7. 1. Content and objectives of financial planning
Planning is one of the management functions inherent in any functioning socio-economic system. The need to draw up plans is determined by many reasons, in particular: uncertainty of the future; the coordinating role of the plan; optimization of economic consequences; limited resources.
Financial planning at the enterprise - this is the planning of all its income and directions of spending financial resources to ensure the functioning of the enterprise. The main goal of planning is to coordinate and synchronize the income and expenses of the enterprise within the framework of the planned production program and development prospects.
The significance of financial planning is that it:
Embodies the developed strategic goals in the form of specific indicators;
Provides financial resources the economic proportions of development laid down in the production plan;
Determines the possibilities of the viability of the enterprise project in a competitive environment;
Serves as a support tool from external investors;
Helps prevent erroneous actions in the field of finance.
The main tasks of financial planning in an enterprise are:
Provision of the necessary financial resources for production, investment and financial activities;
Determination of directions of effective capital investment, assessment of its use;
Identification of on-farm reserves for increasing profits;
Establishing rational financial relations with the budget, banks, other counterparties;
Respect for the interests of shareholders and other investors;
Control for financial condition, solvency and creditworthiness of the enterprise.
The financial plan is designed to provide financial resources to the business plan of an economic entity. It affects the entire economy of the enterprise. In the plans, the planned costs are compared with the real possibilities, as a result, material and financial balance is achieved. The articles of the financial plan are linked to all the performance indicators of the enterprise and the main sections of the entrepreneurial plan: production of goods, services, scientific and technical development, capital construction, material and technical support, profits, economic incentives, personnel policy... Financial planning has an impact on all aspects of the production and economic activities of the enterprise through the choice of financing objects and promotes rational use all kinds of enterprise resources.
The following methods are used in planning practice:
Method economic analysis- allows you to determine the basic patterns, trends in the movement of natural and cost indicators, internal reserves of the enterprise.
The normative method is that based on advance established norms and technical and economic standards, the need of an economic entity in financial resources is calculated. Such standards are tax rates, rates of depreciation deductions, etc. There are also company standards, ie. those that are developed and used in this enterprise.
The use of the balance calculation method to determine the need for financial resources is based on the forecast of the receipt of funds and costs for the main balance sheet items.
Method cash flows is universal in nature and serves as a tool for predicting the size and timing of income. The theory of forecasting cash receipts is based on expected income and budgeting of all expenses.
The method of multivariate calculations - consists in the development of alternative options for planned calculations in order to choose the optimal one according to predetermined criteria.
Methods of economic and mathematical modeling make it possible to quantitatively express the tightness of the relationship between financial indicators and the main factors that determine them.
The financial planning process includes the following steps:
1. Analyzed financial indicators for the previous period, using the balance sheet, income statement, cash flow.
2. The main forecast documents are drawn up (see clause 1), which relate to long-term financial plans and are included in the business plan.
3. Indicators of forecast financial documents are specified and specified by drawing up current financial plans.
4. Operational financial planning is being carried out. The planning process ends with the practical implementation of plans, and control over their implementation.
Financial planning, depending on the content and purpose, can be classified into the following types: long-term, current (annual), operational
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The planning of financial indicators is carried out using certain methods. Planning methods are specific methods and techniques for calculating indicators. When planning financial indicators, the following methods can be used: The essence and content of the normative method for planning financial indicators is that on the basis of pre-established norms and technical and economic standards, the need of an economic entity for financial resources and their sources is calculated. Such standards are tax rates, rates of tariff contributions and fees, rates of depreciation deductions, standards of the need for working capital and others. In financial planning, a whole system of norms and standards is used, which includes: federal standards; republican (regional, regional, autonomous entities) standards; local codes; standards of an economic entity; industry standards. In the methodology of financial analysis, the coefficient method is widely used, which is based on calculating the ratios of various financial indicators. There are many coefficients, their calculation formulas are quite simple and in themselves are universal. Financial ratios can be used for various purposes, both for making strategic decisions on the development of the company, and for solving current issues. With their help, you can quite versatile reflect the actual financial condition of the enterprise. Financial planning methods are also distinguished: - automatic (data from the previous year are transferred, for example, to 2008. If there is inflation, then the data is multiplied by the inflation rate). This method is the most primitive method and is usually used when there is a lack of time; - statistical (add up expenses for previous years and divide by the number of previous years); - extrapolation (consists in determining financial indicators based on identifying their dynamics; the calculations are based on the indicators of the reporting period, adjusting them to a relatively stable rate of change; the dynamics of indicators is extrapolated to the future); It is important to highlight the method of target-oriented financial planning Target-oriented planning is one of the types of planning, which is based on the orientation of activities towards achieving the set goals. feature this method planning is not just forecasting the future states of the system, but drawing up a specific program to achieve the desired results. That is, the programmed-target planning method is "active", it allows not only observing the situation, but also influencing its consequences, which distinguishes it favorably from most other methods. The essence of target-oriented planning consists in the selection of the main goals of social, economic, scientific and technical development, the development of interrelated measures to achieve them within the specified time frame with a balanced provision of resources and effective development production. Financial forecasting - forecasting based on scientifically grounded calculations, assumptions about the development of finance, their volumes and directions of use. Financial forecasting is one of the most important stages of financial planning. The purpose of financial forecasting is to link material and financial and cost proportions in the economy in the future; assessment of the estimated volume of financial resources; identification of options financial security; identification of possible deviations from the accepted designs. Financial forecasting is carried out at three levels of the economy: national, territorial, and economic entities. At the national level, calculations are made, with the help of which the financial resources of the country are formed, the directions of their development are determined, and the consolidated financial balance of the state is drawn up. Calculations allow for more correct development of the economic and financial policy of the state. Financial forecasting is linked to the achievements of scientific and technological progress, forecasts of changes in resources, prices, etc. Main feature financial forecasting - variance, which allows the executive body to more accurately assess the problem, choose optimal solution, provide for the consequences of the decisions made. Financial plan should if not considered different options development of events, then, at least, contain in itself a certain strategy of actions in the event of the most probable forecast situations. The time periods for which financial plans are drawn up may vary. However, usually financial plans are drawn up for some rounded period - the tradition did not develop by itself, but is due to the convenience of work. And already, depending on the period for which the plan is drawn up, there are long-term, medium-term and short-term plans. The time frame for which the financial plan is drawn up is essential. Short-term plans are usually the most accurate. The least accurate are long-term plans. The longer the planning period, the more factors may arise, insignificant or unknown at the moment, which can significantly affect the situation in the future. Not a single forecast can predict all future force majeure events; this requires foresight. Therefore, once again it is necessary to emphasize the importance of having a mechanism for adjusting the financial plan, taking into account changes in various internal and external factors... In the absence of such a mechanism, a financial plan drawn up for 5 years may become unrealistic in a few months.
The difference in the preparation of short-term and long-term financial plans can also be manifested in the degree of their detail. Usually, short-term financial plans are more detailed. Indeed, for a relatively short period of time, it is more realistic to take into account the value of rather small indicators than when drawing up a long-term financial plan. Organizational (Institutional) Aspects: Administrative Competence and Compliance organizational structure assigned tasks. Financial plans can be basic and auxiliary (functional, private). Sub plans are designed to provide basic plans. For example, the master plan includes targets for revenues, costs, tax payments, and many others. But in order to bring all the indicators into one plan, that is, to draw up a basic plan, you must first draw up whole line subsidiary plans for almost every indicator. You should plan the amount of revenue, the amount of cost and other indicators. And only then will we be able to bring everything together, having received the basic plan. Plans can be formed both for individual divisions of the company and for the entire company as a whole. The consolidated aggregated financial plan of the company, which includes the main plans of the individual divisions, will be the master financial plan. According to the time of drawing up, financial plans can be introductory (organizational), current (operational), rehabilitated (anti-crisis), unifying (connecting, merger plans), dividing and liquidation. Introductory (organizational) financial plans are formed on the date of the organization of the company. Current (operational) financial plans are drawn up periodically throughout the entire operation of the company. Regarding the rehabilitated, unification (connecting), dividing, liquidation financial plans, it is easy to conclude that they are drawn up at such a moment in time when the reorganization (remediation) procedures are carried out in the company, the company is merged, divided or is at the stage of liquidation. The need for the formation of a rehabilitated (anti-crisis) financial plan arises when the company is at the stage of obvious bankruptcy. An anti-crisis financial plan should help answer the question of what the company's real losses are, whether there are reserves to pay off accounts payable and what is their estimated value, as well as to determine the ways out of this situation. Dividing and unifying (connecting, merger plans) financial plans can be called antipode plans. Consolidation (consolidation, merger plans) and dividing financial plans are drawn up when one company merges with another or when a company is divided into several legal entities. That is, connecting (unification, merger plans) and dividing plans are formed during the reorganization legal entity, which can take the form of a merger, attachment, division, separation or transformation. Consolidation (connecting, merger plans) financial plans are drawn up when two or more companies are united (merged) into one or when one or more structural units are joined to a given company. Separation financial plans are drawn up at the moment of dividing a company into two or more companies or when one or more structural units of a given company are split into another. Liquidation financial plans are drawn up at the time of the liquidation of the company. Moreover, the reasons for liquidation can be different - as a result of bankruptcy or closure due to reorganization. According to the content of the displayed information, static and dynamic (flexible) financial plans are distinguished. Static plans contain one level of information to be presented, while dynamic (flexible) plans contain several. Dynamic plans are, of course, more informative, but they are also more difficult to compose than static ones. If in static financial plans one variant of the situation is developed, then in dynamic plans - two or more. Accordingly, the complexity and complexity of the compilation proportionally increases. In terms of the amount of information, plans can be single and summary (consolidated). Unit plans represent the strategy for one company. Summary (consolidated) plans represent an action strategy for a whole group of companies. Such financial plans are most often drawn up when it comes to a group of companies controlled by one person or group of persons. According to the purposes of drawing up, financial plans can be divided into trial and final. Test plans are drawn up in order to implement control, analytical procedures. As a rule, test plans are not transferred to interested users, since they are documents of internal control and analysis. The final plans are the official documents of the company and serve as a source for various interested users to study the financial plans of the company. The users of financial plans can be different - tax authorities, statistical bodies, creditors, investors, shareholders (founders), etc. Accordingly, depending on the user of the information, plans will be subdivided, in particular, into plans submitted to the fiscal authorities, statistics bodies, creditors, investors, shareholders (founders), etc. By the nature of the activity, plans can be divided into plans for the main and non-main activities.
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Planning is the main means of using economic laws in the process of management activities. Planning Is a complex process of early decision making that includes research, analysis and planning itself.
As a type of management activity, planning is aimed at choosing the optimal alternative for the development of the control object, calculated for a certain time period:
- always represents a preliminary decision-making based on a comprehensive analysis aimed at achieving the required results in the future;
- must be flexible and able to adapt to constant changes in the object of management itself, changes in the external environment, i.e. the planning process is an integration process;
- the role is not only in predicting the future state of the object and not in passive adaptation to changes, but in the active transformation of the planning object.
Currently, financial planning is understood as activities to achieve balance and proportionality of financial resources. The movement of financial resources is reflected in the corresponding financial plans, consisting of income and expenditure parts. An important role in ensuring the proportionality and balance of economic development is played by financial resource balances(financial balances). Financial balance is a collection of all revenues and expenditures of the budget and state extra-budgetary funds, it also includes the profit of organizations that remains at their disposal, and depreciation. The financial balance is built on the basis of comparing income with expenses. The excess of expenses over income (income over expenses) determines the deficit (surplus) of the financial balance.
The financial balance is the main analytical tool for designing the budget of the Russian Federation and forecasting the sources of capital investments that are formed on the territory of the constituent entity of the Russian Federation. It is compiled on the basis of the reporting financial balance for the previous year, the results expected in the current year and the main parameters of the forecast of social and economic development Russian Federation.
The most important part of financial planning is budget planning. In the process of budget planning, the directions of distribution and redistribution of budgetary resources are determined in accordance with the goals and objectives set in the Budget Message of the President of the Russian Federation and specified in the budgetary policy. As part of financial planning, budget planning is one of the most important tools for regulating the economy and is subject to the requirements of the state's financial policy.
Under financial forecasting understand the foresight of the possible financial position of the state, substantiation of prospective indicators of financial plans. Financial forecasting precedes financial planning and is based on the concept of the country's financial policy development for the medium and long term. Financial forecasts make it possible to outline and analyze various options for financial support for the development of the country and its regions, forms and methods of implementing financial policy.
Introduction .. 3
1. Types of plans and their content .. 5
2. Financial planning at the enterprise .. 9
2.1 The concept and value of financial planning in the enterprise. nine
2.2 Tasks of financial planning. nine
2.3 Methods and stages of financial planning. ten
3. Classification of financial planning .. 13
3.1 Long-term planning. 13
3.2 Current financial planning. 16
3.3 Operational financial planning. 19
Conclusion .. 24
List of used literature ... 26
Introduction
Planning is one of those methods of economic management, which is actively developed by domestic and foreign experts. Despite the sometimes and sometimes negative attitudes towards the idea of planning in the context of an unstable economic situation in the country and the shortcomings of formalized models of financial planning, its necessity and usefulness is no longer in doubt.
In any planning textbook, you will find a checklist of the elements required for successful business planning, including establishing a mission statement, developing a strategy, goals, and tactics. A prerequisite for determining the above formal elements is an accurate understanding of the direction of the company's development, the goal economic activity and the way to achieve it.
An integral part of this condition is an understanding of the methods for achieving the intended goals and, therefore, building a clear picture of the company's profit. In the course of business planning, it is almost impossible not to take into account the profit factor. Very few companies can afford to invest without the hope of financial reward. Starting a new business, you need to define your main goal, for example, in this way: "To provide customers with motorcycles and related equipment High Quality competitively and maximize profits. ”The vast majority of companies try to find the best balance between customer satisfaction and the bottom line.
Undoubtedly, the planning process includes many more components than envisaged by several of the above concepts, they most clearly demonstrate that business planning lies at the heart of successful financial planning. If you do not determine exactly what you want to achieve as a result of your business activities and how you intend to do it, you will not be able to draw up specific financial plans.
This paper discusses the principles of financial planning and describes how forecast and projections provide a unified basis for such planning. The work used visual materials and theoretical calculations. The work is an analysis of various points of view of such authors as: I.F. Melentyeva, E.E. Rumyantseva, A.M. Kovaleva, G.B. Polyaka. and many others.
1. Types of plans and their content
As applied to socio-economic systems, which include any form of business organization, management is a process of purposeful, systematic and continuous impact of a control subsystem on a controlled subsystem using common functions management, the relationship and interaction of which forms a closed repeating cycle of management: analysis - planning - organization - accounting - control - regulation - analysis and so on.
Planning is the process of developing and adopting quantitative and qualitative targets and determining how to achieve them most effectively. These attitudes, most often developed in the form of a tree of goals, characterize the desired future and, if possible, are numerically expressed by a set of indicators that are key for a given level of management.
Planning is among the general management functions inherent in any functioning socio-economic system. The need to draw up plans is determined by many reasons, in particular:
1. Uncertainty of the future;
2. The coordinating role of the plan;
3. Optimization of economic consequences;
4. Limited resources.
In the theory and practice of enterprise financial management, general approaches to the planning process have been developed.
First, the plan must have a number of obvious characteristics, such as reasonable simplicity and clarity, good structuredness, sufficient accuracy, and practical utility.
Secondly, the presence of a plan, no matter how badly it was drawn up, is still more preferable than its absence.
Thirdly, any plan is as good as the professional specialists who prepared it. In the most general view the logic of the financial planning system at the enterprise can be represented as follows.
Figure 1.1. Types of financial planning.
According to Doctor of Economics Volkov O.I. planning is the development and adjustment of a plan, including foresight, justification, specification and description of the activities of an economic object for the near and long term.
According to I.F. Melentyeva. and Fetisov V.D. planning is a specific branch of the organization's management activities. It is able to provide its leadership and the entire team with an agreed program of activities for the future. Planning not only sets a goal, but also shows the possibility of real achievement of the goal.
In our opinion, these two points of view in no way contradict each other, and even complement each other to some extent.
In addition to the concept of planning, there is such a concept as financial planning, the essence of which and its types, the methods will be described below.
Financial planning is based on strategic and production plans.
The strategic plan implies the formulation of the goal, objectives, scale and scope of the company. These goals, as a rule, are formulated on a qualitative level or in the form of fairly general quantitative benchmarks.
Production plans are drawn up on the basis of a strategic plan and provide for the definition of production, marketing, research and investment policies.
Within the framework of strategic planning targets can be ordered different ways however, at least four types of goals are distinguished:
· Market: what segment of the market for goods and services is planned to cover, what are the priorities in the main production and commercial activities of the company;
· Production: what structure of production and technology will ensure the output of products of the required volume and quality;
· Financial and economic: what are the main sources of financing and the projected financial results of the chosen strategy;
· Social: to what extent the company's activities will ensure the satisfaction of certain social needs of society as a whole or its individual strata.
In any case, among the main goals for the achievement of which strategic plans are developed, there is always a combination "product - market". That is, the main purpose of such a plan is to substantiate what kind of product should be produced and where it can be sold. In addition to defining goals, the plan should also include the rationale for them. That is why the financial component is an integral part of any strategic plan.
2. Financial planning at the enterprise
2.1 The concept and meaning of financial planning in the enterprise
Financial planning at an enterprise is the planning of all its income and directions of spending financial resources to ensure the functioning of the enterprise. The main goal of planning is to coordinate and synchronize the income and expenses of the enterprise within the framework of the planned production program and development prospects. The significance of financial planning is that it:
· Embodies the developed strategic goals in the form of specific indicators;
· Provides financial resources for the economic proportions of development laid down in the production plan;
· Determines the possibilities of the viability of the enterprise project in the conditions of competition;
· Serves as a support tool from external investors;
Helps prevent erroneous actions in the field of finance
2.2 Financial planning tasks
The main tasks of financial planning at an enterprise, in my opinion, are:
-providing the necessary financial resources for production, investment and financial activities;
-determination of the directions of effective capital investment, assessment of its use;
- identification of on-farm reserves for increasing profits;
-establishment of rational financial relations with the budget, banks, other counterparties;
- observance of the interests of shareholders and other investors;
-control over the financial condition, solvency and creditworthiness of the enterprise.
Rumyantseva E.E. in his work says that at present the planning of enterprise activities is a serious problem and names several reasons for these problems:
- lack of clear goals, lack of understanding of the mission of the enterprise among the leaders;
-the enterprise is experiencing difficulties in determining the needs for current resources;
- plans and funds no longer descend "from above"; the company must navigate itself in market conditions;
-Many enterprises do not have a system for presenting reliable information at the right time, in the right place, for the right people.
The author of the work is inclined to agree with her assessment of the state of planning in enterprises at the present time. Next, we will consider in more detail everything related to planning the financial activities of an enterprise.
2.3 Methods and stages of financial planning
The financial plan is intended to provide financial resources to the business entity's business plan. It affects the entire economy of the enterprise. In the plans, the planned costs are compared with the real possibilities, as a result, material and financial balance is achieved. The financial plan items are linked to all the performance indicators of the enterprise and the main sections of the entrepreneurial plan: production of goods, services, scientific and technological development, capital construction, material and technical support, profits, economic incentives, personnel policy. Financial planning has an impact on all aspects of production and economic activities of the enterprise through the choice of financing objects and contributes to the rational use of all types of resources of the enterprise.
The following methods are used in planning practice:
The method of economic analysis - allows you to determine the basic laws, trends in the movement of natural and cost indicators, internal reserves of the enterprise.
The normative method lies in the fact that on the basis of pre-established norms and technical and economic standards, the need of an economic entity for financial resources is calculated. These standards are tax rates, depreciation rates, etc. There are also enterprise standards, ie. those that are developed and used in this enterprise.
The use of the balance calculation method to determine the need for financial resources is based on the forecast of the receipt of funds and costs for the main balance sheet items.
The cash flow method is universal and serves as a tool for predicting the size and timing of income. The theory of forecasting cash receipts is based on expected income and budgeting of all expenses.
The method of multivariate calculations - consists in the development of alternative options for planned calculations in order to choose the optimal one according to predetermined criteria.
Methods of economic and mathematical modeling make it possible to quantitatively express the tightness of the relationship between financial indicators and the main factors that determine them.
The financial planning process includes the following stages:
1. Analyzed financial indicators for the previous period, using the balance sheet, income statement, cash flow.
2. The main forecast documents are drawn up (see clause 1), which relate to long-term financial plans and are included in the business plan.
3. Indicators of forecast financial documents are specified and specified by drawing up current financial plans.
4. Operational financial planning is being carried out. The planning process ends with the practical implementation of plans, and control over their implementation.
3. Classification of financial planning
Financial planning, depending on the content and purpose, can be classified into: long-term, current (annual), operational. Let's consider them in more detail.
3.1 Long-term planning
The main form of implementing the goals of the organization and the mission of the business as a whole is long-term financial planning. Traditionally forward planning covers a time period from one to three years, and the economic situation in the country and the ability to predict economic processes and indicators, which is closely interconnected with it, have a significant impact on its duration. The result of long-term financial planning can be considered the formation of three main financial documents or budgets:
Forecast profit and loss account (budget);
Forecast report (budget) on cash flow;
Projected balance sheet.
The basis for building a budget is the planning of future receipts and payments by the enterprise of funds within a certain time interval. The initial stage of development and the main factor in the accuracy of most budgets is the projected sales volume. The methods used by the financial services of an enterprise for forecasting it are very diverse and depend mainly on the sources of information involved, traditionally classified as external and internal. The method of expert assessments, involving the involvement of heads of various functional divisions of the enterprise (production, marketing, finance) in the development, is relatively simple, does not require a serious investment of time, as well as material, labor and financial resources. A disadvantage can be considered the lack of personal responsibility for the forecast made, and more seriously, the impossibility of taking into account the influence of market changes in a sectoral nature, as well as long-term trends in the development of the economy as a whole. The use of statistical methods (correlation, regression, etc.) allows you to get rid of subjectivity in assessments and provide a real mathematical basis for making managerial decisions. However, like all extrapolation methods, they are susceptible to random fluctuations in data and retain the ability to transfer past trends to future processes. Requires, as a rule, significant information, labor and financial resources, advanced information processing technology and a rational structure of information flows between interested services. All these methods complement each other and the final one, and the most accurate forecast will be obtained if one of them is used as an additional criterion for monitoring the results obtained using other methods.
Forecasted balance. This is the final and most difficult document from a methodological point of view. The need for formation is dictated by its ability to check the correctness of the budgeting of cash flows and budget of income and expenses and serve as an indicator of their proper implementation. The main design variables are:
1. the amount of equity capital;
2. the amount of funds and reserves being formed (calculated based on forecasts of possible changes in financial results);
3. the cost of fixed assets and intangible assets (information on business plans and operational investment budgets);
4.the cost of inventories and other elements of current assets (information on percentages in the cost structure);
5. the amount of attracted credit resources (credit plans and information of the cash flow budget, in terms of temporary cash gaps and the need for credit resources);
6. Volumes of accounts payable and receivable (information on average maturities and estimated sales volumes).
The structure of the projected balance sheet corresponds to the generally accepted one (Form No. 1), since the reporting balance of the reporting date is used as the initial one.
Cash flow forecast (budget). The importance of this element lies, firstly, in the possibility of establishing control over solvency and current financial stability, and secondly, it allows you to control financial flows and build a policy of relations with debtors and creditors. Due to the pronounced spontaneity in cash flow, most indicators are difficult to predict with a high degree of probability, therefore, the severity of information (in primarily credentials) and the use of specific financial analysis techniques. However, the obtained ability to monitor its financial position saves the company from inconsistencies between the discreteness of financial reporting (quarterly and annual data) and the continuity of business processes. This information allows you to determine the firm's needs for cash, plan funding sources, and monitor cash flow and liquidity. One of the most important purposes of budgeting is to determine the time and amount of the expected funding in order to apply the most rational method of funding. The estimate helps the CFO in planning short-term financing and is also essential in managing the firm's cash. With the help of only the cash flow budget, it is possible to create an economic and mathematical model: a financial director has a simulation tool that will allow him to calculate the consequences of business operations that he is undertaking now or will undertake in the future. As a result, the organization gains financial transparency.
3.2 Ongoing financial planning
Current planning is seen as part of the long-term and is a concretization of its goals. It is carried out in the context of the three above-mentioned documents. The current financial plan is drawn up for the year with a quarterly and monthly breakdown. This is due to the fact that seasonal fluctuations in market conditions are leveled out over the year, and the breakdown allows you to track the synchronization of cash flows.
The annual cash flow plan is broken down by quarters and reflects all receipts and spending directions.
The first section "Income" examines the main sources of cash inflows, in the context of activities.
1). - from current activities: proceeds from the sale of products, services and other receipts;
2). - from investment activities: proceeds from other sales, income from non-sale transactions, from securities and from participation in the activities of other organizations, accumulations for construction and installation work performed in an economic way, funds received as equity participation in housing construction;
3). - from financial activities: increasing the authorized capital, issuing new shares, increasing debt, obtaining loans, issuing bonds.
The second section “Expenditures” reflects outflows of funds in the same main areas.
- costs of production, payments to the budget, payments from the consumption fund, growth of own circulating assets.
- investments in fixed assets and intangible assets, R&D costs, leasing payments, long-term financial investments, expenses from other sales, non-sales transactions, maintenance of social facilities, others;
- repayment of long-term loans and interest on them, short-term financial investments, payment of dividends, deductions to the reserve fund, etc.
Then the balance of income over expenses and the balance for each section of activity is revealed. Thanks to this form of the plan, planning covers the entire cash flow of the enterprise, which makes it possible to analyze and evaluate the receipts and expenditures of funds, to make decisions on financing the deficit. The plan is considered drawn up if it provides for sources of coverage of the deficit. The development of a cash flow plan occurs in stages:
1. the planned amount of depreciation deductions is calculated, since it is part of the cost price and precedes the planned profit calculations. The calculation is based on the average annual cost of fixed assets and depreciation rates.
2. on the basis of the standards, an estimate of costs is drawn up, including the costs of raw materials, materials, direct costs of labor remuneration, overhead costs / for the economic services of production and management /
V modern conditions the process of planning costs by centers of responsibility is becoming more widespread, which involves dividing an enterprise into structures, the head of which is responsible for the costs of this unit. Planning consists in developing a cost matrix that shows three dimensions of information:
- the dimension of the center of responsibility, where the cost item arose;
- the dimension of the production program, for what purpose it arose;
- the dimension of the cost element (what type of resources was used).
When you sum up the costs in cells by row, you get plan data by responsibility centers, which is important for management. When summing up the columns, the planned data on commodity costs are obtained, which is necessary to determine the price and profitability of the program. The matrix makes it possible to determine the indicator of the cost of sales of products for the development of annual plans and helps to reduce costs, taking into account the responsibility for this specific divisions.
3. The proceeds from the sale of products are determined, taking into account the factors of influence in the planning period.
The next document of the annual financial plan is the planned income statement, which specifies the projected amount of profit. The final document is a balance sheet reflecting all changes in assets and liabilities as a result of planned activities.
As the measures laid down in the financial plan are implemented, actual data are recorded, financial control is carried out.
The foreign method of developing financial plans is the method of developing a financial plan for zero basis, which is based on the fact that each of the activities at the beginning of the current year must prove the right to exist by justifying the future economic efficiency the funds received. Managers prepare a cost plan for their field of activity at a minimum level of production, and then profit from the additional increase in production for which they are responsible. Top management, therefore, has the information to prioritize and allocate resources in order to maximize their effectiveness.
3.3 Operational financial planning
Operational financial planning, as an integral element of current planning, is designed to ensure control over its implementation, and to ensure the synchronization of the processes of receipt and expenditure of funds of the enterprise in the short term. Organizationally, operational planning includes drawing up and executing a payment calendar, a cash plan and calculating the need for a short-term loan. The functional activity of the financial authorities of the enterprise in the preparation and execution of these documents is as follows:
- organization of work on the synchronization of the enterprise's cash flows;
- creation of a dynamic database, reflecting the operational change in the nature of cash flow, in the context of types of activity (production, financial, investment) and sources of occurrence;
- calculating the need for short-term lending in the event of temporary “cash gaps”, as well as analyzing potential sources of raising funds through financial market instruments;
- calculation of the amount of temporarily free funds of the enterprise, and determination of possible directions of investments in short-term assets of the financial market;
- work on the organization of activities aimed at eliminating the identified deficiencies.
The most important financial document for managing cash flow in an enterprise is a plan for the movement of funds in bank accounts and at the cash desk of an enterprise or a balance of payments (payment calendar). It allows financial workers to provide prompt financing, fulfillment of payment obligations, record changes in the solvency and liquidity of assets. The balance of payments is developed for the upcoming reporting period, with an appropriate breakdown and reflects the entire money turnover enterprises, without subdivision into types of activities. On the basis of this document, the company's management forecasts for the next month (week, decade) the fulfillment of its financial obligations to the state, partners, creditors and investors. To compile the balance of payments, financial services coordinate their work with other functional services of the enterprise (accounting, sales, marketing, logistics).
The need to draw up this document has increased significantly due to changes in the procedure for settlements and lending, the presence of significant non-payments to the state, partners, creditors and wage workers. All this in combination requires increased attention of financiers to the daily balance between the flows of cash receipts and payments.
Another document that coordinates and regulates the cash flow of an enterprise is a cash application or cash plan. Cash application (plan) - a plan for the turnover of cash, which reflects their receipts and payments through the cash desk of the enterprise. The initial data for drawing up a cash plan are:
An estimate of the expenditure of the consumption fund formed from the fund for wages and net profit;
Estimates of expenses and incomes for the maintenance of social facilities;
Information about the sale to individuals of material values, goods, and the provision of services to them;
Information about the income of the transport sector;
Information about other receipts and payments in cash;
Withholding information from wages Personal income tax, for goods sold on credit, for meals in canteens, on transfers to deposits in banks, etc .;
Figure 2. Calendar of payment of wages and payments equated to it.
Operational accounting and control over the execution of the cash request are entrusted to the financial department and the chief accountant of the enterprise. On the basis of operational accounting, a certificate of income and expense of money in directions is prepared on a quarterly basis. This document is information about the actual execution of the cash plan for the reporting period, and is also used to develop a cash application for the coming period.
From all of the above, we can conclude that the main goal of financial planning is to understand and predict the financial future of an enterprise. Financial forecasting is used to proactively evaluate business plans, determine future financing needs and develop the company's internal current budget. Forecasting the financial future of a company is usually carried out on the basis of plans for financial activities. (A financial plan is essentially just a forward-looking estimate. For example, a preliminary balance sheet shows the expected state of an entity's assets and liabilities at the end of a specified period.)
Financial plans are created on the basis of an analysis of the company's financial activities for the previous period, as well as using reports on the company's income and expenses for the same time, balance sheets, etc. There are many approaches to developing such plans, ranging from simple calculations on a napkin to expensive computerized complexes used to predict the financial future of an enterprise. However, regardless of the approach used, the main goal remains the same: to develop a realistic and useful financial forecast of the company's financial performance.
When creating a financial plan, there are three things to keep in mind. critical aspects influencing this activity.
Traditionally (historically) prevailing environment and market trends.
Information about possible changes (for example, a competitor intends to be located two blocks from us).
The main goals of the business (we plan to bring a new product to the market or reduce costs by 5%).
As already indicated, there are many approaches to developing financial plans for a company. The aspects listed above imply horizontal approaches: they focus on changes over time. There are also a number of vertical approaches that focus on specific industry groups.
Unlike vertical analysis, horizontal analysis compares only the data of the company's activities, taking into account their changes over time. In fact, a company can be viewed as its own control group. Although this type of analysis requires the same attention as a vertical one, it is nevertheless relatively simple and can be used very effectively in planning financial results. The next section describes in more detail the horizontal analysis based on the forecast based on the degree of sales.
Conclusion
Any enterprise, regardless of its size, is faced with the need to plan its income and expenses. Indeed, to maintain, and even more so to develop a business, funds are continuously required to finance the cost of wages, materials, goods, and other direct and overhead costs.
Incomes from a competently and efficiently run business, as a rule, exceed expenses, but the main problem of financing any enterprise, as you know, is the lag of income relative to expenses. The expenses must be made now, and the income, for the sake of extracting which these expenses are made, will be received only in the future, often very distant. In addition, the company may simply lack its own income. This happens, for example, in a growing business, and in order to finance growth, it is necessary to continuously raise and maintain borrowed funds. So the first challenge is the need to plan for funding needs.
The second task of financial planning is to plan and maintain cash flows that ensure the implementation of timely current payments to creditors and suppliers, in other words, continuous maintenance of satisfactory current liquidity or solvency (not to be confused with the current liquidity ratio), which is necessary condition long-term business success.
The need to solve a complex of these complex problems leads the management of the enterprise to the need and desire to engage in financial planning, that is, first of all, to build the Budget of Income and Expenditure (BDR). Then, having built schedules of payments to creditors and schedules of collection of receipts, form a Cash Flow Budget (BDDS) as a detailed schedule of cash payments and receipts in time.
The planning (budget) departments of the enterprise, starting to form the BDR, often begin to directly plan the forthcoming income and expenses and cannot determine and calculate them with satisfactory accuracy.
It happens that the reason and essence of the difficulties inevitably arising with such a head-on approach is not always even clear to the leaders.
Let's say right away that the reason for the practical impossibility of directly forming a satisfactory budget for income and expenses is that the formation of financial budgets is the final, and not the initial stage of the budgeting and planning process in the enterprise. And an attempt to immediately directly form the BDR and BDDS in in a certain sense is like trying to start building a house from the roof.
List of used literature
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Financial planning in an enterprise is the planning of all its income and receipts, as well as the directions of spending money. It is the final stage in forecasting the production and economic activities of the enterprise, its social and economic development.
The increase in the role of finance in a market economy is largely determined by the level of financial planning at the enterprise, because no other type of planning can have such a global, generalizing significance for an economic organization. It is financial planning that covers all aspects of the company's monetary relations without exception.
Financial planning is associated primarily with the production activities of the enterprise and is aimed at providing it with appropriate financial resources. It is aimed at identifying internal reserves and maintaining the regime of the economy.
The importance of financial planning also lies in the fact that it links together all cost indicators, the process of production and sales of products, the mechanism of savings, costs and obligations of the enterprise.
In the transition to market relations, full independence of enterprises, financial plans reflect the strategy and tactics of using monetary resources, attracting borrowed capital, and developing production.
The financial plan ultimately answers the following questions:
- What income and receipts are expected in this planning period?
- What expenses and deductions are expected?
- How to balance, if necessary, the income and expenses of the enterprise?
Thus, the role and importance of financial planning in an enterprise lies in the fact that it is designed to solve the following tasks:
- provision of financial resources for production and economic activities;
- the formation of money savings;
- concretization of financial relations with the budget, funds and banks;
- ensuring a real balance of planned income and expenses on the principles of self-financing and self-sufficiency;
- control over the financial condition, liquidity and solvency of the enterprise.
Financial planning at the enterprise includes:
a) annual financial planning;
b) operational financial planning.