Effective management of accounts payable. Accounts payable in an organization - management, analysis, accounting, repayment and write-off of debt Mechanisms and stages of managing an enterprise's accounts payable

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Course work

By discipline: "Financial management"

On the topic: "Management of accounts payable of the enterprise"

Introduction

1. Financing the current activities of the enterprise

1.1 Financial sustainability

1.2 Financial plan

1.3 Types of financial plans

2. Management of accounts payable of the enterprise

2.1 Types of accounts payable

2.2 Settlement of accounts payable

2.3 Accounts payable management

3. Practical part

3.1 Task

3.2 Task

Bibliography

Introduction

Running a modern business is accompanied by the need to solve problems of varying complexity. A modern system of accounts payable management should include the whole set of methods of analysis, control and evaluation of it. At the same time, the management of accounts payable is the work with the sources of its occurrence, the formation of the credit policy of the enterprise and the organization of contractual work, as well as the management of debt obligations.

Conducting business activities, almost any company cannot do without accounts payable. If you pay off counterparties in a timely manner, then no problems arise. But how to write off accounts payable in a situation where it is not possible to repay the debt for one reason or another?

Accounts payable can be defined as the debt of one organization to other organizations, individual entrepreneurs or individuals formed in the course of settlements for acquired inventories, works and services, in settlements with the budget, as well as in settlements of wages. Such debt must be recorded in the accounting of the organization either until the date of its repayment by the organization or collection by the counterparty, or until the date of its deregistration.

The method of managing accounts payable is part of the general policy of managing current assets and the marketing policy of the enterprise, which is aimed at expanding the volume of sales of products and consists in optimizing the total amount of this debt and ensuring its timely collection.

Debts arising from the financial and economic activities of enterprises form a current and long-term diversion or attraction of funds, known as receivables and payables, affecting solvency and liquidity.

Accounts payable always divert funds from circulation, impede their effective use, resulting in a tense financial condition of the enterprise. Those. accounts payable characterizes the diversion of funds from the turnover of the enterprise and their use by debtors. Thus, it negatively affects the financial condition of the enterprise, so it is necessary to reduce the time for its collection.

The purpose of this thesis is to analyze the accounts payable of the enterprise and, based on the analysis data, propose measures to reduce it. To achieve this goal, it is necessary to solve the following tasks:

1. Determination of the essence of accounts payable and methods of managing it.

2. Conduct an analysis of the economic situation of OAO NK Alliance.

3. Based on the results of the analysis, propose measures to manage accounts payable at the enterprise.

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

The state of accounts payable, size and quality have a strong impact on the financial condition of the organization.

In order to manage accounts payable, it is necessary to analyze it, which includes a set of interrelated issues related to assessing the financial position of an enterprise.

1. Financing the current activities of the enterprise

Regional financial crises, which are increasingly shaking the world economy in recent years, also have their positive aspects. For example, at the level of national economies they clearly demonstrate the importance of balancing the budget, the danger (riskness) of the emergence of a large number of "short debts", etc.

A separate enterprise in this sense is a "state in miniature", with the only difference being that a decrease in size entails an increase in risks. The Russian financial crisis confirmed this very clearly.

The main purpose of enterprise financial management and financial planning is to 1 :

ensure a rational balance of assets (funds) and liabilities (sources of financing) of the enterprise. In other words, to ensure a sustainable and economically viable matching of funding sources with assets;

balance the receipts and payments of the payment turnover, i.e. ensure the sufficiency of means of payment for the fulfillment of all obligations of the enterprise, both in terms of time and in size.

Current and capital active operations, production and marketing activities, capital investments and capital withdrawals form the need for the volume and nature of financing [the structure and nature of sources]. The task of financial management is to provide these active operations with sources of financing corresponding to them in nature and structure. The second of the tasks listed above is closely interconnected with the first. From the point of view of current activities (current operations), the focus of the financial manager is precisely the balance of the payment turnover, but it is based on the compliance of the enterprise's assets with its obligations. It is impossible, it is impossible to correctly form a payment turnover without a balance of assets and liabilities, etc. first of all, current assets and current liabilities, and mainly accounts receivable and accounts payable (accounts receivable and payable).

Sources of financing assets are liabilities, ie liabilities. arising from the enterprise as a subject of civil law to the owners of the resources used by the enterprise in its activities, These obligations may be debt [i.e. borrowed], subject to return after the expiration of the period of their provision, and equity [perpetual]. forming the obligations of the enterprise to its legal owners [shareholders. participants]).

Sources of financing transactions are liquid assets that can be used as means of payment (in a normal economic system, the sources of financing transactions are cash and commercial bills) 2 .

1.1 Financial sustainability

The goal of financial management of an enterprise is ultimately to ensure and maintain its financial stability in the long term. The financial stability of an enterprise in a broad sense is understood as its ability to function, earning sufficient profit for its own reproduction and timely fulfilling all payment obligations. In this sense, an enterprise is financially stable, whose activities ensure:

the return on assets is not lower than the interest rate on bank loans;

the return on equity is not lower than the return on assets;

balance of receipts and payments (incoming and outgoing financial flows) or positive net cash flow in the medium term;

a sufficient amount of net profit and depreciation (including in terms of social security and development of labor resources) to ensure the reproduction of the productive potential of the enterprise.

Financial stability is an integral, generalizing indicator reflecting the state and results of the enterprise.

For each specific enterprise, it is possible to formulate a system of requirements (in the form of a set of quantitative parameters) that this enterprise must satisfy in order to be financially sustainable. This is very important in practical terms, because without it, in essence, financial analysis, financial planning, and overall financial management of an enterprise lose their bearings and, therefore, their meaning.

But with what to compare the actual indicators characterizing the financial condition and performance of the enterprise, what situation can be considered "normal".

Obviously, the assessment of the financial stability of an enterprise in different time frames can be different. In fact, the presence of a significant amount of cash in the structure of its current assets is the most important factor in the short-term financial stability of an enterprise, however, monetary assets, as you know, are not profitable (due to for the time value of money, inflation) and, therefore, negatively affecting the overall return on assets and the investment attractiveness of the enterprise. In turn, a high level of profitability can be ensured, for example, due to the accelerated growth of receivables, which, as you know, damages the current solvency of the enterprise. Separation of factors. affecting the short, medium and long-term financial stability of the enterprise, allows you to set priorities in the management of the company's finances, depending on the specific circumstances.

1.2 Financial plan

One of the most important components of financial management is financial planning. Financial planning is like any other kind of it. - this is, firstly, the definition of the future of the enterprise and its structural divisions, secondly, the design of the desired results of the enterprise's activities and, thirdly, the choice of methods and means (resources) and the determination of the sequence of actions to achieve the desired results.

The planning sequence is usually 4 :

setting goals;

modeling the future state of the enterprise;

determining ways to achieve it;

decomposition of the given (desired) results into goals and setting the task for the performers, who themselves will determine the ways to achieve them.

Planning is therefore:

systematic setting of goals and development of measures to achieve them;

modeling (designing) the main parameters of the enterprise, the relationship between them and determining the conditions and terms for their achievement;

systematic preparation of management decisions related to future events (preparation for the future).

The basis of financial planning, figuratively speaking, its “starting point”, are the interests and expectations of those who have provided and continue to provide resources to the enterprise. Ignoring this simple fact leads to the fact that resources eventually cease to provide. In order to prevent this from happening, consistent and rational financial management and, in particular, financial planning is required as the most important tool for maintaining the viability of the enterprise. In the end, the very activity of any enterprise can be considered as the processing of resources (material, labor, etc.).

Usually, one of the goals of financial management is considered to be the expectations of the legal owners of the enterprise (shareholders, "owners") regarding future returns on the capital invested by them (funds, resources): at the same time, economic theory reasonably claims that resource owners seek to place (invest) them in this way. so that, with an acceptable level of risk, the profit per unit of invested resources is the greatest. With this approach, the basic benchmark for financial planning is the profitability (profitability) of the enterprise, more precisely, the profitability of the capital invested by the owners of the enterprise (shareholders), more precisely, the level of net profit on this capital: it is assumed that this level should correspond to the level of net profitability of alternative investments and those meet the expectations of the shareholders.

This approach seems theoretically correct, but not complete. It does not explicitly take into account the interests and expectations of other groups of owners - the owners of the resources provided to the enterprise and its creditors. This group, strictly speaking, is indifferent to the return of shareholders on the equity capital of the enterprise; they are primarily interested in its real solvency. which ensures the return of the resources and payments provided by them to the enterprise) by the enterprise of the cost of using these resources.

Thus, reasonable financial management of an enterprise, both in financial planning and in financial analysis, necessarily involves taking into account the interests of all groups of owners of the resources provided to the enterprise - both shareholders and creditors, which include banks, suppliers and contractors, the budget and non-budgetary funds, personnel, etc. It should be noted that all groups of owners of enterprise resources (i.e., those who form liabilities - sources of financing assets.) are somehow interested in maintaining the financial stability of the enterprise as a whole. Shareholders are interested in sufficient and stable net returns on their invested capital, banks - in a reliable creditworthy borrower. commercial creditors (suppliers and contractors) - in a stable and solvent (even if with deferred payments) buyer, personnel - again in a stable and solvent employer, the budget and off-budget funds - in a solvent taxpayer.

It follows that the normal financial condition of an enterprise is such a state in which the interests and expectations of the owners of the resources provided to the enterprise are best satisfied (see above), of course, when these interests and expectations are more or less balanced.

Determination of the list of parameters that adequately characterize the state of the enterprise, and the quantitative values ​​of these parameters. which can be considered normal for a given enterprise, this is one of the key tasks of financial management, without solving which. as already noted, targeted financial analysis and planning become meaningless.

Liquidity and solvency are among the criteria for financial stability. Three main methods are used to calculate these indicators:

1. Analysis of the liquidity of assets (property)

2. Analysis of the liquidity of the balance sheet (grouping of balance sheet items by their liquidity and analysis of their relationship in Asset and Liability)

3. Analysis of the liquidity of the organization, its solvency based on indicators (coefficients)

For a detailed analysis, they also draw up an Analytical (comparative) balance sheet, evaluate business activity indicators, etc.

According to Russian legislation (clause 2, article 3, clause 2, article 6 of the Federal Law of October 26, 2002 No. 127-FZ "on insolvency (bankruptcy)") bankruptcy proceedings may be initiated against an enterprise/citizen if:

· the amount of claims against the enterprise exceeds 100 thousand rubles (for an enterprise) and 10 thousand rubles (for a citizen).

· the period of non-fulfillment of obligations exceeded three months;

Previously, an unsatisfactory balance sheet structure was enough to declare bankruptcy; it is set by the following coefficients (now this norm has been canceled)

Coefficients characterizing the solvency of the debtor

1. Absolute liquidity ratio - shows what part of short-term liabilities can be repaid immediately, and is calculated as the ratio of the most liquid current assets to the debtor's current liabilities.

2. Current liquidity ratio - characterizes the organization's availability of working capital for conducting business activities and timely repayment of obligations and is defined as the ratio of liquid assets to the current obligations of the debtor.

3. The indicator of the security of the debtor's obligations with its assets - characterizes the amount of the debtor's assets per unit of debt, and is determined as the ratio of the sum of liquid and adjusted non-current assets to the debtor's obligations.

4. The degree of solvency for current liabilities - determines the current solvency of the organization, the volume of its short-term borrowed funds and the period of possible repayment of the organization's current debt to creditors at the expense of proceeds. The degree of solvency is defined as the ratio of the debtor's current obligations to the average monthly income. Coefficients characterizing the financial stability of the debtor.

5. Coefficient of autonomy (financial independence) - shows the share of the debtor's assets, which are provided with own funds, and is defined as the ratio of own funds to total assets.

6. The coefficient of security with own working capital (share of own working capital in current assets). The coefficient of provision with own working capital determines the degree of provision of the organization with its own working capital necessary for its financial stability, and is calculated as the ratio of the difference between own funds and adjusted non-current assets to the value of current assets.

7. The share of overdue accounts payable in liabilities - characterizes the presence of overdue accounts payable and its share in the total liabilities of the organization and is determined as a percentage as the ratio of overdue accounts payable to total liabilities.

8. Indicator of the ratio of receivables to total assets. The ratio of receivables to total assets is defined as the ratio of the amount of long-term receivables, short-term receivables and potential current assets subject to return to the total assets of the organization.

Coefficients characterizing the business activity of the debtor:

9. Return on assets - characterizes the degree of efficiency in the use of the organization's property, the professional qualifications of the enterprise's management and is determined as a percentage as the ratio of net profit (loss) to the total assets of the organization.

10. The rate of net profit. The rate of net profit characterizes the level of profitability of the economic activity of the organization. The net profit margin is measured as a percentage and is defined as the ratio of net profit to revenue (net).

The main task of financial planning is the search and selection of the most profitable and financially sustainable version of the financial plan (budget) of the company.

The financial plan is a comprehensive plan for the functioning and development of an enterprise in value (monetary) terms. In the financial plan, the efficiency and financial results of the production, investment and financial activities of the company are predicted.

The financial plan reflects the final results of production and economic activities. It covers inventory items, financial flows of all structural divisions, their interconnection and interdependence.

The financial plan is the final synthesizing and reflecting in value terms the results of the company's activities. The information base for drawing up a financial plan is mainly accounting documentation. First of all, it is the balance sheet and appendices to the balance sheet.

In the financial plan of the company, enterprises are reflected:

§ income and receipts of funds;

§ expenses and deductions of funds;

§ credit relationships;

§ relationship with the budget.

The results of calculations of the said income and expenses are summarized in the form "Balance of income and expenses". Financial planning documents also include the company's balance sheet.

Enterprise balance

The company's balance sheet is a summary table that indicates the sources of capital and the means of its placement. The balance sheet serves as the basis for the first stage of financial planning - the analysis of financial indicators. In this case, the internal balance is usually used, i.e. balance sheet, reflecting the true financial position of the company, for intra-company use. Especially for publication, an external balance sheet is drawn up, usually aimed at underestimating the size of profits in order to reduce taxation amounts and create reserve capital and for other reasons. For better planning of finances, firms draw up a plan for the financial flows of the enterprise.

The income side reflects income from ordinary activities, operating income (various income, profit from joint activities, etc.), non-operating income and extraordinary income (receipts arising as a result of extraordinary circumstances of economic activity). Expenses are reflected in the same items as income.

Enterprise budget

An integral part of short-term and long-term planning is budgeting.

Any action plan must be accompanied by a budget (expenditure and income estimates), which is a quantitative embodiment of the plan, characterizing the income and expenses for a specific period and determining the need for resources to achieve the goals set by the plan.

Budgets can be drawn up for: firms, enterprises, divisions.

The budget far exceeds the plan in terms of accounting rigor and enforcement. A budget only makes sense when it is put into practice. a simple estimate of income and expenses would be of no value.

The enterprise as a whole develops a master or master budget that considers future profits, cash flows, and supporting plans in terms of value. The main budget is a financially quantified expression of marketing and production plans that provide operational and financial management.

1.3 Types of financial plans

Strategic plans are plans for the general development of the business and the long-term structure of the organization. In the financial aspect, strategic plans determine the most important financial indicators and proportions of reproduction, characterize investment strategies and opportunities for reinvestment and accumulation. Such plans define the amount and structure of financial resources needed to maintain the enterprise as a business unit.

In its most general form, a strategic financial plan is a document containing the following sections:

1. Investment policy of the enterprise:

§ fixed assets financing policy;

§ financing policy for intangible assets;

§ policy in the field of long-term financial investments.

2. Working capital management:

§ cash management;

§ management of receivables (credit policy of the enterprise);

§ Inventory Management.

3. Dividend policy of the enterprise.

4. Financial projections:

§ forecast of the company's income;

§ cost forecast;

§ total need for capital;

§ cash budget.

5. Accounting policy of the enterprise.

6. Management control system.

Current plans are developed on the basis of strategic ones by detailing them. If the strategic plan gives an approximate list of financial resources, their volume and directions of use, then within the framework of the current planning, each type of investment is mutually agreed with the sources of their financing, the effectiveness of each source of financing is studied, a financial assessment of the main activities of the enterprise and ways to generate income is carried out.

Operational plans are short-term tactical plans directly related to the achievement of the company's goals (production plan, plan for the purchase of raw materials and materials, etc.). Operational plans are included as an integral part of the annual or quarterly total budget of the enterprise.

To take into account possible factors of uncertainty and the risk associated with it, it is recommended to prepare several options for financial plans: pessimistic, optimistic and most probable.

operational plan

Operational financial plans -- a tool for managing cash flows.

Financing of planned activities should be carried out at the expense of incoming funds. This requires day-to-day effective control over the formation of financial resources. In order to control the receipt of financial proceeds to the settlement account and the expenditure of cash financial resources, the organization needs operational financial planning, which complements the current one. When drawing up an operational financial plan, it is necessary to use objective information about the trends in economic development in the field of activity of the organization, inflation, possible changes in technology and the organization of the production process.

Operational financial planning includes:

§ drawing up and execution of the payment calendar;

§ calculation of the need for a short-term loan;

§ Preparation of a cash application.

2. Management of accounts payable of the enterprise

Accounts payable are the financial obligations of one entity to others, which it is obliged to fulfill. The concept opposite to the concept of accounts payable is accounts receivable. Accounts payable may be to other organizations, enterprises or individuals, to the budget, to personnel, as well as for loans and borrowings received. The most common form of accounts payable is obligations to suppliers of goods and services. Accounts payable disappear when the obligations for its repayment are fulfilled or when it is written off in case of non-claim.

Accounts payable is a type of obligation that characterizes the amount of debts due for payment in favor of other persons. The most common type of accounts payable is debt to suppliers and contractors for supplied inventories, services rendered and work not paid on time. Accounts payable may be terminated by the fulfillment of the obligation (including offset), and also written off as unclaimed. As part of accounts payable, the organization's debt is allocated: - to suppliers and contractors (balances as of the reporting date on the credit of accounts 60 "Settlements with suppliers and contractors" and 76 "Settlements with various debtors and creditors"); - to the personnel of the organization (balance on the credit of account 70 “Settlements with personnel for remuneration”); - before the budget (balance on the credit of account 68 "Calculations on taxes and fees"); - to state non-budgetary funds (credit balance on account 69 “Settlements for social insurance and security”); - on received loans and credits (credit balances of accounts 66 “Settlements on short-term credits and loans” and 67 “Settlements on long-term credits and loans”); - to other creditors (credit balances on accounts: 71 “Settlements with accountable persons”, 73 “Settlements with personnel on other transactions” and others.

management repayment accounts payable

2.1 Types of accounts payable

Accounts payable - this is the debt of the enterprise to other legal entities and individuals as a result of previous actions (events).

Accounts payable arise from the following liabilities 6 :

1) the obligation to pay to suppliers and contractors the cost of goods received from them in their ownership, works accepted, services rendered;

2) an obligation to pay a commercial bill;

3) an obligation to pay money, transfer property, perform work, provide services to subsidiaries or dependent companies;

4) the obligation to transfer property, perform work to other legal entities and individuals on account of the received advance payment or prepayment;

5) the obligation to pay employees according to the concluded collective and individual labor contracts;

6) obligation to pay contributions to social off-budget funds;

7) the obligation to pay taxes and other payments to the budget;

8) obligations to other creditors.

2.2 Settlement of accounts payable

In addition to a predetermined method of repaying accounts payable, there are several more that can be offered to the creditor. One of these methods is netting, it can be used if your creditor also has a debt to you. The second way to repay accounts payable is to re-register the debt, for example, into a secured loan. The third way is the assignment to the creditor of ownership of fixed assets or the assignment of shares in the company. And, finally, the most profitable way for the creditor to pay off accounts payable is to receive bills of exchange from the debtor, the amounts and interest on which must be paid in accordance with the new agreement 7 .

The repayment of accounts payable occurs after the company settles with the supplier (contractor). That is, he will transfer funds to him for the delivered values ​​(work performed, services rendered) or set off the debt to pay off the debt of the supplier himself (if any). The company can pay the money either directly to the supplier or, at his request, to any other person. In this case, a third party - the recipient of funds - must be authorized by the supplier to accept the specified amount. Such authority may also follow from a letter from the supplier to the buyer. From the moment the funds are transferred to the settlement account of the authorized third party, the buyer will be considered to have fulfilled his obligation to pay off the accounts payable to the supplier.

If the settlement with the supplier was not carried out, then under certain conditions the company has the right to write off the debt. They do this:

If the statute of limitations has expired on the debt (3 years from the date of its occurrence);

On other grounds provided by law.

Other grounds include cases of termination of obligations listed in Chapter 26 of the Civil Code of Russia. Thus, obligations may be terminated as a result of:

Release by the creditor (supplier) of the debtor (buyer) from the duties lying on it * (238);

Impossibility of execution if it is caused by a circumstance for which neither of the parties is responsible * (239);

Adoption of an act of a state body, if, due to its publication, the fulfillment of an obligation becomes impossible * (240);

The death of the creditor, if the performance is inextricably linked with his personality * (241);

Liquidation of the creditor * (242).

Note that the current accounting rules do not provide for the possibility of writing off the debt in the latter case (that is, on other grounds, except for the expiration of the limitation period) * (243).

If they are guided formally, it turns out that the company needs to wait for the expiration of the limitation period, for example, regardless of whether there is a creditor or not. However, as a result, the principle of reliability of financial statements is violated. After all, in fact, there will be a debt in the account that will never be repaid. Therefore, such a debt should be written off after the liquidation of the organization-creditor (supplier).

Writing off overdue accounts payable is not a right, but an obligation of the company. If the debt remains recorded, this will lead to a distortion of the financial statements. In addition, the tax authorities may consider this concealment of non-operating income of the company with a corresponding understatement of taxable profits.

Debt is written off based on the results of the inventory on the basis of the order of the head of the company. Moreover, this operation must be documented. When writing off the debt, its amount is included in the composition of the company's other income (account 91 "Other income and expenses" sub-account 1 "Other income").

The company records a debt to the supplier in the amount of 890,000 rubles. (including VAT). In the reporting period, the limitation period for debts expired. By order of the head of the debt was written off. This operation is reflected in the entry:

Debit 60 Credit 91-1

RUB 890,000 - written off the amount of accounts payable to the supplier.

2.3 Accounts payable management

The presence of accounts payable is a normal condition for most enterprises in various fields of activity, while competent management of accounts payable is the key to the well-being of the enterprise. The main task in this matter in the management of an enterprise is to prevent an increase in accounts payable by more than a certain value specific for each enterprise, corresponding to its financial situation. However, when managing accounts payable, one must also understand that its increase also increases the amount of funds attracted to the enterprise, which is a positive factor. In addition, the volume of accounts payable of the enterprise must be quite definitely related to the volume of its receivables.

The main way to manage the accounts payable of an enterprise is to develop the most optimal options for working with suppliers of goods and services (counterparties), which determine the terms, volumes and forms of settlements. Also, the management of accounts payable should take into account the situation with each creditor individually, i.e. assume differentiation of counterparties 8 .

Accounts payable management is a set of methods for analyzing, monitoring and evaluating it. At the same time, the management of accounts payable is the formation of the credit policy of the enterprise and the organization of contractual work, as well as the management of debt obligations.

Accounts payable management includes:

Disclosure of organizational and economic features of the nature of accounts payable;

Determination of a system of indicators of the state and evaluation of the effectiveness of accounts payable;

Allocation of optimal management of accounts payable;

Proposal of methods for increasing the efficiency of accounts payable management based on its optimization (or minimization).

Consider the composition of accounts payable in JSC "UMPO" in table 1.1.

Table 1.1 shows that short-term accounts payable in 2011 compared to 2009 increased by 1,499,767 thousand rubles. This was mainly due to an increase in debt to suppliers and contractors - by 682,356 thousand rubles; received advances - by 680289 thousand rubles. and other debts - by 429,524 thousand rubles.

Table 1.1 Accounts payable in JSC "UMPO"

Name of indicator				Change (+, -)
Short-term accounts payable, total
including:
Suppliers and contractors
Indebtedness to the staff of the organization
Debt to state off-budget funds
Debt on taxes and fees
Advances received
Settlements with a commission agent
Settlements on issued own bills of exchange
Indebtedness to participants for the payment of income

Consider the overdue accounts payable in JSC "UMPO" in table 1.2.

Table 1.2 Overdue accounts payable in JSC "UMPO"

Table 1.2 shows that overdue accounts payable in 2011 compared to 2009 increased by 81,264 thousand rubles, mainly due to debts to suppliers and contractors.

Let's analyze accounts payable in JSC "UMPO" on the basis of the indicators presented in table 1.3.

Table 1.3 Performance indicators of accounts payable in OJSC UMPO

Table 1.3 shows that the turnover ratio of accounts payable in 2011 compared to 2009 slightly increased and is 3.5 turnovers. Thus, this indicator indicates a slight increase in the speed of payment of the company's debts. The duration of one revolution has not changed - 104 days.

Improving the management of accounts payable in JSC "UMPO" can be carried out by optimizing accounts payable.

Optimization is the search for new solutions with the help of which accounts payable and its change can have a positive impact on the enterprise (increase in the authorized capital, increase in reserve capital, etc.).

The main directions for optimizing the efficiency of accounts payable management in UMPO OJSC:

Introduction to the Controlling Service Management System;

Motivation of personnel through bonuses (the company's personnel will be interested in meeting deadlines);

Conducting regular negotiations with suppliers on the terms of delivery;

Receiving discounts depending on the volume of purchased products for a certain period of time.

3. Practical part

3.1 Task

The task

The amount of capital of the enterprise is 1,000,000 rubles. Including: - borrowed capital 400,000 rubles.

Equity capital 600,000 rubles. The average level of interest for a loan is 30%. The income tax rate is 25%.

Define

The magnitude of the effect of financial leverage, if earnings before interest and taxes change from 150,000 rubles. up to 200,000 rubles

Decision

The effect of financial leverage (EFF) shows by what percentage the return on equity increases by attracting borrowed funds into the turnover of the enterprise and is calculated by the formula:

EGF \u003d (1-Np) * (Ra-Tszk) * (ZK / SK)

where Нп - income tax rate, in fractions of units;

Rp - return on assets (the ratio of the amount of profit before interest and taxes to the average annual amount of assets), in fractions of units;

Tsk - the weighted average price of borrowed capital, in fractions of units;

ZK - the average annual cost of borrowed capital;

SC is the average annual cost of equity capital.

Ra=200000/1000000=0.2

EGF=(1-0.25)*(0.2-0.3)*(400000/600000)=0.75*(-0.1)*0.67= -0.05

3.2 Task

The task

The company below plans to spend 60% of its profits either on paying dividends or buying its shares.

Profit for distribution among owners of ordinary shares - 2500 thousand dollars.

The market price of a share is $60.

Define

Which of the two options is more beneficial to shareholders.

Conditions

Profit to be distributed among owners of ordinary shares, thousand dollars 2500

Number of ordinary shares - 500,000

Earnings per share (2500000: 500000) - 5

Market price of a share, USD - 60

Share value (market price: earnings per share), USD - 12

Decision

The total amount of profit intended to be paid to shareholders is $1,500,000. (60% of 2500 thousand dollars).

If the company pays a dividend, each shareholder will receive $3. (1,500,000 rubles: 500,000).

If the company used this money to buy back its shares, it would be able to buy back approximately 23,809.5 shares ($1,500,000: $63) for a total outstanding of 476,191 shares (500,000 - 23,809).

After the share repurchase, earnings per share will increase to $5.25. ($2,500,000: $476,191), which would increase the market value to $63. ($5.25*12).

Thus, from the standpoint of an ordinary shareholder who owns one share, both options are the same: either have one share worth $60. plus a dividend of $3.00, or own one share increased to $63.00. price.

However, the second option has several advantages. First, the attractiveness of the company's shares has increased, as such an important analytical indicator as earnings per share has increased. Secondly, shareholders received indirect income, since they do not need to pay tax on dividends if they receive them (the latter is not always true; for example, in Germany, profits not paid in the form of dividends, but reinvested in the company, are also taxed when filling out by shareholders personal income declarations). There are objections to this option, the main of which is the following: money on hand is always more profitable than income from changes in the exchange rate.

When forming a dividend policy, it should be taken into account that the classic formula: “the share price is directly proportional to the dividend and inversely proportional to the interest rate on alternative investments” is not applicable in practice in all cases. Investors can appreciate the value of the company's shares even without paying dividends, if they are well informed about its development programs, the reasons for non-payment or reduction in dividend payments, and directions for reinvesting profits.

The decision to pay dividends and their amounts is largely determined by the stage of the life cycle of the enterprise. For example, if the management of an enterprise intends to carry out a serious reconstruction program and plans to carry out an additional issue of shares for its implementation, then such an issue should be preceded by a sufficiently long period of steadily high dividend payments, which will lead to a significant increase in the share price and, accordingly, to an increase in the amount of borrowed funds, received as a result of the placement of additional shares.

Conclusion

Accounts payable is an important source of financing for many types of businesses. It can be viewed as a "spontaneous", "spontaneous" source of funding that increases with the growth of production and sales.

Accounts payable management involves the use by the organization of the most appropriate and profitable forms and terms of settlements with counterparties, and in the most general terms, it comes down to maintaining the financial stability of the company while reducing the deficit of working capital.

The effective management of the company's debts is largely determined by a selective approach to counterparties and a flexible system of settlements with them.

The first most important step towards optimizing costs will be to determine the optimal structure of payment for goods and services for each specific case, including:

Budgeting and accounts payable scheme;

Assessment of financial opportunities, probable risks and degree of trust in relations with creditors

Control over the state of accounts payable is a necessary condition for the sustainable financial position of the enterprise.

The normal state of accounts payable turnover is one of the conditions for the absence of disruptions in the activities of the enterprise and for the implementation of normal business cycles.

The financial stability of an enterprise involves a combination of four favorable characteristics of the financial and economic position of the enterprise:

1. high solvency;

2. high liquidity;

3. high creditworthiness;

4. high profitability.

In the first chapter, the theoretical aspects related to accounts payable were considered.

In the second chapter, the main stages of the organization's accounts payable management process were identified, as well as the indicators used to assess accounts payable.

In the third chapter, an analysis was made of the financial ratios of OAO NK Alliance. After analyzing the results, we can conclude that in general, the company's activities are stable, the indicators are within the normal range. But when comparing the results, you can see that the data for the 4th quarter decreased compared to the 1st quarter.

To improve the results obtained, recommendations were made:

Search for internal reserves;

Tracking and responsibility when paying funds to creditors;

Proper formatting and content of documentation.

Unfortunately, the problem of accounts payable management is very relevant for most Russian enterprises, but today, due to the lack of financial resources, as well as trained personnel in many enterprises, their solution is not given due attention.

Bibliography

Balabanov I.T. Fundamentals of financial management. How to manage capital? - M.: Finance and statistics, 2006.

Endovitsky D.A. Comprehensive analysis and control of investment activity: Methodology and practice / Ed. L.T. Gilyarovskaya. - M.: Finance and statistics, 2001. - 400 p.

Endovitsky D.A. Investment analysis in the real sector of the economy: Proc. allowance / Ed. L.T. Gilyarovskaya. - M.: Finance and statistics, 2003. - 352.

Bocharov V.V. Management of money turnover of enterprises and corporations. - M.: Finance and statistics, 2001.

Brigham Y. Encyclopedia of financial management. - M.: RAGS, Economics, 2008.

Irvin D. Financial control. - M.: Finance and statistics, 2003.

Koltynyuk B.A. Investment projects. - St. Petersburg: Publishing house V.A. Mikhailova, 2000.

Karzaeva N.N. Evaluation and its role in the accounting and financial policy of the organization. - M.: Finance and statistics, 2002.

Kovaleva A.M., Lapusta M.G., Skamai L.G. Firm Finance: Textbook. - M.: INFRA-M, 2000.

Copeland Tom, Koller Tim, Murin Jack. Cost of companies: assessment and management / Per. from English. - M.: CJSC "Olimp-Business", 2005.

Kurtz H.D. Capital, distribution, effective demand / Per. from English. I.I. Eliseeva. - M.: Audit, UNITI, 2006..

Modigliani F, Miller M. How much does a company cost. Theorem MM.: Per. from English. - M.: Delo, 2001.

Molyakov D.S., Shokhin E.I. Theory of Enterprise Finance: Textbook. - M.: Finance and statistics, 2004.

1 Kovaleva A.M., Lapusta M.G., Skamai L.G. Firm Finance: Textbook. - M.: INFRA-M, 2000.

2 Irvin D. Financial control. - M.: Finance and statistics, 2003.

3 Balabanov I.T. Fundamentals of financial management. How to manage capital? - M.: Finance and statistics, 2009.

4 Raizberg B.A., Fatkhutdinov R.A. Economic management. Textbook. - M.: CJSC "Business School "Intel-Sintez", 2013.

5 Raizberg B.A., Fatkhutdinov R.A. Economic management. Textbook. - M.: CJSC "Business School "Intel-Sintez", 2012.

6 Molyakov D.S., Shokhin E.I. Theory of Enterprise Finance: Textbook. - M.: Finance and statistics, 2008.

7 Irvin D. Financial control. - M.: Finance and statistics, 2010.

8 Kovaleva A.M., Lapusta M.G., Skamai L.G. Firm Finance: Textbook. - M.: INFRA-M, 20011.

9. Korotkova, M. V. Optimization of accounts payable management at industrial enterprises [Text] / M. V. Korotkova // Bulletin of the Orenburg State University. - 2009. - No. 5 - S. 104-109.

10. Nor-Arevyan, G. G. The main aspects of the formation of receivables and payables [Text] / G. G. Nor-Arevyan // Accounting and statistics. - 2008. - No. 11 - S. 83-86.

11. Filina, F. N. Accounts receivable and accounts payable: acute issues of taxation [Text]: textbook. / F. N. Filina; - M.: Gross-Media, 2009. - 152 p.

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The economic essence of settlements with debtors and creditors. Classification of receivables and payables in the structure of working capital of the enterprise. Methods of managing receivables and payables.

The entire range of debts of enterprises in the aggregate of contracts with counterparties can be divided into two types: receivables and payables. Indicators of receivables and payables are involved in the calculation of various solvency and financial stability ratios. The analysis of these coefficients is carried out at the beginning and end of the year, their comparative assessment is given, which characterizes the financial condition of the organization.

Accounts receivable of an organization are payments from buyers of goods, accounts payable, on the contrary, the debt of the organization itself to suppliers of goods and other third-party organizations. also acts as accounts payable from another, so it is advisable to use an integrated approach in the analysis.

Accounting for settlements with related organizations, in which each specific enterprise can act in turn as a supplier, contractor, buyer, customer, debtor and creditor, is an essential part of accounting activities.

Failure to receive or untimely receipt of cash receipts or material resources paid in advance disrupts the rhythm of economic activity. Accounts receivable arise, which often lead to financial losses and the destruction of established partnerships.

In practice, companies use different approaches to financing current assets. They are based on the assumption that in order to ensure liquidity, non-current assets and a constant part of current assets should be reimbursed at the expense of long-term liabilities. The difference between the approaches is determined by what sources of funding are chosen to cover the variable part of current assets. There are conservative, aggressive and moderate approaches.

With a conservative approach, the variable part of current assets is covered by long-term liabilities, and the constant part is covered by own funds. This approach guarantees liquidity as there is no short-term debt. However, it is costly. Long-term liabilities tend to be of high value and require ongoing maintenance. High costs of attracting long-term financing give rise to the risk of reducing the return on equity.

A conservative approach is a priority in cases of an inflationary increase in the cost of short-term sources of financing of current assets, the instability of the company and the lack of reliable forecasts for the flow of funds, the provision of preferential terms for long-term debt financing (for example, under government programs) .

An aggressive approach to financing current assets is to use short-term debt to fully cover the variable part of current assets. Long-term liabilities in this approach serve as a source of coverage for non-current assets and a constant part of current current assets, i.e. the minimum necessary for economic activity under normal, normal conditions. The risk of loss of liquidity with an aggressive approach is maximum and the likelihood of discrepancies between receipts and payments increases. In the event of an urgent repayment of all short-term obligations, the company will be forced to sell even fixed assets. The advantage of this approach is that it is a cheap way to cover current assets. During periods of acute need for funds (with insufficient short-term liabilities), short-term bank loans may be attracted.

Moderate approach to asset financing involves a combination of risk and return in order to maximize the market value of the company. In this case, non-current assets, the permanent part of current assets and about half of their variable part are covered by long-term liabilities. The second half of the variable part of current assets should be financed by short-term debt. With this approach, all working capital management decisions are evaluated from the point of view of maximizing the price within the framework of the overall financial policy (the need for dividend payments, the implementation of investment programs, the possibility of optimizing the periods of accounts payable and receivable, etc.)

It can be concluded that the main difference between the three approaches to financing current assets is the amount of short-term debt used in each of them. The aggressive approach assumes the greatest use of this source, while the conservative approach the least (the moderate approach as an intermediate level assumes the use of long-term and short-term sources equally).

The level of receivables is determined by many factors: the type of product, market capacity, the degree of saturation of the market with this product, the settlement system adopted at the enterprise, etc. The last factor is especially important for the manager.

Since the growth of inventories and costs at the enterprise can lead to an increase in the liquidity of current assets, it is necessary to identify and analyze the reasons for the diversion of funds from economic turnover in a timely manner, as it contributes to the growth of accounts payable and the deterioration of the financial condition of the enterprise.

The main methods of managing receivables and payables are to establish with buyers and suppliers such contractual relationships that ensure the timely and sufficient receipt of funds to make payments to creditors, and make the timing and amount of payments by the enterprise to suppliers dependent on the receipt of funds from buyers. The implementation of such management requires the availability of information about the real state of receivables and payables and their turnover. At the same time, long-term and overdue debts should be excluded from the balance sheet of receivables and payables.

When developing a payment policy, an enterprise proceeds from a comparison of the profit additionally obtained by softening the terms of payments and, consequently, the growth in sales, and losses due to an increase in receivables.

The consulting group conducted a study among enterprises in order to determine what methods in the management of receivables and payables are used by enterprises. Based on the results of the study, enterprises use the following methods of managing receivables and payables:

• - calculation and analysis of financial ratios;
• - planning, control and analysis of receivables;
• - planning and control of the total amount of working capital;
• - control over accounts payable, comparison of accounts receivable and accounts payable;
• - planning and control of stocks of raw materials, materials and finished products in warehouses.

At the same time, the study revealed that a number of enterprises do not use any control methods at all.

The results of the receivables management analysis showed that a third of the enterprises participating in the study provide discounts to customers depending on the payment term and a third of the enterprises link the payment term of the delivered products with its volume. 79% of all surveyed enterprises control the volume of receivables, while the timing of the provision of receivables is controlled by only 42% of enterprises.

According to the results of the study, 25% of all surveyed enterprises use other methods of receivables control, including: control of the priority of payments by suppliers, control of receipts for each group of goods, dynamic control for each debtor, control of the critical level of debt for each debtor.

In the course of the study, enterprises were asked about the methods used to influence debtors:

• - in case of violation by debtors of their obligations, they use penalties and turn to the help of the arbitration court;
• - conduct individual negotiations with debtors;
• - suspend the provision of services under concluded contracts;
• - change the previously agreed terms of payment (transition to full or partial prepayment when customers purchase products).

Along with the question of the management of receivables, enterprises were asked the question of the methods of managing accounts payable. As a result, it turned out that about half of the surveyed enterprises do not use any methods of managing accounts payable. The remaining enterprises use the following methods:

• - regular negotiations with suppliers on the terms of delivery;
• - individual work with each supplier;
• - selection of suppliers with appropriate payment terms;
• - increase in commodity credit and deferred payment from the supplier based on the determination of a fixed volume of monthly purchases;
• - transition to payment to suppliers after the sale of products;
• - unauthorized delay in payments to suppliers;
• - Receiving discounts on the volume of purchased products for a certain period of time.

As one of the methods of managing accounts payable, the study considered the use of a bill of exchange form of payment. The study showed that 25% of surveyed enterprises use promissory notes in their activities. Of all enterprises using the bill of exchange form of payment, 32% of enterprises use bills of exchange, including for settlements within the enterprise, and the same percentage of enterprises use bills of exchange of Sberbank.

As for the sources of borrowed capital used by enterprises, the results of the study showed that 63% of enterprises use bank loans, 50% of enterprises use accounts payable as a source, 42% sell products on prepayment, 25% use other sources of borrowed capital, including: individual loans, investor funds, factoring.

Analytical procedures related to the management of accounts payable are mainly included in the system of intra-company financial analysis and management control. We can distinguish the following key points that require analytical justification:

• 1. Selection of a supplier (in this case, the following should be taken into account: the reliability of the supplier, the possibility of establishing long-term relationships, the variability in establishing financial and settlement relationships, the availability of various schemes for the supply of raw materials and materials, the average duration of delivery, etc.);
• 2. Control of the timeliness of settlements (as a rule, exceeding the deadline for payment for the supplied raw materials and materials leads to penalties);
• 3. The choice of the moment of settlement with a specific creditor in a specific situation (in the vast majority of cases, suppliers of raw materials, naturally interested in speeding up payment, offer a discount on the selling price on the condition of relatively quick payment; thus, the company faces a dilemma - to use the discount or get an additional source of financing).

Analysis of the turnover of receivables and payables allows us to draw conclusions about:

• - the rationality of the size of the annual turnover of funds in settlements, since the efficiency of the settlement and payment system accelerates the process of turnover of funds in settlements, contributes to the inflow of other assets of the organization and the repayment of accounts payable.
• - reducing the cost of products (works, services). With an increase in the number of revolutions, the share of fixed costs, attributable to the cost indicator, decreases;
• - possible acceleration of turnover at other stages of the production process and the sale of products (works, services). Reducing the turnover of receivables and payables will lead to an acceleration in the turnover of cash, stocks and liabilities of the organization.

Accounts receivable management involves, first of all, control over the turnover of funds in settlements. The acceleration of turnover in dynamics is regarded as a positive trend.

Of great importance are the selection of potential buyers and the determination of the terms of payment for the goods provided for in the contracts. The selection is carried out using informal criteria: observance of payment discipline in the past, predictive financial capabilities of the buyer to pay for the volume of goods requested by him, the level of current solvency, the level of financial stability, the economic and financial conditions of the seller enterprise (overstocking, the degree of need for cash, etc.). P.).

Payment for goods by regular customers is usually made on credit, and the terms of the credit depend on many factors. In economically developed countries, a scheme is widespread, in which:

• - the buyer receives a 2% discount in case of payment for the received goods within n days from the beginning of the crediting period (for example, from the moment the goods were received);
• - the buyer pays the full cost of the goods if the payment is made in the period from (n + 1)-th to the n-th day of the credit period; in case of non-payment within n days, the buyer will be forced to pay an additional fine, the amount of which may vary depending on the moment of payment.

Accounts receivable control includes the ranking of receivables according to the timing of their occurrence. The most common classification provides for the following grouping (days): 0-30; 31-60; 61-90; 91-120; over 120. Other groupings are possible. In addition, it is necessary to control bad debts in order to form the necessary reserve.

The choice of receivables management method is influenced by the chosen management strategy.

In the event that an accounting strategy has been adopted for development, it is advisable to use the most convenient payment methods for the enterprise, namely the collection of debt in cash, the implementation of offset schemes or the assignment of debt to third parties on the basis of assignment or factoring agreements.

The collection strategy is carried out in relation to overdue receivables and requires more active actions to collect them. At this stage, the primary task is to minimize the difference between the amount of receivables, taking into account the delay in payment, and the original amount of the debt, that is, to reduce the period of delay in payment.

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

All of these methods in most cases lead to an effective result.

In the event that the organization has assessed in advance the reality and reliability of repayment of such debt, has reserved amounts for its write-off, these consequences cannot affect the rhythm of the company's functioning and its solvency.

When managing accounts payable, the same methods are used as when managing accounts receivable.

If there are mutual obligations between enterprises, then the following will help to reduce accounts payable:

• 1. Offset of mutual claims. Set-off of counterclaims can be carried out if two or more parties have settlement obligations, when they, as a result of the execution of contracts different in content, are both a debtor and a creditor in relation to each other.
• 2. Choice of calculation method. Forms of payment involve partial or full prepayment, as well as the opportunity to purchase goods at a discount, depending on the volume of the purchase.
• 3. Ranging accounts payable for each creditor separately, in order to control the maturity of obligations, allows you to track the timing of payment of obligations in a timely manner.
• 4. Attracting funds from investors. Since we consider the process of attracting additional financial resources for the purposes of our own business from the point of view of maximizing the security of this process, we should dwell on the two most important, in this aspect, characteristics of this loan method. The first is relative cheapness: as a rule, investors who exchange their funds for corporate rights (shares, shares) rely on dividends, which are fixed in the constituent documents (or set at a meeting of participants) in the form of interest. In this case, in the absence of profit at the enterprise, the capital invested in the business can be "free". The second feature is the ability of investors to influence the management processes in the established economic company (the right to vote at a meeting of shareholders or participants). Therefore, care should be taken to maintain a controlling stake. Otherwise, your original equity capital may turn into capital loaned to a new investor. This leads to the conclusion that the amount of funds raised by corporate investors is clearly limited: in the general case, they should not exceed your initial investment: even if the shares (shares) are "dispersed" among several holders, there is still a risk (especially when it comes to a successful enterprise ) concentration of corporate rights under a single control .
• 5. Financial (cash) credit, as a rule, is provided by banks. This is one of the most expensive types of credit resources. Limiting factors:
  • - high percent,
  • - the need for reliable support,
  • - Creation of solid balance indicators.

Despite the "high cost" and "problematic" attraction, the possibilities of a bank loan, unlike an investment loan, must be used by the company at 100%. If the project implemented by the company is really "designed" for a competitive level of profitability, then the profit received from the use of a financial loan will always exceed the required interest. Although banks prefer this type of collateral for granted loans as collateral, they can be satisfied with a third party guarantee (if there are solvent founders or other interested parties). Balance sheet indicators also have some "flexibility", both in the process of their formation, and in the course of their perception by the host party. The presence of presentable reporting indicators, although it is a prerequisite for a bank employee, can, to some extent, be ignored due to the presence of real guarantees and the provision of a loan. One significant drawback of borrowed funds, especially in comparison with investment funds, is the existence of strictly defined terms for their return.

• 6. Commodity credit. The main positive distinguishing feature of this type of obtaining borrowed funds is the easiest way to attract. Does not require (unlike financial) collateral; is not associated with significant costs and duration of registration (unlike investments).
• 7. Economic superiority. It is often built on the relationship of commodity credit and other types of lending. The essence of using the advantages associated with one's own economic superiority lies in the ability to dictate and impose on the supplier (creditor) their own "rules" of the game in the market and the nature of contractual relations, or, as often happens, to violate these same contractual relations without "special" consequences for own "superior" business.

The economic superiority of the borrower over the lender may arise due to the following circumstances:

• - the monopoly position of the buyer in the market (monopsony);
• - differences in economic potentials, the total assets of the buyer significantly exceed the assets of the supplier;
• - marketing advantages (for example, a small or novice manufacturer seeking to promote its products (trademark) in a network of large supermarkets or elite stores is not in the "position" to dictate its terms or demand the fulfillment of "all" obligations, as it may be without the "necessary" customer);
• - the buyer "discovered" organizational shortcomings in the management of receivables from the creditor ("gaps" in accounting and control, legal "insolvency", etc.).

Also, when returning accounts payable, one should proceed from how valuable the client is for the organization, what concessions and discounts counterparties are ready to make for him:

After analyzing the composition of its business partners, any company will be able to identify those to whom it is ready to forgive the deferred return of accounts payable; those to whom it is ready to forgive the deferred return of accounts payable, subject to compensation for the damage incurred and the payment of interest for the use of accounts payable before its return; as well as those for whom education and delayed repayment of accounts payable will be the impetus for termination of the relationship.

In order for the return of accounts payable to occur as soon as possible, it is necessary to build civilized relations with counterparties. For example, it is necessary to build such relationships with partners when it becomes possible to return accounts payable without paying interest.

Quite often, companies have long-term partnerships and experience certain inconveniences when accounts payable are formed by a long-term partner. In this case, partner companies, for moral and ethical reasons, sometimes do not resort to their right to demand from the debtor not only the return of accounts payable, but also the payment of interest, since strong business relationships are sometimes more important than money. Perhaps now the old client is experiencing temporary difficulties, but after this period "passes" and the return of accounts payable takes place, many years of fruitful and profitable cooperation awaits you.

However, in order for the good will of the creditor company to be appreciated by the debtor, it is necessary that he knows about the size of the discount that he received without repaying accounts payable, as if using an interest-free loan. In this case, the debtor company will also return accounts payable, and will appreciate the understanding of its temporary difficulties. It is unlikely that she will want to change her business partner in the future, after the return of accounts payable.

There is also a return of accounts payable with the payment of interest. Accounts payable is therefore called accounts payable because it can be considered as a loan, a loan, a loan issued to a debtor and subject to repayment. Therefore, before the return of accounts payable, it would be fair to require the debtor to pay interest for the use of funds. In practice it might look like this:

In order to compensate for the damage from the fact that the repayment of accounts payable does not occur for a long time, and these funds are withdrawn from commercial circulation, the injured party can take a loan from the bank at reasonable interest in the amount of accounts payable, which is not returned. She can send this loan to the same place where she planned to send funds frozen due to not returning accounts payable, but to impose the payment of interest on a company or organization that is obliged to return accounts payable. This situation will last exactly until the return of accounts payable is made.

• 8. Repayment of accounts payable through the provision of bills. A promissory note as a means of debt restructuring is a new obligation that must be fulfilled in accordance with the newly established terms and often at lower interest rates. This frees the company from paying debt in this period, contributing to the improvement of the company's performance. Enterprises in financial distress may use promissory notes as a loan restructuring tool if there is a third party interested in acquiring the company's liabilities.
• 9. Use of bank bills. To do this, a loan agreement is concluded with a bank secured by the amount necessary for the purchase of bank bills. In the future, the company pays its creditor with bank bills. In this transaction, the enterprise effectively replaces its many "unsecured" creditors with one "secured" one - a bank that provides a loan to the enterprise at an interest rate lower than the rates on unrestructured debt. Lenders benefit because, in return for bad debts, they receive well-defined claims on the bank. Companies using this method of restructuring tend to have many small creditors, a good relationship with a stable bank, and assets that can be used as collateral for a loan.

Thus, the choice of methods in the management of accounts payable comes down to:

• - pre-contractual work, at the choice of potential creditors;
• - the correct choice of the form of debt (bank or commercial) in order to minimize interest payments and the cost of acquiring material assets;
• - preventing the formation of overdue debts associated with additional costs (penalties, penalties);
• - regulation and control of accounts payable management;
• - to the availability of special professional training and skills in the field of economics, taxes and financial management for accountants, lawyers, internal auditors and financial managers involved in servicing the accounts receivable and payable management system.

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Introduction

Chapter 1. Theoretical aspects of accounts payable management

1.1 The concept of the organization's accounts payable, its role in the organization's activities

1.2 Accounts Payable Management Methods, Importance of Accounts Payable Optimization

1.3 The system of indicators used in the assessment of receivables and payables

1.4 Methodology for analyzing accounts payable

Chapter 2

2.1 Brief economic and organizational characteristics of Avantage LLC

2.2 Assessment of the level of financial condition and accounts payable of Avantage LLC

2.3 Comparative analysis of accounts payable and receivable of the organization

Chapter 3. Measures for the effective management of accounts payable of Avantage LLC

Conclusion

Bibliography

Introduction

The topic of my thesis was not chosen by chance, since the lack of funds in the economy and the insolvency of many enterprises have made the issues of working with debtors and creditors one of the main areas in the list of functions of a financial manager.

In the process of production, commercial, intermediary and other activities, organizations enter into various settlement relationships with a large number of enterprises, organizations, institutions and individuals. Management in the field of settlement operations involves consideration of issues of the organization's relationship with legal entities and individuals that arise at the final stage of their cooperation in the form of payment for goods, finished products, performance of work, services rendered, etc., as well as the emergence of receivables and payables.

The most relevant, acute issue facing all business executives at the present time is the issue that is directly related to settlement and payment transactions - this is the management of accounts payable, since the problem of managing accounts payable is largely complicated by the imperfection of the regulatory and legislative framework in terms of debt collection.

Accounts payable is a natural component of the company's balance sheet. It arises as a result of a discrepancy between the date of occurrence of obligations and the date of payment on them. Ivashutin FM, Financial management, ed.

Carrying out entrepreneurial activities, participants in the property turnover assume that as they carry out business operations, they will not only return the invested funds, but also receive income. However, in real practice, especially with the transition to market relations and a decline in production, situations constantly arise when, for one reason or another, an enterprise cannot pay off debts. Accounts payable arise and persist for many months, and sometimes years. The growth of accounts payable worsens the financial condition of the enterprise, and sometimes leads to bankruptcy.

The relevance of the chosen topic of this thesis lies in the fact that the dynamics of changes in receivables and payables, their composition, structure and quality, as well as the intensity of their increase or decrease, have a great influence on the turnover of capital invested in current assets, and, consequently, on financial condition of the enterprise.

In conditions of capital shortage, when long-term external sources of financing are very limited and often difficult to access, and internal ones, as a rule, are not enough to ensure even simple reproduction, domestic enterprises are forced to pay special attention to the management of accounts payable and receivable. In this regard, solving the problem of collecting payments from debtors and fulfilling obligations to creditors are one of the necessary conditions for improving the efficiency of enterprises, as well as a means of adapting enterprises to changing environmental conditions.

The purpose of the thesis is to develop recommendations for improving the management of accounts payable of a particular organization - Avantage LLC.

Based on the purpose of the work, the following tasks are formulated:

To reveal the concept of accounts payable and its role in the activities of the organization;

To characterize the methods of managing accounts payable, the importance of optimizing accounts payable;

To open a technique of the analysis of accounts payable;

Analyze the composition and dynamics of the organization's accounts payable;

Conduct a comparative analysis of accounts payable and receivable of Avantazh LLC;

Develop proposals to improve the management of accounts payable.

The subject of this thesis is accounts payable.

The object of the study is Avantage LLC.

The methodological basis of the thesis was the methods for analyzing the financial condition, namely:
- horizontal (temporal) analysis allows you to compare each position with the previous period. Vertical (structural) analysis allows you to determine the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;
- analysis of relative indicators (coefficients) allows you to calculate the ratios of reporting data, determine the relationship of indicators.
When writing this thesis, legislative acts, regulatory documents, enterprise reporting, and the work of domestic authors were used.

The thesis consists of an introduction, three chapters, a conclusion, a list of references.

Chapter 1. Theoretical aspects of accounts payable managementdebt

1. 1 The concept of accounts payableorganization, its role in the activities of the organization

In foreign literature, accounts payable include: payable debt; the expected outflow of cash or resources; refusal of an economic entity from potential income, etc.

In Russia, accounts payable most often include short-term debt arising from the settlements of buyers with suppliers, customers with contractors, enterprises with tax authorities, with personnel for wages and other payments due to dividends, etc., as well as loans provided by banking organizations.

The organization owns and uses accounts payable, but it is obliged to return or pay this part of the property to creditors who have the right to claim it. The specified part of the property includes the organization's debts, other people's property, other people's funds owned by the organization of the debtor Bobkov I.V., Karpov E.A. The role of internal management of accounts payable and receivable in management.//Economics in industry. - 2012. No. 2. .

Accounts payable has a dual nature: as part of the property, it belongs to the organization on the basis of ownership or even the right of ownership; as an object of obligations - these are the organization's debts to creditors.

Accounts payable for economic content includes debt to suppliers and contractors. This debt is taken into account in the amount of the contractual value of material assets received from them, work performed or services rendered.

Accounts payable to the personnel of the organization are accrued, but unpaid amounts of wages.

The enterprise's debt to the budget includes accrued but unpaid amounts of payments on taxes and fees and is equated to them with payments, including personal income tax.

Under the item “other liabilities”, all other types of accounts payable for settlements with counterparties of the organization Gorfinkel V.Ya., Shvandar V.A. are taken into account. Small business. Organization, economics, management. -M.: Unity-Dana, 2010.-495s. .

Before proceeding to the study of obligations, it should be remembered that accounting, as well as the concepts used in it, is based on the norms of the Civil Code, the law "On Accounting and Financial Reporting", according to this, obligations to other legal entities are possible in connection with the acquisition of materials, goods, acceptance of work performed, services rendered, payment for which has not yet occurred. In other words, the assets of the organization increase simultaneously with the increase in liabilities in the balance sheet. So, if the receipt of materials and equipment precedes its payment, then the registration of inventories, investments in non-current assets should be reflected simultaneously with an increase in debt to suppliers or contractors. Law of the Russian Federation “On Accounting” No. ed. from 28.11.2011 .

The general grounds for termination of obligations from the point of view of state legislation are as follows:

1. proper execution (Article 408 of the Civil Code of the Russian Federation);

2. compensation (Article 409 of the Civil Code of the Russian Federation);

3. offset (Article 410 of the Civil Code of the Russian Federation);

4. innovation (Article 414 of the Civil Code of the Russian Federation);

5. debt forgiveness (Article 415 of the Civil Code of the Russian Federation).

The information base for the study is the financial statements of the enterprise, as a set of indicators reflecting the state of property, rights and obligations of an economic entity on a certain date, the financial results of its activities for the reporting period, as well as changes in the financial position of the Civil Code of the Russian Federation, parts 1-2 - in part contract regulation. .

Liabilities are classified into current (short-term accounts payable that must be repaid within the operating cycle or within 12 months) and long-term liabilities (with a maturity of more than a year).

The liability is measured as the present value of all future cash payments. The liability includes principal and interest.

The obligation is regulated in the following ways:

1. payment of funds;

2. transfer of assets;

3. provision of services;

4. replacement of one obligation by another;

5. transfer of liabilities into capital.

Accounts payable are subject to accounting and reflection in the balance sheet as debts of the organization of the balance holder.

To date, to ensure proper accounting of the economic activities of the enterprise, it is necessary to correctly build an accounting system.

The beginning of the beginnings are primary documents, their correct execution and processing. Primary documents should record the fact of a transaction or event. Settlements with suppliers and contractors are also accompanied by documents, the basis for assuming obligations to the supplier of goods (works, services) are the contract, invoice or act of work (services) performed and invoice. The contract serves as a justification for the purchase, invoices or an act serve to confirm the fact of receipt of goods or work, an invoice is a mandatory document for all payers of value added tax and is issued on the basis of an invoice or an act of work performed.

Payment for the purchase is made on the basis of an invoice, a document of the supplier to confirm the payment by the buyer indicating the amount of payment, a list of goods, the buyer, having paid the invoice, receives the goods from the supplier upon presentation of a copy of the invoice, a copy of the payment document with a bank mark, a power of attorney to receive the goods. In turn, the supplier issues an invoice for the release of goods and an invoice.

Payment orders are made through bank institutions in a non-cash manner for received and accepted goods, services, subject to reference to the number and date of tax invoices, waybills and other documents confirming the release of goods or the provision of services, as well as for non-commodity transactions. A prerequisite for receiving inventory items from suppliers is the issuance of a power of attorney.

In order to exercise control over the write-off of debts for various circumstances, an inventory of settlements and obligations is carried out, which is drawn up by a reconciliation act.

The inventory of settlements with creditors is reduced to confirming the balances on the accounts of settlements with them and identifying doubtful obligations among them; when taking an inventory of accounts payable, it is necessary to pay attention to the limitation periods for each accounts payable. Ministry of Finance of the Russian Federation No. 34n of July 29, 1998) edition of December 24, 2010 .

One of the forms of external manifestation of the financial stability of an enterprise is its solvency for accounts payable - the ability to timely fulfill its obligations arising from trade and other payment transactions.

As part of the analysis of accounts payable, an in-depth study of the solvency of the enterprise is carried out based on the construction of a balance sheet that includes the following interrelated groups of indicators: the total amount of non-payments, debt on loans, debt on supplier settlement documents, arrears in the budget, other non-payments, including wages.

If the deadlines for paying tax payments are violated, an overdue debt to the tax authorities arises. Untimely contributions to off-budget funds and other non-payments lead to the emergence of illegal accounts payable.

Accounts payable refers to short-term liabilities, and its balances by groups of creditors characterize their pre-emptive right to the property of the organization. This means that at any time creditors can demand repayment of debts.

On the other hand, accounts payable can be assessed as a source of short-term attraction of funds. The organization's strategy in this case should provide for the possibility of their early involvement in circulation in order to rationally invest in the most liquid types of assets that bring the greatest income. Thus, there is a relationship between accounts payable and the liquidity indicator. Liquidity is the ability of assets to be quickly sold at a price close to the market. Liquid- convertible into money. Usually distinguish highly liquid, low-liquid and illiquid values ​​(assets). . When determining the liquidity of the balance sheet, the totals for all groups of assets and liabilities are compared. An ideal liquid balance provides the following ratio:

A1 (absolutely liquid assets) ? P1 (term liabilities);

A2 (quickly realizable assets) ? P2 (short-term liabilities);

A3 (slowly realizable assets) ? P3 (long-term liabilities);

А4 (hard-to-sell assets) ? P4 (permanent liabilities). Levakhina E.D. , Analysis of financial statements, textbook, M, 2009

From the ratio A2? P2, we see that accounts payable, being a short-term liability, is associated with the formation of receivables, as it is the source of its coverage.

Timely and complete fulfillment of payment obligations of the enterprise determines the high degree of their financial stability. This is the most important prerequisite for reducing the amount of accounts payable.

With an unsatisfactory structure of the balance sheet asset, manifested in an increase in the share of doubtful receivables, a situation is possible when the organization will be unable to meet its obligations, which may lead to bankruptcy.

1.2 MMethodsmanagementaccounts payable

The entire range of debts of enterprises in the aggregate of contracts with counterparties can be divided into two types: receivables and payables. Indicators of receivables and payables are involved in the calculation of various solvency and financial stability ratios. The analysis of these coefficients is carried out at the beginning and end of the year, their comparative assessment is given, which characterizes the financial condition of the organization.

Accounts receivable of an organization are payments from buyers of goods, accounts payable, on the contrary, the debt of the organization itself to suppliers of goods and other third-party organizations. the same acts as accounts payable from another, so it is advisable to use an integrated approach in the analysis.

Accounting for settlements with related organizations, in which each specific enterprise can act in turn as a supplier, contractor, buyer, customer, debtor and creditor, is an essential part of accounting activities.

Failure to receive or untimely receipt of cash receipts or material resources paid in advance disrupts the rhythm of economic activity. Accounts receivable arise, which often lead to financial losses and the destruction of established partnerships.

In practice, companies use different approaches to financing current assets. They are based on the assumption that in order to ensure liquidity, non-current assets and a constant part of current assets should be reimbursed at the expense of long-term liabilities. The difference between the approaches is determined by what sources of funding are chosen to cover the variable part of current assets. There are conservative, aggressive and moderate approaches.

With a conservative approach, the variable part of current assets is covered by long-term liabilities, and the constant part is covered by own funds. This approach guarantees liquidity as there is no short-term debt. However, it is costly. Long-term liabilities tend to be of high value and require ongoing maintenance. High costs of attracting long-term financing give rise to the risk of reducing the return on equity.

A conservative approach is a priority in cases of an inflationary increase in the cost of short-term sources of financing of current assets, the instability of the company and the lack of reliable forecasts for the flow of funds, the provision of preferential terms for long-term debt financing (for example, under government programs).

An aggressive approach to financing current assets is to use short-term debt to fully cover the variable part of current assets. Long-term liabilities in this approach serve as a source of coverage for non-current assets and a constant part of current current assets, i.e. the minimum necessary for economic activity under normal, normal conditions. The risk of loss of liquidity with an aggressive approach is maximum and the likelihood of discrepancies between receipts and payments increases. In the event of an urgent repayment of all short-term obligations, the company will be forced to sell even fixed assets. The advantage of this approach is that it is a cheap way to cover current assets. During periods of acute need for funds (with insufficient short-term liabilities), short-term bank loans may be attracted.

Moderate approach to asset financing involves a combination of risk and return in order to maximize the market value of the company. In this case, non-current assets, the permanent part of current assets and about half of their variable part are covered by long-term liabilities. The second half of the variable part of current assets should be financed by short-term debt. With this approach, all decisions on working capital management are evaluated from the point of view of maximizing the price within the framework of the overall financial policy (the need for dividend payments, the implementation of investment programs, the possibility of optimizing the periods of accounts payable and receivable, etc.) Zhilkin I.V. Information infrastructure of enterprise management.// Economics in industry. -2011. No. 1. .

It can be concluded that the main difference between the three approaches to financing current assets is the amount of short-term debt used in each of them. The aggressive approach assumes the greatest use of this source, while the conservative approach the least (the moderate approach as an intermediate level assumes the use of long-term and short-term sources equally).

The level of receivables is determined by many factors: the type of product, market capacity, the degree of saturation of the market with this product, the settlement system adopted at the enterprise, etc. The last factor is especially important for the manager.

Since the growth of inventories and costs at the enterprise can lead to an increase in the liquidity of current assets, it is necessary to identify and analyze the reasons for the diversion of funds from economic turnover in a timely manner, as it contributes to the growth of accounts payable and the deterioration of the financial condition of the enterprise.

The main methods of managing receivables and payables are to establish with buyers and suppliers such contractual relationships that ensure the timely and sufficient receipt of funds to make payments to creditors, and make the timing and amount of payments by the enterprise to suppliers dependent on the receipt of funds from buyers. The implementation of such management requires the availability of information about the real state of receivables and payables and their turnover. At the same time, long-term and overdue debts should be excluded from the balance sheet of receivables and payables.

When developing a payment policy, an enterprise proceeds from a comparison of the profit additionally obtained by softening the terms of payments and, consequently, the growth in sales, and losses due to an increase in receivables.

The consulting group "Voronov and Maksimov" conducted a study among Russian enterprises in order to determine what methods in the management of receivables and payables are used by Russian enterprises. Based on the results of the study, Russian enterprises use the following methods of managing receivables and payables:

Calculation and analysis of financial ratios;

Planning, control and analysis of receivables;

Planning and control of the total amount of working capital;

Control over accounts payable, comparison of accounts receivable and accounts payable;

Planning and control of stocks of raw materials, materials and finished products in warehouses.

At the same time, the study revealed that a number of enterprises do not use any control methods at all.

The results of the receivables management analysis showed that a third of the enterprises participating in the study provide discounts to customers depending on the payment term and a third of the enterprises associate the payment term of the delivered products with its volume. 79% of all surveyed enterprises control the volume of receivables, while the timing of the provision of receivables is controlled by only 42% of enterprises Zharikov V.V. Anti-crisis management of the enterprise. - Tambov: textbook, TSTU, 2009. -128p.

According to the results of the study, 25% of all surveyed enterprises use other methods of receivables control, including: control of the priority of payments by suppliers, control of receipts for each group of goods, dynamic control for each debtor, control of the critical level of debt for each debtor.

In the course of the study, enterprises were asked about the methods used to influence debtors:

In case of violation by debtors of their obligations, they use penalties and turn to the help of the arbitration court;

Conduct individual negotiations with debtors;

Suspend the provision of services under concluded contracts;

They change the previously agreed terms of payment (switching to full or partial prepayment when customers purchase products).

Along with the question of the management of receivables, enterprises were asked the question of the methods of managing accounts payable. As a result, it turned out that about half of the surveyed enterprises do not use any methods of managing accounts payable. The remaining enterprises use the following methods:

Regular negotiations with suppliers on the terms of delivery;

Individual work with each supplier;

Selection of suppliers with appropriate payment terms;

Increasing the commodity credit and the deferred payment period from the supplier based on the determination of a fixed volume of monthly purchases;

Transition to payment to suppliers after the sale of products;

Unauthorized delay in payments to suppliers;

Obtaining discounts on the volume of purchased products for a certain period of time.

As one of the methods of managing accounts payable, the study considered the use of a bill of exchange form of payment. The study showed that 25% of surveyed enterprises use promissory notes in their activities. Of all enterprises using the bill of exchange form of payment, 32% of enterprises use bills of exchange, including for settlements within the enterprise, and the same percentage of enterprises use bills of exchange of Sberbank.

As for the sources of borrowed capital used by enterprises, the results of the study showed that 63% of enterprises use bank loans, 50% of enterprises use accounts payable as a source, 42% sell products on prepayment, 25% use other sources of borrowed capital, including: retail loans, investor funds, factoring Zharikov V.V. Anti-crisis management of the enterprise. - Tambov: textbook, TSTU, 2009. -138p.

Analytical procedures related to the management of accounts payable are mainly included in the system of intra-company financial analysis and management control. We can distinguish the following key points that require analytical justification:

1. Selection of a supplier (in this case, the following should be taken into account: the reliability of the supplier, the possibility of establishing long-term relationships, the variability in establishing financial and settlement relationships, the availability of various schemes for the supply of raw materials and materials, the average duration of delivery, etc.);

2. Control of the timeliness of settlements (as a rule, exceeding the deadline for payment for the supplied raw materials and materials leads to penalties);

3. The choice of the moment of settlement with a specific creditor in a specific situation (in the vast majority of cases, suppliers of raw materials, naturally interested in speeding up payment, offer a discount on the selling price on the condition of relatively quick payment; thus, the company faces a dilemma - to use the discount or get an additional source of financing).

Analysis of the turnover of receivables and payables allows us to draw conclusions about:

The rationality of the size of the annual turnover of funds in settlements, since the efficiency of the settlement and payment system accelerates the process of cash turnover in settlements, contributes to the inflow of other assets of the organization and the repayment of accounts payable.

Reducing the cost of products (works, services). With an increase in the number of revolutions, the share of fixed costs, attributable to the cost indicator, decreases;

Possible acceleration of turnover at other stages of the production process and the sale of products (works, services). Reducing the turnover of receivables and payables will lead to an acceleration in the turnover of cash, stocks and liabilities of the organization. Parushina N.V. Financial analysis: Analysis of receivables and payables./Parushina N.V.//Accounting. - M., 2010. - No. 4. - S. 48.

Accounts receivable management involves, first of all, control over the turnover of funds in settlements. The acceleration of turnover in dynamics is regarded as a positive trend.

Of great importance are the selection of potential buyers and the determination of the terms of payment for the goods provided for in the contracts. Naydenova R.I., Vinokhodova A.F., Naydenov A.I. Financial management. - M.: KnoRus, 2011. - S. 208 The selection is carried out using informal criteria: observance of payment discipline in the past, predictive financial capabilities of the buyer to pay for the volume of goods requested by him, the level of current solvency, the level of financial stability, economic and financial conditions of the enterprise - seller (overstocking, the degree of need for cash, etc.).

Payment for goods by regular customers is usually made on credit, and the terms of the credit depend on many factors. In economically developed countries, a scheme is widespread, in which:

The buyer receives a 2% discount in case of payment for the received goods within n days from the beginning of the crediting period (for example, from the moment the goods were received);

the buyer pays the full cost of the goods if the payment is made in the period from the (n+1)-th to the n-th day of the credit period; in case of non-payment within n days, the buyer will be forced to pay an additional fine, the amount of which may vary depending on the moment of payment.

Accounts receivable control includes the ranking of receivables according to the timing of their occurrence. The most common classification provides for the following grouping (days): 0-30; 31-60; 61-90; 91-120; over 120. Other groupings are possible. In addition, it is necessary to control bad debts in order to form the necessary reserve. Kovalev V.V. Financial management course. - M: Prospect, 2011. - S. 478

The choice of receivables management method is influenced by the chosen management strategy.

In the event that an accounting strategy has been adopted for development, it is advisable to use the most convenient methods of payment for the enterprise, namely the collection of debt in cash, the implementation of offset schemes or the assignment of debt to third parties on the basis of assignment agreements Assignment is the right to demand the return of debt and other rights and the obligations of the original creditor are transferred to another organization for an appropriate fee, and the consent of the debtor is not required. or factoring Factoring is lending to suppliers through the purchase of short-term receivables. .

The collection strategy is carried out in relation to overdue receivables and requires more active actions to collect them. At this stage, the primary task is to minimize the difference between the amount of receivables, taking into account the delay in payment, and the original amount of the debt, that is, to reduce the period of delay in payment.

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

If a collection strategy is being developed, and the debt is overdue, in addition to “convenient” payment methods (cash, offset schemes), it is advisable to use less preferable, but necessary methods of payment, such as exchanging debt for shares of the debtor, issuing debt with a promissory note, signing an agreement on compensation, and in the event of an unsuccessful outcome of the listed methods - an appeal to the Arbitration Court.

All of these methods in most cases lead to an effective result. Aristarkhova M.K., Valiev Sh.N. Management of receivables of an industrial enterprise, Ufa, USATU, 2009-96s.

In the event that the organization has assessed in advance the reality and reliability of repayment of such debt, has reserved amounts for its write-off, these consequences cannot affect the rhythm of the company's functioning and its solvency.

When managing accounts payable, the same methods are used as when managing accounts receivable.

If there are mutual obligations between enterprises, then the following will help to reduce accounts payable:

1. Offset of mutual claims (Article 410 of the Civil Code of the Russian Federation). Set-off of counterclaims can be carried out if two or more parties have settlement obligations, when they, as a result of the execution of contracts different in content, are both a debtor and a creditor in relation to each other.

2. Choice of calculation method. Forms of payment involve partial or full prepayment, as well as the opportunity to purchase goods at a discount, depending on the volume of the purchase.

3. Ranging accounts payable for each creditor separately, in order to control the maturity of obligations, allows you to track the timing of payment of obligations in a timely manner.

4. Attracting funds from investors. Since we consider the process of attracting additional financial resources for the purposes of our own business from the point of view of maximizing the security of this process, we should dwell on the two most important, in this aspect, characteristics of this loan method. The first is relative cheapness: as a rule, investors who exchange their funds for corporate rights (shares, shares) rely on dividends, which are fixed in the constituent documents (or set at a meeting of participants) in the form of interest. In this case, in the absence of profit at the enterprise, the capital invested in the business can be "free". The second feature is the ability of investors to influence the management processes in the established economic company (the right to vote at a meeting of shareholders or participants). Therefore, care should be taken to maintain a controlling stake. Otherwise, your original equity capital may turn into capital loaned to a new investor. This leads to the conclusion that the amount of funds raised by corporate investors is clearly limited: in the general case, they should not exceed your initial investment: even if the shares (shares) are "dispersed" among several holders, there is still a risk (especially when it comes to a successful enterprise ) concentration of corporate rights under a single control.

5. Financial (cash) credit, as a rule, is provided by banks. This is one of the most expensive types of credit resources. Limiting factors:

High percent,

The need for reliable security

Creation of solid balance sheet figures.

Despite the "high cost" and "problematic" attraction, the possibilities of a bank loan, unlike an investment loan, must be used by the company at 100%. If the project implemented by the company is really "designed" for a competitive level of profitability, then the profit received from the use of a financial loan will always exceed the required interest. Although banks prefer this type of collateral for granted loans as collateral, they can be satisfied with a third party guarantee (if there are solvent founders or other interested parties). Balance sheet indicators also have some "flexibility", both in the process of their formation, and in the course of their perception by the host party. The presence of presentable reporting indicators, although it is a prerequisite for a bank employee, can, to some extent, be ignored due to the presence of real guarantees and the provision of a loan. One significant drawback of borrowed funds, especially in comparison with investment funds, is the existence of strictly defined terms for their return.

6. Commodity credit. The main positive distinguishing feature of this type of obtaining borrowed funds is the easiest way to attract. Does not require (unlike financial) collateral; is not associated with significant costs and duration of registration (unlike investments).

7. Economic superiority. It is often built on the relationship of commodity credit and other types of lending. The essence of using the advantages associated with one's own economic superiority lies in the ability to dictate and impose on the supplier (creditor) their own "rules" of the game in the market and the nature of contractual relations, or, as often happens, to violate these same contractual relations without "special" consequences for own "superior" business.

The economic superiority of the borrower over the lender may arise due to the following circumstances:

Monopoly position of the buyer in the market (monopsony);

Differences in economic potentials the total assets of the buyer significantly exceed the assets of the supplier;

Marketing advantages (for example, a small or start-up manufacturer seeking to promote its products (trademark) in a network of large supermarkets or high-end stores is not in a "position" to dictate its terms or demand the fulfillment of "all" obligations, as it may be without a "necessary" customer );

The buyer "discovered" organizational shortcomings in the management of receivables from the creditor ("gaps" in accounting and control, legal "insolvency", etc.).

Also, when returning accounts payable, one should proceed from how valuable the client is for the organization, what concessions and discounts counterparties are ready to make for him:

After analyzing the composition of its business partners, any company will be able to identify those to whom it is ready to forgive the deferred return of accounts payable; those to whom it is ready to forgive the deferred return of accounts payable, subject to compensation for the damage incurred and the payment of interest for the use of accounts payable before its return; as well as those for whom education and delayed repayment of accounts payable will be the impetus for termination of the relationship.

In order for the return of accounts payable to occur as soon as possible, it is necessary to build civilized relations with counterparties. For example, it is necessary to build such relationships with partners when it becomes possible to return accounts payable without paying interest.

Quite often, companies have long-term partnerships and experience certain inconveniences when accounts payable are formed by a long-term partner. In this case, partner companies, for moral and ethical reasons, sometimes do not resort to their right to demand from the debtor not only the return of accounts payable, but also the payment of interest, since strong business relationships are sometimes more important than money. Perhaps now the old client is experiencing temporary difficulties, but after this period "passes" and the return of accounts payable takes place, many years of fruitful and profitable cooperation awaits you.

However, in order for the good will of the creditor company to be appreciated by the debtor, it is necessary that he knows about the size of the discount that he received without repaying accounts payable, as if using an interest-free loan. In this case, the debtor company will also return accounts payable, and will appreciate the understanding of its temporary difficulties. It is unlikely that she will want to change her business partner in the future, after the return of accounts payable.

There is also a return of accounts payable with the payment of interest. Accounts payable is therefore called accounts payable because it can be considered as a loan, a loan, a loan issued to a debtor and subject to repayment. Therefore, before the return of accounts payable, it would be fair to require the debtor to pay interest for the use of funds. In practice it might look like this:

In order to compensate for the damage from the fact that the repayment of accounts payable does not occur for a long time, and these funds are withdrawn from commercial circulation, the injured party can take a loan from the bank at reasonable interest in the amount of accounts payable, which is not returned. She can send this loan to the same place where she planned to send funds frozen due to not returning accounts payable, but to impose the payment of interest on a company or organization that is obliged to return accounts payable. This situation will last exactly until the return of accounts payable is made.

8. Repayment of accounts payable through the provision of bills. A promissory note as a means of debt restructuring is a new obligation that must be fulfilled in accordance with the newly established terms and often at lower interest rates. This frees the company from paying debt in this period, contributing to the improvement of the company's performance. Enterprises in financial distress may use promissory notes as a loan restructuring tool if there is a third party interested in acquiring the company's liabilities.

9. Use of bank bills. To do this, a loan agreement is concluded with a bank secured by the amount necessary for the purchase of bank bills. In the future, the company pays its creditor with bank bills. In this transaction, the enterprise effectively replaces its many "unsecured" creditors with one "secured" one - a bank that provides a loan to the enterprise at an interest rate lower than the rates on unrestructured debt. Lenders benefit because, in return for bad debts, they receive well-defined claims on the bank. Companies using this restructuring method typically have many small creditors, a good relationship with a stable bank, and assets that can be used as collateral for a loan.

Thus, the choice of methods in the management of accounts payable comes down to:

Pre-contractual work, at the choice of potential creditors;

The correct choice of the form of debt (bank or commercial) in order to minimize interest payments and the cost of acquiring material assets;

Prevention of the formation of overdue debts associated with additional costs (penalties, penalties);

Regulation and control of accounts payable management;

To the availability of special professional training and skills in the field of economics, taxes and financial management Korotkova M.V. Optimization of accounts payable management debts at enterprises, Bulletin of OSU No. 5, May, 2009. .

1.3 The system of indicators appliedwhen assessing receivables and payables

Recently, many domestic industrial enterprises within the framework of the internal control system are creating an accounts payable management system. Such a system involves the widespread use of a pre-trial procedure for resolving disputes that have arisen.

In economically developed countries, enterprises and firms that have departments for managing receivables and payables, whose staff specializes in resolving disputes related to their occurrence, do not have such a problem as "uncollected debts".

The main task of financial management is to make decisions to ensure the most efficient movement of financial resources between the company and its sources of financing, both external and internal. Tebekin A.V., Kasaev B.S., Management of the organization, KnoRus, 2011, -p.424

Also, one of the tasks of a financial manager is to find optimal solutions in enterprise management. This search concerns the area of ​​location and optimal use of enterprise resources.

Accounts payable is no exception.

Accounts payable management can be carried out using two main options: accounts payable optimization and accounts payable minimization.

Optimization - search for new solutions with the help of which accounts payable and its change can have a positive impact on the enterprise (increase in the authorized capital, increase in reserve capital, etc.).

Minimization - a mechanism for managing accounts payable, in which existing accounts payable is reduced to its reduction, up to full repayment. As part of the management of accounts payable, it is necessary to:

To reveal the organizational and economic features of the nature of accounts payable;

Determine the system of indicators of the state and evaluation of the effectiveness of accounts payable;

Highlight the optimal management of accounts payable;

Suggest methods to improve the efficiency of accounts payable management based on its optimization (or minimization).

In order to effectively manage the company's debts, it is necessary to determine their optimal structure for a particular enterprise and in a particular situation:

Draw up a budget for accounts payable, develop a system of indicators (coefficients) that characterize both a quantitative and qualitative assessment of the state and development of relations with the company's creditors and take certain values ​​of such indicators as planned;

Carrying out an analysis of the compliance of actual indicators with their normative level, as well as an analysis of the causes of deviations that have arisen;

Depending on the identified inconsistencies and the reasons for their occurrence, a set of practical measures should be developed and implemented to bring the structure of debts in line with the planned (optimal) parameters of A. Komakh from the materials of the magazine "Financial Director", Kyiv, 2013. .

The most commonly used ratio associated with the assessment of accounts payable of an enterprise is the liquidity ratio for accounts payable or the current ratio, which is calculated as the ratio of working capital to short-term debt obligations, and shows the amount of working capital coverage due to short-term obligations.

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The stability of the financial condition of the enterprise is determined by the optimal ratio of own and borrowed funds, fixed and working capital, as well as the balance of assets and liabilities of the business enterprise. It is necessary to study the structure of the sources of the enterprise and assess the degree of financial stability and financial risk.

When determining financial stability, the following indicators are calculated:

The coefficient of financial autonomy is defined as the ratio of equity to the balance sheet. This indicator indicates the part of the owners of the enterprise in the total amount of funds advanced in its production and economic activities. It is assumed that the greater the value of this coefficient, the more stable the state of the financial position, the enterprise operates stably and does not depend on external factors.

To f.avt.= Sk/balance currency;

The coefficient of maneuverability of own funds, calculated by dividing own working capital by equity capital, reflects which share of equity finances current activities, and which is capitalized. The change in the value of this indicator can be influenced by the type of activity of the enterprise, the structure of its assets.

Cman.=S ob.av./Sk;

Enterprise self-financing ratio . It is calculated as the ratio of equity to borrowed capital. This indicator allows you to track not only the percentage of equity, but also the ability to manage the entire company, since it reflects the degree of debt coverage by equity.

Xf.p.=Sk/Zk;

The financial dependence ratio represents the share of borrowed capital in the total balance sheet currency.

Kf.z.=Zk/balance currency;

The financial risk ratio, or the leverage of financial leverage (financial leverage), is defined as the ratio of borrowed capital to equity, and shows the share of borrowed capital relative to equity.

Kf.r.=Zk/Sk;

To assess the state of receivables and payables, a number of indicators are also calculated.

The receivables turnover ratio is calculated as the ratio of revenue to the average receivables.

Cob.d.c. \u003d Revenue / (set. at the beginning of the lane + target at the end of the lane) / 2;

The period of repayment of receivables, the time interval between the shipment of products to buyers and receipt of funds from them, is determined as the ratio of the residual value of receivables to the product of the amount of repaid receivables and the number of days in the reporting period.

The share of receivables in the total volume of working capital, the higher this indicator, the more mobile the structure of the enterprise's property.

Share of doubtful debts in accounts receivable.

Assessment of the real state of receivables, i.e. assessment of the probability of bad debts, is one of the most important issues in working capital management. The assessment is carried out separately for groups of receivables with different periods of occurrence. The financial manager can use the statistics accumulated at the enterprise, as well as resort to the services of expert consultants.

The accounts payable turnover ratio is calculated as the ratio of revenue or cost of goods sold to the average amount of accounts payable.

Cob.c.c. \u003d Revenue / (set. at the beginning of the lane + target at the end of the lane) / 2;

The share of overdue debt in the composition of accounts payable.

In order to determine the degree of dependence of the company on accounts payable, it is necessary to calculate several of the following indicators.

The ratio of the company's dependence on accounts payable. It is calculated as the ratio of the amount of borrowed funds to the total assets of the enterprise. This ratio gives an idea of ​​how the company's assets are formed at the expense of creditors.

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Borrowed funds are not only fuel for business, but also accounts payable, including to suppliers and banks. Accounts payable management and its correct accounting will help timely repayment and write-off of accounts payable.

Accounting and analysis of accounts payable

Having an income and staying afloat are the main tasks of a business. Successful operation of the store will help competent management of accounts payable.

Some stores make the wrong choice when choosing a creditor management strategy. Namely:

Delay payment of taxes
Delays in salary payments.

Both options are problematic. Often, store managers believe that they can delay payments to the budget.

Such manipulations can lead to blocking of accounts before tax. At the same time, you can lose all accounts, since the suspension will occur on all accounts, even if they are in different banks.

Wage arrears to employees can result in external checks State Labor Inspectorate, the imposition of fines on the store, additional payments and loss of image.

As well as an inventory in a warehouse, an inventory of assets is carried out at least once a year. However, for a more accurate understanding of the financial condition of the store, it is recommended to establish a more frequent inventory of calculations, including creditor analysis.

Accounts payable management is the way you choose to securely use the amounts of accepted and outstanding liabilities. The financial condition of the store depends on the correctness of accounting.

The financial position of the store also depends on the properly distributed responsibilities between employees. The CRM system for a store from Business.ru allows you to assign tasks to responsible employees, distributing them according to their importance. The service also provides for the possibility of commenting and discussing each individual task, which will simplify the communication of employees.

Accountable debt:
banks, credit organizations, etc.;
suppliers;
to the employees of the enterprise (wages and other payments);
before the budget for taxes and fees;
other debts (these include, for example, claim payments).

There are current and expired. The current includes obligations, the due date of which has not yet come, as well as debts for which the limitation period has not yet expired.

overdue debt that is not repaid within the period established by the agreement is considered. If the debt repayment period is not specified in the contract, the limitation periods established by the Civil Code of the Russian Federation apply. In general, they are three years.

Repayment of accounts payable, repayment terms

The main task in drawing up a repayment schedule is to take into account the ratio of debt repayment terms and the amount of fines for delay or non-fulfillment of obligations.

Business.Ru automation software will help simplify financial reporting. Automate tax and accounting reports, speed up the issuance of documents and eliminate errors when filling out.

Restructuring of accounts payable

As a rule, in relation to companies, the restructuring of accounts payable is carried out under the threat of bankruptcy of the debtor. However, there are less radical conditions, for example, if it is more profitable for the creditor to make concessions and get at least something from the defaulter.

Creditor restructuring is possible in the form of:

• deferment of repayment of accounts payable;
• changes in previously agreed amounts of payments or their frequency;
• a kind of redemption of a share in the debtor's business, equal in value to the amount of the debt;
• writing off part of the debt.

Most often, we are talking about the restructuring of accounts payable in case of non-payment of a bank loan or loan. Counterparties resort to this type of settlement of relations with debtors less often.

In the case of a normally operating business, debt restructuring is better than bankruptcy, because it allows you to save the store. But worse than normal debt repayment, because it spoils the credit history.

Write-off of accounts payable with expired limitation period

If the creditor does not make financial claims against you and does not demand his money back, including based on the results of his inventory, then such obligations become unclaimed accounts payable.

Article 250, clause 18 of the Tax Code of the Russian Federation contains two provisions when a creditor should be written off and recognized as non-operating income for income tax: liquidation of the creditor company and its exclusion from the Unified State Register of Legal Entities, and the second - not being in demand due to the limitation period.

Among the funds attracted by the enterprise in the economic circulation is accounts payable, which is essentially a free loan provided by other enterprises, organizations, individuals.

The planned accounts payable are equated to stable liabilities - funds that do not belong to the enterprise, but are constantly in circulation and used on completely legal terms. Most of the debt naturally arises in connection with the peculiarities of the calculations. The minimum constant value of sustainable liabilities is always at the disposal of the enterprise, it can use them without specifically looking for additional sources to finance economic activity and form its own working capital.

Accounts payable includes:

Debts to suppliers for uninvoiced deliveries and accepted settlement documents, the payment deadline for which has not come;

Minimum carry-over wage debt;

Minimum carry-over debt for contributions to off-budget social funds (as well as wage arrears, this type of debt is due to a natural discrepancy between the accrual period and the date of payment of wages with the simultaneous transfer of mandatory payments);

Passing debt to customers for advance payments and partial payment (prepayment) for products;

Debt to the budget for certain types of taxes, the accrual of which occurs before the due date.

However part of accounts payable may arise as a result of violation of settlement and payment discipline and be the result of non-compliance by the enterprise with the terms of payment for products. This part is unplanned and often entails unforeseen expenses for the enterprise in the form of fines to be paid, penalties on debts to the budget and off-budget funds, penalties for violated obligations to suppliers and customers, legal costs for disputed debts.

The amount of the increase in the planned accounts payable is the main source of the formation of working capital, since profits and equity are directed to the formation of fixed assets and investments in the expansion and re-equipment of production, and bank loans and loans, unlike stable liabilities, are not free.

Accounts payable management involves:

Calculation and careful observance of the minimum carry-over balances for settlements with creditors;

Determining the need for own working capital and the level of growth of sustainable liabilities necessary to meet this need;

Analysis and control of the level of accounts payable;

Analysis and control of the structure of accounts payable;

Assessment of accounts payable from the standpoint of payment discipline;

As a consequence of the previous method, the determination of the price of accounts payable in the form of fines, penalties, forfeits that the company will have to pay in case of violation of payment discipline.

"Price" of accounts payable- a relative indicator that reflects not so much the cost of maintaining accounts payable, but characterizes the rate of return of this source of financing. In other words, since the slowdown in the turnover of certain types of accounts payable entails costs for the enterprise, the price of debt determines the level of profitability below which there can be no increase in profit from current assets financed by overdue debt.

It is not necessary to comment on the fact that at the cost of slowing down debt to staff enterprises can be, basically, socio-psychological losses that are not quantified.

Debts to subsidiaries also do not create any special problems for the organization.

The price of debt to suppliers can be considered:

If a supplier provides discounts for paying for raw materials within a short time, then the cost of slowing down debt turnover will be the loss of these discounts;

If the supply contract provides for the payment of a penalty for late payment of raw materials, then the price will be the amount of this penalty.

The payment for the use of debt to the budget and off-budget funds is the accrual of fines and penalties. The price of this source of funds is determined as the ratio of the sum of all fines for the period to the average debt to the budget for the same period.

A slowdown in the turnover of advances received means, as a rule, untimely delivery of products to customers. Although the price of this indicator is also not quantifiable, but the acquisition of a reputation as a dishonest supplier can cost the organization much more than the cost of all other types of debt.

The main task of a financial manager in managing accounts payable is to determination of optimal debt repayment terms.

In doing so, keep in mind:

Debt should be free or its price should be minimal;

Debt retention should not damage reputation enterprises;

The desire to maximize the amount of accounts payable does not mean that the organization for this may violate the laws or terms of transactions.

Based on the above conditions, a accounts payable budget. It is based on the results of an analysis of the state and dynamics of accounts payable, and the purpose of compiling such a budget is to search for opportunities to increase the size of a part of the debt or the possibility of extending its repayment period, and, consequently, reducing the current financial needs of the enterprise. The accounts payable budget can be part of organization's payment calendar.

The accounts payable budget is prepared in such a way as to provide the financial manager with information:

On the timing of the occurrence of obligations (appearance of accounts payable);

Terms of repayment of obligations (transfer of funds to creditors);

The period of circulation of accounts payable - in general and by type;

The absence of overdue debt and ways to prevent the possibility of its occurrence.

Anti-crisis financial management of an enterprise and bankruptcy: object and subjects of management, mechanism. Functions of financial management in the process of liquidation procedures in bankruptcy.

Crisis management- a set of forms and methods for the implementation of anti-crisis procedures aimed at forecasting, preventing the onset and withdrawal from the crisis, in the event of its onset, of the enterprise.

The purpose of anti-crisis management is to ensure financial stabilization and sustainable development of an enterprise in an unstable environment.

Anti-crisis management is a system consisting of the following elements:

Control object;

Subject of management.

As object a crisis emerges. A crisis is an extreme aggravation of contradictions in the socio-economic system of an enterprise, threatening its viability in the environment.

The subject is:

State;

Arbitration manager;

Crisis manager.

Arbitrator:

Appointed by the arbitration court for the implementation of procedures for monitoring, external management, bankruptcy proceedings.

Observation Procedure is introduced immediately from the moment the arbitration court accepts the bankruptcy petition of the debtor. The main purpose of monitoring is to take effective measures to preserve the debtor's property. The implementation of this task is entrusted to the interim manager, who should help creditors and the arbitration court analyze the financial condition of the debtor and determine the potential for restoring its solvency - after all, liquidation is not always profitable. During the observation, the debtor has not yet been declared bankrupt, the head has not been removed from office, the organization's activities continue in full. Observation ends at the moment of issuing the appropriate decision of the arbitration court on the merits of the case under consideration.

Implementation external management procedures assigned to an external manager. A debtor, a meeting of creditors, tax authorities, a state agency for bankruptcy and financial recovery, and local governments can propose his candidacy to an arbitration court. They can also become an interim manager who previously carried out the monitoring procedure. The powers of all bodies of a legal entity are transferred to an external manager. In this case, the head of the debtor organization is removed from the performance of his duties.

The basis for the external management procedure is the external management plan, which provides for an inventory of the debtor's property, an analysis of its financial, economic and investment activities, the situation in the commodity markets, the liquidation of receivables, and the compilation of a register of creditors' claims. Based on the results of activities, the external manager is obliged to submit to the meeting of creditors a report on the results of the implementation of the external management plan.

The decision of the arbitration court on declaring the debtor bankrupt entails the discovery bankruptcy proceedings, which is defined as a procedure used to adequately satisfy the claims of creditors. It means that the deadline for the fulfillment of all the debtor's monetary obligations has come (the accrual of penalties and interest on all types of debt is terminated) and all claims against him can only be made within the framework of bankruptcy proceedings.

To carry out the bankruptcy procedure, the arbitration court appoints a bankruptcy trustee. It may be a person who carried out external management. The arbitration court may appoint several bankruptcy trustees, distributing their duties depending on the complexity of the tasks performed and setting the limits of responsibility for each of them. The purpose of bankruptcy administration is to accumulate the debtor's property and form a bankruptcy estate for the sale of property and settlement with creditors in the order of priority provided by law.

There is another procedure that can be implemented at any stage of a bankruptcy case - a settlement agreement. The only condition for the approval of the settlement agreement by the arbitration court is the repayment by the debtor of the debt to the creditors of the first and second priority. The conclusion of a settlement agreement is a normal way to end a bankruptcy case.

Anti-crisis manager- may act as an independent expert operating on a commercial basis, or be a staff member of the organization (suitable for large firms, corporations).

State regulation of crisis situations and anti-crisis activities of enterprises is a process of legal regulation of the implementation of anti-crisis procedures.

At the present stage, the main directions of state regulation of crisis situations and anti-crisis activities of enterprises include:

Regulation of various aspects of the creation of enterprises of various organizational and legal forms;

Regulation of the procedure for the formation of an information base for managing the production and economic activities of enterprises;

Regulation of the order and forms of rehabilitation of enterprises;

Regulation of bankruptcy and liquidation procedures of enterprises.

The process of anti-crisis management of an enterprise is based on a certain mechanism. Anti-crisis management mechanism is a set of basic elements that ensure the process of development and implementation of management decisions on all aspects of the anti-crisis management of the enterprise.

The structure of the financial management mechanism includes the following elements:

The system of external regulation of anti-crisis management:

State normative - legal regulation;

Market mechanism of regulation.

The system of internal regulation of certain aspects of the anti-crisis management of the enterprise:

Internal normative - legal regulation.

Leverage:

Solvency;

Financial stability;

Profit;

Penalties, fines, penalties, etc.

Method system:

balance method;

Economic and statistical methods;

Economic and mathematical methods;

Expert methods, etc.

Information Support.

A crisis situation can be classified as:

Crisis for managers; (deterioration of indicators characterizing the financial and economic condition and efficiency of enterprise management)

Crisis for the owners; (deterioration of indicators characterizing the effectiveness of the owners' investments in this enterprise).

Crisis for creditors; (untimely or partial satisfaction of creditors' claims)

Legislative regulation in the interests of creditors.

At the stage "legislative regulation" the scope of managerial influences on the part of the owners of the enterprise is legally limited in order to protect the interests of creditors. Its beginning is determined by the adoption by the arbitration court of an application for declaring the debtor bankrupt. From that moment on, information that could be a trade secret becomes available to the participants in the bankruptcy proceedings. The enterprise at this stage is not a completely independent economic entity, because its activities are controlled by an arbitration court, an arbitration manager, a meeting of creditors. This crisis situation can be characterized as "bankruptcy".

Enterprise bankruptcy defined as inability to meet creditors' claims on payment for goods (works, services), including the inability to ensure mandatory payments to the budget and off-budget funds in connection with the excess of the debtor's obligations over his property or the unsatisfactory structure of the debtor's balance sheet.

Signs of bankruptcy in accordance with the Law of the Russian Federation is the failure to fulfill monetary obligations and (or) obligations to make mandatory payments within three months from the date of their fulfillment.

Anti-crisis financial management of an enterprise includes:

Monitoring the financial condition of the enterprise for the purpose of early detection of signs of a crisis state (objects of observation are singled out, indicators of the state are determined);

Identification of key factors causing the development of the crisis state of the enterprise (list of factors, degree of influence, forecast of the development of established factors);

Determination of the scale of the crisis state of the enterprise;

Formation of a system of goals for the exit of the enterprise from a crisis state, adequate to its scale;

Choice of internal mechanisms of financial stabilization of the enterprise;

The choice of effective forms of rehabilitation of the enterprise;

Control over the results of the developed measures to bring the enterprise out of the financial crisis.

If the rehabilitation measures did not give the necessary effect to bring the enterprise out of the financial crisis, the arbitration court decides to declare the debtor enterprise bankrupt and liquidate it. In this case, special liquidation procedures are carried out (bankruptcy proceedings are opened). A number of liquidation procedures in case of bankruptcy of an enterprise are directly related to the functions of financial management. This management is entrusted to the liquidation commission, which, in accordance with the law, manages the property of a bankrupt enterprise and satisfies the claims of creditors.

The functions of financial management in the process of liquidation procedures in bankruptcy include:

Evaluation of the property of a bankrupt enterprise at book value;

Determination of the composition and liquidation (competitive) estate;

Evaluation of property included in the liquidation (bankruptcy) estate at market value;

Determining the volume of real financial obligations of a bankrupt enterprise;

Selection of the most effective forms of property sale;

Ensuring the satisfaction of creditors' claims by selling the property of a bankrupt enterprise;

Development of the liquidation balance sheet of a bankrupt enterprise.