In any enterprise, a certain management system is created, designed to coordinate the actions of its departments and employees. This system is based on the so-called organizational structure, that is, a set of interrelated and interacting structural and functional units. One of the most important components of the overall management system of an enterprise is its financial management system. Depending on the size of the enterprise and the scale of its activities, the organizational structure of financial management can vary significantly.
In a small enterprise, this structure may be absent altogether, and all financial issues can be resolved by the head of the enterprise together with the chief accountant; in this case (and it is very common), the technical execution of financial decisions is assigned to the accounting department, and the responsibility for making them rests with the director. In a large enterprise, whose activities, by definition, are diverse, including in the field of finance, such an approach is not very productive, and therefore, as a rule, an independent financial service is necessarily separated in the organizational structure (Fig. 1.2).
Figure: 1.2. Financial component in the organizational structure of management
company activities
In the above figure, two large divisions of the financial service of the enterprise are structurally distinguished: planning and analytical and accounting and control. The first unit is responsible for forecasting, planning and organizing financial flows; second
the swarm organizes accounting, financial control and information support for persons interested in the activities of the enterprise. Obviously, both departments simply have to work closely together; at least, they are connected by the common information base, which is based on the data of accounting systems, and the common main objectives (in particular, ensuring the efficient operation of the enterprise and generating profit for it).
Since no organizational structure can be created once and for all in an unchanged form, the process of its formation and optimization is rather lengthy. It is recommended that you follow a number of principles. Their number varies, but the most important are:
the principle of economic efficiency: the costs of creating and maintaining a financial management system, as well as its modernization, must be economically justified;
the principle of financial control: the organizational structure of the financial service, information flows, the powers and responsibilities of its individual divisions should be streamlined and focused on ensuring proper control over ensuring a) congruence (i.e. agreement) of the targets of all persons involved in financial decision-making nature, and b) justification (economic, legal, etc.) of financial transactions; this principle is implemented, in particular, by organizing regular external and internal audit;
the principle of financial incentives (encouragement / punishment): within the framework of the financial management system, a mechanism should be developed to improve the performance of individual departments and the organizational structure of enterprise management as a whole by establishing incentives and punishments (we are talking, of course, about financial measures); one of the options for implementing this principle is the organization of so-called responsibility centers; in addition, large firms provide incentive programs for individual employees, in particular, rewarding them with company shares, which in part transfers employees from the category of employees to the class of owners; the principle of material responsibility: since any company has huge volumes of values, it is necessary to organize some system of personal and (or) collective responsibility for their condition and movement; Various forms of liability are possible, but the threat of compensation for actual or potential damage in money is the most effective measure. Organizationally, the financial management system of a company is not only an element of the overall organizational structure of the company, but, in turn, is structured in some way. One of the options for structuring the system, which explains, among other things, the logic of its functioning, is shown in Fig. 1.3. Here is a brief description of the main elements of this system.
As is known from the theory of systems, any control system consists of two key elements - a control subject (control subsystem) and a control object (controlled subsystem); the subject acts on the object with the help of the so-called general management functions, i.e., functions that are necessarily implemented in any typical enterprise, regardless of its size, industry, ownership, etc.
In the application to the management of the company's finances, the subject of management can be represented as a set of five basic elements: 1) organizational structure of financial management; 2) personnel of the financial service; 3) financial instruments; 4) information of a financial nature; and 5) technical means of financial management.
The purpose of each of the isolated elements is obvious. The organizational structure of the financial management system of an economic entity, as well as its personnel composition, can be built in different ways, depending on the size of the enterprise and the type of its activity. As noted above, for a large company, the most typical feature is the separation of a special service headed by the vice president of finance (CFO) and, as a rule, includes the accounting and finance department. Financial methods, techniques, models and tools are designed to manage financial assets, liabilities, capital, as well as to assess the feasibility and efficiency of transactions with them. Financial transactions are usually of an ad hoc nature; on the contrary, they are carefully prepared and justified - this requires appropriate information support (financial statements, reports of financial authorities, information from institutions of the banking system, data on commodity, stock and currency exchanges, non-systemic information). Modern financial technologies and even the simplest calculations, as a rule, are implemented using computers and appropriate mathematical and software.
As shown in fig. 1.3, the object of the enterprise financial management system is a combination of three interrelated elements: relations, resources, sources of resources - these are the elements that managers have to manage.
By financial relations, we mean the relationship between various entities (individuals and legal entities), which entail a change in the composition of assets and (or) sources of funds of these entities. Of course, the main elements that accompany and formalize financial relations are contracts and their variety - financial instruments. These relations must have documentary evidence (contract, invoice, act, statement, etc.) and, as a rule, be accompanied by a change in the property and (or) financial position of counterparties. The words "as a rule" mean that, in principle, financial relations are possible, which, when they arise, do not immediately affect the financial position due to the adopted system of their implementation (for example, the conclusion of a sale and purchase agreement). Financial relationships are diverse; these include relations with the budget, counterparties, suppliers, buyers, financial markets and institutions, owners, employees, etc. Management of financial relations is based, as a rule, on the principle of economic efficiency.
2. The second element of the object of financial management are financial resources (more precisely, resources expressed in terms of finance), with the help of which an economic entity can solve its investment and financial problems. These resources are presented in the asset balance; in other words, they are very diverse and can be classified according to various criteria. In particular, these are long-term tangible, intangible and financial assets, production inventories, accounts receivable and cash and cash equivalents. Naturally, we are not talking about their material and material representation, but about the expediency of investing money in certain assets and their ratio. The task of financial management is to substantiate and maintain the optimal composition of assets, that is, the resource potential of the enterprise, and, if possible, prevent unjustified death of funds in certain assets.
Managing the sources of financial resources is one of the most important tasks of a financial manager. Sources are presented in the passive side of the company's balance sheet. The main problem with fundraising management is that there are usually no free sources; the supplier of financial resources needs a plan. tit. Since each source has its own cost, the problem arises of optimizing the structure of funding sources in the long and short term.
The functioning of any financial management system is carried out within the framework of the current legal and regulatory framework. This includes laws, decrees of the President of the Russian Federation, government decrees, orders and orders of ministries and departments, licenses, statutory documents, norms, instructions, guidelines, etc.
2. The structure and content of the financial management system.
The concept of a financial management system and its elements. Subjects and objects of financial management. Management methods. Features of financial management at the centralized and decentralized levels. Financial management bodies.
The essence and types of financial policy. Features of Russia's financial policy at the present stage. The financial mechanism and its structure.
Financial management system is a complex of measures, instruments, financial institutions that ensure the stable and effective functioning of the financial system as a whole and its individual links, contributing to the development of socio-economic processes in society.
Financial management system elements:
1) financial planning;
2) strategic and operational management;
3) financial control
Subjects of centralized and decentralized finance special services act, the association of which is called the financial apparatus, and for personal finance - the household itself, or the individual himself
Financial management object - various types of financial relations. The specifics of financial relations are determined by the peculiarities of building a financial system (the relationship between its various elements).
Financial management methods:
1) direct methods. Implemented through administrative regulation
2) indirect methods - imply an indirect impact (tax rates, money market rates, refinancing rate, support for free competition, its development, the amount of special payments)
Which method to use depends on the stage of the life cycle, the presence of a crisis, on the type of economy, the sphere of finance (centralization or decentralization)
Features of financial management at a centralized and decentralized level:
|
Criterion |
Enterprise finance |
Household finances |
|
|
Financial planning |
Required |
May be desirable, may be required |
Desirable but not required |
|
The nature of the regulation |
Imperative |
Dispositive and imperative |
Dispositive |
|
Hierarchy |
Hierarchy of construction (strictly by level: fed, reg and local) |
Hierarchy does not always exist |
Not hierarchical |
|
The nature of the decision |
Collegial |
Both collegial and sole |
|
|
Distribution of solutions |
Universal (required for performance throughout the country) |
Individual nature of distribution |
Governing bodies.
The financial apparatus of the GMF management is represented by the representative and legislative authorities
Federal Assembly and its chambers: State Duma and Federation Council;
President of the Russian Federation;
Government of the Russian Federation;
Ministry of Finance;
Federal Treasury;
The Federal Tax Service
State Customs Committee;
Central bank.
At the legislative level, the financial management body is the Federal Assembly (State Duma and Federation Council.
Financial management in the organization is carried out by the financial service, represented by a set of departments, the functioning of which is aimed at achieving the main objectives of the organization.
The structure of the financial service of an enterprise depends on the specifics of the enterprise and its organizational and legal form.
Typical service - accounting, tax department, investment, shareholder relations, supplier relations, etc.
Financial control - a special area of \u200b\u200bactivity of state authorities, local authorities and financial services of organizations for the collection and analysis of information on the actual financial condition of the managed object and the effectiveness of the management decisions taken. In the course of financial control, current and planned financial indicators are compared, the targeted and targeted use of financial resources is checked, the legitimacy of the actions of financial workers and heads of organizations, ministries and departments directly involved in the distribution of financial resources at the appropriate management level is assessed.
Financial control is a form of implementation in practice of the control function of finance... At the same time, one should not equate the control function of finance and financial control, since the implementation of financial control is the function of the relevant bodies (institutions), and not an abstract concept.
The basic principles of financial control are as follows:
Legality - the existence of a legal framework to ensure control;
Independence - The independence of financial control bodies (organizational, functional, financial) is guaranteed by the current legislation
Objectivity - lack of bias and non-interference in the operational activities of a business entity (control)
Publicity - the public availability of the results of financial control in compliance with the established norms and
rules concerning state and commercial secrets.
Responsibility - conscientious attitude of employees of financial control bodies to their
job responsibilities
Delimitation of functions and powers - in the absence of duplication in the activities of financial control bodies
Consistency - the unity of the legal framework, the establishment of periodicity in carrying out certain financial control measures.
As object of financial control are: the processes of formation, distribution and use of financial resources by business entities and state and local authorities, characterized by a system of various cost indicators (for example, sales proceeds, cost price, taxes, etc.).
The most important element in the financial control system is the subject of control.
As subject of financial control Specially authorized bodies act (state control bodies; structural divisions created in business entities and state and local government bodies; non-state specialized organizations), as well as qualified specialists who carry out their control activities in accordance with the law.
|
Functions, powers |
||
|
Accounts Chamber |
- exercising external control over the execution of the federal budget; control over the targeted use of federal budget funds, budgets of state extra-budgetary funds; - determination of the efficiency and expediency of spending public funds; - Regular submission of information to the Federation Council and the State Duma on the progress of the federal budget execution and the results of ongoing control measures |
Federal Law on the Accounts Chamber Chapter 3, Article 13, 14 |
|
Ministry of Finance of the Russian Federation |
- is not directly a body exercising state financial control. It coordinates and monitors the activities of the federal services under its jurisdiction: the Federal Tax "Service", the Federal "Service" for Financial and Budgetary Supervision and the Federal "Treasury" |
POSITION ABOUT THE MINISTRY OF FINANCE |
|
Federal Treasury |
carries out preliminary and current control over operations with budget funds of the main managers, administrators and recipients of budget funds; is administered by the Ministry of Finance |
Federal Treasury Regulation |
|
The Federal Tax Service |
Carries out the functions of control and supervision over the observance of "legislation" on taxes and fees, over the correctness of calculation, completeness and timeliness of entering taxes and fees and other obligatory payments into the relevant budget, over the production and circulation of tobacco products, as well as the functions of an "agent" of currency control within the competence of the tax authorities. |
POSITION ABOUT THE FEDERAL TAX SERVICE |
|
Central bank |
- The Bank of Russia controls the activities of credit institutions, issues and revokes their licenses to carry out banking operations, and also exercises regulation, control and supervision over the activities of non-credit financial institutions; - Organizes and implements currency regulation and currency control - Carries out control and supervision over compliance by issuers with the requirements of the legislation of the Russian Federation on joint stock companies and securities - Monitors compliance with the requirements of the legislation of the Russian Federation on combating the illegal use of insider information and market manipulation Controls and supervises compliance by issuers with the requirements of the legislation of the Russian Federation on joint-stock companies and securities; - Carries out regulation, control and supervision in the field of corporate relations in joint stock companies |
Federal Law on the Central Bank Chapter X.1., Chapter 1 |
- a set of measures for financial management in various spheres of the economy.
The goal of financial policy is to most effectively meet the economic needs of economic entities at the expense of the available limited resources.
Financial policy objectives:
1.optimization of the structure of income and expenditure of the state budget
2.increasing the volume of financial resources
3.reduction of the rate of inflation
4.reduction of systematic risk
5.financial recovery of the economy
6.smoothing economic cycles
Types of financial policy:
1) depending on the scientific concept
Classic financial policy (Smith) - budget expenditures are minimal; government revenues are generated to support the national rule of law and the competition market. State financial policy is a destabilizing factor
Regulatory (Keynes) - an active role of the state in the economy, the need to finance state enterprises. Government spending should boost aggregate demand. Measures are envisaged to revitalize entrepreneurial activity
The concept of a stabilizing financial policy - achieving the maximum possible level of GDP with the maximum load of available resources
Planned financial policy (Lenin)
2) depending on the range of tasks to be solved
Financial strategy (debt nature)
Financial tactics (short)
Difference between strategy and long-term policy:
* a clear quantitative statement of the goal
* exact division of the event into stages and sub-stages
* all activities are quantitatively substantiated and defined
* the object of the strategy is global large-scale projects.
3) by objects of functioning:
Budgetary
Tax
Monetary
Socially
Investment and innovation
Financial policy of the enterprise
Financial mechanism - a set of types, forms of organization of financial relations, specific methods of formation and use of financial resources and methods of their quantitative determination.
Financial mechanism structure:
- financial planning and forecasting;
- financial indicators, standards and limits;
- financial management;
- financial levers and incentives (price, interest, profit, depreciation, dividends, penalties, etc.);
- financial control.
Features of Russia's financial policy at the present stage:
1. Budgetary policy
The goal is to increase the sustainability of the budget system
1) improvement of the regulatory and legal framework in the field of the budget system (bring to a single algorithm, remove duplication of powers)
2) development of state programs (program-target method - we create state programs for expenditure obligations)
3) increasing financial autonomy in non-budgetary funds
4) increasing the efficiency of interbudgetary relations (now the methodology for calculating interbudgetary transfers is changing)
5) increasing the efficiency of the provision of public services
6) optimization of labor costs (associated with the mechanism of an effective contract; reduction of the state apparatus; lack of salary indexation for senior government officials)
7) improving the efficiency of government capital spending
8) improving the efficiency of public debt management (15-20% of GDP)
2. Tax policy
Investment support
Human capital development
Support for entrepreneurial activity
1) tax incentives for the development of certain territories (Far East, Siberia)
2) improvement of the excise system (should be increased. Should become one of the main)
3) development of special regimes n / a (the patent system should replace UTII; within the framework of the patent system and the simplified tax system for new enterprises, exempt them from paying taxes for 3 years)
4) fight against tax evasion
5) revision of existing tax incentives (some incentives are considered outdated, inflexible)
3. Monetary policy question 15 more
The goal is to ensure price stability and, which means, achieving and maintaining stable low inflation.
Monetary policy is carried out within the framework of inflation targeting, transition to a floating exchange rate regime
The operational objective of the monetary policy is to bring the rates of the overnight money market segment closer to the key rate
Dual currency basket - Expressed in national currency, the operational benchmark of the Bank's exchange rate policy
Russia, consisting of the US dollar and the euro (valid since February 2005). The ruble value of the bi-currency basket is calculated as the sum of 55 US dollar cents and 45 euro cents in rubles (effective from February 8, 2007).
Key rate- appeared on September 1, 2013, introduced as part of the transition to inflation targeting, embedded in all other rates, short-term
REPO operation - a transaction consisting of two parts: initially, one party to the transaction sells securities to the other party, receiving money for them, and then, after a certain period, buys them back at a predetermined price. Bank of Russia REPO operations are used to provide credit institutions with liquidity in rubles in exchange for collateral in the form of securities
In a market economy, these restrictions are largely removed (limits are canceled, the role of centralized supply decreases, etc.), and effective management involves the optimization of the resource potential of the enterprise. In this situation, the importance of effective management of financial resources increases sharply. The financial well-being of the enterprise as a whole, its owners and employees depends on how effectively and expediently they are transformed into fixed and circulating assets, as well as into means of stimulating the workforce. Financial resources in these conditions become of paramount importance, since they are the only type of enterprise resources that can be transformed directly and with a minimum time lag into any other type of resources. To one degree or another, the role of financial resources is important at all levels of management (strategic, tactical, operational), but it acquires particular importance in terms of the development strategy of the enterprise. Thus, financial management as one of the main functions of the administrative apparatus is acquiring a key role in a market economy.
The finances of a business entity perform three main functions:
formation, maintenance of the optimal structure and increasing the production potential of the enterprise;
ensuring the current financial and economic activities;
ensuring the participation of an economic entity in the implementation of social policy.
1.2. FINANCE MANAGEMENT SYSTEM IN THE ENTERPRISE
1.2.1. STRUCTURE AND PROCESS OF FUNCTIONING OF THE FINANCIAL RESOURCES MANAGEMENT SYSTEM IN THE ENTERPRISE
Any business starts by asking and answering the following three key questions:
what should be the size and optimal composition of the company's assets to achieve the goals and objectives set for the enterprise?
where to find funding sources and what should be their optimal composition?
how to organize the current and future management of financial activities, ensuring the solvency and financial stability of the enterprise?
These issues are resolved within the framework of financial management, which is one of the key subsystems of the overall enterprise management system. The logic of its functioning is shown in Fig. 1.2.
Figure: 1.2. The structure and process of functioning of the financial management system at the enterprise
The organizational structure of the financial management system of an economic entity, as well as its personnel composition, can be built in various ways depending on the size of the enterprise and the type of its activity.For a large company, the most typical feature is the separation of a special service led by the vice president of finance (CFO) and, as a rule, , including accounting and financial department (Fig. 1.3).
Figure 1.3. Organizational structure of enterprise management
In small businesses, the chief accountant is usually the CFO. The main thing that should be noted in the work of a financial manager is that it either forms part of the work of the top management of the firm, or is associated with providing him with analytical information necessary and useful for making management decisions of a financial nature. Regardless of the organizational structure of the firm, the financial manager is responsible for analyzing financial problems, making decisions, or making recommendations to senior management in some cases.
Shown in Fig. 1.3 the scheme is atypical, and the composition of its elements may vary depending on the national characteristics of the organization of business in a particular country, the type of company, its size and other factors. So, in Germany, the supreme governing body of a large company is the supervisory board, which includes the owners of the company, as well as representatives of its employees and independent experts. The supervisory board appoints a board of directors who collectively manage the company's operations; at the same time one of the directors acts as a speaker.
There are various approaches to the interpretation of the concept of "financial instrument". In the most general form, a financial instrument is understood as any contract under which there is a simultaneous increase in the financial assets of one enterprise and the financial liabilities of another enterprise.
Financial assets include:
cash;
a contractual right to receive cash or any other type of financial assets from another entity;
a contractual right to exchange financial instruments with another entity on potentially favorable terms;
shares of another company.
Financial liabilities include contractual obligations:
pay cash or provide some other type of financial assets to another enterprise;
exchange financial instruments with another company on potentially unfavorable terms (in particular, such a situation may arise in the case of a forced sale of receivables).
Financial instruments are divided into primary (cash, securities, accounts payable and receivable from current operations) and secondary, or derivative (financial options, futures, forward contracts, interest rate swaps, currency swaps).
There is also a more simplified understanding of the essence of the concept of "financial instrument". In accordance with it, three main categories of financial instruments are distinguished: cash (funds on hand and in the current account, currency), credit instruments (bonds, forward contracts, futures, options, swaps, etc.) and methods of participation in the authorized capital (shares and shares).
Financial management methods are diverse. The main ones are: forecasting, planning, taxation, insurance, self-financing, lending, settlement system, financial assistance system, financial sanctions system, depreciation system, incentive system, pricing principles, trust transactions, collateral transactions, transfer transactions, factoring, rent , leasing. An integral element of the above methods are special techniques of financial management: loans, borrowings, interest rates, dividends, quotation of exchange rates, excise, discount, etc. The basis of information support for the financial management system is any information of a financial nature:
financial statements;
reports from financial authorities;
information of institutions of the banking system;
information on commodity, stock and currency exchanges;
other information.
The technical support of the financial management system is an independent and very important element of it. Many modern systems based on paperless technology (interbank settlements, netting, settlements using credit cards, etc.) are impossible without the use of computer networks, personal computers, and functional software packages.
The organizational structure of financial management may look as follows (only the financial management block is highlighted) (Fig. 1).
Figure: 1. An approximate scheme of financial management at the enterprise
The table provides a list of the main functional responsibilities of key financial leaders.
Main functional responsibilities
| CFO | Chief Accountant | Financial manager (head of the finance department) | Head of Planning Department |
| Taking full responsibility for financial management Forming financial strategy and policy Managing the work of accounting, finance and planning departments Ascertaining financial results Developing recommendations for top management | Development of accounting policies as a system of accounting methods and techniques Adequate reflection in the accounting of the company's business operations Presenting accounting data to internal and external users | Implementation of ongoing financial management | Business planning of a commercial organization Analysis of production aspects of activities as a justification for management decisions Preparation of statistical reporting |
The functional responsibilities of the head of the finance department, described by the general term "day-to-day financial management", include:
· Financial analysis of the current situation, incl. coefficient analysis;
· Tracking the receipt of proceeds;
· Approval of sales contracts;
· Determination of the credit sales policy;
· Approval of orders for the purchase of resources;
· Management of receipts and expenditures of funds;
· Management of accounts receivable and payable on a daily basis;
· Analysis of compliance of available funds with financial obligations;
· Search for new sources of funding;
· Determination of the need for working capital;
· Negotiations with banks on short-term loans;
· Cash management (operational management of cash and short-term financial investments);
· Analysis of the effectiveness of investment projects;
· Decisions on divestment (sale of assets);
· Financial planning, forecasting;
· Participation in the preparation of financial budgets within the general budget of the company, etc.
25. Financial planning and budgeting of the enterprise
Financial planning - This is the management of the processes of creation, distribution, redistribution and use of financial resources at the enterprise, which is implemented in detailed financial plans. Financial planning is an integral part of the overall planning process and, therefore, the management process carried out by the management of the enterprise. Its main stages are as follows.:
· Analysis of investment opportunities and financing opportunities available to the company;
· Predicting the consequences of current decisions in order to avoid surprises and understand the relationship between current and future decisions;
· Justification of the chosen option from a number of possible solutions (this option will be presented in the final version of the plan);
· Evaluating the results achieved by the company in comparison with the goals set in the financial plan.
Financial planning is closely related and relies on the marketing, production and other plans of the enterprise, subordinates to the mission and the general strategy of the enterprise: no financial forecasts will gain practical value until production and marketing decisions are worked out. Financial plans will be unrealistic if the set marketing goals are unattainable, financial plans may be unacceptable if the conditions for achieving the target financial indicators are unprofitable for the enterprise in the long term.
From a general point of view, the following levels of financial planning can be distinguished: long-term and short-term planning. Long term planning associated with the acquisition of fixed assets that are planned to be used for a long time. The division is made according to the following criteria:
· A group of assets and liabilities with which financial planning issues are related (long-term liabilities);
· Decisions of long-term financial planning are not easy to suspend, they affect the company's activities for a long time;
· Planning period (as a rule, for short-term planning - up to 12 months, for long-term - more than one year, usually more than three years).
Long-term planning involves attracting long-term funding sources and is usually formalized in the form of an investment project.
The conditions on which the effectiveness of financial planning depends follow from the very goals of this process and the required end result. In this sense, there are three main conditions for financial planning:
1. Forecasting. Financial plans should be drawn up with the most accurate forecast of the determining factors. In this case, forecasting can be based on historical information, using the apparatus of mathematical statistics (mathematical expectation, trend line, etc.), the results of forecasting models (statistical models that take into account the relationship of factors with each other and external factors), expert assessments, etc.
2. Choosing the optimal financial plan... A very important point for company managers. To date, there is no model for the manager to decide which of the possible alternatives should be adopted. The decision is made after exploring alternatives, based on professional experience and possibly even management's intuition.
3. Control over the implementation of the financial plan. Achieving long-term plans is impossible without current planning, subordinate to these long-term plans.
The conditions formulated above have a fairly general form. At the same time, one should be aware that a financial plan is, ultimately, a set of financial indicators that must be calculated and predicted using special technologies. As the final result of the financial plan, the forecast balance sheet of the enterprise, the income statement and the statement of cash flows are usually used.
The plan is the end result. However, the development process is valuable in itself. First, planning forces the financial manager to consider the cumulative effect of investment decisions along with the results of financial decisions. Second, planning forces the financial manager to study events that may hinder the company's success and to stock up on strategies that are seen as a backup in the event of unexpected circumstances.
© 2015-2019 site
All rights belong to their authors. This site does not claim authorship, but provides free use.
Date the page was created: 2016-02-16
The successful operation of an enterprise is not possible without sound management of financial resources. It is not difficult to formulate goals for the achievement of which rational management of financial resources is necessary: \u200b\u200bthe survival of the firm in a competitive environment; avoiding bankruptcy and major financial setbacks; leadership in the fight against competitors; maximizing the market value of the firm; acceptable growth rates of the economic potential of the firm; growth in production and sales; profit maximization; minimization of costs; - ensuring profitable activities, etc.
The organizational structure of the financial management system of an economic entity, as well as its staff, can be built in various ways, depending on the size of the enterprise and the type of its activity. For a large company, the most typical feature is the separation of a special service led by the vice president of finance (CFO) and, as a rule, includes the accounting and finance department. In small businesses, the chief accountant is usually the financial manager.
The main thing in the work of an accountant is the ability to carefully understand the primary documents and, in accordance with the instructions and circulars, accurately reflect them in the accounting registers.
A very different thing is required of the financial manager. The work of this profession is associated with decision-making under conditions of uncertainty, which follows from the multivariance of the execution of the same financial transaction. The work of a financier requires flexibility of mind, it must be a creative nature, able to take risks and assess the degree of risk, to perceive new things in a rapidly changing external environment.
Figure: 2
In a market economy, the financial manager becomes one of the key figures in the company. He is responsible for posing financial problems, analyzing the feasibility of using one or another method of solving them, and sometimes for making the final decision on choosing the most appropriate course of action.
The financial manager carries out operational financial activities. In general, the activities of a financial manager can be structured as follows:
1. General financial analysis and planning.
2. Providing the enterprise with financial resources (source of funds management).
3. Allocation of financial resources (investment policy and asset management).
Financial resource management is one of the key subsystems of the overall enterprise management system. Within its framework, the following issues are addressed:
What should have been the size and optimal composition of the company's assets to achieve the goals and objectives set for the enterprise?
Where to find funding sources and what should be their optimal composition?
How to organize the current and future management of financial activities, ensuring the solvency and financial stability of the enterprise?
The functioning of any financial management system is carried out within the framework of the current legal and regulatory framework. These include: laws, presidential decrees, government decrees, orders and orders of ministries and departments, licenses, statutory documents, norms, instructions, guidelines, etc.
A group of key problems in the field of financial management can be identified. Most of these problems are typical for Russian enterprises. These problems primarily include:
Cash deficit, planning and management of financial flows;
Development of the financial and economic strategy of the enterprise;
Formation of a comprehensive business development plan;
Drawing up a comprehensive financial plan, monitoring its implementation;
Effective management of the company's working capital;
Solving financial management problems in a complex, i.e. formation of a financial management system, within the framework of which the tasks of analyzing and managing the assortment, developing pricing policy, analyzing and planning effective barter chains, etc. are solved.
The largest losses in the long term, enterprises incur due to the lack of a clear financial and economic strategy (goals, criteria and ways to achieve the goals) and the mechanism for its implementation, carried out with the participation of business planning, financial planning and control systems, management accounting.
To avoid these financial losses and strategic miscalculations, an enterprise needs a well-developed strategy for reorganization and development, it is necessary to learn how to develop and make strategic decisions, using proven technologies (methods) for their preparation. A well-designed business plan is required to implement a strategy.
The functions of managing the activities of the enterprise are carried out by subdivisions of the management apparatus and individual employees, who at the same time enter into economic, organizational, social, psychological and other relations with each other. Organizational relations that develop between departments and employees of the management apparatus of the enterprise determine its organizational structure.
provision of financial resources for the organization's economic activities and their effective use to achieve the goals set;
organizing relationships with the financial and credit system and other business entities;
preservation and rational use of the main and circulating
capital;
Ensuring timely payments for the obligations of the organization to the budget, banks, suppliers and employees.
Financial planning at the enterprise is carried out by the general director and the accounting department. Since financial planning is the final stage of production planning, when drawing up a financial plan, you should solve such main problems as:
identification of reserves for increasing the income of the enterprise and ways to mobilize them;
effective use of financial resources, determination of the most rational areas of enterprise investment, providing the greatest profit in the planning period;
linking the indicators of the production plan of the enterprise with financial resources;
substantiation of optimal financial relationships with the budget and banks, as well as with other creditors.