Ways to improve the competitiveness of institutions of additional education. Model of increasing the competitiveness of an educational organization

A couple of months ago, we analyzed in detail how to compose . look at 6 simple steps, after which you can describe your goals in detail, allocate money for them, and even find out exactly when your desires are realized.

If you have completed these steps or are just about to take on your PFP (personal financial plan), the question before you is how to create it quickly and functionally.

You will no longer worry about the question: where to get the money? You will be wondering: Where to write even more goals? How to make the budget accessible to everyone in the family? Where to enter interest on investment? And in general, how to connect all this so that it is convenient and understandable? 🙂

You can make a LFP template yourself, use the formulas that are convenient for you. Or you can download my template. Use it as is or customize it according to your needs. Get creative, it's your money!

Since the template is stored in my Google Drive, you cannot change it. To use the LFP table, copy it to yourself. To do this, go to link and select "File" - "Make a copy" (or "File" - "Make a copy") from the menu.

Now let's look at all the tabs in detail and I will describe how to use the table.

Page One - GOALS

Of course, at the very beginning we have GOALS. This is done so that in the first place we see the desires for which we work!

Enter goals, consider how long it will take you to achieve them. How to enter goals correctly, as well as how to correctly calculate the time to achieve is described in detail in the article: “ ". Look at the article, you will find useful life hacks in it, what to do if the desire is delayed or vice versa, it is fulfilled faster.

In the “Income” cell, enter your monthly income, in the currency in which you receive it. I have rubles everywhere by default.

We turn to the second page of the Template and see a sheet that often discourages people -

Page Two - PLANNING THE EXPENSES

Only at first glance it seems that everything is complicated. But no, everything is simple and the table will count everything by itself 😉

Numbering: the first column, where percentages are shown at the bottom. I don't use numbering in the categories to be able to rearrange them as I see fit. But I put down percentages on desires and goals. It’s more convenient to navigate if the percentage for goals is different.

Monthly expenses: the categories of expenses you spend or save. Now the categories are by definition from the article , but you can change them.

Plan: planning your expenses. How to plan so that everything is enough is described in the article.

Fact: here the formula calculates the average value for all months.

Dates: now the table starts from November, 2017.

How to use:

Enter the income for the month in the cell below the date. In the first month, the formula is not worth it, but then be careful. You must enter the amount of income not in the cell itself, but in the line with the formula. Look at an example.

Now I have set an income of 34,000 rubles. And you, instead of the blue number, enter your income for the last month.

Fill in the lines with expenses. And in the last line you will seeremainder, which you have left for a month

It is automatically carried over to the next month and added to income.

Third page - ASSETS AND LIABILITIES

We turn to the third and last tab of our table - Assets and Liabilities.

Assets- the money that brings us more money. Bank deposits, profitable investments, securities, an apartment for rent, etc. I filled in the line with one bank deposit so that you can see an example.

Enter the deposit amount, if any. Then enter the percentage and the table will automatically calculate the annual income for you.

Liabilities- the opposite part of your money to the asset. Here enter the currency (in rubles) in cash, real estate, car, savings that are stored at home, etc.

Total- the sum of assets and liabilities. That is the amount you own.

Life hacks for using a spreadsheet

Get creative! Set the design in your favorite colors, use google emoticons to label your categories. Bring your personality to the table and you will notice how you start using it with pleasure.

If you want to update the template usefunctions and formulas Google spreadsheets. Simplify your life and do not calculate everything manually!

If you did everything right, then you will not have a question: How to plan a budget? In just one evening, you will understand what, how much and where to put aside in order to achieve your financial goals.

Most importantly, don't delay!

And to always feel the support of like-minded people, subscribe to my Instagram or telegram channel Do and Dream. There, among other things, I tell and show how I achieve my goals with the help of a Personal Financial Plan and crazy motivation. And you join our Success Club and know that you will succeed!

In modern conditions, when enterprises are completely independent in the development of their production programs, sales plans, production and social development plans, in the choice of pricing policy, the responsibility for managerial decisions lies entirely with the managers. To develop effective and prompt decisions, managers need reliable information, both on the production and financial situation of the enterprise, both on this moment and in the short term, and in many cases in the long term. Any enterprise that has reached a medium size and has an organizational structure in which the departments of the enterprise have a certain level of independence needs financial planning and control.

Financial planning allows a company to:

Make real forecasts of financial and economic activity;

Timely detect the most bottlenecks in enterprise management using multivariate analysis tools;

Quickly calculate the economic consequences of possible deviations from the planned plan using financial models and make effective management decisions;

Coordinate the work of structural units and services to achieve the goal;

Improve the manageability of the company by promptly tracking deviations from the plan and making timely decisions.

Financial planning allows you to achieve better results of the organization by improving the efficiency of management processes.

In the presented final qualifying work, one of the most relevant topics is considered - the financial plan of the organization. In this work, the main focus is shifted to the construction of financial planning in a trade organization.

The purpose of the thesis is to improve financial planning and control in the organization's management system.

Achieving this goal involves solving the following interrelated tasks:

1. State the essence and identify trends in the development of financial planning in the organization's management system;

2. Consider the system of financial and economic indicators used in financial planning in organizations in modern Russian conditions, as well as to analyze in their context the economic entity DTS LLC;

3. Build a financial plan model using the example of DTS LLC;

4. Suggest mechanisms for improving the financial planning system in DTS LLC.

The object of study in the present work is the company DTS LLC, which was taken as an example for building a financial planning model.

The subject of the research is financial planning in the company "DTS".

Legislative and regulatory acts of the Russian Federation regulating the activities of enterprises, materials from periodicals and educational publications, materials obtained on the basis of information retrieval on the Internet, as well as data from the accounting and internal reporting of DTS LLC were used as the information base of the thesis.

The diploma work consists of an introduction, the main part including three chapters, a conclusion, a list of references from 40 titles, 7 appendices. The main text is set out on 83 pages.

In the main part of the thesis, the issues of financial planning in the organization are consecrated, the main tools of financial planning are considered, the main financial and economic indicators necessary for the formation of a financial plan are analyzed using the example of a particular company. It also outlines the problems and ways to improve financial planning in modern Russian organizations For example trading company OOO DTS.

CHAPTER 1. THEORETICAL FOUNDATIONS OF FINANCIAL PLANNING IN THE COMPANY

1.1. The essence of financial planning in the organization. The main budgets required to form the financial plan of the organization

With the goal of adjusting or improving regular management, any company will certainly face one of the most pressing problems among many - the problem of financial management. Such management begins with financial planning, or budgeting. The experience of Russian companies shows that due to the lack of accurate and systematic knowledge of their finances, companies lose up to a fifth of their income. The head of the company should always know how much money he will have tomorrow, in a month, in six months. And given that many companies live off loans, and as a rule, interest rates are quite high, it is not always possible to immediately present a general picture of the financial condition of the organization, as well as accurately determine the structure of incoming and outgoing financial flows.

According to Selezneva N.N. and Ionova A.F. Financial planning - component planning the financial and economic activities of the enterprise, aimed at implementing the strategy and operational tasks of the enterprise.

For an economic entity, financial planning:

Embodies the developed strategic goals in the form of specific financial indicators;

Provides financial resources for the economic proportions of development laid down in the production plan;

It makes it possible to determine the viability of the enterprise project in a competitive environment;

Serves as a tool for obtaining financial support from outside investors.

Planning is connected, on the one hand, with the prevention of erroneous actions in the field of finance, on the other hand, with a decrease in the number of unused opportunities.

The practice of managing in a market economy has developed certain approaches to planning the development of an individual enterprise in the interests of its owners and taking into account the real situation on the market.

Providing the necessary financial resources for production, investment and financial activities;

Determination of ways of effective investment of capital, assessment of the degree of its rational use;

Identification of on-farm reserves for increasing profits through the economical use of funds;

Establishment of rational financial relations with the budget, banks and contractors;

Observance of the interests of shareholders and other investors;

Control over the financial condition, solvency and creditworthiness of the enterprise.

The financial plan is the most important element of a business plan, which is drawn up both to justify and specific investment projects and programs, and to manage current and strategic financial activities. This document provides a link between the indicators of the development of the enterprise and the available resources.

The financial plan should be aimed at providing financial resources for the entrepreneurial plan of the economic entity; it has a great impact on the economics of the enterprise. This is due to a number of circumstances.

Firstly, in financial plans, the planned costs for carrying out activities are compared with real opportunities, and as a result of the adjustment, material and financial balance is achieved.

Secondly, the articles of the financial plan are associated with all economic indicators of the enterprise and are linked to the main sections of the entrepreneurial plan: the production of products and services, scientific and technological development, the improvement of production and management, the increase in production efficiency, capital construction, logistics, labor and personnel, profit and profitability, economic incentives, etc. Thus, financial planning has an impact on all aspects of the activity of an economic entity through the choice of objects of financing, the direction of financial resources and contributes to the rational use of labor, material and financial resources.

Financial planning is closely related to the marketing, production and other plans of an economic entity. No financial forecasts will acquire practical value until the production and marketing directions of activity have been worked out. Financial plans will be unrealistic if the marketing goals are not specific, and therefore difficult to achieve.

Financial planning is also closely related to the purpose of the organization and its overall strategy. The complex nature of financial planning is shown in Figure 1.1.

Figure 1.1 Comprehensive nature of the organization's financial planning

A financial plan is a quantitative plan in terms of money, prepared and accepted before a certain period, usually showing the planned amount of income to be achieved, the expenses to be incurred during this period, and the capital that must be raised to achieve this goal.

According to Selezneva N.N. and Ionova A.F. a quantitative plan in monetary terms, showing the planned amount of income, expenses and capital that must be attracted to achieve the goal, is called the budget, or estimate.

The budget is an operational financial plan developed for a period of up to one year, reflecting the costs and receipts of funds in the course of economic activity. It is the main planning document brought to the responsibility centers of all types.

Budgeting underlies the formation of a business plan and includes direct planning and monitoring (control, supervision) of current business activities.

The company's budget (Main budget) is a system of interrelated budgets, representing in a structured form the expectations of managers regarding sales, expenses and other financial transactions in the forecast (planned) period. The main budget includes two blocks: the system of operating budgets and the system of financial budgets.

In the process of budgeting, the company's budget is calculated for the entire set of operating and financial budgets (with the exception of the capital investment budget) and the forecast financial condition of the company is assessed. If the resulting financial indicators calculated on the basis of the company’s budget system (such as liquidity, profit, profitability, etc.) are unsatisfactory, it is necessary to implement a “what-if” scenario to assess the impact of the main budget parameters and the standards laid down in planning.

The budget is a quantitative expression of plans for the activities and development of the organization, coordinating and concretizing in figures the projects of managers. As a result of its compilation, it becomes clear what profit the enterprise will receive if one or another development plan is approved. The use of a financial plan creates undeniable advantages for the organization.

The budget system is used by managers as a means of managing the activities of the enterprise, monitoring the real state of affairs and comparing it with the goals and objectives laid down in the plan.

Planning, both strategic and tactical, helps to control the production situation. Without a plan, a manager is usually only left to react to the situation, instead of controlling it. The financial plan, being an integral part of the plan, contributes to a clear and purposeful activity of the enterprise.

The financial plan, being an integral part of management control, creates an objective basis for evaluating the performance of the organization as a whole and its divisions. In the absence of a financial plan, when comparing the performance of the current period with the previous ones, one can come to erroneous conclusions, namely: the performance of past periods may include the results of low-productivity work. Improvement of these on indicators means that the enterprise began to work better, but it has not exhausted its capabilities. When using indicators from previous periods, opportunities that have arisen that did not exist in the past are not taken into account.

The financial plan, as a means of coordinating the work of various departments of the organization, encourages the managers of individual links to build their activities, taking into account the interests of the organization as a whole. It is also the basis for assessing the implementation of the plan by responsibility centers and their leaders: the work of managers is evaluated according to reports on the implementation of the budget; a comparison of actual results against budget data indicates areas where attention and action should be directed.

Western financial science considers financial planning not only as the main function of financial management, but also as an indicator of the effectiveness of all activities of the organization. The majority of Russian enterprises have not yet joined financial management through the mechanism of financial planning. This is due to a number of reasons:

Lack of clear goals and understanding of the mission of the organization by its leadership;

Difficulties of many business entities in determining the real need for current resources (production, labor, etc.);

The absence at modern enterprises of a well-functioning system for presenting reliable information at the right time, to the right people, at the right time.

Large companies have great opportunities for effective financial planning. They have sufficient financial resources to attract highly qualified specialists to ensure the implementation of large-scale planned work in the field of finance.

Small enterprises, as a rule, do not have the funds for this, although the need for financial planning is greater than that of large ones. Small firms are more likely to need borrowed funds to support their business activities, while the external environment of such enterprises is less controllable and more aggressive. And as a result, the future of a small enterprise is more uncertain and unpredictable.

According to Savitskaya G.V. the object of financial planning of the organization are all types of its activities: current (operational), investment and financial and their individual elements:

Revenue from the sale of products;

Profit and its distribution;

The volume of payments to the budget system in the form of taxes and fees;

Contributions to state off-budget funds in the form of a unified social tax;

The amount of borrowed funds attracted from the credit market;

The volume of capital investments and sources of their financing;

Planned need for working capital and financing of their growth.

According to Bolshakov S.V., there are two options for building financial plans:

1. Budgeting "down up" starts with the sales budget. Based on the amount of sales and the corresponding costs, financial indicators of the enterprise's activities are obtained. If their values ​​do not suit top management, then the budgets included in the operating budget are reviewed.

In the practice of financial planning, the following methods are used: economic analysis, regulatory, balance calculations, cash flows, multivariance method, economic and mathematical modeling.

Method of economic analysis allows you to determine the main patterns, trends in the movement of natural and cost indicators, internal reserves of the enterprise.

Essence 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 and their sources is calculated. Such standards are the rates of taxes and fees, the norms of depreciation, etc. There are also the standards of an economic entity - these are the standards developed directly at the enterprise and used by it to regulate production and economic activities, control the use of financial resources, and other goals for the effective investment of capital. Modern methods of costing standard-cost and margin-costing are based on the use of on-farm norms.

Usage balance sheet method to determine the future need for financial resources, it is based on the forecast of receipt of funds and costs for the main balance sheet items for certain date in perspective.

Discounted cash flow method universal when drawing up financial plans; it is a tool for predicting the size and timing of the receipt of the necessary financial resources. The theory of cash flow forecasting is based on the expected receipt of funds on a certain date and the budgeting of all costs and expenses. This method will provide more information than the balance sheet method.

Calculation multivariance method consists in the development of alternative options for planned calculations in order to choose the optimal one from them, while different selection criteria can be set.

Methods of economic and mathematical modeling allow to quantify the tightness of the relationship between financial indicators and the main factors that determine them.

According to Likhachev O.N. The financial planning process includes several steps.

At the fifth stage, the financial planning process ends with the practical implementation of plans and control over their implementation.

Unlike financial statements (balance sheet, form No. 2, etc.), the forms of financial plans are not standardized. Their structure depends on the object of planning, the size of the organization and the degree of qualification of the developers.

Financial plan is developed by the financial or economic service together with the heads of responsibility centers, the development process, as a rule, goes from the bottom up.

The financial plan can be developed on an annual basis (broken down by months) and on the basis of continuous planning (when during the I quarter the estimate of the II quarter is revised and an estimate is made for the I quarter of the next year, i.e. the financial plan is always projected a year ahead)

Despite the unified structure, the composition of the elements of the financial plan (especially its operational part) largely depends on the type of activity of the organization.

In the financial planning system, there is also such a thing as Strategic financial planning, which defines key indicators, proportions and rates of expanded reproduction. Within the framework of strategic planning, long-term development guidelines and goals of the enterprise, a long-term course of action to achieve the goal and allocate resources are determined.

The need for strategic planning of any business entity lies in such a choice of the goals of the organization, in which an increase in the value of the enterprise is achieved, profit is maximized and its financial structure is optimized. With the help of strategic financial planning, you can achieve:

Optimal distribution and use of production, financial and labor resources;

Dominant position in the market;

Adaptation to the external market environment through the analysis of strengths and weaknesses organization, use of its advantages, assessment of potential risks.

In modern conditions, strategic financial planning covers a period of one to three years. However, such a time interval is conditional, since it depends on economic stability and the ability to predict the volume of financial resources and directions for their use;

Strategic planning includes the development of the financial strategy of the enterprise and the forecasting of financial activities.

According to V.V. Kovale, the development of a financial strategy is a special area of ​​financial planning, since being an integral part of the overall strategy for economic development, it must be consistent with the goals and directions formulated by the overall strategy. In turn, the financial strategy renders; impact on the overall strategy of the enterprise. A change in the situation in the financial market entails an adjustment in the financial, and then the general development strategy of an economic entity.

The financial strategy includes the definition of long-term goals of financial activity and the choice of the most effective ways to achieve them.

The goals of the financial strategy should be subordinated to the overall development strategy and aimed at maximizing the market value of the enterprise.

When developing a financial strategy, it is important to determine the period of its implementation, which depends on a number of factors:

Dynamics of macroeconomic processes;

Trends in the development of the domestic financial market (taking into account dependence on world financial markets);

Industry affiliation of the enterprise and the specifics of its decisions. For example, the policy of financing the creation of a new product through the use of equity should be based on the reinvestment of all net profit received only in this development.

The basis of strategic planning is forecasting, which embodies the company's strategy in the market. Forecasting consists in studying the possible financial condition of the enterprise in the long term. Unlike planning, the tasks of forecasting do not include the implementation of the developed forecasts in practice, since they are only a prediction of possible changes. Forecasting includes the development of alternative financial indicators and parameters, the use of which, with the emerging (but predicted in advance) trends in the situation on the market, allows you to determine one of the options for the development of the financial position of the enterprise.

The range of indicators of the forecast may differ significantly from the range of indicators of the future plan. In some ways, the forecast may seem less detailed than the calculations of planned targets, but in some ways it will be worked out in more detail.

The basis of forecasting is the generalization and analysis of available information, followed by modeling options development of situations and financial indicators. Methods and methods of forecasting should be dynamic enough to allow timely consideration of these changes.

The starting point of forecasting is the recognition of the fact of stability of changes in the main indicators of the activity of an economic entity from one reporting period to another. This provision is all the more true because the information base of forecasts is provided by the accounting and statistical reporting of the enterprise.

According to Shokhin E.I. strategic financial planning includes the development of three main forecast financial documents:

Profit and loss statement forecast;

Cash flow forecast;

The main purpose of developing these documents is to assess the financial position of the enterprise at the end of the planning period.

The financial plan includes several components, such as a forecast balance sheet, a profit and loss plan, and a cash flow plan. In turn, to form these plans, it is necessary to determine the following indicators (For a trading organization):

Procurement of goods

Operating expenses

Payment of interest on loans

The list of listed planning documents meets the requirements of world business planning practice, which reflects all the most important quantitative and qualitative financial indicators.

Forecast of sales volumes. For the preparation of forecast financial documents, it is important to correctly determine future sales volume(volume of products sold). This is necessary for the organization of the production process, the effective distribution of funds, control over stocks. The sales forecast gives an idea of ​​the market share that they intend to win with their products.

As a rule, sales forecasts are made for three years. Annual sales forecasts are broken down by quarter and month. The shorter the sales forecasts, the more accurate and specific the information they contain must be. This is due to the fact that in the first year of production, buyers of products are already known, calculations for the second and third years are in the nature of forecasts that are based on marketing research.

Sales forecasts are expressed in both monetary and physical units, they help to determine the impact of price, output and inflation on the cash flows of the enterprise (Table 1.1).

Table 1.1

Sales forecast

Indicator	Actual meaning, 2005	Predicted values
		2006. (by months)				2007. (by quarters)				2008.
Sales volume in physical terms
Price per unit of sales, rub.
Price index, %
Sales volume in monetary terms

The budget of stocks of finished products at the end of the reporting period in physical and value terms.

Stocks of finished products in kind at the end of the reporting period at the planning stage of the enterprise are determined by its management. In order to evaluate the reserves in monetary terms, it is necessary to calculate the planned cost per unit of production.

Forecast income statement.

The pro forma profit and loss statement determines the amount of profit in the coming period.

The income statement forecast contains the following items:

1. Proceeds from the sale of products (minus VAT and excises).

2. Cost of sales of products.

3. Selling expenses.

4. Management expenses.

5. Profit (loss) from sale (item 1 - item 2 - item 3 - item 4).

6. Interest receivable.

7. Interest payable.

8. Income from participation in other organizations.

9. Other operating income.

10. Other operating expenses.

11. Profit (loss) from financial and economic activities (st.5+st.6-st.7+st.8+st.9-st.10)

12. Other non-operating income.

13. Other non-operating expenses.

14. Profit (loss) of the planned period (item 11 + item 12 - item 13)

15. Income tax.

16. Abstract means.

17. Retained earnings (losses) of the planned period (Art. 14 - Art. 15 - Art. 16).

The prognostic income statement shows how much income the company has earned for the planned period and what costs have been incurred. Much of the input comes from operating budgets. Approximate form the income and expenditure budget is presented in Appendix 1.

In general, the expected profit from the sale (p. 1.6) is determined with sufficient accuracy for practical purposes, since sales revenue and cost are calculated directly. It is more difficult to plan operating income and expenses, which mainly reflect the results of operations related to the movement (sale and disposal) of the organization's property. When determining the expected proceeds from the sale of fixed assets and materials (p. 2.4), previously acquired for production purposes, but turned out to be unnecessary, the actual amounts of funds received under contracts or draft contracts with buyers are taken into account. As part of operating expenses, you can accurately calculate the amount of tax payments, such as property tax (p. 2.5), as well as the amount of interest payable on borrowed funds (p. 2.2). Other items of operating expenses, as well as non-operating income/expenses, are calculated approximately or taken at the level actually formed in the previous period.

The bottom line shows the undistributed (reinvested) profit on a cumulative basis, which automatically enters the balance sheet forecast.

When conducting a predictive analysis of profits, the “costs – volume – profit” method is widely used in practice, which allows:

Determine the volume of production and sales of products in order to ensure their break-even;

Set the amount of desired profit;

Increase the flexibility of financial plans by taking into account various options for changing situations (price factors, dynamics of sales volumes).

Tax plan. At a number of enterprises, the Tax Plan is drawn up separately. Such a plan can be developed by the tax division of the central accounting department. It reflects the planned level (income and expenditure budget) and maturity (cash flow budget) of taxes and other obligatory payments to the budget and off-budget funds. The breakdown of payments by periods should be subject to legal requirements. The volume of repayment of obligations in the planned period should be necessary and sufficient to prevent overpayment or the occurrence of overdue debts for all types of taxes and other obligatory payments. The planned level of tax receivables is determined, as a rule, only for VAT (return from the budget) and is calculated by the relevant division of the central accounting department based on the planned data on taxable / non-taxable turnover, as well as on the planned level of VAT write-off by types of expenses provided to this unit by the planned department. The planned level of repayment of restructured debt is determined by the terms of the relevant agreements with tax and other government regulatory authorities.

- a financial document that has become increasingly widespread in Russian practice in recent years. It reflects the movement of cash flows from current, investment and financial activities. Differentiation of activities in the development of the forecast can improve the effectiveness of cash flow management. The balance for each type of activity is formed as the difference between the total values ​​of the three sections of the revenue side of the plan and the corresponding sections of the expenditure side. With the help of this form of cash flow budget, an enterprise can check the reality of the sources of receipt of funds and the validity of expenses, the synchronism of their occurrence, determine the possible amount of need for borrowed funds in the event of a shortage of funds. The budget is considered to be finalized if it provides sources for covering the deficit.

The expected balance at the end of the period is compared with the minimum amount of cash in the accounts and on hand, which is advisable to have as an insurance stock, as well as for possible projected profitable investments in advance (the size of the minimum amount is determined by the financial manager of the organization).

The cash flow forecast assists the financial manager in assessing the use of cash by the business and identifying its sources. In addition to examining accounting information, forecast data makes it possible to assess future flows and, therefore, the growth prospects of an enterprise and its future financial needs.

BDDS cash flows can be classified as follows:

1. By the scale of servicing the business process:

For the enterprise as a whole or total cash flow (Fig. 7.8);

For certain types of economic activity of the enterprise;

For individual structural divisions (financial responsibility centers) of the enterprise;

For business transactions.

Such a classification is necessary for the subsequent analysis of the effectiveness of the use of funds.

1. In the direction of cash flow:

Positive cash flow - cash inflow (cashflow, CIF), which is caused by their receipts at the enterprise in the course of business operations;

Negative cash flow - the outflow of cash (cashoutflow, COF), caused by their payments by the enterprise in the course of business operations.

If the difference between the amounts of inflows and outflows is positive, it is called net cash inflow (netcashflow). If this difference is negative, it is called net cash outflow (netcashoutflow).

3. By types of economic activity, cash flows are assessed in the context of operating, investment and financial activities.

Cash flow on the main (operating) activity includes inflows and outflows. The most typical sources of cash receipts in this section are:

Proceeds from the sale of goods and the provision of services;

From rent, fees, commissions and other income;

From the insurance company in the form of insurance compensation for the occurrence of cases.

Typical directions of cash outflows under this heading include:

Cash payments to suppliers of goods and services;

Employees of the enterprise;

tax;

Interest on loans and borrowings;

Insurance company in the form of insurance premiums, etc.

According to Likhacheva O.N. the activity of the enterprise is characterized positively if the main cash inflow is associated with operating activities.

Investment activities, usually results in a cash outflow. This happens when the company expands and modernizes its production facilities. Investment activity expenses are covered by income from operating activities. With a lack of income from operating activities, external sources of financing are attracted, which leads to changes in the capital structure.

Sources of cash receipts from investment activities:

Cash receipts related to the sale of property, machinery and equipment, intangible and other non-current assets;

From the sale of equity or debt instruments of other companies and interests in joint ventures (except for the proceeds from these instruments, considered as cash equivalents, and for those held for commercial and trading purposes), etc.

Cash outflows from investing activities:

Cash payments related to the acquisition of property, machinery and equipment, intangible and other non-current assets;

Relating to equity and debt instruments;

Long-term financial investments, i.e. cash payments to acquire equity or debt instruments of other entities and interests in joint ventures (other than payments for those instruments treated as cash equivalents and those held for trading and trading purposes).

Financial activities should contribute to the growth of the enterprise's funds for financial support of the main and investment activities.

The sources of income (inflows) of this section reflect the attraction of capital in the form of bank loans (long-term and short-term), the sale of own securities (stocks, bonds, etc.), receipts of leasing payments from the lessee, etc.

Cash outflows from financing activities:

Payments to shareholders (founders) in the form of dividends, as well as in the form of payment for shares redeemed by them;

Payments to creditors of the enterprise in the form of repayment of the principal debt;

Lessee's cash payments to reduce finance lease debt, etc.

With regard to the classification of flows associated with the movement of interest and dividends, there is no consensus.

Interest paid and interest and dividends received may be classified as operating cash flows because they fall within the definition of net profit or loss. At the same time, interest paid and interest and dividends received may be classified as either cash flows (being costs of raising funds) or investment cash flows (being returns on investments).

Aggregate cash flow is the sum of cash flows from operating, investing and financing activities. It is also adjusted for income from changes in the exchange rate.

After the financial service draws up a cash flow budget, the organization's payment calendar is developed. The payment calendar is a more detailed budget and is developed for the purpose of operational control of funds for the coming month (quarter) broken down by decades or days.

Payment schedule - This is a plan for organizing the production and financial activities of an enterprise, in which all sources of cash receipts and expenses for a certain period of time are interconnected on a calendar basis. It fully covers the organization's cash flow, makes it possible to link cash receipts and payments in cash and non-cash form, and allows to ensure constant solvency and liquidity.

The payment calendar is compiled by the financial service; planned indicators the cash flow budget is concentrated and broken down by months and smaller periods (for 15 days, a decade, a five-day period). The terms are determined based on the frequency of the organization's main payments. In the process of compiling a payment calendar, the following tasks are solved:

Organization of temporary correspondence of cash receipts and forthcoming expenses of the organization;

Formation of an information base on the movement of cash inflows and outflows;

Daily accounting of changes in the information base;

Analysis of non-payments (by amounts and sources of occurrence and organization of specific measures to eliminate their causes);

Calculation of the need for short-term financing (credit) in cases of temporary discrepancy between cash receipts and liabilities and prompt acquisition of borrowed funds;

Calculation (by amounts and terms) of temporarily free funds of the organization;

Analysis of the financial market from the standpoint of the most reliable and profitable placement of temporarily free funds.

Drawing up a payment calendar is carried out in several stages:

Stage 1 . Entering planned payments and receipts from operating activities

Stage 2. Entering data for payment and income from investment activities

Stage 3. Entering planned payments and receipts from financial activities

Stage 4. Formation of an interim cash flow balance

Stage 5. Determining the need for additional financing or short-term investment opportunities

Stage 6. Formation of the final cash balance

The payment calendar is compiled on the basis of a real information base on the organization's cash flows. The constituent elements of the cash flow information base are a documentary source of information, the amount and timing of payments and receipts of funds.

Documentary sources of information for compiling the payment calendar of the organization:

Contracts with contractors, banks, other organizations

Acts of reconciliation of settlements with counterparties

Certificates of delivery and acceptance of products (works, services)

Accounts (invoices) for payment for products (works, services)

Invoices (issued and received)

Bank documents on receipt of funds to accounts

Customs declarations

Money orders

Price negotiation documents

Product shipment schedules

Payroll Schedules

Status of settlements with debtors and creditors

Legislated deadlines for payments on financial obligations (to the budget, off-budget funds, counterparties)

Internal orders

On the basis of incoming primary documents, a calendar of payments and receipts (accounts payable and receivables) is filled in, scheduled by dates within the accounting period (usually a calendar month). A possible form of such a calendar is presented in Table 1.2.

Table 1.2

Order of payments and receipts

The form and methodology for compiling the payment calendar is similar to the cash flow budget (Appendix 2). However, this table only shows a list of some of the possible payments and receipts. A real calendar should include not only inflows / outflows of funds by type of activity, but also a specific date for each payment.

One of the possible forms of the payment calendar by type of activity and dates is shown in the table. The payment calendar is compiled automatically based on the calendar of priority payments. The operational financial plan is linked to the cash flow budget by means of an item code (each payment and receipt of the payment calendar is assigned a corresponding code). The criterion for the quality of operational financial planning is the timely fulfillment of obligations with a zero final balance of operating activities.

Exceeding the expected income means the insufficiency of the organization's own capacity to cover them.

In order to prevent a budget deficit (a negative balance in the payment calendar), the order of payment of bills must be decided in advance (at the stage of developing the budget execution process). To do this, all planned payments are divided into groups according to their importance.

For first priority payments or mandatory payments in most cases include:

employees' wages;

tax payments;

Repayment of accounts payable to the main suppliers (for raw materials, materials, electricity);

Repayment of loans received from the bank;

Other payments (dividend payments, lease payments, restructured debt payments, etc.).

The group of payments of the second stage, as a rule, includes:

Bonuses and rewards at the end of the year;

Payments to other creditors;

Purchases for non-core activities and some other payments.

In order to eliminate the budget deficit, a decision may also be made to revise (adjust) the budget. The revision of the expenditure side of the budget is considered collectively: with the participation of the organization's management and heads of financial reporting centers.

If there is a "surplus" of funds, this to a certain extent indicates the financial stability and solvency of the organization. However, excess cash flow also has a negative side, which manifests itself in the depreciation of temporarily unused funds from inflation, the loss of lost profits from the profitable placement of free cash assets in the field of their short-term investment. Ultimately, this negatively affects the level of return on assets and equity of the organization. Therefore, it is necessary to use the opportunity to receive additional income by investing "excess" funds, say, in highly liquid short-term securities.

Balance forecast completes the organization's budgeting process. This document shows how the book value of the organization will change as a result of financial and economic activities during the planning period. Unlike the balance sheet, the balance sheet forecast can be drawn up not only for the organization as a whole, but also for a separate type of business, structural unit (independent legal entity or branch), investment project.

The balance sheet is a summary table and consists of two main sections - assets and liabilities, which must be equal to each other . The balance of assets and liabilities is necessary in order to assess what types of assets the funds are directed to and what types of liabilities are expected to finance the creation of these assets. In the asset balance, the most active part of the funds is distinguished: current assets (bank account, cash, accounts receivable), stocks and fixed assets. The liability reflects the company's own and borrowed funds, their structure and forecasts of their changes for the planned period.

Unlike the income statement forecast, which shows the dynamics of the company's financial operations, the balance sheet forecast reflects a fixed, statistical picture of the company's financial balance.

The structure of the forecast balance corresponds to the generally accepted structure of the balance sheet of the enterprise, since the balance sheet as of the last date is used as the initial one.

With a planned increase in sales (sales volume), the assets of the enterprise should be proportionally increased, since additional funds are required to purchase equipment, raw materials, etc. to increase production and sales. Growth in the volume of product sales, as a rule, leads to an increase in receivables, as enterprises provide buyers with longer payment deferrals, expand the practice of selling goods on consignment terms.

The growth of the company's assets should be accompanied by a corresponding increase in liabilities, as accounts payable (obligations to pay for the supply of raw materials, energy, various services), the need for borrowed and borrowed funds increases.

The balance forecast is based on the balance at the beginning of the period, taking into account the expected changes in each balance sheet item. To determine the change in the balance sheet items, the information contained in the income and expenditure budget (BDR) and the cash flow budget (BDDS) is used in accordance with formula 1:

The development of this document starts with asset planning .

To link the budget of income and expenses with the balance forecast, the change in the amount of current assets is analyzed depending on the increase (decrease) in sales volumes. The cash balance is the difference between the amount of financing (profit, earmarked financing, loans, etc.) and the required investment. AT general case the items “Cash, settlement accounts” and “Accounts payable” are balancing in the preparation of: a balance forecast, whereby the asset and liability are brought into balance.

The future carrying amount of non-current assets can be calculated by adding planned expenses for fixed assets and intangible assets to the already existing carrying amount and subtracting from this amount the depreciation for the period and the carrying amount of fixed assets sold. Data on the acquisition of fixed assets in the planning period are given in the investment budget. When planning the liabilities side of the balance sheet, the following items are evaluated:

Accounts payable to suppliers of materials;

wage arrears;

Accrued taxes (settlements with the budget);

Own capital at the end of the planning period;

The size of the authorized capital;

Undestributed profits;

Long-term liabilities.

Items of assets and liabilities are summarized in the balance sheet forecast.

The organization's budget is always developed for a certain time period, which is called the budget. . The correct choice of the duration of the budget period is very important for the effectiveness of the organization's budget planning.

As a rule, the organization's consolidated budget is prepared and approved for the entire budget period (usually one calendar year). This is due to the fact that during such a period of time seasonal fluctuations in the conjuncture are leveled off. In addition, such a period of time complies with the legal requirements for the reporting period. Indicative, i.e. without approval as a system of target indicators and standards that are mandatory for execution, some budget indicators can be set for a longer period (three to five years). In addition, within the budget period, each of the budgets has a breakdown into sub-periods. The planning interval is set by the budget regulations of a particular enterprise. As a rule, the maximum duration of the planning interval within the budget period is a month, and in the first quarter - a decade or even a week.

1.2. Factors affecting the effectiveness of financial planning in a company

Since in this paper the main focus is on the construction of financial planning in a trade organization, the consideration of the influence of factors on the effectiveness of planning will be considered relative to a trade organization.

Factors influencing the financial planning of an organization should be considered as a whole. External and internal, political and economic factors are interconnected and inseparable from the current and planned financial condition of any company. Since the organization is an open socio-economic system, in order to maintain and develop its activities, coordination of the internal capabilities of the organization with the needs and changes in the external environment is required.

For example, in such an unstable economic situation in Russia, as it is now, during the global economic crisis, unemployment, when the national currency is weakening against the dollar and the euro, it is quite difficult to give a clear forecast for product prices and sales in the long term on a falling market. We can definitely say that, most likely, there will be either a reduction in sales volumes, or, at best, their preservation at the same level. The unstable monetary policy of the state also has a significant Negative influence on the effectiveness of financial planning.

It is also necessary to take into account the influence of the following internal factors:

1. Organizational structure
2. Strategic goals and objectives of the enterprise
3. Tactics for achieving goals
4. Information basis of financial planning
5. Methodological support of financial planning
6. Control and stimulation of departments and their leaders

The more complex the organizational structure, the more strategic goals and objectives, the more difficult it is to plan and control. More resources are needed, more internal regulatory documents that regulate the procedure for financial planning and control in the organization. To determine the order of movement of information within the company, it is necessary to project the planning processes onto the organizational structure of the company, that is, to distribute the responsibilities associated with ensuring the functioning of the system among the leaders of the organization, and also to appoint a body responsible for the operation of the system as a whole. Concerning methodological support, then a whole range of internal company documents is needed to coordinate various links in the financial planning chain:

Organizational regulations

Temporary regulation

Format and composition of management plans required for financial planning.

The control-incentive factor is based on the results of the implementation of the plan, it is best if structural units companies are rewarded for positive deviations from the planned budget indicators (exceeding sales volumes, reducing commercial expenses, etc.). Thus, the management of departments will be interested in maximizing the performance of the company and will be responsible for the planned indicators. Otherwise, the principle is violated feedback"- the head of the unit, when summing up the results, can always refer to unforeseen circumstances that have arisen during the budget period, and thus the budget turns from a mandatory plan into a set of good wishes.

In trade organizations, business development is primarily limited by the capacity of the market, so the sales plan plays the main role in the formation of the financial plan.

The following factors influence the forecast of sales volumes:

Sales volume of previous periods;

The dependence of sales on general economic indicators, the level of employment, prices, the level of personal income of consumers;

Relative profitability of products, market research, advertising company;

Pricing policy, product quality;

Competition;

Seasonal fluctuations;

Long-term sales trends for various products.

The level of selling expenses depends on the following factors:

stages life cycle products

Consumer market type

If the product is completely new, but with great prospects and it is planned to enter a new market, then it is absolutely logical to invest significant amounts in promoting the product. At the same time, the level of commercial expenses can reach up to 5 percent or more of sales. If the product is at the stage of reduction of its sales due to the reduction of the market, then commercial costs can be reduced to 0.

If the product is intended for the consumer market, then the cost of its promotion will be higher than if this product was intended for the industrial market, which is associated with bringing the product to the individual consumer.

1.3. The system of financial and economic indicators used in financial planning

This chapter will consider the most significant and relevant financial and economic indicators:

financial stability;

liquidity;

profitability;

business activity.

The concentration ratio of own capital determines the share of funds invested in the activities of the enterprise. The higher the value of this ratio, the more financially stable, stable and independent of external creditors the enterprise.

The flexibility coefficient characterizes what share of sources of own funds is in a mobile form and is equal to the ratio of the difference between the sum of all sources of own funds and the cost of non-current assets to the sum of all sources of own funds and long-term loans and borrowings.

The coefficient of long-term attraction of borrowed funds shows what part of the sources of formation of non-current assets at the reporting date falls on equity, and what part on long-term borrowed funds. A particularly high value of this indicator indicates a strong dependence on attracted capital, the need to pay in the future significant amounts of money in the form of interest on loans.

The following formulas are used to calculate financial stability indicators:

Equity concentration ratio (autonomy) = Capital / Balance sheet

Liquidity assessment

Liquidity analysis is an assessment of the degree to which an organization's obligations are covered by its assets, the period of transformation of which into money corresponds to the maturity of obligations.

The current liquidity ratio gives overall rating liquidity of assets, showing how many rubles of current assets of the enterprise account for one ruble of current liabilities.

Quick (intermediate) liquidity ratio in terms of meaning, the indicator is similar to the current liquidity ratio; however, it is calculated on a narrower range of current assets, when the least liquid part of them - inventories - is excluded from the calculation.

The absolute liquidity ratio is the most stringent criterion for the liquidity of an enterprise; shows what part of short-term debt obligations can be repaid immediately if necessary.

To calculate indicators liquidity the following formulas are used:

Profitability assessment

The most important indicator reflecting the final financial results of the organization's activities is profitability. The calculation of this indicator allows you to analyze the effectiveness of the use of certain assets of the enterprise. Profitability characterizes the profit received from each ruble of funds invested in an enterprise or other financial transactions.

The following formulas are used to calculate profitability indicators:

Return on equity ( ROE ) = Net profit / average value capital
Return on assets ( ROA ) = Net profit / Average assets of the enterprise
Net rate of return ( ROS ) = Net profit / Sales proceeds

Business Activity Assessment

The most important part of the organization's financial resources is its current assets. They include inventories, cash, short-term financial investments, receivables. The success of the production and operating cycle of the organization depends on the state of current assets, since the lack of working capital paralyzes the activities of the organization and may lead to the inability to pay for its obligations and to bankruptcy. The analysis of business activity indicators is mainly based on the analysis of the turnover of current assets, since it determines not only the size of the minimum working capital required for economic activity, but also the amount of costs associated with owning and storing stocks.

To calculate business activity indicators, the following formulas are used, where the period is 365 days:

Share of accounts receivable in balance sheet currency = Accounts receivable / Balance sheet currency

So, we examined the main indicators that characterize the position of the enterprise and are the basis for financial planning of activities. The initial data for the calculation are Form No. 1 "Balance Sheet", Form No. 2 "Profit and Loss Statement".

An analysis of financial stability should show the presence or absence of the enterprise's ability to attract additional borrowed funds, the ability to repay current liabilities at the expense of assets varying degrees liquidity. The coefficients of financial stability characterize the degree of the possibility of bankruptcy of the enterprise in connection with the use of borrowed resources.

As a result of the liquidity analysis, it is determined to what extent current liabilities are secured various types current assets of the enterprise.

For the analysis of profitability, two groups of profitability ratios are calculated: return on capital and profitability of operations. In addition, an assessment of the profitability (profitability) of the enterprise can be carried out, which characterizes the efficiency of the movement of the capital of the enterprise.

The coefficients of business activity (turnover) characterize the turnover of all assets, provide information about the efficiency of the enterprise as a whole. The results of the analysis of turnover make it possible to identify positive or negative trends in the structure of working capital in terms of the duration of turnover. In addition, an increase in the rate of capital turnover reflects, other things being equal, an increase in the potential of the enterprise.

Conducting financial analysis is the basis for identifying possible problems in the activities of the enterprise and helps to identify measures to overcome them.

CHAPTER 2. ANALYSIS OF THE FINANCIAL PLANNING SYSTEM OF THE COMPANY LLC "DTS"

2.1. General characteristics of the company LLC "DTS"

LLC "DTS" is a subsidiary of the Japanese "Sumitomo Rubber Industries", Ltd. in Russia. Sumitomo Rubber Industries, Ltd. manufactures and sells tires under the brands Dunlop, Falken, Goodyear, Sumitomo and Ohtsu. In addition to offices in China and Indonesia, the Sumitomo Group, in conjunction with The Goodyear Tire and Rubber Company, manufactures and sells in Europe and North America. The main activity of DTS LLC in Russia is the sale of high-quality tire products to large wholesale dealers.

Since LLC "DTS" is a trade organization associated with the implementation of foreign economic activity, the company's income and expenses are formed in foreign currency and rubles. Settlements with the parent company in Japan are carried out in US dollars, settlements with suppliers regarding the transportation of goods by international transport and storage at the destination are carried out in Euros, settlements with buyers and suppliers in Russia, as well as with the Customs authorities regarding import clearance of goods are carried out in rubles .

The planning of cash income and expenses of DTS LLC is based on: an import plan (plan for purchasing goods from the parent company), rates for transportation costs, storage costs, insurance and customs payments; redistribution costs (studding of winter tires). The main difficulty is planning payments to customs for the import of goods. In addition to the established rates, customs value, other factors also influence their total amount, for example, the time spent by the goods at customs, as well as adjustments to the customs value of goods, which can be up to 6% of the value of goods.

Expenses in DTS LLC are distributed as follows:

about 90% of the company's expenses are variable costs, about 10% are fixed.

The variable costs of DTS LLC are as follows:

Customs duties and fees;

Warehouse services;

Transport services;

Tire studding services.

The fixed costs of DTS LLC are as follows:

Leasing of machines and equipment;

General running costs;

Administrative and management expenses;

Selling expenses (including advertising and marketing expenses);

Wages of employees of DTS LLC;

An analysis of the financial condition of DTS LLC will be carried out over a period of 4 years in the context of the most relevant indicators:

financial stability;

liquidity;

profitability;

business activity.

The main information sources for financial analysis of DTS LLC are financial statements - balance sheet and income statement (Appendix 3 and 4)

The results of the analysis of financial stability, liquidity, profitability and business activity of DTS LLC are presented in Appendix 5. The dynamics of the coefficients is clearly shown in Figures 2.1, 2.2, 2.3.

Financial stability assessment

Financial stability indicators for DTS LLC were calculated as follows:

Equity concentration ratio (autonomy) = Capital / Balance sheet

Equity concentration ratio (autonomy) 2005 = 113893/559556=20.35%

Equity concentration ratio (autonomy) 2006 = 315828/1018508=31.01%

Equity concentration ratio (autonomy) 2007 = 595730/1840492=32.37%

Equity concentration ratio (autonomy) 2008 = 833122/2715028=30.69%

Working capital ratio = Current assets - short-term liabilities / Current assets

Working capital ratio 2005 = 517771-445379/ 517771=13.98%

Working capital ratio 2006 = 972821-702126/ 972821=27.83%

Working capital ratio 2007 = 1793962-1244761/ 1793962=30.61%

Working capital ratio 2008 = 2672044-1880467/ 2672044=29.62%

Equity flexibility ratio = Equity and reserves - Non-current assets/ Capital and reserves

Equity flexibility ratio 2005 =113893-41785/ 113893=63.31%

Equity maneuverability ratio 2006 =315828-45688/ 315828=85.53%

Equity maneuverability ratio 2007 =595730-46530/595730=92.19%

Equity flexibility ratio 2008 =833122-42984/ 833122=94.84%

Long-term leverage ratio = Long-term loans and borrowings / (Long-term loans and borrowings + Equity)

Long-term borrowing ratio 2005=284/ (284+113893)=0.25%

Long-term borrowing ratio 2006=553/ (553+315828)=0.17%

Long-term borrowing ratio 2007=0/ (0+595730)=0.00%

Long-term borrowing ratio 2008= 1493/ (1493+833122)= 0.17%

Debt to equity ratio = Long-term and short-term loans and borrowings / Equity

Debt to equity ratio 2005=

(284+445379)/ 113893=391,30%

Ratio of borrowed and own funds 2006= (553+702126)/ 315828=222.49%

Debt to equity ratio 2007=

(0+1244761)/ 595730=208,95%

Debt to equity ratio 2008=

(1439+1880467)/ 833122=225,89%

Figure 2.1 Dynamics of financial stability ratios

The indicators of financial stability are quite unstable for the period from 2005 to 2008:

Liquidity assessment

Liquidity ratios for DTS LLC were calculated as follows:

Current liquidity ratio = Current assets / Current liabilities

Current liquidity ratio 2005=517771/ 445379=116.25%

Current liquidity ratio 2006=972821/ 702126=138.55%

Current liquidity ratio 2007=1793962/ 1244761=144.12%

Current liquidity ratio 2008=2672044/ 1880467=142.09%

Quick liquidity ratio = Cash + Highly liquid securities + Accounts receivable / Current liabilities

Quick liquidity ratio 2005=(75159+305059)/ 445379=85.37%

Quick liquidity ratio 2006=(64296+668019)/ 702126=104.30%

Quick liquidity ratio 2007=(360663+556576)/ 1244761=73.69%

Quick liquidity ratio 2008=(663047+639857)/ 1880467=69.29%

Absolute liquidity ratio = Cash + Marketable securities / Short-term debt

Absolute liquidity ratio 2005=305059/ 445379=68.49%

Absolute liquidity ratio 2006=668019/ 702126=95.14%

Absolute liquidity ratio 2007=556576/ 1244761=44.71%

Absolute liquidity ratio 2008=639857/ 1880467=34.03%

The assessment of liquidity indicators, in general, showed good results:

The absolute liquidity ratio throughout the analyzed period was at a high level and increased from 68.49% in 2005 to 124.88% in 2008. The quick liquidity ratio was above the norm in 2006 and 2008 and amounted to 104.30% and 254.29% respectively. The current liquidity ratio in 2008 showed a result higher than the recommended value and amounted to 254.50%.

Figure 2.2 Dynamics of liquidity ratios

Profitability assessment

Profitability ratios for DTS LLC were calculated as follows:

Total profitability = Profit before tax / Sales revenue

Total profitability 2005=122334/1282782=9.54%

Total profitability 2006=273417/2053246=13.32%

Total profitability 2007=372414/2825354=13.18%

Total profitability 2008=346133/3601789=9.61%

Return on sales = Profit from sales / Revenue from product sales

Return on sales 2005=100881/1282782=7.86%

Return on sales 2006=263479/2053246=12.83%

Return on sales 2007=388429/2825354=13.75%

Return on sales 2008=378649/3601789=10.51%

Return on equity (ROE) = Net income / Average equity

Return on equity (ROE) 2006=201935/ 0.5*(113893+315828)=93.98%

Return on equity (ROE) 2007=279903/ 0.5*(315828+595730)=61.41%

Return on equity (ROE) 2008=237393/ 0.5*(595730+833122)=33.23%

Return on Assets (ROA) = Net Income / Average Assets of the Enterprise

Return on assets (ROA) 2006=201935/ 0.5*(559556+1018508)=25.59%

Return on assets (ROA) 2007=279903/ 0.5*(1018508+1840492)=19.58%

Return on assets (ROA) 2008=237393/ 0.5*(1840492+2715028)=10.42%

Net Rate of Return (ROS) = Net Profit / Sales Revenue

Net rate of return (ROS) 2005= 101763/ 1282782=7.93%

Net Rate of Return (ROS) 2006= 201935/ 2053246=9.83%

Net Profit Rate (ROS) 2007= 279903/ 2825354=9.91%

Net Profit Rate (ROS) 2008= 237393/ 3601789=6.59%

The profitability indicators of DTS LLC for the period from 2005-2008 were at a fairly high level:

The overall profitability was at the level of 9.54% - 13.32%

Return on sales was at the level of 7.86% - 13.75%

Return on equity (ROE) fell from 93.98% in 2006 to 33.23% in 2008.

Return on assets (ROA) fell slightly from 25.59% in 2006 to 14.90% in 2008.

The net profit margin was in the range of 6.59% - 9.91%.

Figure 2.3 Dynamics of profitability indicators

Business Activity Assessment

Business activity indicators were calculated based on the selected period of 365 days:

Accounts receivable period (days) = Average accounts receivable / Sales revenue* Period

Receivables repayment period 2006 = 0.5*(75159+64296)/ 2053246*365=12 days

Receivables repayment period 2007 = 0.5*(64296+360663)/ 2825354*365=27 days

Receivables repayment period 2008 = 0.5*(360663+663047)/ 3601789*365=52 days

Accounts Payable Period (days) = Average Accounts Payable/ Sales Revenue* Period

Payables repayment period 2006 = 0.5*(445379+702126)/2053246*365=102 days

Payables repayment period 2007 =0.5*(702126+1244761)/2825354*365=126 days

Payables repayment period 2008 =0.5*(1244761+1880467)/3601789*365=158 days

Inventory and Cost Turnover Period (days) = Average Inventory and Cost Value/Product Cost* Period

Inventory and cost turnover period 2006 = 0.5*(136899+654+238132+2375)/

/1584717*365= 44 days

Inventory and cost turnover period 2007= =0.5*(238132+2375+872444+1477)/2145026*365=95 days

Inventory and cost turnover period 2008= =0.5*(872444+1477+1368106+955)/2796693*365=146 days

Asset turnover period (days) = Sales proceeds / Average value of assets

Asset turnover period 2006 = 365/(2053246/(0.5*(559556+1018508)))=140 days

Asset turnover period 2007 =365/(2825354/(0.5*(1018508+1840492)))=185 days

Asset turnover period 2008 =365/(3601789/(0.5*(1840492+2715028)))=231 days

The ratio of accounts payable to accounts receivable \u003d Accounts payable / Accounts receivable

The ratio of accounts payable to accounts receivable 2005 =445379/ 75159 =592.58%

The ratio of accounts payable to accounts receivable 2006 =702126/ 64296=1092.02%

The ratio of accounts payable to accounts receivable 2007 =1244761/ 360663=345.13%

The ratio of accounts payable to accounts receivable 2008 =1880467/ 663047=283.61%

Business activity indicators presented the following picture in 2005-2008:

The receivables repayment period increased from 12 days in 2006 to 52 days in 2008.

The payables repayment period was reduced from 102 days in 2006 to 89 days in 2008.

The asset turnover period ranged from 140 to 185 days.

The share of receivables in the balance sheet amounted to 13.43%; 6.31%; 19.60% and 49.23% in 2005, 2006, 2007 and 2008 respectively.

2.2. Characteristics of this financial planning system in DTS LLC

The financial block in DTS LLC is represented by the Financial Department, which reports to the Financial Director of DTS LLC, as well as the Accounting Department, which reports to the Chief Accountant of the company.

The company carries out short-term and long-term financial planning in the context of the Budget of income and expenses and the Forecast balance. These plans are drawn up on an annual and monthly basis. The deadline for submitting the monthly Budget of income and expenses and the Forecast balance is up to the 30th day of the month preceding the planned one.

The input information for the preparation of the Budget of income and expenses are:

Operating expenses budget, formed by the finance department, which includes labor costs, rent of premises, general and administrative expenses;

Business expenses budget submitted by the marketing department;

Budget of tax payments submitted by the accounting department;

Forecast of other investment and financial investments, formed by the financial department.

The input information for compiling the Forecast Balance is:

Payroll budget submitted by Human Resources;

Budget of income and expenses;

Payment calendar generated by the financial department;

Forecast of the balance of finished products and products in WIP at the warehouse, provided by the logistics department;

Sales budget submitted by the sales department;

Tax payment budget submitted by the accounting department.

Control over the execution of indicators of financial plans in DTS LLC is assigned to services subordinate to the financial director - the financial department and the accounting department. Operational analysis of the implementation of plans is carried out monthly by all persons responsible for the development of budgets. The financial department collects generalized information on the implementation of budgets for the month and draws it up in the form of a memo to the financial director of the company.

Modern conditions for the functioning of the enterprise are such that competition is quite high, and you have to work in conditions of risk and instability, which in turn leads to a significant increase in the volume of financial work. At the same time, this entails a significant increase in the role and content of financial work in the enterprise. Underestimation of this factor can lead to loss of financial stability and even bankruptcy of the enterprise.

All activities of the financial service are subordinated to ensuring financial stability and creating sustainable prerequisites for economic growth and profit.

To provide financial resources for the main economic activity of DTS LLC and to use them effectively to achieve the set goals;

In organizing relationships with the financial and credit system and other business entities;

in conservation and rational use fixed and working capital;

In ensuring the timeliness of payments for the obligations of the enterprise to the budget, banks, suppliers and employees.

In other words, the essence of financial work in DTS LLC is to ensure the circulation of fixed and working capital and maintain financial relations associated with commercial activities.

The financial service of DTS LLC is engaged in:

Prompt preparation of financial documents necessary for the management of the enterprise to make effective management decisions;

Coordination of activities of all departments to achieve the main goal of the enterprise;

Responsible for the quality preparation of financial plans;

Without the financial service, the normal functioning of an enterprise in market conditions is almost impossible.

The most important areas of activity of the financial service of DTS LLC include: financial planning, operational and control and analytical work.

Financial planning takes important place in the organization of all financial activities of the enterprise. In the course of financial planning, the financial condition is comprehensively assessed, the possibility of increasing financial resources is determined, and directions for their most effective use are identified.

Financial planning in DTS LLC is carried out on the basis of the analysis of financial information obtained from accounting, statistical and management reporting.

In the area of ​​planning, the financial service provides the following tasks:

Development of draft financial and credit plans with all necessary calculations;

Determining the need for own working capital;

Identification of sources of financing of economic activity;

Development of a capital investment plan with the necessary calculations;

Participation in the development of a business plan;

Preparation of cash plans provided to bank institutions;

Participation in the preparation of implementation plans in monetary terms and the determination of the planned amount of balance sheet profit for the year and quarterly and profitability indicators.

In the field of operational work, the financial service of DTS LLC solves numerous tasks, the main of which are:

Ensuring payments to the budget and extra-budgetary funds, payment of interest on short-term and long-term bank loans, payment of wages to employees and other cash transactions, payment of supplier invoices for shipped inventory items, services and work on time;

Ensuring financing of expenses for core activities;

Making loans in accordance with the agreements;

Maintaining daily operational records: sales of products, profit from sales, other indicators of the financial plan;

Drawing up information on the receipt of funds and certificates on the progress of the implementation of financial plan indicators and financial condition.

Great importance in DTS LLC is given to control and analytical work, since its effectiveness largely determines the financial result of the enterprise. The financial service constantly monitors the fulfillment of indicators of financial, cash and credit plans, plans for profit and profitability, monitors the use of own and borrowed capital for the intended purpose, and the targeted use of bank credit. In the implementation of control and analytical work, the financial service is greatly assisted by the accounting department, together with which the correctness of the preparation of estimates, the calculation of the return on capital investments are checked, all types of reporting are analyzed, and compliance with financial and planning discipline is monitored.

We can say that the financial department of DTS LLC is part of a single mechanism for managing economic activities, and therefore it is closely connected with other services of the organization. So, as a result of close contacts with the accounting department, sales and production plans, lists of creditors and debtors, documents on the payment of wages to employees, etc. are provided to the financial department. In turn, the financial department introduces the accounting department to financial plans and analytical reports on their implementation.

From the marketing department, the financial service receives plans for the sale of products for income planning and drawing up operational financial plans, cost estimates for providing cash. To conduct a successful marketing campaign, the financial service approves a system of concessions in the price of the contract, analyzes sales and marketing costs, thus creating conditions for concluding large transactions.

With the development of market relations based on a variety of forms of ownership and the rights of a commercial organization to complete economic independence and access to foreign markets, a qualitatively new task is set before the financial service - the organization of effective management of financial resources by methods adequate to a market economy. Such a statement of the problem can be successfully solved only within the framework of financial management, which is a key subsystem common system Management LLC "DTS".

2.3. Formation of the financial plan of DTS LLC

Since the financial plan includes several components, such as a forecast balance sheet, a profit and loss plan, and a cash flow plan, it is possible to determine the following procedure for determining the indicators necessary for drawing up plans in a trading organization, such as DTS LLC:

Revenue from the sale of goods (Sales forecast)

Cost of goods sold

Stocks of goods at the beginning of the period

Procurement of goods

Stocks of goods at the end of the period

Operating expenses

To determine these indicators, it is necessary to draw up a sales budget, a cost of goods sold budget based on support budgets, a purchasing budget, an operating expenses budget, and a cash flow budget.

Revenue from the sale of goods

The development of this document begins with the definition of a sales plan, i.e. from the formation of the budget for the sale of goods. At this stage of planning, the market is studied in detail, the dynamics of demand is determined taking into account seasonal fluctuations and other factors, and the strategies of competitors are studied. After the management of the organization becomes clear on the possible volume of sales of goods, taking into account the available stocks at the beginning of the planning period and the budget for stocks of goods at the end of the period, a budget for the purchase of goods is developed. For the company DTS LLC, the sales volume for 2009 is determined in the following quantities:

94,000 summer tires and 75,000 winter tires. The average selling price of a summer tire is 2,500 rubles. The average selling price of a winter tire is 4,000 rubles. No sales are planned for January, November and December 2009.

Revenue from the sale of summer tires: 94,000 * 2,500 = 235,000 rubles.

Revenue from the sale of winter tires: 75,000 * 4,000 = 300,000 rubles.

A more detailed calculation of the Sales Plan for 2009 is presented in Appendix 6.

Cost of goods sold

The cost of goods sold is defined as the sum of the inventory at the beginning of the period and purchases of goods for the period, less the value of inventory at the end of the period.

The sum of the stocks of goods at the beginning of the year and the end of the year is 0.

We calculate the cost of purchased goods based on the fact that the purchase price is 1600 rubles. for 1 unit.

cost of purchased goods \u003d 1600 * 18000 \u003d 28800 thousand rubles.

cost of purchased goods \u003d 1600 * 26000 \u003d 41600 thousand rubles.

cost of purchased goods \u003d 1600 * 28000 \u003d 44800 thousand rubles.

cost of purchased goods \u003d 1600 * 22000 \u003d 35200 thousand rubles.

cost of purchased goods = 1600 * 11250 = 18000 thousand rubles.

cost of purchased goods \u003d 1600 * 17500 \u003d 28000 thousand rubles.

cost of purchased goods \u003d 1600 * 23750 \u003d 38000 thousand rubles.

September:

cost of purchased goods \u003d 1600 * 15000 \u003d 24000 thousand rubles.

cost of purchased goods \u003d 1600 * 7500 \u003d 12000 thousand rubles.

Total for the year, the cost of purchased goods will be 270,400 thousand rubles. The calculation results are presented in Table 2.4. The budget of variable and fixed costs for 2009 Supplement to the Diploma work.

variable costs

- customs duties and fees;

- warehousing services;

- transport services;

- tire studding services.

Calculation of transportation services:

Transportation services are calculated based on the following rates:

Tr 1 \u003d 150,000 * 18000 / 1000 \u003d 2700 thousand rubles;

Tr 2 \u003d 18000 / 1800 * 45000 \u003d 450 thousand rubles.

Tr 1 \u003d 150,000 * 26000 / 1000 \u003d 3900 thousand rubles.

Tr 2 \u003d 26000 / 1800 * 45,000 \u003d 650 thousand rubles.

Tr 1 \u003d 150,000 * 28000 / 1000 \u003d 4200 thousand rubles.

Tr 2 \u003d 28000 / 1800 * 45,000 \u003d 700 thousand rubles.

Tr 1 \u003d 150,000 * 22000 / 1000 \u003d 3300 thousand rubles.

Tr 2 \u003d 22000 / 1800 * 45,000 \u003d 550 thousand rubles.

Tr 1 \u003d 150,000 * 11250 / 1000 \u003d 1688 thousand rubles.

Tr 2 \u003d 11250 / 1800 * 45,000 \u003d 281 thousand rubles.

Tr 1 \u003d 150,000 * 17500 / 1000 \u003d 2625 thousand rubles.

Tr 2 \u003d 17500 / 1800 * 45,000 \u003d 438 thousand rubles.

Tr 1 \u003d 150,000 * 23750 / 1000 \u003d 3563 thousand rubles.

Tr 2 \u003d 23750 / 1800 * 45,000 \u003d 594 thousand rubles.

September:

Tr 1 \u003d 150,000 * 15000 / 1000 \u003d 2250 thousand rubles

Tr 2 \u003d 15000 / 1800 * 45,000 \u003d 375 thousand rubles.

Tr 1 \u003d 150,000 * 7500 / 1000 \u003d 1125 thousand rubles.

Tr 2 \u003d 7500 / 1800 * 45,000 \u003d 188 thousand rubles.

Calculation of the cost of studding winter tires:

Studding costs include the cost of studs and tire studding services. The cost of spikes per tire is 70 rubles. without VAT. The cost of services for studding one tire is 20 rubles. without VAT.

Thus:

June: The cost of studding = 11250*(20+70)=1013 thousand rubles.

July: The cost of studding = 17500 * (20 + 70) = 1575 thousand rubles.

August: The cost of studding = 23750 * (20 + 70) = 2138 thousand rubles.

September: The cost of studding = 15000 * (20 + 70) = 1350 thousand rubles.

October: Studding costs = 7500 * (20 + 70) = 675 thousand rubles.

Calculation of customs duties and fees:

In the Appendix 7 table, customs duties and fees are included in the line Other variable costs and are calculated at a rate of 22% of the Sum of the Cost of purchased goods and their Transportation to the border.

February: (28800 + 2700) thousand rubles * 0.22 = 6930 thousand rubles

March: (41600+3900) thousand rubles*0.22=10010 thousand rubles

April: (44800 + 4200) thousand rubles * 0.22 = 10780 thousand rubles

May: (35200+3300) thousand rubles*0.22=8470 thousand rubles

June: (18000 + 1688) thousand rubles * 0.22 = 4331 thousand rubles

July: (28000 + 2625) thousand rubles * 0.22 = 6738 thousand rubles

August: (38000 + 3563) thousand rubles * 0.22 = 9144 thousand rubles

September: (24000 + 2250) thousand rubles * 0.22 = 5775 thousand rubles

October: (12000 + 1125) thousand rubles * 0.22 = 2888 thousand rubles

Calculation of storage costs:

Warehousing costs are calculated at a rate of 3.5 Euro without VAT per tire for a period of 8 months. The Euro exchange rate is conditionally accepted 1 Euro = 40 rubles. Since all goods before shipment to customers in any case come to a warehouse in the Moscow region, the volume of stored goods is 100%.

February: Warehousing = 18000 * 3.5 * 40 = 2520 thousand rubles.

March: Warehousing = 26000 * 3.5 * 40 = 3640 thousand rubles.

April: Warehousing = 28000 * 3.5 * 40 = 3920 thousand rubles.

May: Warehousing = 22000 * 3.5 * 40 = 3080 thousand rubles.

June: Warehousing \u003d 11250 * 3.5 * 40 \u003d 1575 thousand rubles.

July: Warehousing = 17500 * 3.5 * 40 = 2450 thousand rubles.

August: Warehousing = 23750 * 3.5 * 40 = 3325 thousand rubles.

September: Warehousing = 15000 * 3.5 * 40 = 2100 thousand rubles.

October: Warehousing \u003d 7500 * 3.5 * 40 \u003d 1050 thousand rubles.

The results of calculations of variable costs are presented in the table of Appendix 7 to the Diploma work.

fixed costs

Let's calculate the following fixed costs of DTS LLC:

Rent (as well as utilities);

Depreciation of own fixed assets;

General running costs;

- administrative and management expenses;

- selling expenses (including advertising and marketing expenses);

- wages of employees of DTS LLC;

Taxes.

Trips and business trips:

The budget for expenses is provided by the Human Resources Department. Monthly consumption in 2009 200 thousand rubles.

200 thousand rubles * 12 \u003d 2400 thousand rubles.

Promotion expenses:

The budget for expenses is provided by the Marketing Department.

May: 1500 thousand rubles

June: 800 thousand rubles

August: 900 thousand rubles

September: 900 thousand rubles

The budget for expenses is provided by the Marketing Department. Annual spending on advertising in 2009 will amount to 14,700 thousand rubles.

Monthly rental expense in 2009 is 650 thousand rubles.

Depreciation of own fixed assets:

The depreciation rate for fixed production assets is 10%. In 2009, OPF receipts are not planned. According to the accounting department, the annual depreciation amount is 300 thousand rubles. Accordingly, the monthly depreciation amount will be 25 thousand rubles.

300,000/12 = 25 thousand rubles

Other fixed general business expenses:

Monthly expenses for general business needs in 2009 will amount to 650 thousand rubles. Planned figures are based on the actual data of 2008.

650 thousand rubles*12 = 7800 thousand rubles

Forecast income statement formed in accordance with the above calculated variable and fixed costs and is presented in the table in Appendix 1 to the thesis.

Income tax is calculated based on the rate of 20% for 2009.

Cash flow budget (CDBS)

BDDS is presented in the table in Appendix 2 to the Diploma work

BDDS items are calculated for the same types of expenses as for the pro forma income statement.

Calculation of proceeds from the sale of products:

Proceeds from the sale of products are calculated in accordance with the planned revenue (see the table in Appendix 6), including VAT. Condition - shipment of goods on prepayment.

In January 2009, receipts from buyers are planned to pay off receivables for products purchased in 2008 in the amount of 10,004,700 rubles.

February: 45,000,000*1.18 = 53,100 thousand rubles

March: 65,000,000*1.18 = 76,700 thousand rubles

April: 70000000*1.18 = 82600 thousand rubles

May: 55000000*1.18 = 64900 thousand rubles

June: 45,000,000*1.18 = 53,100 thousand rubles

July: 70000000 * 1.18 = 82600 thousand rubles

August: 95000000*1.18 = 112100 thousand rubles

September: 60,000,000*1.18 = 70,800 thousand rubles

October: 30000000*1.18 = 35400 thousand rubles

Cash receipts from the sale of products for 2009 will amount to 641,305 thousand rubles.

Calculation of disposals for the purchase of marketable products:

February: 1600 * 18000 = 28800 thousand rubles

March: 1600*26000=41600 thousand rubles

April: 1600*28000=44800 thousand rubles

May: 1600*22000=35200 thousand rubles

June: 1600*11250=18000 thousand rubles

July: 1600*17500=28000 thousand rubles

August: 1600*23750=38000 thousand rubles

September: 1600*15000=24000 thousand rubles

October: 1600*7500=12000 thousand rubles

Calculation of payment for transport services:

Payment for transport services of an Estonian company to a warehouse in Russia starts from December 2008 and then follows the shipment schedule (Sales Plan) 2 months ahead of schedule.

1. Transportation by an Estonian company to a warehouse in Russia 150,000 rubles. without VAT per truck, 1000 tires in 1 truck. In the calculations it is designated as Tr 1.

2. Transportation by a Russian company from the warehouse of LLC "DTS" to the warehouse of buyers 45,000 rubles. excluding VAT per truck, 1800 tires per truck. In the calculations it is designated as Tr 2.

Tr 1 \u003d 150,000 * 26000 / 1000 * 1.18 \u003d 4602 thousand rubles.

Tr 1 \u003d 150,000 * 28000 / 1000 * 1.18 \u003d 4956 thousand rubles.

Tr 2 \u003d 18000 / 1800 * 45 * 1.18 \u003d 531 thousand rubles.

Tr 1 \u003d 150,000 * 22000 / 1000 * 1.18 \u003d 3894 thousand rubles.

Tr 2 \u003d 26000 / 1800 * 45 * 1.18 \u003d 767 thousand rubles.

Tr 1 \u003d 150,000 * 11250 / 1000 * 1.18 \u003d 1991 thousand rubles

Tr 2 \u003d 28000 / 1800 * 45 * 1.18 \u003d 826 thousand rubles.

Tr 1 \u003d 150,000 * 17500 / 1000 * 1.18 \u003d 3098 thousand rubles.

Tr 2 \u003d 22000 / 1800 * 45 * 1.18 \u003d 649 thousand rubles.

Tr 1 \u003d 150,000 * 23750 / 1000 * 1.18 \u003d 4204 thousand rubles.

Tr 2 \u003d 11250 / 1800 * 45 * 1.18 \u003d 332 thousand rubles.

Tr 1 \u003d 150,000 * 15000 / 1000 * 1.18 \u003d 2655 thousand rubles.

Tr 2 \u003d 17500 / 1800 * 45 * 1.18 \u003d 516 thousand rubles.

Tr 1 \u003d 150,000 * 7500 / 1000 * 1.18 \u003d 1328 thousand rubles.

Tr 2 \u003d 23750 / 1800 * 45 * 1.18 \u003d 701 thousand rubles.

September:

Tr 2 \u003d 15000 / 1800 * 45 * 1.18 \u003d 443 thousand rubles.

Tr 2 \u003d\u003d 7500/1800 * 45 * 1.18 \u003d 221 thousand rubles.

Calculation of payment for winter tire studding services:

Studding costs include the cost of studs and tire studding services. The cost of spikes per tire is 70 rubles. without VAT. The cost of services for studding one tire is 20 rubles. without VAT. Payments are made approximately one month before the sale of the studded goods, respectively, payments begin in May.

Thus:

May: Studding costs = 11250 * (20 + 70) * 1.18 = 1195 thousand rubles.

June: The cost of studding = 17500 * (20 + 70) * 1.18 = 1859 thousand rubles.

July: The cost of studding = 23750*(20+70)*1.18=2522 thousand rubles.

August: Studding costs = 15000 * (20 + 70) * 1.18 = 1593 thousand rubles.

September: The cost of studding = 7500 * (20 + 70) * 1.18 = 797 thousand rubles.

Calculation of payments to Customs:

Article Customs duties and fees are calculated at a rate of 22% of the sum of the value of the purchased goods and the cost of transportation to the border. Customs VAT payable is calculated based on the rate of 18% applicable to the Sum of the cost of purchased goods, transportation costs to the border and customs duty. Payments to customs for goods planned to be sold from February are made starting from December 2008.

Accordingly, the payment schedule will be as follows:

Duty \u003d (41600 + 3900) * 0.22 \u003d 10010 thousand rubles.

VAT \u003d (41600 + 3900 + 10010) * 0.18 \u003d 9992 thousand rubles.

Duty \u003d (44800 + 4200) * 0.22 \u003d 10780 thousand rubles.

VAT \u003d (44800 + 4200 + 10780) * 0.18 \u003d 10760 thousand rubles.

Duty \u003d (35200 + 3300) * 0.22 \u003d 8470 thousand rubles.

VAT \u003d (35200 + 3300 + 8470) * 0.18 \u003d 8455 thousand rubles.

Duty \u003d (18000 + 1688) * 0.22 \u003d 4331 thousand rubles.

VAT \u003d (18000 + 1688 + 4331) * 0.18 \u003d 4323 thousand rubles.

Duty \u003d (28000 + 2625) * 0.22 \u003d 6738 thousand rubles.

VAT \u003d (28000 + 2625 + 6738) * 0.18 \u003d 6725 thousand rubles.

Duty \u003d (38000 + 3563) * 0.22 \u003d 9144 thousand rubles.

VAT \u003d (38000 + 3563 + 9144) * 0.18 \u003d 9127 thousand rubles.

Duty \u003d (24000 + 2250) * 0.22 \u003d 5775 thousand rubles.

VAT \u003d (24000 + 2250 + 5775) * 0.18 \u003d 5765 thousand rubles.

Duty \u003d (12000 + 1125) * 0.22 \u003d 2888 thousand rubles.

VAT \u003d (12000 + 1125 + 2888) * 0.18 \u003d 2882 thousand rubles.

Calculation of payment for warehousing:

February: (2520 + 3640) * 1.18 = 7269 thousand rubles

March: (3920 + 3080) * 1.18 = 8260 thousand rubles.

April: (1575+2450) *1.18=4750 thousand rubles

May: (3325+2100+1050)*1.18=7641 thousand rubles

Calculation of payments to company personnel:

Staff payments are made in accordance with the Pro forma Profit and Loss Statement.

All other payments in terms of fixed costs are made in accordance with the Forecast Profit and Loss Statement including VAT. Accordingly, the amounts of payments in 2009 will be as follows:

Trips and business trips:

2400 thousand rubles * 1.18 \u003d 2832 thousand rubles

Promotions:

4100 thousand rubles * 1.18 \u003d 4838 thousand rubles

14700 thousand rubles*1.18=17346 thousand rubles

7800 thousand rubles * 1.18 \u003d 9204 thousand rubles

Other fixed costs:

3600 thousand rubles * 1.18 \u003d 4248 thousand rubles

Balance forecast

The balance forecast completes the financial planning process at DTS LLC. The forecast of the company's balance sheet is based on the data of the end of the year balance sheet of 2008.

Calculation of the asset balance:

Line 120 of the Balance asset: 4298 thousand rubles - 300 thousand rubles = 3998 thousand rubles. (it is assumed that there are no plans to receive fixed assets in 2009).

Line 130 of the Balance asset: unchanged.

Line 220 of the Balance asset: unchanged.

Line 240 of the Balance asset: 66305 thousand rubles - 10005 thousand rubles. (data from BDDS January) + 100,000 thousand rubles. (contribution to the deposit BDDS September) \u003d 156300 thousand rubles \u003d

Line 260 of the Balance asset: 28,388 thousand rubles. (according to BBDS, balance at the end of 2009).

Line 270 of the Balance asset: unchanged.

Total Assets: RUB 188,790 thousand

Calculation of the balance sheet liability:

Line 410 of the balance sheet liability: unchanged.

Line 470 of the balance sheet liabilities: 76465 ​​thousand rubles + 46738 thousand rubles. (BDR data) = 123203 thousand rubles.

Line 590 of the balance sheet liabilities: unchanged.

Line 620 of the balance sheet liabilities: 51236 thousand rubles. + 8027 thousand rubles. (debt to customs authorities) - 7965 thousand rubles. (repayment of debt on studding) - 1377 thousand rubles. (payment of transportation debt) = 58596 thousand rubles.

Total Liabilities in total: 188,790 thousand rubles.

CHAPTER 3

3.1. Identification and analysis of areas of financial planning that need improvement and additional control

In LLC "DTS" financial planning is based on the preparation of the Forecast profit and loss statement annually and monthly, as well as the preparation of the annual Forecast balance sheet. This allows the company to quickly plan the financial result, determine the economic efficiency of the company, its economic potential and financial condition for a certain period ahead. Thus, one of the most important areas of financial planning and control remains uncovered in the framework of regular management - this is the Cash Flow Budget. Using this tool, you can estimate how much cash and in what period the company will need. In addition, planning this document on a monthly basis allows you to increase the payment discipline in the company, as well as, using certain organizational procedures and methods, to ensure almost 100% of the cash flow budget, and therefore the forecast income statement. And since 100% fulfillment of the plan is ensured, it means that the company has achieved its goals and planned results for a given period of time.

The main goal of financial planning is to organize activities in such a way that they are effective, i.e. brought profit. A necessary condition for making a profit is a certain degree of development of the basis of activity, which ensures the excess of proceeds from sales over the costs (costs) for its production and marketing.

Optimizing the profit of an enterprise in the conditions of market relations requires a constant influx of operational information, not only of an external nature (on the state of the market, demand for products, prices, etc.), but also internal (on the formation of costs and costs). This information is based on the system of accounting for costs by their places of origin and types of activity, on the identified deviations in resource consumption from standard norms and estimates, on data on the calculation of the cost of individual types of products, on accounting for the results of sales by types of products. It is important to note that depending on the accounting policy pursued by the enterprise in the field of accounting, the degree of detail of cost accounting, and, consequently, the analysis is different for different enterprises. The methodology for analyzing profit and cost also depends on the completeness of the inclusion of costs in the cost, the availability of separate accounting for variable and fixed costs.

The basis of profit optimization is the calculation and analysis of the break-even level of activity. Analysis and calculation of break-even activity in DTS LLC is almost never done.

Calculation of break-even activity is based on the division of the company's costs into fixed and variable.

Variable costs in DTS LLC include costs, the value of which changes with a change in the volume of sales of products: Cost of goods purchased for sale, Transportation (to the border), Studding costs and Other variable costs.

The fixed costs of LLC "DTS" include costs, the value of which does not change with a change in the volume of production, for example, wages (including UST), travel and business trips, promotional expenses, advertising, office rent, depreciation, other fixed general household expenses. Expenses.

The break-even analysis of activities is carried out in order to study the relationship between changes in production volume, costs and profits over a short period. Particular attention is paid to determining the break-even point (critical point, profitability threshold).

The critical point is considered to be the point of sales volume at which the enterprise has costs equal to revenue. The company in this case has neither loss nor profit.

The equation method is based on the calculation of net profit according to the formula:

TR - VC - FC = P, (21)

where TR - proceeds from the sale of products (works, services);

VC - variable costs for this volume of sales;

FC - fixed costs in the total amount;

P - profit from the sale of products.

Having written each indicator in more detail, the formula can be represented as follows:

P * Q - FC * Q - VC \u003d P, (22)

Where, P is the price of a unit of production;

Q - quantity;

FC - fixed costs per unit of output.

Let us denote the number of units in the formula, that is, the volume of sales (production) at the break-even point as X, equate the right side of the equation to zero, since market participants have no profit at the break-even point and get:

X * (P - AVC) -FC = 0.(23)

In parentheses, marginal income per unit of output is formed, that is, the difference between revenue and variable costs. From here, the volume of realization at the critical point is determined by:

X =FC/MD, (24)

where MD - marginal income per unit of output.

Marginal income includes profit and fixed costs. Enterprises must sell their products in such a way that the marginal income is equal to the sum of fixed costs. This requires the creation of information and consulting, marketing services. They will contribute to the study of the sales market and the determination of the most effective channels for the sale of tires. In this case, the equilibrium point is reached: contribution margin equals fixed costs.

MD *Q = FC. (25)

Qtb =FC/MD/Q (26)

Where: Qtb - sales volume at the breakeven point

The share of marginal profit in the company's revenue is characterized by the marginal profit ratio (Km), which shows how many rubles of marginal profit LLC DTS receives from each ruble of revenue:

Km = MD/TR (27)

The higher the marginal profit ratio, the greater part of the revenue remains to pay off fixed costs and generate profit. Therefore, with consistently high revenues, the company benefits from a high marginal profit ratio.

Thus, having planned the proceeds from the sale of products, it is possible to determine the size of the expected marginal income.

To do this, it is important to determine the safety zone, or margin of safety. This indicator shows how much the volume of sales can be reduced before DTS LLC begins to incur losses:

ZB =Qf -Qtb,(28)

where ZB - security zone;

Qf - actual or planned implementation;

Qtb - implementation on the verge of profitability.

The greater the margin of safety, the more stable the position of the enterprise, the less the risk of loss as a result of fluctuations in sales volumes.

If the company has a positive margin of safety, that is, on the break-even chart it is located to the right of the critical point, its profit is determined by:

P \u003d Zp * MD /Q. (29)

Thus, any change in the volume of sales causes an even stronger change in profits. This dependence is called the effect of operating leverage (OR):

OR = MD/P(30)

With the help of the strength of the operating lever, a mathematical relationship is revealed: if the profit is 0, the strength of the operating lever tends to infinity - even the weakest fluctuations around the critical point cause strong relative fluctuations in profit.

Operating leverage measures the percentage change in earnings for a one percent change in revenue.

All of the above indicators can be used for financial planning and forecasting the activities of LLC "DTS"

We will calculate the break-even activity of DTS LLC.

The calculation will be made on the basis of the data of the Budget of income and expenditure for 2009 (Appendix 1).

For the sum of variable costs, we will take the costs of purchasing products in the amount of 367,565 thousand rubles.

For fixed costs, we will accept conventionally commercial and general business expenses in the amount of 103,265 thousand rubles.

The average price of summer tires is 2500, winter tires - 4000 rubles. We conditionally define average price bus implementations:

(4000+2500)/2=3250 rub.

Table 3.1

Calculation of break-even level and financial safety margin

	Name of indicator
	Number of products, units
	Price, thousand rubles per unit
	Fixed costs (FC), thousand rubles
	Variable costs (VC), thousand rubles
	Gross costs (TC), thousand rubles
	Sales revenue (TR), rub.
	Marginal income, rub.
	Share of revenue margin in revenue
	Break-even point, thousand rubles
	Break-even point, units
	Margin of safety, units
	Threshold of financial strength, thousand rubles.
	Margin of financial strength, thousand rubles.
	Profit, thousand rubles
	Profitability level, %
	Operating lever

Our calculations showed that the company should sell 164,615 units on average. products (tires) for 3.25 thousand rubles. At the same time, in order not to have losses, the company needs to sell 101526 units. products at a price of 3.25 thousand rubles. That is, the safety margin is 63089 units.

In financial terms, it turns out this way - in order to cover its fixed and variable costs, the enterprise needs to sell products for 329,960 thousand rubles, after DTS LLC reaches this level of revenue, it will already make a profit. Those. the enterprise has a margin of financial strength of 205,040 thousand rubles.

The calculation and control of the break-even activity is necessary in difficult economic conditions, therefore, the main recommendation for improving financial planning is the condition for drawing up a financial plan that has a good margin of financial strength.

So, we have determined that the calculated financial plan of DTS LLC has a fairly good margin of financial strength. Those. the enterprise, even with a possible decrease in sales volumes, will be able to survive in difficult economic crisis conditions.

3.2. Development of recommendations for improving financial planning in DTS LLC

The first step to improve the efficiency of financial planning in DTS LLC is the monthly preparation of the Cash Flow Budget, which was calculated and presented in Chapter 2, paragraph 3 of this work. The second step is the development of an organizational procedure for processing payments planned in the Cash Flow Budget and its implementation in the organizational structure of DTS LLC. The organizational procedure will be the Regulations for the passage of payments in DTS LLC, which is being developed in order to unify and improve the procedure for making payments within the approved Cash Flow Budget, development of the budget process, control and reporting in the company.

The Regulations apply to all functional divisions of DTS LLC. Payments according to the Regulations of all structural units of the company are made in accordance with the BDDS approved for the current month.

The basis for the payment will be a properly executed Register of payments and an invoice signed by the Initiator. The Register of Payments must be accompanied by source documents(in exceptional cases, copies), which are the basis for payment.

The initiator of the payment must be the structural units of Dunlop Tire CIS, which participate in the formation of the BDDS and provide appropriate spending plans.

Responsible person for the correct execution, compliance with the contract, preparation of the Invoice for payment and primary documents , collection of all necessary signatures and approvals, as well as control over mutual settlements within the framework of each specific contract (with each individual counterparty) is the Contractor from the Initiator, i.e. employee of the subdivision-initiator of the Agreement, appointed by the Initiator, and responsible for preparing the Invoice for payment in the Structural Unit, as well as its approval in the subdivisions of the company

When making payments, they are divided into parts in accordance with the following principles:

For each payment, a separate payment must be allocated to a separate beneficiary's bank account in the Payment Register of the Structural Unit.

Payments having a different target nature are registered in the Register in separate payments.

Payment approval procedure

The Contractor in the Structural Unit, having received an instruction from the Initiator to process the payment, checks the availability of fully completed primary documents, and, if necessary, prepares the missing ones.

After checking the availability and preparing all the necessary documents, the Contractor on behalf of the Initiator submits the Invoice for approval to the Initiator.

The signature of the Initiator on the back of the invoice means that this payment has been approved by the Initiator.

Invoices for payment from a Structural Unit without a mark of the Initiator of the corresponding structural unit of the company are not accepted for execution by the Financial Manager.

The contractor from the initiator of the payment is obliged to provide the Accounting Department with all the original documents necessary for payment (agreement, specification, invoice for payment, invoice, etc.).

The financial manager, having received the invoice(s) and primary documents from the Structural Unit, checks the presence of the Initiator's signature on the invoice(s) and forms the Register of Payments for the day for further transfer to the Accounting Department for approval, number assignment and payment.

The financial manager, before 11:00 the next day, checks each account:

To ensure that the purpose of the payment corresponds to the code of the budget item of the BDDS approved for the current month (the code is the number assigned in the Budget Classifier to each item of the BDDS)

For the balance of the limit on the budget item approved for the current month of the BDDS.

If the purpose of one or more payments on the account(s) does not correspond to the code of the budget item of the BDDS approved for the current month, the Financial Manager prohibits making this payment, notifying the Initiator and the Contractor in the Structural Unit by e-mail.

In case of exceeding the limit on the budget item approved for the current month by the BDDS of one or more payments on the account, the Financial Manager prohibits making this payment, notifying the Initiator and the Contractor in the Structural Unit by e-mail.

If the payment in the invoice was not scheduled for the current month, the Contractor from the Initiator must write a memo (with the Invoice attached) addressed to the General Director (or a person replacing him) explaining the reason for the absence of this payment in the BDDS and asking to allow this payment in excess budget. In case of a positive decision, the Contractor transfers the Invoice together with the attached endorsed memo and its copy from the Initiator to the Financial Manager. The original endorsed memorandum remains with the chief accountant (or the person replacing him).

Payments prohibited by the Financial Manager can be paid only after the elimination of all identified violations.

The financial manager checks the signature of the Initiator, and in case of an unscheduled payment, the signature of the General Director (or the person replacing him).

The absence of the signature of the General Manager in the event of an unscheduled payment shall serve as an unconditional reason for refusing to accept the Account by the Financial Manager for payment.

The Financial Manager fills in the following fields of the Register of payments for all submitted Invoices from Structural Units:

Budget assignment code

Name of budget item

Payee (counterparty)

Payment currency

Purpose of payment (description of payment according to its type of activity)

Reason for payment (invoice number and date, contract number and date)

Amount of payment

Budget fit (yes/no)

After registration of the Register of Payments, the Financial Manager submits it for approval to the Financial Director of the company (or a person replacing him).

The signature of the Financial Director on the Register of Payments means that this payment has been approved by the Financial Director.

Payment registers from the Financial Manager without the mark of the Financial Director of the company are not accepted for execution by the Accounting Department.

The financial manager, before 11:00 a.m. on the day of the planned payment, submits the Register of payments generated and agreed with the Financial Director to the Accounting Department for approval, assignment of a number and payment.

Payments that are not planned in the BDDS and have not passed the approval procedure described above are prohibited for payment.

Payment registers are not issued for the following operations:

Purchase and sale of foreign currency;

Receiving cash from a bank account;

Return of cash from the cash desk to a bank account;

Mutual settlements with credit institutions;

When calculating current taxes from the payroll; VAT; income tax; property tax;

On payrolls for the payment of salaries, vacations, bonuses and other payroll payments;

Direct withdrawal of funds from the account.

Thus, the payment approval system described above in the company allows for daily control of payments in accordance with the planned volumes of receipt and expenditure of funds, allows the Finance Department to regardless of accounting keep operational records of the actual write-off of funds by item, thereby providing the company's management with fresh information on budget execution. Also, the procedure for coordinating payments helps to prevent overspending of the company's funds or unplanned payments in time. Since all payments are made according to the Regulations in accordance with the budget assignment code, another plus from using this control system is the ability to also indirectly control the Income and Expenditure Budget and reach the planned financial result.

CONCLUSION

Financial planning is an integral part of planning the financial and economic activities of an enterprise, aimed at implementing the strategy and operational tasks of the enterprise.

Financial planning is closely related to the marketing, production and other plans of an economic entity. No financial forecasts will acquire practical value until the production and marketing directions of activity have been worked out. Financial plans will be unrealistic if the marketing goals are not specific and therefore difficult to achieve.

However, along with the perceived need for the widespread use of modern financial planning in the current conditions, there are factors that limit its use in enterprises:

A high degree of uncertainty in the Russian market associated with ongoing global changes in all areas of public life (their unpredictability makes planning difficult);

A small proportion of enterprises that have the financial capacity to carry out serious financial developments;

Lack of an effective legal and regulatory framework for domestic business.

Financial planning includes several stages.

At the first stage, financial indicators for the previous period are analyzed. To do this, use the main financial documents of enterprises: balance sheet, profit and loss statements, cash flow statement. They are important for financial planning, as they contain data for the analysis and calculation of the financial performance of the enterprise, and also serve as the basis for making a forecast of these documents. The balance of the enterprise is included in the financial planning documents, and the accounting balance sheet serves as the initial base at the first stage of planning.

At the second stage, the main forecast documents are compiled: forecast of the balance sheet, income statement, cash flow (cash flow); they are classified as strategic financial plans and are included in the structure of a science-based business plan for an enterprise.

At the third stage, the indicators of forecast financial documents are refined and concretized by drawing up current financial plans.

At the fourth stage operational financial planning is carried out.

At the fifth stage, the financial planning process ends with the practical implementation of plans and control over their implementation.

The object of study in this work was the enterprise LLC "DTS", which is a subsidiary of the Japanese "Sumitomo Rubber Industries", Ltd. in Russia. Sumitomo Rubber Industries, Ltd. manufactures and sells tires under the brands Dunlop, Falken, Goodyear, Sumitomo and Ohtsu. In addition to offices in China and Indonesia, the Sumitomo Group, in conjunction with The Goodyear Tire and Rubber Company, manufactures and sells in Europe and North America. The main activity of DTS LLC in Russia is the sale of high-quality tire products to large wholesale dealers.

The analysis of the financial condition showed that the company uses borrowed capital in its activities. The indicators of financial stability are quite unstable for the period from 2005 to 2008:

The concentration ratio of own capital, the ratio of working capital and the ratio of borrowed and own funds only in 2008 meet the recommended norm and amount to 61.85%; 60.71% and 61.67% respectively. The coefficient of maneuverability of own funds for the entire analyzed period is more than 50% and increased from 63.31% in 2005 to 94.84% in 2008.

Liquidity analysis showed good results. The company is able to pay off its obligations.

The enterprise operates with a profit and has fairly good profitability indicators, however, there is a slight decrease in profitability indicators in the reporting period.

Along with the decrease in profitability, there is a slight decrease in business activity, which is confirmed by the calculated turnover rates.

To carry out financial work, DTS LLC has created a financial service, which is represented by the financial department and accounting department.

The financial activity of DTS LLC is aimed at monitoring the provision of cash settlements, receipt of cash income and expenses, formation and distribution of cash savings and financial resources. The financial activity of LLC "DTS" is subordinated to ensuring financial stability, creating sustainable prerequisites for the economic growth of the company and its profit.

Since the financial plan includes several components, such as the forecast balance sheet, profit and loss plan, cash flow plan, the procedure for determining the indicators necessary for drawing up plans at DTS LLC is as follows:

Revenue from the sale of goods (Sales forecast)

Cost of goods sold

Stocks of goods at the beginning of the period

Procurement of goods

Stocks of goods at the end of the period

Operating expenses

Loan portfolio and plan for payment and receipt of interest

AT graduation project a detailed calculation of all indicators necessary for the formation of a financial plan.

The main goal of financial planning is to organize activities in such a way that they are effective, i.e. brought profit. The basis of profit optimization is the calculation and analysis of the break-even level of activity.

Analysis and calculation of the financial plan for break-even showed that the formed financial plan has a fairly good margin of financial strength. Those. the enterprise, even with a possible decrease in sales volumes, will be able to survive in difficult economic crisis conditions.

In order to improve the efficiency of financial planning, DTS LLC offers a monthly preparation of the Cash Flow Budget, in the form presented in this thesis.

It is also proposed for implementation in the management system a certain organizational procedure for the passage of payments planned in the Cash Flow Budget.

The organizational procedure is the Regulations for the passage of payments in DTS LLC, which was developed in order to unify and improve the procedure for making payments within the approved Cash Flow Budget, development of the budget process, control and reporting in the company.

The Regulations should apply to all functional divisions of DTS LLC. Payments according to the Regulations of all structural units of the company will have to be made in accordance with the BDDS approved for the current month. This regulation will allow to increase control over the spending of funds and will contribute to their more efficient use.

In general, the application modern methods financial planning and control will allow the company to plan its activities more carefully and anticipate possible errors and failures, as well as find their timely solutions. All this will help to improve the efficiency of the enterprise as a whole.

LIST OF USED LITERATURE

1. Civil Code of the Russian Federation. // ATP "Garant".
2. Tax Code of the Russian Federation. // ATP "Garant".
3. Law of the Russian Federation of March 21, 1991 N 943-I "On the tax authorities of the Russian Federation" (as amended on June 24, July 2, 1992, February 25, 1993, June 13, 1996, November 16, 1997, July 8, 1999, November 7, 2000, December 30, 2001, May 29, 2002, May 22, 2003, June 29, 2004, July 18, 2005, July 27, 2006)
4. Federal Law No. 208-FZ of December 26, 1995 "On Joint Stock Companies" (as amended on June 13, 1996, May 24, 1999, August 7, 2001, March 21, October 31, 2002, February 27 2003, February 24, April 6, December 2, 29, 2004, December 27, 31, 2005, January 5, July 27, December 18, 2006, February 5, July 24, December 1, 2007)
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Organization financial plan
Type of work: Diploma

Successful business development largely depends on adequate planning. This is especially true for enterprises that are new market players. It is important for their founders, firstly, to competently occupy their niche, secondly, to form a sustainable business model, and thirdly, to ensure the investment attractiveness of the company, as well as high credit ratings. All these problems can be solved by competent planning. How is the financial plan prepared? What is the nature of this source?

Main components of a financial plan

A financial plan is a set of documents. In general, it consists of:

Forecast on sales volumes;

Balance of revenue and expenses;

Schedule of estimated profitability;

Accounting balance.

Of course, in the methodology of individual enterprises, the principles for the formation of the corresponding source may differ significantly from this scheme. But it is widespread among Russian businesses. Let us consider the specifics of each of the noted components of the financial plan in more detail.

Sales forecast

This document involves, in fact, a study of the market segment in which the company operates and the subsequent determination of the size of its share, which, most likely, the company will be able to occupy. As a rule, the financial plan in this part is drawn up for several years in advance - for example, for 3 years. At the same time, the expected growth for the first year can be calculated on a monthly basis (since in this case, forecasts based on a study of current factors are likely to be very close to reality).

Estimated Profit Graph

The financial plan is largely related to forecasts. If the relevant sales document is intended to help shape revenue expectations, then the source under consideration is directly related to profit. That is, when it is calculated, forecasts for costs are also made.

Balance of revenue and expenses

This document is important from the point of view that the company's managers need to know which expenses and at what point in time will assume a return within the framework of current activities, and which will pay for themselves over time. Another function of the balance of revenue and expenses is to estimate the amount of costs necessary to achieve the required turnover (for example, sufficient in terms of the company's current obligations - credit, management, etc.). As a rule, the document in question is supplemented by a table that reflects the ratio of costs and income.

There is an official name for the corresponding component of the financial plan - "Profit and Loss Statement". It is part of the financial statements that the company must submit to government agencies, so its formation is mandatory for many businesses. At the same time, the corresponding document is the most important in terms of drawing up a financial plan. It contains valuable and informative information that reflects the effectiveness of the company's business model.

Of course, the development of a company's financial plan may involve the formation of a balance of revenue and expenses in forms that differ significantly from the "Profit and Loss Statement". It can be more detailed or, conversely, less complex. However, the official form of the Profit and Loss Statement is rated by many entrepreneurs as quite logical and informative, and therefore receives wide use in business.

Balance sheet

This document, like the previous one, belongs to the official category. The enterprise must form it not only as part of the financial plan, but also as a necessary element of reporting provided to the Federal Tax Service. At the same time, the balance sheet is an important element of forecasting. Based on the figures that it reflects, management can analyze how effectively the company worked in the reporting period, and adjust the business development strategy if necessary. The balance sheet is one of the most detailed documents characterizing the activities of the enterprise. Through it, financial accounting is carried out. The chart of accounts of the balance sheet is an obligatory component of the activities of specialists of the relevant departments of the company dealing with monetary issues.

The document in question, as a rule, is created by enterprises without any special differences from the official form approved by the laws of the Russian Federation (although, as in the case of the profit and loss balance sheet, the company has the right to determine its own criteria for the formation of the corresponding source). The legislator of the Russian Federation, therefore, has developed a fairly well-thought-out, logical and informative structure of the balance sheet, and companies willingly use it not only in fulfilling reporting obligations, but also in the process of creating internal corporate financial plans.

It can be noted that the use of forms approved by the state is mandatory for budget institutions. So, every year, the relevant organizations, as a rule, are given the task of submitting a plan of financial and economic activity to a higher authority. It can be considered as an analogue of the corresponding document for private enterprises. Moreover, many businesses form a financial and economic plan based on the structure of the noted source developed by the state. But if reporting procedures do not require it, a private enterprise has the right to create documents according to its own concept.

So, the creation of a financial plan for the development of a corporation involves, first of all, the formation of four key sources. What is the best order to develop them? Let's try to create a step-by-step instruction that reflects the algorithm recommended by market experts for creating a financial plan.

Step-by-step instructions for drawing up a financial plan: main steps

Many specialists in the field of corporate governance consider it right, however, to start work not with the formation of any of the above documents, but from another source - a financing strategy. It thus precedes the creation of any of the four components of the plan in question noted above.

The next stage, within which a financial plan can be drawn up, is the development of a sales forecast. The fact is that the calculation of revenue is a procedure based on information that is more accessible in most cases than an analysis of possible costs. As a rule, a new enterprise enters an already existing market segment, the dynamics of demand in which is generally known to all players. From here you can calculate what sales volumes can be in relation to certain terms.

Once you have your sales forecast, it's time to work on the estimated profitability chart. Thus, the organization's management will have to work to identify, in turn, the likely dynamics of the organization's costs in relation to a particular period.

Having at your disposal revenue and profit forecasts, as well as actual figures reflecting commercial activities, you can form a balance sheet that takes into account relevant indicators. This document is more statistical, it records financial transactions that have already been completed. A similar function is performed by the balance sheet. Most often, it is formed simultaneously with the document in which profits and losses are recorded - largely because both of them together form, as we noted above, the financial statements that the enterprise must submit to government agencies.

Stages of drawing up a financial plan

So, the preparation of a financial plan can be carried out within the following main stages:

1. Defining a funding strategy.

2. Formation of revenue forecasts.

3. Determining the dynamics of costs.

4. Fixing the results of the company's activities in the balance of revenue and costs ("Profit and Loss Statement"), as well as in the balance sheet.

Of course, the noted structure of the formation of the source in question may be different. Thus, it is logical to assume that the financial plan of an organization that has just entered the market will not initially contain data on profits and losses, as well as a balance sheet. Relevant components will be added to it later.

It may well be that the balance, reflecting revenues and costs, will be supplemented not only by statistical, but also by forecast data. An organization's financial plan may suggest such a need if, again, the firm is just entering the market, and investors have a need to obtain as much detail as possible about its business model.

What information should be reflected in the marked sources - documents that form the financial plan of the organization? Let's consider the aspect concerning its content.

What should a financial plan include? As we noted above, it can consist of four key sources. They are also complemented by a funding strategy. Let us consider the content of the plan in relation to the sources, the essence of which we have considered above.

The financial plan of the enterprise is recommended to start with a strategy for acquiring and distributing the necessary capital. What should be included in this document? Its recommended structure assumes the presence of the following main sections in it:

Determining sources of revenue;

Formation of the spectrum of necessary expenses;

Identification of channels for attracting additional capital (through loans, investments);

Formation of key principles of interaction with the state (selection and justification of the organizational and legal form, taxation regime).

The revenue forecast involves the preparation of a document that will reflect:

Identification of key profit channels (for example, the sale of specific types of goods that are in the highest demand);

Identification of factors affecting sales dynamics (season, currency fluctuations, regulators' policy);

Formation of a forecast for revenue in relation to certain periods (month, quarter, year and other periods).

The graph showing the dynamics of expenses suggests a very similar structure:

Identification of key cost items (for example, wages, raw materials, transport services);

Identification of factors affecting costs;

Formation of forecasts for expenses.

In turn, the balance of revenue and costs, as well as financial statements, have a rather complex structure (if they are based on forms approved by the state). The purpose of these documents is to identify how effective the current business model of the organization is, to determine how profitable the company is in a particular billing period.

It is possible that the management of the enterprise will decide to use the official forms of the profit and loss account, as well as the balance sheet. In this case, to fill them out, you will need access to the records of the movement of capital in the company, to the postings. So, you will need to study the chart of accounts accounting financial and economic activities of the company. The data for filling in the marked forms is mainly taken from there. The chart of accounts of financial activities must, of course, be correctly drawn up. This is guaranteed by its standardization - at the level of federal legal acts.

What to look for when drawing up a financial plan?

So, we have studied what a financial plan of an enterprise is and in accordance with what algorithms it can be developed. Let us now consider the key nuances that are useful to pay attention to when compiling the components of this source.

The first thing to note is that the financial plan is one of many documents that are drawn up in order to optimize the organization's development model. It can complement other sources. Most often, it is an integral component, and at the same time a very important, larger document - a business plan. Its main function in this case is to form an idea among the founders of the organization, investors or creditors about what are the prospects for the commercial activities of a particular enterprise. The financial activity plan, as we noted above, will include data on revenue, costs, as well as statistical data reflecting them. All this information is needed by business founders and their partners.

The main thing is to reflect in the document what will be the main factors affecting the receipt and distribution of capital, how to recognize them in a timely manner and adapt the business model of the enterprise to possible changes. The plan of the financial and economic activity of the company allows you to determine the so-called "break-even point" of the company - the moment from which the revenue consistently exceeds the costs (in another interpretation - when the return of the established part of the investment is made).

Forecasting income and expenses is usually formed for several years - most often for 3 years. As we noted above, in the first year, you can distribute the corresponding indicators monthly. In the structure of income and expenses, those that are characterized by high stability or, conversely, volatility can be additionally distinguished. For example, with regard to the costs of the first type, it could be rent in accordance with the contract. Volatile spending can be associated with the import of goods from abroad. Their value may change due to changes in the exchange rate of the ruble in the foreign exchange market.

When drawing up a financial plan, one should pay closer attention, according to some researchers, not to the production aspect, but to the marketing one. The company can develop a completely unique, technological product, but the company's business model will be ineffective due to the insufficiently capacious sales market for the corresponding product at the prices that are included in the business plan as guaranteeing the profitability of the enterprise. The solution of the corresponding problem may involve not only financial analysis, but also the use, as an option, of sociological methods - surveys, communication with potential consumers on the Internet in order to identify their buying sentiment, demand potential.

In principle, when drawing up an algorithm for obtaining and distributing capital, one should not neglect promotion costs that are not directly related to production costs. It may well turn out that in order to occupy the necessary niche in the market, the enterprise will need to invest heavily in advertising - so that more target consumers know about the brand.

When drawing up financial plans, it is necessary to act in conditions of access to relevant sources of legislation. You need to be aware of the latest legal news. The legislator can quite significantly change, relatively speaking, the tax rate. The task of the company's management is to find out about this in time and make the necessary adjustments to the financial plan.

Also, you should not plan savings on staff salaries. Initially, it is recommended that, if possible, it is recommended to include in the company’s budget, firstly, the size of the staff, which is larger than may be required, based on profitability criteria, in order to increase the overall productivity of the enterprise in a short time, if necessary, and secondly, a sufficiently high amount of labor compensation. The organization must be attractive to the best specialists of the market segment in which it operates.

Who should develop the financial plan?

Who develops the organization's financial plans? In practice, it can be both ordinary specialists with the necessary competencies and managers. It is quite possible that the development of the corresponding plan will be outsourced. Which of the noted mechanisms for compiling an algorithm for obtaining and distributing capital is the most effective?

There is a large number of points of view on this. Some researchers believe that the long-term part of the plan should be trusted to those employees who have access to strategic information. For example, this may be information about the specifics of the company's loans. Most likely, such employees will be people from among the top managers of the enterprise. In turn, the monthly periods of financial plans, perhaps, can best be worked out by specialists who understand in detail the specifics of specific production sites. They will not need to know information of a strategic nature. But their competence in terms of detailing business processes will probably be even higher than that of the company's management.

What is better - when the financial plan of the institution is developed by full-time specialists, or a scheme in which the solution of the corresponding task is outsourced? It depends on many factors. Many enterprises do not trust outsourcing schemes too much due to the use of secret technologies, drawings, and materials in production. Those firms that see their competitive advantage not in unique developments, but in an effective business model, in many cases willingly agree to such cooperation mechanisms. Thus, competent, experienced specialists are involved in the preparation of business plans - albeit freelance ones. So, if these are accountants, then they, in particular, will always be able to properly take into account the chart of accounts of financial and economic activities, with which an unprepared specialist may have problems.

The financial plan is an integral part in which an analysis of the financial position of the enterprise for the current period is carried out, as well as future financial prospects are described. This analysis helps, in fact, to implement a business project. It reflects the activities of the company, its problems, prospects and future actions using objective numerical indicators. The financial part is especially important when looking for money for business development and for investors who, with its help, can see possible problems organizations with cash.

Types of financial plans

Depending on the duration of the period, there are three main types:

1. Short-term - prepared for a maximum of one year. It is suitable for companies with fast capital turnover.

2. Medium-term - prepared for a planning period of one to five years. This plan is drawn up after detailed research, development, etc.

3. Long-term - prepared for a period of more than five years. Compiled after determining the long-term financial goals of the company, its capital structure, expansion activities, etc.

They can also be:

1. Main - it calculates the cost, structure of income and costs, tax payments, etc.

2. Auxiliary - helps to make the main plan.

Sections

The following sections are the main components:

1. Table of income and expenses.
2. Forecast of revenue volumes.
3. Forecast of the balance of assets and liabilities.
4. Calculation of the break-even point.
5. Forecast of cash inflow and outflow.
6. , credit and currency plans.

Forms

1. The balance sheet of an enterprise is a financial document that consists of two parts - an asset and a liability. The asset balance reflects the value of all intangible and material assets of the enterprise (equipment, buildings, inventory, intellectual property, etc.). Own or borrowed sources of formation of these values ​​(loans, equity, etc.) are displayed in the liabilities side of the balance sheet. The balance sheet is the first document that shows at a glance how much a company is worth.

2. Profit and loss statement - characterizes the level of profitability of an existing company or the expected level of profitability for a new company. How much net profit your company will have after deducting all expenses - this will show the profitability. By the way, you can find new cost-effective business ideas in another article.

3. Cash flow statement - shows the solvency of the company, whether it has or will have money to pay off loans and other obligations. Pay special attention to this document, because it is he who shows the movement of your money in a bank account. It is mandatory for firms that sell seasonal products or provide goods on credit.

Indicators

The calculation of the main financial indicators puts the final point in its evaluation. After all, no matter how beautifully and in detail you study competitors, highlight the competitive advantages of the company, describe the future product or service, if the profitability indicators are low or zero, investors will not talk to you.

1. The payback period of investments (eng. Pay-Back Period) - helps to assess the rationality of the investment project. Shows the specific period during which the investment will be covered. At the same time, third-party investments can be attracted to organize a business, as described in. Calculation formula:

where, Io is the cost of the initial investment;

P is the net cash flow per year after the implementation of the project.

2. Discounted Pay-Back Period - takes into account a point in time. Calculation formula:

where, n is the number of periods;

CFt is the inflow of money in a certain period t;

r is the discount factor;

Io is the cost of the initial investment.

3. Profitability Index - shows the level of profit per unit of funds spent. Calculation formula:

where NCFi is the net cash flow for the i-th period;

r is the discount rate;

Inv is the value of the initial investment.

If PI > 1 - capital investment is effective.

4. Break-even point - shows how much you need to sell a product or service at the offered price to break even. This economic indicator characterizes the situation when the amount of profit is equal to the amount of costs. Calculation formula:

where, TFC is the amount of fixed costs;

AVC - the amount of variable costs per unit of output;

P is the selling price of a unit of production;

C - profit per unit of production.

5. Net present value (eng. Net present value) - allows you to evaluate the investment project by calculating the value of future cash flows minus investment flows. In this case, you need to take into account the discounted return on investment. Calculation formula:

where NCFi is the net cash flow for the i-th period;

Inv is the cost of the initial investment;

r is the cost of capital raised or the discount rate.

If NPV is positive, then capital investment is efficient.

Interaction of financial and marketing plan

The marketing and financial plan should be closely linked, because they both relate to the issue of goods or services. Analysts want to set the price at a level that will bring the firm the desired profit. Marketers, on the other hand, are concerned about gaining market share and sales volume. To accept optimal solution, the company's specialists organize meetings where a compromise decision is made. Recall that describes:

1. The current position of the company in the market (target segments, SWOT-analysis of the market, competitive advantages). This is preceded by detailed marketing research.

2. Analysis of the competitive environment.

3. Analysis of the marketing mix: commodity, price, marketing and promotion strategy.

4. Control of the marketing plan.

The financial plan is an integral part of intra-company planning, the process of developing a system of indicators to provide the enterprise with the necessary funds and improve the efficiency of its financial activities in the future period. Financial planning is one of the main management functions, including determining the required amount of resources from various sources and rational distribution of these resources in time and by structural divisions of the enterprise.

Financial planning is necessary to provide the necessary resources for the company's activities for:

• choice of options for effective investment of capital;
• identification of on-farm reserves to increase profits through the economical use of funds.

It helps to control the financial condition, solvency and creditworthiness of the enterprise.

There are many methods for calculating financial planning, but there are also general rules, principles that are unchanged regardless of how the financial plan is drawn up.

It is important. Financial planning should be targeted, operational, real, managerial, collective, regulated, continuous, comprehensive, continuous, balanced, transparent process for management. The cost of financial planning should not overlap the effect of it.

financial planning- a responsible process, so you can not approach it formally.

In the course of planning, it is necessary to draw conclusions about the reasons for failures in work, to take into account these factors, along with positive experience, when drawing up financial plans for the next period.

Financial planning should be comprehensive in order to provide financial resources for various areas:

• innovations (that is, the development and implementation of new technologies that affect the maintenance of competitiveness of products, the creation of new products, industries, etc.);
• supply and marketing activities;
• production (operational) activities;
• organizational activity.

When drawing up financial plans, the following are used: information sources:

• accounting and financial reporting data;
• information on the implementation of financial plans in previous periods;
• agreements (contracts) concluded with consumers of products and suppliers of material resources;
• forecast calculations of sales volumes or product sales plans based on orders, demand forecasts, sales price levels and other characteristics of market conditions;
• economic standards approved by legislative acts (tax rates, tariffs for contributions to state social funds, depreciation rates, bank discount rate, minimum monthly wage, etc.).

In the course of planning, it is necessary, if possible, to take into account or analyze all factors: analytical materials, market trends, the general political and economic situation, the opinions of analysts and experts, moral and ethical standards, etc.

The analysis should be subjected to economic(the refinancing rate of the Central Bank, exchange rates, interest rates on loans in local banks, the amount of available free cash, the maturity of accounts payable, and many others), and non-economic factors (the possibility of collecting receivables, the level of competition, changes in legislation, etc.). Before making a decision, it is important to evaluate all available alternatives. Moreover, it is more expedient for the accuracy of the plan to evaluate not the strict value of the indicator, but the range of values. It is important to take into account possible force majeure situations.

Note. Plans should be focused on achieving the set goals (the basis of the plan is the real capabilities of the company, and not its achievements at the moment).

For example, the company's turnover is currently 1,000,000 rubles, and if the shortcomings in the work are eliminated, then the turnover can be relatively easily doubled. If in such a situation the plan is based on the existing indicators, then we will not take into account the potential of the company (the financial plan will be ineffective).

The financial plan should (if you do not consider various scenarios for the development of events) contain a certain strategy of action in the event of the most likely forecast situations. For example, a company in its calculations uses conventional units - US dollars. The company's management needs to imagine a strategy for action in the event of a sharp change in the dollar exchange rate and consolidate their ideas in the financial plan, so that subordinates can no less clearly represent this strategy.

When drawing up a plan, it is necessary to foresee the possibility of revising the planned indicators as they are achieved. One way to achieve flexibility in plans is to establish minimum, optimal, and maximum outcomes.

Note. It is impossible to draw up a financial plan so that, in accordance with it, the company does not have a cash reserve.

Such a situation can lead to the fact that any force majeure, unplanned payment or delay in receipts can lead not only to the collapse of such a financial plan, but also to the company itself. Still, it is easier to profitably invest excess funds than to find the missing ones.

When attracting additional financial resources, it is necessary to adhere to conformity principle, that is, it is irrational to take a short-term loan to purchase expensive equipment, knowing that during this period the company will not have free cash and will have to borrow money again to repay the loan.

Let's say a company needs funds to replenish inventory that has an average lead time of one month. In this case, it is unreasonable to take a long-term loan, overpaying for it.

Many are mistaken, considering the net or retained earnings of the company as some real assets that can be put into economic circulation. Often this is far from the case. Therefore, when carrying out financial planning, determining the need for additional sources of financing, one cannot make a mistake referring to such indicators as retained earnings, retained losses.

One of the stages of planning is the financial analysis, during which the solvency of the company is analyzed. A common mistake is that financiers include indicators in the plan, which they themselves criticize during the analysis of actual indicators. Often a situation arises when poorly liquid and insolvent financial plans are created. To avoid this, it is necessary to remember about the indicators for assessing liquidity and solvency, as well as focus on them when drawing up a financial plan.

Types of financial planning and financial plans

The time periods for which financial plans are drawn up may be different. Typically, financial plans are drawn up for some rounded period (month, quarter, six months, 9 months, 1–3 years or more). This tradition is due to the convenience of work: it is much better to make a plan and use it for a year than a year and 10 days.

Depending on the period for which the plan is drawn up, there are long-term, medium-term and short-term plans (Table 1).

Table 1. Types of plans and their features
Type of financial plan	Name of planning	The period for which the financial plan is drawn up
Short	Operational
medium term	tactical
long term	strategic	over 3 years

This classification has its drawbacks. medium term financial plan we call a plan drawn up in 1-3 years. But if we take a construction company, it turns out that it takes an average of 1-3 years to build one object. Therefore, a plan drawn up for three years (formally medium-term) will be for the company short-term. The time period for which a financial plan is drawn up is essential.

Financial plans can be basic and auxiliary (functional, private). Auxiliary plans designed to ensure the preparation of the main plans. For example, master plan includes planned indicators of revenue, cost, tax payments and many others.

In order to bring all the indicators into one plan (the main one), it is necessary to first draw up a number of auxiliary plans for almost every indicator. You should plan the amount of revenue, cost and other indicators (only then you can bring everything together, having received the main plan).

Note. 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 individual divisions, will be the master financial plan.

By the time of drawing up financial plans can be:

• introductory (organizational) - are formed on the date of organization of the company;
• current (operational) - compiled periodically during the entire period of the company's operation;
• anti-crisis;
• unifying (connecting, merger plans);
• separating;
• liquidation.

In a relationship anti-crisis, unifying (connecting),separating, liquidation financial plans, it is easy to conclude that they are drawn up when the company undergoes reorganization (recovery) procedures, the organization is merged, divided or is at the stage of liquidation.

The need for the formation of an anti-crisis financial plan arises when the company is at the stage of apparent bankruptcy. With the help of an anti-crisis financial plan, you can determine 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 ways out of this situation.

Dividing and unifying(connecting, merging plans) financial plans can be called antipodal plans. Connecting(unification, merger plans) and separating financial plans are drawn up when one company joins another or when a company is divided into several legal entities. That is, connecting (unification, merger plans) and separation plans are formed during the reorganization of a legal entity, which can be carried out in the form of a merger, accession, division, separation or transformation. unifying(connection, merger plans) financial plans are drawn up when two or more companies merge (merger) into one or when one or more structural units join this company. Dividing financial plans are drawn up at the time of division of the company into two or more companies or when one or more structural units of this company are separated into another. Liquidation financial plans are drawn up at the time of liquidation of the company. The reasons for liquidation may be bankruptcy, closure due to reorganization.

EXAMPLE 1

LLC "Static" has drawn up a financial plan, in which certain planned indicators are fixed. This financial plan does not provide for changes in indicators due to changes in any external or internal conditions. Such a financial plan will be static.

In Dinamik LLC, the financial plan contains various options for the values ​​​​of indicators, depending on what situation will actually be implemented. That is, with an increase in sales of products by 20%, some indicators and a development option are planned, with an increase of over 40%, other indicators and a development option, etc. In fact, the dynamic financial plan of this enterprise will be a set of static financial plans.

Dynamic plans more informative, but compiling them is more difficult than static ones. If in static financial plans one version of the situation is developed, then in dynamic financial plans - two or more. Accordingly, the complexity and laboriousness of compilation increase proportionally.

According to the volume of information, plans can be single and consolidated (consolidated). Single plans display 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 we are talking about a group of companies controlled by one person or group of persons. For the purpose of compiling financial plans can be divided into trial and final.

Trial Plans are compiled in order to implement control, analytical procedures. Trial plans are not distributed to interested users, as they are documents of internal control and analysis. final plans are official documents of the company and serve as sources for various interested users to study its financial plans.

Usersfinancial plans can be:

• tax authorities;
• statistical bodies;
• creditors;
• investors;
• shareholders (founders), etc.

According to user information plans will be divided into plans submitted to the fiscal authorities, statistics authorities, creditors, investors, shareholders (founders), etc. By the nature of the activity plans can be divided into plans for core and non-core activities. Previously core business called the types of activities specified in the charter of the enterprise. But at present, this approach is unwise. The distinction between the main and non-main activities is possible on the basis of revenue indicators.

EXAMPLE 2

Revenue from type of activity No. 1 - 18,000,000 thousand rubles, from type of activity No. 2 - more than 1,000,000 thousand rubles.

Revenue from type of activity No. 1 will be more than 94% of all revenue (18,000,000 / (18,000,000 + 1,000,000)). The main activity for the company in this case will be activity No. 1.

At the same time, the distinction between core and non-core activities can also be made on the basis of other indicators (in particular, the amount of income from various types of activities).

Suppose the profit from activity No. 1, despite such serious gross revenue indicators, is only 300,000 thousand rubles. , and from the type of activity No. 2 - 800,000 thousand rubles. In this case, the main activity for the company will be activity No. 2.

The classification of activities into core and non-core is a rather subjective process and depends on the direction of the company's management.

When planning long-term investments and sources of their financing, future cash flows are considered from the perspective of the time value of money, based on the use of discounting methods to obtain commensurate results.

With the help of a cash flow forecast, you can assess how much of the latter you need to invest in the economic activities of the organization, the synchronism of the receipt and expenditure of finance, and also check the future liquidity of the enterprise.

The forecast of the balance of assets and liabilities (in the form of a balance sheet) at the end of the planning period reflects all changes in assets and liabilities as a result of planned activities and shows the state of property and finances of an economic entity. The purpose of developing a balance forecast- determination of the necessary increase in certain types of assets, ensuring their internal balance, as well as the formation of an optimal capital structure that would ensure sufficient financial stability of the organization in the future.

Unlike the income statement forecast, the balance sheet forecast reflects a fixed, static picture of the company's financial balance. Exist several methods for making a balance forecast:

1) based methods proportional dependence indicators of sales volume;

2) methods using mathematical apparatus;

3) specialized methods.

The first of them consists in the assumption that balance sheet items that depend on the volume of sales (stocks, costs, fixed assets, receivables, etc.) change in proportion to its change. This method is also called percentage of sales method.

Among the methods using the mathematical apparatus, the following are widely used:

• simple linear regression method;
• non-linear regression method;
• multiple regression method, etc.

Specialized methods include methods based on the development of separate predictive models for each variable. For example, receivables are evaluated according to the principle of optimizing payment discipline; the forecast of the value of fixed assets is based on the investment budget, etc.

EXAMPLE 3

Let's consider financial planning of profit by a direct method. The procedure of this method is based on the assumption that the change in the need for funds for the manufacture of products is proportional to the dynamics of sales. Let's illustrate the essence direct method financial planning of profit (tab. 2).

Table 2. Profit and loss statement
Indicator	During the reporting period	Forecast for the next year (with a 1.5 times increase in sales)
Revenue (net) from the sale of goods, products, works, services (net of VAT, excises and similar obligatory payments)		500 × 1.5 = 750
Cost of sold goods, products, works, services		400 × 1.5 = 600
Gross profit
Selling expenses
Management expenses
Profit (loss) from sales
Interest receivable
Percentage to be paid
Other income
other expenses
Profit (loss) from financial and economic activities
Profit (loss) before tax
income tax
Profit (loss) of the reporting period (net)

An increase in sales by 50% affects many indicators. It is assumed that the cost of goods sold, as well as selling expenses, will change in direct proportion to the growth rate of sales, but interest on loans depends on the financial decisions made.

One of the planning documents developed by the organization as part of long-term planning is business plan. It is developed, as a rule, for 3-5 years (with a detailed study of the first year and an enlarged forecast for subsequent periods) and reflects all aspects of the production, commercial and financial activities of the organization.

The most important part of a business plan is financial plan, summarizing the materials of all previous sections and presenting them in value terms. This section is necessary and important for businesses, as well as for investors and lenders. After all, they must know the sources and amount of financial resources required for the implementation of the project, the direction of the use of funds, the final financial results of their activities. Investors and creditors, in turn, should have an idea of ​​how cost-effectively their funds will be used, what is the payback period and return.