reflect the turnover of capital, that is, the sources of formation of the organization's property. So, for example, the turnover of equity capital is calculated according to the following formula:

Sales turnover for the year (net of value added tax and excise taxes) divided by the average annual cost of equity.

This formula expresses the efficiency of using equity capital (authorized, additional, reserve capital, etc.). It gives an idea of the number of revolutions made by the organization's own sources of activity per year.

The invested capital turnover is the sales turnover for the year (after deducting value added tax and excise taxes) divided by the average annual cost of equity and long-term liabilities.

This indicator characterizes the effectiveness of the use of funds invested in the development of the organization. It reflects the number of revolutions made by all long-term sources during the year.

When analyzing the financial condition and the use of working capital, it is necessary to find out from what sources the financial difficulties of the enterprise are compensated. If the assets are covered by sustainable sources of funds, then the financial condition of the organization will be stable not only at this reporting date, but also in the near future. Sustainable sources should be considered own circulating assets in sufficient amounts, non-decreasing balances of carry-over indebtedness to suppliers under accepted settlement documents, the payment terms of which have not yet come, constantly carrying over arrears on payments to the budget, a non-decreasing part of other accounts payable, unused balances of special-purpose funds (accumulation funds and consumption, as well as the social sphere), unused balances of targeted financing, etc.

If the financial breakthroughs of the organization are blocked by unstable sources of funds, it is solvent at the date of reporting and may even have free funds in bank accounts, but in the near future it will face financial difficulties. Unstable sources include the sources of working capital available on the 1st day of the period (the date of the balance sheet), but absent on the dates within this period: outstanding arrears in wages, deductions to extra-budgetary funds (in excess of certain stable values), unsecured debts to banks on loans for inventory items, debts to suppliers under accepted settlement documents, the payment terms of which have not come, in excess of the amounts attributed to sustainable sources, as well as debts to suppliers for non-invoiced deliveries, arrears in payments to the budget in excess of the amounts attributed to sustainable sources of funds.

It is necessary to make a final calculation of financial breakthroughs (i.e. waste of money) and sources of coverage for these breakthroughs.

The analysis ends with a general assessment of the financial condition of the organization and drawing up an action plan to mobilize reserves to accelerate the turnover of working capital and increase liquidity and strengthen the organization's solvency. First of all, it is necessary to assess the provision of the organization with its own circulating assets, their safety and use for their intended purpose. Then, an assessment is made of compliance with financial discipline, the solvency and liquidity of the organization, as well as the completeness of use and security of bank loans and loans from other organizations. Measures are outlined for the more efficient use of both equity and borrowed capital.

The analyzed organization has a reserve for accelerating the turnover of working capital for 12.4 days (this reserve is noted in this paragraph). To mobilize this reserve, it is necessary to eliminate the causes of the accumulation of excess stocks of raw materials, basic materials, spare parts, other production stocks and work in progress.

In addition, it is necessary to ensure the targeted use of working capital, preventing their immobilization. Finally, receiving payments from buyers for goods shipped by them that were not paid on time, as well as the sale of goods that are in custody with buyers due to refusal to pay, will also accelerate the turnover of working capital.

All this will help to strengthen the financial condition of the analyzed organization.

Indicators of the availability and use of working capital

Working capital - consumed in one production cycle, materially included in the product and completely transfer their value to it.

The availability of working capital is calculated both on a specific date and on average for the period.

The indicators of the movement of working capital characterize its change during the year - replenishment and disposal.

Turnover ratio of working capital

It is the ratio of the value of products sold for a given period to the average balance of working capital for the same period:

To turnover= Cost of products sold for the period / Average balance of working capital for the period

The turnover ratio shows how many times the average balance of working capital has turned around for the period under review. In terms of economic content, it is equivalent to the rate of return on assets.

Average turnaround time

Determined from the turnover ratio and the analyzed time period

Average duration of one turnover= The duration of the measurement period for which the indicator / the ratio of the turnover of working capital is determined

The coefficient of fixation of working capital

The value is inversely proportional to the turnover ratio:

To anchoring= 1 / K turnover

Reinforcement ratio = average balance of working capital for the period / cost of products sold for the same period

In terms of economic content, it is equivalent to the capital intensity indicator. The consolidation coefficient characterizes the average size of the value of working capital per 1 ruble of the volume of products sold.

Working capital requirement

The company's need for working capital is calculated on the basis of the coefficient of fixing the working capital and the planned volume of sales of products by multiplying these indicators.

Provision of production with working capital

It is calculated as the ratio of the actual working capital stock to the average daily consumption or the average daily requirement for it.

Acceleration of the turnover of circulating assets helps to increase the efficiency of the enterprise.

Task

According to the data for the reporting year, the average balance of the company's working capital amounted to 800 thousand rubles, and the cost of products sold for the year in the current wholesale prices of the enterprise amounted to 7200 thousand rubles.

Determine the turnover ratio, the average duration of one turnover (in days) and the fixing ratio of working capital.

Working capital is the property values of the organization that serve its current activities and are fully consumed during one production cycle. These include all types of assets with a term of use less than one year, therefore these funds are characterized by the relative speed of circulation. The circulating assets of the enterprise consist of two groups of assets: circulating assets and circulation funds.

Revolving funds- these are current assets in the production area. They are completely consumed during one period of the production process, their cost is completely transferred to the cost of production. The composition of working capital includes a number of components.

First of all, working capital includes raw materials and basic materials - those items from which the product is made, that is, the materials that make up the material basis of the product. Examples of base materials are flour for making bread, iron for making nails, etc. At the same time, it is customary to understand raw materials as products of the mining industry and agriculture that have not undergone preliminary processing (iron ore, grain, milk, etc.); and under the materials - the products of the manufacturing industry that have already undergone a certain processing (fabric, rolled metal, flour, etc.).

In addition to basic materials, enterprises acquire auxiliary materials - items used to influence the basic materials in order to impart certain properties to the product (for example, spices in the manufacture of bread), as well as for the maintenance and care of tools (for example, lubricants and cleaning materials such as machine oil , rags, etc.).

In addition, inventory and household items - objects of labor from which products are not made, but which are necessary for the course of the production process and which serve less than one year (overalls, cleaning equipment, etc.) are referred to working capital.

There is one more specific object in the working capital - deferred expenses. These are the expenses of the enterprise that have already been incurred, but they will bring economic results later, and these expenses did not form non-current assets or other types of assets. The use of this accounting category makes it possible to achieve a correspondence between income and expenses, an even distribution of large expenses carried out at a time, over several months, during which the firm receives a return on these expenses. When deciding whether it is possible to recognize certain costs as expenses of future periods, one should first of all pay attention to the possibility of returning the funds spent.

Circulation funds- these are the circulating assets of the enterprise in the sphere of circulation. The rate of their turnover, as a rule, is even higher than the rate of turnover of circulating assets. This group of objects consists of three elements:

Subjects of circulation: finished products in the warehouse; goods in stock and in a retail network; goods and products shipped to buyers, but the ownership of which still remains with the seller;
Cash and cash equivalents: cash on hand; funds in current accounts; funds in foreign currency on foreign currency accounts; funds in special bank accounts; short-term financial investments; investments in securities and issued loans, if their term is less than one year;
funds in settlements, or accounts receivable: customers' debt for products; indebtedness of accountable persons for the sums of money received by them on account; indebtedness of suppliers, repair and construction organizations for advances or prepayments issued to them; debt on received bills of exchange of other enterprises, etc.