Define the finances of commercial organizations. Organization of finance of commercial organizations

62. FEATURES OF ORGANIZATION OF FINANCE OF COMMERCIAL ORGANIZATIONS OF VARIOUS ORGANIZATIONAL AND LEGAL FORMS

The functioning of each business entity of one or another form of ownership is associated with features in the organization of finance. They are manifested in the formation of the authorized capital (capital), the distribution of profits, the formation and use of cash funds, relationships with the budget, etc.
To a greater extent, the peculiarities of the organization of finances of enterprises of different forms of ownership are manifested in the formation of their financial resources. So, if at enterprises state form ownership, financial resources are formed mainly from budget funds, while in enterprises of non-state ownership - mainly from partial (share) contributions of the founders - legal entities and individuals.

At the same time, in market conditions, budget allocations for various purposes are significantly reduced for enterprises, even state-owned enterprises. At the same time, many enterprises acquire such sources of financial resources as dividends and interest on securities, income from participation in the activities of other enterprises and from transactions with currency and foreign currency values, etc.

A distinctive feature of enterprise finance is its dependence on the legal form of their organization.

Organizational and legal forms of management predetermine various features of the organization of finances of enterprises: sources and procedure for the formation of the authorized capital, the system of profit (income) distribution, relationships with the budget, etc.

Finance of commercial organizations is a system of relations associated with the formation and use of financial resources of commercial organizations in order to ensure their activities and resolve issues of a social nature.

The following principles of organizing finance in the field of commercial activity can be distinguished:

    obtaining and maximizing enterprise profits;

    optimization of sources of financial resources;

    ensuring the financial stability of commercial organizations, including the use of various mechanisms for protecting against business risks (insurance, hedging, creation of financial reserves);

    creating investment attractiveness;

    responsibility for the management and results of financial economic activity.

    These principles are determined by the main goal of a commercial organization - making a profit, as well as the desire of any business entity not only to maintain, but also to expand its participation in the market.
    Commercial organizations operate in different areas: material production, trade and sales activities, provision of services, including information and financial. In modern conditions, in order to reduce business risks, organizations are diversifying their areas of activity, inter-industry mergers are taking place within the framework of integration processes, but the influence of the industry factor on the finances of commercial organizations in the Russian Federation remains. This is due to the fact that, according to Russian legislation, certain types of commercial activities are prohibited from being combined with other types of activities: for example, insurance companies cannot provide banking services, carry out production and trading operations, etc.; in some cases, specializing in one type of activity can give the greatest effect.

    Industry factors that influence the peculiarities of financial organization are the seasonality of production, the duration of the production cycle, the peculiarities of the turnover of production assets, the degree of risk of entrepreneurial activity, etc. For example, agriculture (especially crop production) is characterized by the influence of natural and climatic factors on the production process, which determines its seasonal nature, high need for insurance protection. In these conditions, the attraction of borrowed funds for the formation of financial resources, the creation of reserve funds and insurance play an important role. Construction, as well as some industries with a long production cycle (for example, shipbuilding), is characterized by the presence of large volumes of work in progress, which also determines the need to generate financial resources through borrowed funds.

    Natural and climatic factors may predetermine the receipt of rental income in relatively favorable business conditions (extractive industries). As a rule, under these conditions in many countries, income equalization within one industry is carried out on the basis of rent payments to the budget.

    Industries with a relatively low level of profitability (agriculture, housing and communal services) have limited opportunities in expanding sources of financial resources, including through the issuance of securities.
    For industries with a high degree of occupational risk for workers (coal, chemical, gas industries, etc.), higher rates for social insurance against industrial accidents and occupational diseases are provided.

    Finally, a high degree of risk is also inherent in the activities of financial intermediaries (insurance companies, credit institutions), which determines higher requirements for the size of equity, the creation of specific financial reserves and the use of other mechanisms to ensure financial stability (for example, for insurance companies - reinsurance).

    Industry factors also determine the size of a commercial organization. Thus, the steel industry, mechanical engineering and other branches of heavy industry usually involve large-scale enterprises, and trade, consumer services, and innovation activities are usually carried out through medium and small businesses. Thus, industry characteristics can predetermine the organizational and legal form of a commercial organization, and this, in turn, is another factor influencing the financial mechanism of the organization.

    The organizational and legal form of a legal entity is established by the Civil Code of the Russian Federation (Chapter 4). In accordance with Art. 50 of the Civil Code of the Russian Federation, legal entities that are commercial organizations can be created in the form of business partnerships and societies, production cooperatives, state and municipal unitary enterprises. Various organizational and legal forms determine the features of the formation of financial resources at the time of creation of the organization, distribution of profits, financial responsibility of founders and participants.

    Thus, financial resources at the time of creation of joint-stock companies are formed from funds received from the placement of shares; partnerships and cooperatives - from the placement of shares; unitary enterprises - at the expense of budget funds. Business companies have the opportunity to attract financial resources by placing debt securities.

    The organizational and legal form influences the features of profit distribution: in joint stock companies, part of the profit is distributed in the form of dividends among shareholders; the profit of unitary enterprises can go to the budget not only in the form of tax, but also non-tax payments (unless the owner makes a different decision); in production cooperatives, part of the entrepreneurial income (profit) is distributed among the members. All commercial organizations, as a rule, form reserves through deductions from profits, but for joint-stock companies the minimum amount of reserves is legally established (at least 15% of the authorized capital), the amount of contributions to the reserve fund (at least 5% of net profit) and the direction of its use (covering losses, repaying company bonds and repurchasing shares in the absence of other sources). Production cooperatives contribute a portion of business income to an indivisible fund.

    In general, the finances of commercial organizations as a link in the financial system, regardless of organizational, legal and industry characteristics, have the following features:

    financial resources are owned by commercial organizations (with the exception of unitary enterprises);

    financial management of a commercial organization is focused on achieving its main goal - making a profit;

    limited government regulation of the finances of commercial organizations compared to other parts of the financial system. State regulation of the formation and use of financial resources of commercial organizations is associated with the determination of tax obligations, as well as obligations arising from the possible use of budget funds (subsidies, subventions, state and municipal orders, budget investments, budget loans).

    The main form of business in a market economy is a joint-stock company.

    A joint stock company is an organizational and legal form of association formed on the basis of the voluntary consent of legal entities and individuals who pooled their financial and material resources and issued shares for the purpose of making a profit.

    A joint stock company is a legal entity and has its own name, charter, seal and balance sheet. According to the charter, it can carry out any types of activities that do not contradict current legislation. In addition to the types of activities, the charter must indicate the types of shares that are issued, their par value, the number of shares acquired by the founders, as well as responsibility for late issue of shares.

    Each joint stock company has complete economic independence in resolving constituent issues, namely in the production and distribution of products, remuneration of its employees, setting prices, distribution and use of net profit and other results of business activities. A joint stock company is liable for its obligations with all its property, but is not liable for the obligations of its shareholders. At the same time, shareholders are liable for the company’s obligations within the limits of their personal contribution to the capital.

    Joint stock companies can be of open and closed types. The difference between them is that closed joint stock companies can create a limited number of shareholders, while the number and composition of shareholders of an open company are not limited.

    The authorized capital of an open joint stock company is formed by selling shares in the form of open subscription, and in closed joint stock companies - only through contributions from the founders, since shares are not received by open subscription. In addition, a shareholder of an open company can independently dispose of his shares, that is, sell them, transfer them to other persons, or pledge them as collateral without the consent of other shareholders of his company. A member of a closed joint stock company cannot sell his share without the consent of other shareholders who have a preemptive right to purchase these shares.

    The creation and functioning of joint stock companies is mediated by financial relations, which cover monetary relations with the founders of the company and their workforce, suppliers and customers, the budget and extra-budgetary funds, insurance companies and banks, as well as monetary relations associated with the receipt and distribution of their own income and savings, formation and use of appropriate funds of funds. These monetary relations practically express the essence of finance of joint-stock companies, which take an active part in the formation of income and savings, their distribution and control over their use.

    With the formation of a joint stock company, its authorized capital is formed, which represents the total amount of funds reflected in its charter. The size of the authorized capital of an open joint-stock company is no less than 1250 minimum wages, and a limited liability company - no less than 625 minimum wages.

    Due to the created authorized capital in joint-stock companies, fixed assets and current assets are formed - the material basis of the production process.
    In the course of its activities, a joint stock company incurs certain expenses, receives revenue and profit. Profit is calculated in the same way as in enterprises of other forms of ownership and is the difference between the proceeds from the sale of products (performance of work, provision of services) minus excise taxes, VAT and the costs of production and sale of these products (performance of work, provision of services). If expenses exceed revenues (without associated taxes), the company will suffer losses.
    The total income received is used primarily to pay bank interest on loans, established taxes and payments to the budget. The remaining profit is considered net and distributed at the discretion of the joint stock company. Part of the net profit can be directed to the production and social development of society, the payment of interest on bonds and to the reserve fund. The net profit that remains is used to pay dividends to shareholders. The amounts of deductions from net profit in these areas are established by the general meeting of shareholders of the company. The procedure for the formation and use of the reserve fund is determined by the company's charter. The fund's funds are used to cover unexpected losses of the joint-stock company. At the expense of this fund, in the event of a lack of net profit, interest on bonds and dividends on preferred shares can be paid, as well as shares can be redeemed from shareholders in the absence of other funds.

    When distributing net profit in appropriate areas, the financial condition of the joint-stock company is taken into account.

    One of the indicators characterizing the financial condition of a joint-stock company and affecting the distribution of net profit is the share (amount) of profit per share.

    Using this indicator, you can really assess the efficiency of the joint-stock company and its financial condition.

    The amount of net profit per share can be calculated using the formula
    If the return on share capital decreases, the question of terminating the company's activities may arise.

    Termination of the company's activities is carried out through its reorganization or liquidation. The decision on the reorganization of the company is made by general meetings of shareholders, and in cases provided for by law, by the antimonopoly committee or court.
    Reorganization of a company can be carried out through its merger and accession, division and separation of other independent companies, transformation into another organizational and legal form.

CONTENT AND ORGANIZATION OF FINANCE OF NON-PROFIT ORGANIZATIONS AND INSTITUTIONS

Features of finance of commercial organizations and factors that determine them

The primary distribution of the value of gross domestic product (GDP) occurs in the sphere of finance of business entities and primarily with the help of finance of commercial organizations, i.e. this element can be considered as the initial one for the entire financial system.

Article 34 of the Constitution of the Russian Federation guarantees the right of citizens to use their abilities and property to carry out business and other economic activities.
Entrepreneurial activity is recognized as independent activity carried out at one's own risk, aimed at systematically obtaining profit from the use of property, from the sale of goods, performance of work or provision of services (Article 2 of the Civil Code of the Russian Federation). Entrepreneurial activity can be carried out by legal entities, as well as individuals without forming a legal entity .

In conjunction with civil legislation (Article 50 of the Civil Code of the Russian Federation), the main purpose of creating and operating a commercial organization as a legal entity will be to generate profit, which determines the content of its financial relations with other entities. Commercial organizations enter into a variety of financial relationships:

  • with other organizations and individuals: regarding the attraction and receipt of sources for the formation of financial resources (raising funds on an equity and debt basis, receiving insurance compensation and other income in the order of redistribution: interest, dividends, the amount of financial sanctions for violation of contractual obligations, etc.); regarding the use of financial resources (allocation of financial resources into various assets; distribution of profits between owners; use of financial resources for charitable and other social purposes);
  • with the state and municipalities: regarding the fulfillment of obligations by a commercial organization to budgets different levels and state extra-budgetary funds (tax and non-tax payments), as well as receipt of budget funds by a commercial organization within the framework of state financial support;
  • with employees of the organization regarding payments made from profits (bonuses, loans for the purchase of housing, durable goods, etc.)

Finance of commercial organizations- ϶ᴛᴏ a system of relations associated with the formation and use of financial resources of commercial organizations in order to ensure their activities and resolve issues of a social nature.

The following principles of organizing finance in the field of commercial activity can be distinguished:

  1. obtaining and maximizing enterprise profits;
  2. optimization of sources of financial resources;
  3. ensuring the financial stability of commercial organizations, incl. use of various mechanisms to protect against business risks (insurance, hedging, creation of financial reserves);
  4. creating investment attractiveness;
  5. responsibility for the conduct and results of financial and economic activities. The material was published on http://site

These principles are determined by the main goal of a commercial organization - making a profit, as well as the desire of any business entity not only to maintain, but also to expand its participation in the market.

Commercial organizations operate in different areas: material production, trade and sales activities, provision of services, incl. informational and financial. Let us note the fact that in modern conditions, in order to reduce business risks, organizations are diversifying the areas of their activities, inter-industry mergers are taking place within the framework of integration processes, but the influence of the industry factor on the finances of commercial organizations in the Russian Federation remains. This is due to the fact that, according to Russian legislation, certain types of commercial activities are prohibited from being combined with other types of activities: for example, insurance companies cannot provide banking services, carry out production and trading operations, etc.; in some cases, specializing in one type of activity can give the greatest effect.

Industry factors that influence the specific organization of finance will be the seasonality of production, the duration of the production cycle, the peculiarities of the turnover of production assets, the degree of risk of entrepreneurial activity, etc. For example, agriculture (especially crop production) is characterized by the influence of natural and climatic factors on the production process, which determines its seasonal nature and the high need for insurance protection. In these conditions, the attraction of borrowed funds for the formation of financial resources, the creation of reserve funds and insurance play an important role. It is worth saying that construction, as well as certain industries with a long production cycle (for example, shipbuilding), is characterized by the presence of large volumes of work in progress, which also determines the need to generate financial resources through borrowed funds.

Natural and climatic factors can predetermine the receipt of rental income in relatively favorable business conditions (extractive industries). As a rule, in these conditions in many countries, income equalization within one industry is carried out on the basis of rental payments to the budget.

Industries with a relatively low level of profitability (agriculture, housing and communal services) have limited opportunities to expand sources of financial resources, incl. through the issue of securities.

For industries with a high degree of occupational risk for workers (coal, chemical, gas industries, etc.), higher rates for social insurance against industrial accidents and occupational diseases are provided.

Finally, a high degree of risk is also inherent in the activities of financial intermediaries (insurance companies, credit organizations), which determines higher requirements for the amount of equity capital, the creation of specific financial reserves and the use of other mechanisms to ensure financial stability (for example, for insurance companies - reinsurance)

Industry factors also determine the size of a commercial organization. Thus, the steel industry, mechanical engineering and other branches of heavy industry usually involve large-scale enterprises, and trade, consumer services, and innovation activities are traditionally carried out through medium and small businesses. Based on all of the above, we come to the conclusion that industry characteristics can predetermine the organizational and legal form of a commercial organization, and, in turn, is another factor influencing the financial mechanism of the organization.

The organizational and legal form of a legal entity is established by the Civil Code of the Russian Federation (Chapter 4 Financial planning and forecasting) Based on Art. 50 of the Civil Code of the Russian Federation, legal entities that are commercial organizations can be created in the form of business partnerships and societies, production cooperatives, state and municipal unitary enterprises. Various organizational and legal forms determine the features of the formation of financial resources at the time of creation of the organization, distribution of profits, financial responsibility of founders and participants.

Thus, financial resources at the time of creation of joint-stock companies are formed from funds received from the placement of shares; partnerships and cooperatives - from the placement of shares; unitary enterprises - at the expense of budget funds. It is worth saying that business companies have the opportunity to attract financial resources by placing debt securities.

The organizational and legal form influences the features of profit distribution: in joint stock companies, part of the profit is distributed in the form of dividends among shareholders; the profit of unitary enterprises can go to the budget not only in the form of tax, but also non-tax payments (unless the owner makes a different decision); in production cooperatives, part of the business income (profit) is distributed among the members. All commercial organizations traditionally form reserves through deductions from profits, but for joint-stock companies the minimum amount of reserves is legally established (at least 15% of the authorized capital), the amount of contributions to the reserve fund (at least 5% of net profit) and the direction of its use (covering losses, repaying company bonds and repurchasing shares in the absence of other sources) Production cooperatives allocate a part of business income to an indivisible fund.

In general, the finances of commercial organizations as a link in the financial system, regardless of organizational, legal and industry characteristics, have the following features:

  • financial resources are owned by commercial organizations (with the exception of unitary enterprises);
  • financial management of a commercial organization is focused on achieving its main goal - making a profit;
  • limited government regulation of the finances of commercial organizations compared to other parts of the financial system. State regulation of the formation and use of financial resources of commercial organizations is associated with the determination of tax obligations, as well as obligations arising from the possible use of budget funds (subsidies, subventions, state and municipal orders, budget investments, budget loans)

Sources and types of financial resources of commercial organizations

Financial resources of a commercial organization are the totality of cash income, receipts and savings of a commercial organization used to support its activities, develop the organization or maintain its place in the market, as well as to solve certain social problems.

Sources of financial resources when creating a commercial organization. At the time of creation of a commercial organization, the following is formed: authorized capital (share capital - for partnerships, mutual fund - for production cooperatives, authorized capital - for a unitary enterprise) through contributions from the founders. The authorized (share) capitals of partnerships and limited liability companies are divided into shares, the authorized capitals of joint-stock companies - into shares; However, they are formed through contributions from founders and participants for the acquisition of these shares and shares. The authorized capital can be paid in cash and other property. Selected species activities provide for legal regulation of the share of the authorized capital in monetary form (for example, banking) The mutual fund of a production cooperative is formed at the expense of shares of participants, which can also be in monetary and non-monetary form. The authorized capital of a unitary enterprise is formed through capital expenditures of the budget at the current level, as well as the direct transfer of buildings, structures, equipment, and land plots. Under this Russian legislation, joint participation of the Russian Federation, a constituent entity of the Russian Federation, or a municipality in the creation of one enterprise is prohibited. It is the monetary part of payment for the authorized capital (share capital, authorized or share fund) that is considered as sources of financial resources at the time of creation of the organization.

Sources of financial resources in the process of functioning of a commercial organization.

1. The main source of formation of financial resources of a commercial organization will be revenue from the sale of goods (works, services) related to the statutory activities of the organization. Increasing revenue from product sales is one of the main conditions for the growth of financial resources of commercial organizations. Such an increase can be determined by an increase in the production and sales of goods (works, services), as well as an increase in prices and tariffs. In conditions of competition and elastic demand, traditionally the relationship between these two factors is inversely proportional: raising prices can lead to a reduction in sales volume, and vice versa. It is worth saying that in order to maximize profits, a commercial organization is forced to look for the optimal relationship between price and production volume. The structure of sales revenue is determined by labor productivity, labor and capital intensity of production, and the availability of modern technologies that allow the economical use of various types of resources.

2. The activities of a commercial organization are also related to the sale of property, when morally (sometimes physically) obsolete equipment and other property are sold at residual value, and stocks of raw materials and materials are sold. The share of this source in total amount sources of financial resources of a commercial organization depends on many factors: the type of activity of the organization (for example, high-tech, knowledge-intensive production requires constant update equipment), a specific situation (an organization can sell part of its property to pay off accounts payable) Today, in the context of constant improvement of information technology, almost all organizations update computer equipment and software for it, selling retiring property.

3. In the course of its activities, a commercial organization receives not only revenue from sales, but also non-operating income. Such income includes: receipts related to the provision for temporary use of funds and other property for a fee (including interest on loans provided by the organization, interest on bank deposits, etc.); proceeds related to participation in the authorized capitals of other organizations (including interest and other income on securities); profit received as a result of joint activities under a simple partnership agreement; fines, penalties, penalties for violation of contract terms; proceeds to compensate for losses caused to the organization (including insurance compensation); profit of previous years identified in the reporting year; amounts of accounts payable and depositors for which the statute of limitations has expired; exchange rate differences on transactions in foreign currency; the amount of revaluation of assets.

Non-operating income of different organizations does not match in composition. For example, if in the charter of one organization the leasing of property is recognized as a statutory activity, then the resulting rent receipts will be taken into account as sales revenue. If rental activities are not provided for in the organization’s charter, then the receipt of rent is classified as non-operating income.

Factors influencing the share of non-operating income in the sources of financial resources of a commercial organization will be the degree of differentiation of its assets, the profitability of investments in these assets, the degree of reliability economic ties with suppliers and customers, etc. In conditions of frequent violation of obligations by transaction partners, the organization may receive significant amounts of fines, penalties, and penalties provided for in these agreements. It is worth saying that the completeness of receipt of financial sanctions also depends on the qualifications of the organization’s legal service in the preparation of final contracts, as well as, if necessary, during legal proceedings.

4. Let us note the fact that in modern conditions, part of the financial resources of a commercial organization is attracted through its participation in the financial market as a borrower and issuer. It is important to note that one of the most important values ​​of the financial market is expanding the capabilities of business entities in choosing sources for the formation of financial resources.

An operating commercial organization ( joint stock company) funds on the financial market can be raised through additional issue of shares. Recently, among the largest Russian issuers (Gazprom, Gazinvest, Sibneft, MTS, Wimm-Bill-Dann, Alfabank, Sberbank, etc.), the practice of raising funds on a debt basis has become widespread - by issuing bonds (so-called “corporate bonds”). or long-term bills. In this regard, it should be borne in mind that the additional issue and issuance of debt securities are aimed not only at national, but also at foreign investors (many of the above-mentioned issuers issue securities denominated in foreign currencies, which are quoted on the world's largest stock exchanges)

The high loan interest rate and strict collateral requirements make bank loans inaccessible to many commercial organizations as a source of financial resources.
It is worth noting that the situation is especially difficult for small and medium-sized enterprises. Today, several programs are in place (including within the framework of a loan from the European Bank for Reconstruction and Development) to ensure the availability of bank loans for small and medium-sized businesses. It is important to note that, however, with all this, the source of formation of financial resources is insignificant in volume for small and medium-sized enterprises.

Raising funds on the financial market of a commercial organization is traditionally associated with the implementation of its large investment projects, incl. with the expansion of the organization's activities.

The significance of the sources of financial resources of a commercial organization related to the functioning of the financial market is determined by the investment attractiveness of this organization, its organizational and legal form (raising funds from all segments of the financial market is possible only by a joint-stock company), and the level of profitability in the financial market. Commercial organizations also take into account that with the growth of borrowed sources of financial resources, the risk of insolvency and, consequently, loss of financial stability increases.

5. Funds from budgets are received by commercial organizations within the framework state support their activities (see Chapter 5 of the textbook Financial regulation of socio-economic processes) In the conditions of market transformations, the share of budget funds in the sources of financial resources of enterprises has decreased significantly. It is important to note that, however, with all this, commercial organizations can receive budget funds in the form of subventions and subsidies, investments, budget loans from budgets of different levels. The provision of budget funds to commercial organizations is strictly targeted and traditionally carried out on a competitive basis. Sometimes budget funds are difficult to allocate from other sources of financial resources of a commercial organization. Thus, budget funds received in the form of payment for a state or municipal order are reflected as sales revenue.

6. Financial resources can be generated from proceeds from the main (“parent”) companies, the founder (founders). In the process of functioning of a commercial organization, it may receive funds from the founder (founders), for example, when making a decision to increase the authorized capital. In holdings and financial and industrial groups, the redistribution of funds is usually systematic and complex: from the parent company to other participants, and vice versa, as well as between participants. The functioning of inter-industry and intra-industry R&D funds is also based on the redistribution of funds between organizations participating in the creation of such funds.

The structure of all sources of formation of financial resources of commercial organizations in the Russian Federation is shown in Fig. 7.1. These diagrams indicate that with a wide variety of such sources, the largest share is occupied by revenue from sales of products (works and services)

Due to the listed sources, the following forms and types of financial resources of a commercial organization are formed: cash income; cash savings; cash receipts.

1. Cash income commercial organization - ϶ᴛᴏ:

  • profit from the sale of goods (works, services);
  • profit from the sale of property, the balance of non-operating income and expenses.

Figure No. 7.1. Structure of sources of formation of financial resources of commercial organizations

Profit from the sale of goods (works, services) is defined as the difference between the proceeds from sales (reduced by the amount of value added tax, excise taxes and other similar taxes) and the costs of producing goods (works or services). Let us note the fact that in modern financial reporting distinguish between gross profit (revenue from sales “minus” costs without management and commercial expenses) and profit (loss) from sales (including management expenses):

  1. Sales proceeds (minus VAT, excise taxes and other similar payments)
  2. Cost of goods (works or services) sold (excluding administrative and commercial expenses)
  3. Don't forget that gross profit (page 1 - page 2)
  4. Administrative and commercial expenses
  5. Profit (loss) from sales (page 3 - page 4)

Profit from the sale of property is defined as the difference between the proceeds from the sale of property and the costs associated with such sale.

Finally, the balance (profit or loss) on non-operating transactions is defined as the income received from such transactions, reduced by the costs associated with their implementation.

Profit will be the most important indicator of the financial and economic activity of the organization; analysis of its absolute value, dynamics, relationship with costs or sales revenue is used to assess the financial condition of the organization, incl. when making decisions about investments, bank loans.

2. Cash savings as a form of financial resources, they are represented by depreciation, reserve and other funds formed from the profits of previous years.

As is known, the cost of fixed assets and other depreciable property is transferred to the cost of newly created products (goods, services) gradually, accumulating for their further reproduction. This process is accompanied by regular depreciation charges. There are several ways to calculate depreciation. It is worth saying that the following methods are used for accounting:

  • linear;
  • reducing the balance;
  • write-off of value based on the sum of the numbers of years of the term beneficial use;
  • write-off of cost in proportion to the volume of work (services) produced

For tax purposes, depreciable property is combined into ten groups depending on the useful life (Article 258 of the Tax Code of the Russian Federation). For buildings, structures, transmission devices, the useful life of which is 20 years and above, the linear method of calculating depreciation is applied. For other fixed assets, for tax purposes, a commercial organization has the right to choose the depreciation method between linear and non-linear. In relation to individual items of depreciable property, correction factors (2-3) may be applied (Article 259 of the Tax Code of the Russian Federation)

Based on all of the above, we come to the conclusion that the share of cash savings associated with depreciation in the composition of financial resources is determined by the cost and type of depreciable property, the time of its operation, and the chosen methods of calculating depreciation.

The relationship between profit (as the total profit from the sale of goods (work, services), profit from the sale of property and the balance of non-operating income and expenses) and depreciation as the main types of financial resources of a commercial organization is clearly shown in Fig. 7.2.


Figure No. 7.2. Structure of the main types of financial resources of commercial organizations

Due to deductions from profits, a commercial organization can form reserve funds: to pay off debt obligations, to compensate for damage that occurred as a result of unforeseen events (see Chapter 3 of the textbook Financial Management) Note that the term “fund” in this case is conditional name, since accumulation usually does not occur in a separate bank account, but by maintaining or increasing the non-declining balance of funds in the main account (or main accounts) of the organization.

3. Cash receipts act in the form of budget funds; funds raised on the financial market; funds received through redistribution from the main (“parent”) company, from a higher organization, due to intra- and inter-industry redistribution.

Directions for using financial resources

Since the main task of a commercial organization will be to maximize profit, the problem of choosing the direction of using financial resources constantly arises: investments to expand the main activities of a commercial organization or investments in other assets. As is known, the economic significance of profit is associated with obtaining results from investments in the most profitable assets.

The following main directions for using the financial resources of a commercial organization can be identified:

  • Capital investments.
  • Expansion of working capital.
  • Carrying out research and development work (R&D)
  • Paying taxes.
  • Placement in securities of other issuers, bank deposits and other assets.
  • Distribution of profits between the owners of the organization.
  • Stimulating employees of the organization and supporting their family members.
  • Charitable purposes.

If the strategy of a commercial organization is related to maintaining and expanding its position in the market, then capital investments are required (investments in fixed assets (capital)). Capital investments are one of the most important areas for using the financial resources of a commercial organization. In Russian conditions, it is very important to increase the volume of capital investments due to the need to update equipment, introduce resource-saving technologies and other innovations, since the percentage of not only moral, but also physical wear and tear of equipment is very high.

The unfavorable situation in the Russian Federation in the field of investments in the real sector of the economy (as capital investments in production sectors of the economy are called) is caused by the following reasons:

  • high inflation rates characteristic of the 1990s did not allow enterprises to fully carry out the expanded reproduction of fixed assets, since sales proceeds due to differences in prices traditionally did not even cover the costs of raw materials, materials, and fuel;
  • external investors invest exclusively in those sectors that provide for quick returns ( trading activity, raw materials industries, production of building materials)

Investments in fixed assets of a commercial organization are made from the following sources: depreciation, profit of a commercial organization, long-term bank loans, budget loans and investments, proceeds from the placement of shares on the financial market, proceeds from the placement of long-term securities. Bank credit will not be the main source for investment in fixed assets, since for credit institutions issuing long-term loans, it is extremely important to maintain liquidity to have liabilities of the same terms and amounts. Limited budget funds also do not allow us to consider budget revenues as an important source of capital investment. Due to the insignificant capacity of the Russian financial market, only a small number of commercial organizations can attract financial resources for capital investments in the financial market. Except for the above, an additional issue of shares is fraught with the danger of losing control over the management of the organization. Consequently, among the sources of capital investments, the main ones at present for Russian commercial organizations will be profit and depreciation.

In addition to the expanded reproduction of fixed assets, part of the organization's profit can be used to expand working capital - the purchase of additional raw materials. It is worth saying that for this purpose short-term bank loans can also be attracted, funds received through redistribution from the main (“parent”) company, etc. can be used.

It is important to know that the participation of a commercial organization in scientific research. It is appropriate to note that the experience of foreign countries shows that organizations that carry out innovations are less susceptible to the risk of bankruptcy and ensure a high level of profitability. The material was published on http://site
Consequently, part of the profit of a commercial organization, as well as funds received through targeted financing (for example, budget funds), can be intended for research and development work (R&D)

In domestic literature, the non-monetary form of fixed and working capital is traditionally called ϲᴏᴏᴛʙᴇᴛϲᴛʙgenerally fixed and working capital.

As already noted, deductions from profits can be directed to industry and inter-industry R&D funds. It must be remembered that such deductions reduce the tax base for income tax.

Profit as monetary income of a commercial organization is subject to taxation. It is worth saying that in order to determine the taxable base for the income tax of an organization, income from the sale of goods (work, services) and property rights, as well as non-operating income, is reduced by the actual expenses incurred. Taxable income includes only income accepted for tax purposes. Income that is not taken into account when determining the tax base (for example, income in the form of targeted financing) is not subject to taxation. Similarly, expenses are divided into: a) reducing the tax base and b) made from profits remaining at the disposal of the organization. Today it is possible to carry forward losses to future periods. Based on all of the above, we come to the conclusion that in practice a situation is possible when, although a commercial organization has profits according to financial statements, it may not have taxable profits according to tax accounting data.

Russian tax legislation sets the corporate income tax rate at 24% (for non-residents - 20%); for income in the form of dividends - 6% (for non-resident organizations on Russian securities and resident organizations on securities of foreign issuers - 15%); for income from state and municipal securities issued after January 20, 1997 - 15%. In general, we can talk about a relatively low income tax rate (for comparison: in Germany the maximum corporate income tax rate is 50%). It is extremely important to note that the introduction of Chapter 25 of the Tax Code of the Russian Federation “Organizational income tax” implies a reduction in tax benefits provided for by previous legislation.

Small enterprises can switch to a simplified taxation system, which replaces the payment of corporate income tax, corporate property tax and unified social tax with a single tax. The object of taxation is either income received (they are taken into account in the same way as when determining the taxable base for corporate income tax), or income reduced by expenses. In the first case, the tax rate is 6%, in the second - 15%.

If the activities of a small enterprise are subject to a single tax on imputed income in a constituent entity of the Russian Federation, then the enterprise is obliged to switch to paying such a tax, the rate of which is 15%. The single tax on imputed income also replaces the corporate income tax, corporate property tax, and the single social tax. Organizations producing agricultural products can switch to paying a single agricultural tax (agricultural tax). The mechanism for its application is similar to the single tax under a simplified taxation system.

For further savings, a commercial organization can invest not only in its own production, but also in other assets. Such assets may be shares in the authorized capital of other organizations (including shares of other issuers); debt securities (bonds, bills, including state and municipal securities); bank deposits; transfer of funds to other organizations on the basis of loan agreements; acquisition of property for further leasing, etc. These investments can vary in terms of duration: from several hours (such services are offered by banks for short-term investments) to several years. The structure of investments by terms is determined by the structure of the organization's obligations by terms; in this case, it is impossible to place resources in long-term assets while having short-term obligations.
It is worth noting that the main principles for the placement of temporarily available financial resources will be the liquidity of assets (they should easily be converted into means of payment at any time) and diversification (in market conditions of unpredictability of investments, the greater the likelihood of saving funds, the larger the set of assets in which investments are made)

It is important to note that one of the main differences between commercial organizations and non-profit organizations is essentially that the profit received by commercial organizations is distributed among the owners of the organization. Joint stock companies pay dividends to owners of common and preferred shares; partnerships and limited liability companies distribute profits based on their share of participation in the authorized (warehouse) capital. The profit of unitary enterprises, unless the owner makes a different decision, can come in the form of non-tax revenues to the current budget. The size and regularity of dividend payments on shares and equivalent payments, along with other factors, determine the investment attractiveness of a commercial organization.

The financial resources of a commercial organization can be a source of expenses associated with stimulating employees and supporting their family members. Using profits, many organizations now not only pay bonuses to employees, but also pay for education, healthcare, health-related services (gyms, sanatoriums, etc.), and purchase housing; make additional payments to state benefits for children; conclude agreements on voluntary medical insurance for employees and members of their families, and additional pension benefits. Thus, among non-state pension funds, the largest share in terms of the size of pension reserves and additional pensions is occupied by the so-called corporate funds created by a commercial organization or related commercial organizations.

Financial resources of organizations (profits, revenues) can currently also be used for charitable purposes. Funds are transferred to orphanages, boarding schools, healthcare institutions, directly individual citizens, and also supports cultural, art, scientific and educational institutions. Considering the main goal of the activities of commercial organizations is to extract maximum profit, this type of use of financial resources cannot be large-scale. It is important to note that, however, with all this, many social service institutions, theaters, museums, educational establishments receive funds from large commercial organizations.

Features of financial management of commercial organizations

Financial management of a commercial organization is the process of creating a financial mechanism for organizing its financial relations with other entities. It is worth noting that it includes the following main elements:

  • financial planning;
  • operational management;
  • financial control.

1. Financial planning. When developing financial plans for a commercial organization, the planned costs of the activities carried out are compared with the available opportunities, and directions for effective investment of capital are determined; identification of on-farm reserves for increasing financial resources; optimization of financial relationships with counterparties, the state, etc.; the financial condition of the enterprise is monitored. The need for financial planning of a commercial organization can be caused not only by the internal need for effective management of financial resources, but also by the external one - the desire of creditors and investors to have information about the profitability of upcoming investments.

A variety of methods are used to draw up financial plans and forecasts for a commercial organization:

  • normative,
  • economic and mathematical modeling,
  • discounting, etc.

The normative method can be used in estimating future tax liabilities and the amount of depreciation charges. It is appropriate to note that optimization of sources of financial resources and assessment of the influence of various factors on their possible growth are carried out using the method of economic and mathematical modeling. When making long-term decisions, the discounting method is used, which involves assessing the future return on investments and the impact of inflationary factors on it.

A market economy is characterized by uncertainty, so the most difficult thing when developing financial plans and forecasts for a commercial organization will be the assessment of possible risks. When managing risks, it is extremely important to identify, classify, assess their size and impact on decisions made, and determine possible measures to reduce risk (insurance, hedging, creating reserves, diversification). Today, standard methods for assessing risks in various fields of activity and development exist and can be widely used mechanisms for their minimization.

The specificity of financial planning for a commercial organization will be the absence of any mandatory forms financial plans and forecasts. Requirements for the composition of indicators of financial plans and forecasts can be determined by: management bodies of commercial organizations (for example, a meeting of shareholders of a joint-stock company); the body that regulates the securities market and determines the composition of the information presented in the prospectus; credit institution. However, different credit institutions have different forms of technical justification for a loan application, which reflect forecast financial indicators.

Today, the process of developing financial plans and forecasts for a commercial organization is commonly called budgeting. When budgeting, financial plans are developed and linked to each other:

  • cash income and expenses of the organization (financial plans of enterprises were traditionally developed in the form of a balance of income and expenses);
  • assets and liabilities (balance sheet forecast traditionally linked to the timing of liabilities and investments);
  • cash flows(in a centrally planned economy, such financial plans were called a cash plan, which reflects cash receipts and upcoming expenses in cash, and a payment calendar (an assessment of upcoming receipts and payments in non-cash form))

The balance of cash income and expenses as the main financial plan of a commercial organization traditionally contains four sections:

  1. income;
  2. expenses;
  3. relationship with the budget system;
  4. settlements with credit institutions.

Forecasts of income and expenses, assets and liabilities, and cash flows may be contained in the business plan of a commercial organization. A business plan demonstrates the strategy of the financial and economic activities of the organization; on its basis, creditors and investors make decisions about providing it with funds. The financial part of the business plan contains the following calculations: forecast of financial results; calculation of the need for additional investments and the formation of sources of financing; discounted cash flow model; calculation of the profitability threshold (break-even point)

2. Operational management. It is important to know that analysis of the implementation of financial plans and forecasts is of great importance for managing the finances of a commercial organization. With ϶ᴛᴏm not always prerequisite the planned financial indicators will be actual. Highest value For effective management, it is necessary to identify the reasons for deviations from planned (forecast) indicators. Data on the actual implementation of financial plans is analyzed not only by special divisions of the organization, but also by the management bodies of a commercial organization.

To take operational management decisions on financial issues, it is important for the organization’s management not only to have financial plans and forecasts, but also to receive extensive information about the state of the financial market, financial condition counterparties for transactions, possible changes in market conditions, tax reform. In large organizations, special analytical centers are created to collect such information. A commercial organization may also purchase such information - in particular, analytical reviews on financial markets will be one of the services of modern commercial banks. Consulting services that influence financial decision-making can also be provided by audit firms.

Commercial organizations resort to the services of management companies and other participants in the securities market when placing financial resources in securities, placing their own securities on the market, carrying out cash and forward transactions in various segments of the financial market.

A credit institution traditionally acts as the parent company in a financial-industrial group, ϲᴏᴏᴛʙᴇᴛϲᴛʙthe financial management functions of all organizations included in this group, are more concentrated in her. The parent company of a financial-industrial group optimizes financial flows between participants, manages risks, and determines the strategy for allocating financial resources of organizations included in the group.

3. Financial control. State financial control over commercial organizations of non-state forms of ownership is limited to issues of fulfillment of tax obligations, as well as the use of budget funds, if the commercial organization receives such funds as part of state assistance. It is important to know that internal financial control, as well as audit control, are of great importance for the effective financial management of a commercial organization.

On-farm financial control can be carried out by special units created in commercial organizations that carry out inspections and analysis of documents. On-farm financial control also occurs in the process of approval by the head of the organization (heads of departments) of documents formalizing financial and business transactions. Commercial organizations included in holdings and associations are inspected by parent (“parent”) companies, which also have special control services.

To obtain reliable information about the financial condition of a commercial organization and identify existing reserves, its management can initiate an audit and survey. Certain types of activities, organizational and legal forms, high levels of assets and revenue from sales of products (works, services), participation of foreign capital require a mandatory audit report on the reliability of the financial statements of a commercial organization. Based on all of the above, we come to the conclusion that audits of a commercial organization can be both proactive and mandatory.

A feature of the internal and audit control of a commercial organization will be its focus on assessing the effectiveness of management decisions made, as well as identifying reserves for the growth of financial resources.

Based on all of the above, we come to the conclusion that financial management of a commercial organization includes management elements similar to other parts of the financial system, but there are specifics of financial planning, operational management and organization of financial control.

Control questions

  1. Name the main groups of relations that determine the finances of commercial organizations. Define the finances of commercial organizations.
  2. What are the principles of organizing finance in commercial activities?
  3. What factors influence the financial mechanism of a commercial organization?
  4. Define the financial resources of a commercial organization.
  5. Indicate the sources of formation of financial resources of a commercial organization.
  6. Name the types of financial resources of a commercial organization.
  7. For what purposes can the financial resources of a commercial organization be used?
  8. What is the dilemma in choosing directions for using the financial resources of commercial organizations?
  9. What are the specifics of financial planning for a commercial organization?
  10. What are the features of control financial activities commercial organization?

Tasks for independent work

  1. Make a table reflecting the influence of industry, organizational and legal factors on the features of the financial mechanism of various commercial organizations.
  2. Using the example of financial statements of a specific commercial organization, determine the structure of sources and types of financial resources. Name possible reasons such a structure.
  3. Name what decisions a commercial organization can make regarding the use of financial resources when profitability in financial markets increases.
  4. Formulate special principles for managing the finances of a commercial organization.

The main source of financial resources at operating enterprises is revenue from the sale of products (works, services), through which income and profit are generated, as well as depreciation charges, reserve and other funds.

The basic principles of organizing the finances of commercial enterprises (organizations) include: economic independence, self-financing, material interest, material responsibility, provision of financial resources, control over financial and economic activities.

The principle of economic independence is ensured by the fact that business entities, regardless of their form of ownership, independently determine the scope of economic activity, sources of financing, directions for investing funds in order to make a profit and increase capital, and improve the well-being of the owners of the company. The organization independently develops its pricing policy.

Self-financing is the principle of carrying out the financial and economic activities of an enterprise, not only running costs, but also capital investments, as well as financing of social economic development enterprises and future expenses are provided from their own sources of financing.

Self-financing assumes that the distributed profit of an enterprise after payments to the budget and extra-budgetary centralized funds is exempt from state regulation. The profit of a commercial enterprise, depreciation charges and other funds of funds become the main sources of financing economic and social development. Loans from banks and other credit institutions are repaid by the enterprise itself from its own sources (mainly from profits received and the sinking fund).

In a market economy, ensuring the principle of self-financing is achieved through the use of share capital, dividends, and profits from financial transactions.

The principle of material interest in the results of commercial activities at an enterprise is manifested in the receipt of profit as a source of material incentives for the achieved positive results of the activities of the enterprise and its staff. The interests of the state and employees of enterprises can be respected by the profitable activities of the enterprise.

The principle of financial responsibility of enterprises is determined by a system of financial sanctions established by law for failure to fulfill obligations to the budget, trust funds and other enterprises and banks. Special forms of liability are provided for taxpayers who violate tax legislation. Enterprises are liable for their obligations with their own property.


The economic responsibility of enterprises is strengthened by the system of business risk insurance and the increasing role of insurance compensation received from insurance companies in the financial resources of enterprises.

The rational organization of finance in the sphere of material production is achieved with a rational choice of financial resources, an optimal combination of own and borrowed funds.

The principle of ensuring financial reserves is dictated by the conditions of entrepreneurial activity, which is associated with a certain risk of non-return of funds invested in the business. The formation of financial reserves and other similar funds can strengthen the financial position of the organization at critical moments of management.

The principle of control over financial and economic activities is manifested through the analysis of financial indicators and impact measures of various contents. Helps identify negative trends, determine factors influencing its financial condition, and develop measures of influence. Control over the completeness and timeliness of tax payments to the budget and the targeted expenditure of financial resources helps to increase the efficiency of economic activity.

These are the main features of finance. Using them, one can unmistakably distinguish finance from the entire set of monetary relations. For example, monetary relations arising between citizens, between citizens and retail trade (even in the conditions of state regulation of retail prices) cannot be classified as finance, since the state here regulates monetary relations using the civil law method, for which a characteristic feature is the equality of subjects (equality in their rights and obligations) united by these relations.

Thus, finance is always a monetary relationship, but not any monetary relationship is always a financial relationship. Based on the above, we can formulate a general definition of finance. .

Finance is a set of monetary relations organized by the state, during which the formation and use of national funds of funds is carried out to carry out economic, social and political tasks,

What are the prerequisites for the emergence of finance? After all, humanity long before this had money, commodity-money relations, and a state structure. Why did this phenomenon and the term reflecting it arise only in the Middle Ages?

First premise. It was in Central Europe that as a result of the first bourgeois revolutions Although monarchical regimes were preserved, the power of the monarchs was significantly curtailed and, most importantly, the head of state (monarch) was separated from the treasury. A national fund of funds arose - a budget that the head of state could not use individually.

Second premise. The formation and use of the budget has become systematic in nature, i.e. systems of government revenues and expenditures with a certain composition, structure and legislative consolidation. It is noteworthy that the main groups of budget expenditures have remained virtually unchanged for many centuries. Even then, four areas of spending were identified: for military purposes, management, economics, and social needs. In Russia, the latter direction arose in late XIX V. Where monarchical regimes were preserved, part of the funds was allocated to the maintenance of the court. For example, in mid-19th century V. For these purposes, 1.05% was allocated in the budget of England, France - 2.01, Prussia - 3.9, Russia - 2.7% of the total volume of government spending.

moves. Another interesting fact is that the share of management costs in the budgets of different countries in different periods remains almost unchanged (11-13%).

Third premise. Taxes in cash acquired a predominant character, whereas previously state revenues were formed mainly through taxes in kind and labor duties.

Thus, only on at this stage development of statehood and monetary relations, it became possible to distribute the created product in value terms. Distribution relations are part of economic relations in society, and finance, being an expression of this objectively existing sphere of economic relations, is an economic category. They have a clearly defined specific social purpose - the formation and use of state monetary funds through special forms of value movement. Finance, at the same time, is also a historical category, since it has stages of emergence and development, i.e. change over time.

There are two main stages in the development of finance.

The first stage is an undeveloped form of finance, which was characterized by an unproductive nature, i.e. the bulk of the funds (2/3 of the budget) were spent on military purposes and had virtually no impact on the economy. In addition, this stage is characterized by the narrowness of the financial system, since it consisted of one link - the budgetary one, and the number of financial relations was limited. All of them were related to the formation and use of the budget.

As commodity-money relations and statehood developed, the need arose for new national funds of funds and, accordingly, for new groups of monetary relations regarding their formation and use.

Currently, everywhere, regardless of the political and economic structure of a particular state, finance has entered into new stage its development - the second stage. This is due to the multi-link nature of financial systems, the high degree of impact on the economy, and the wide variety of financial relations. At this stage, finance becomes one of the most important instruments of indirect influence on the relations of social reproduction: the reproduction of material goods, labor and production relations.

Depending on specific economic and political conditions, the nature and role of the state, finance, having almost identical institutions, often has qualitatively different content. For example, until recently there were two political and economic systems in the world. All financial relations of capitalist countries were aimed at the reproduction of market economic relations, and socialist countries - at the reproduction of an authoritarian regime and, accordingly, centralized economic management.

Let's take a closer look at the stages of financial development in the USSR and Russia. It was noted earlier that financial relations are organized by the state based on the tasks facing it at a particular stage of development of society, taking into account the actual conditions.

The construction of socialist finance began only after the end of the civil war. Economic conditions at that time were extremely difficult: a devastated country, a complete decline in the economy. Large industrial and commercial enterprises have been nationalized, but the share of private traders is still large, especially in wholesale and retail trade. Thus, the share of the private sector in retail trade turnover in 1923-1924 reached 57.7%. These years were characterized by disordered supply, spontaneous prices, unpredictable results of economic activity, and the lack of conditions for planning such indicators as income, profit, and cost.

The main tasks at this time were, on the one hand, revitalizing the economy, restoring industry and agriculture, even with the help of private owners and kulaks, on the other hand, supporting the public sector and suppressing private ownership,

Economic and political conditions dictated the need for maximum concentration of financial resources in the hands of the state, and the tasks of economic recovery required the interest of commodity producers. Consequently, the system of specific financial relations had to meet these requirements.

In this regard, the state creates three main national funds of funds and, consequently, three groups of monetary relations associated with their formation and use.

Finance deals with the distribution of created value in monetary terms. Depending on how we distribute the reproduction process will depend. Certain proportions are necessary, and the main proportion depends on how we divide the national income.

finance and price:

price is the basis for the cost distribution of the total social product among its elements, that is, with the help of price, the primary process of formation of the value of the social product occurs. Distribution relations in the field of pricing incl. into itself: 1) relations between legal entities. persons regarding the determination of the price of goods, 2) between legal entities. and physical Persons regarding the determination of tariff rates, 3) between the state and the legal entity. persons regarding price regulation for monopolists, 4) between the budget and individuals. persons.

The relationship is that:

price is the basis for the financial distribution of value,

Finance adjusts the proportions established by prices in the conditions of economic development of society.

The difference is that price forms value at the production stage, and with the help of finance, hidden forms of property are converted into cash.

finance and loans:

credit - distribution relations regarding the distribution of temporarily free funds to cover certain needs

The appearance of temporarily free funds is due to the following reasons: 1) the amount of cash on hand exceeds the need for resources, 2) cash is not enough to satisfy certain target needs and these resources must be accumulated, 3) a discrepancy between the payment period and the period for receiving funds.

Relationships can be: 1) between legal entities. persons regarding a bill of exchange loan, 2) between the bank and the legal entity. person regarding the loan, 3) between the bank and the individual. person regarding a loan for construction, 4) between legal entities. and physical persons regarding a consumer loan, 5) between the state and the legal entity. person regarding the issuance of treasury loans, 6) between budget funds, 7) between individuals. persons regarding bills of exchange at interest, 8) between banks regarding an interbank loan.

Relationship:

comprehensive use of financial and credit resources, if there is a lack of financial resources, the enterprise takes out a loan, and if there is a surplus, stores it in deposit accounts,

a combination of financial and credit methods of providing resources for expanded reproduction.

Differences: 1) the object of financial distribution is the national income of GNP, the object of credit distribution is only part of the GNP (temporarily available funds), 2) the principles of financing are based on gratuitousness, perpetuity, irrevocability, but on a targeted basis and do not require any collateral, and the principles of lending are based on the principles of urgency, repayment, payment and security, 3) the purpose of finance is the generation of income, accumulation and use of these funds for their intended purpose, and the main purpose of the loan is the accumulation of funds and their use for urgent needs in the form of loans, 4) finance has only one-way movement of value, and credit is a movement of value discontinued in time, 5) redistribution of credit resources occurs only between subjects of distribution relations, and financial distribution covers not only subjects, but also distributes within each subject for their intended purpose, 6) credit resources are closely related to money circulation and with their help the volume of funds is regulated, finance is such close connection Dont Have.

finances and salary:

wages are distribution relations regarding the distribution and redistribution of newly created value to create individual incomes in accordance with working conditions, quantity and quality of labor expended, that is, wages are a measure of the cost of labor

Salary includes a system of relations:

between legal entities and physical persons regarding the determination of income,

between the budget and legal persons regarding the formation of a payroll,

between budget and physical persons regarding benefits and benefits.

Relationship: 1) with the help of finance, payroll is formed and temporarily free funds are separated from others, and on the other hand, payroll acts as a sustainable source of financial resources for the formation working capital, covering the needs of reserves, 2) as a result of distribution, the payroll is formed by financial methods, and the distribution of income received is carried out through the wage mechanism.

The role of finance in the denationalization of property. Denationalization is a set of measures to transform state property aimed at eliminating the excessive role of the state in the economy. The denationalization process preserves state ownership and is aimed at increasing the efficiency of the functioning of enterprises remaining in the public sector. Finance plays an important role in the processes of denationalization and privatization. On the one hand, the republican and local budgets receive income from the sale of republican and municipal property. On the other hand, privatization involves conducting an inventory of the object subject to privatization in order to determine its market value.

As a result of privatization, not only the owner changes, but also the organizational and legal status of the business entity. This, in turn, determines the organization of their finances: the sources and procedure for forming the authorized capital, the profit (income) distribution system, relationships with the budget, financial reporting. As the experience of the Republic of Belarus shows, open and closed joint-stock companies have become the predominant form of denationalization and privatization. The organization of enterprise finance is influenced not only by the organizational and legal forms of business, but also by the scope and nature of the subject’s activities. This determines, first of all, the speed of turnover of the advanced capital, the system of profit distribution, the composition of the funds formed and used, and the relationship with the budget.

Finance of enterprises (organizations) is a relatively independent area of ​​finance that covers wide circle monetary relations associated with the formation and use of capital, income, funds in the process of circulation of funds of organizations, expressed in the form of various cash flows arising with external counterparties and organizations.

It is in the sphere of finance that the main part of income is formed, which is subsequently distributed and redistributed in the economy through various channels and serves as the main source economic growth and social development of society.

Enterprise (corporate) finance is an area practical activities, which as an independent branch of financial science was formed relatively recently - in the early 50s. XX century, both in the former USSR and in industrial countries. The basis for this was the achievements of a number of such scientific disciplines, such as “Economic Theory”, “Theory of Finance”, “Accounting and Auditing”, “Economic Analysis”, etc.

When forming and using all sources of funds involved in economic turnover, a wide range of monetary relations arises, which express the economic content of enterprise finance and at the same time are the object of direct financial management.

What is included in this area of ​​financial relations? It should be noted here that the traditional former USSR The system of these relationships (connections) has changed significantly at the present time.

In a market economy, financial relations arise between:

■ the enterprise and its investors (shareholders, participants, owners) regarding the formation and effective use of equity capital, as well as the payment of dividends and interest;

■ the enterprise, suppliers and buyers regarding the forms, methods and terms of payments, as well as methods of ensuring the fulfillment of obligations (payment of penalties, transfer of collateral);

■ the investor enterprise and other enterprises and organizations regarding its short- and long-term financial investments and the payment of dividends and interest on them;

■ an enterprise, financial (credit) institutions and other enterprises regarding the attraction and placement of free funds (receipt and repayment of loans, borrowings, insurance payments and insurance compensations, providing financing for the assignment of a monetary claim, payments to non-state pension funds, etc. );

■ enterprises (subsidiaries and parent) regarding the intra-corporate redistribution of funds;

■ enterprises and founders of trust management of property, as well as benefits in relation to property received in trust management, and transfer of profits from such management;

■ enterprises and other members of a simple partnership regarding contributions in accordance with contracts and distribution of profits received by members of the partnership as a result of their joint activities;

■ enterprises and rights holders regarding the payment of remuneration under a commercial concession agreement;

■ the enterprise and its employees regarding wages and payments from the consumption fund;

■ the enterprise and the state regarding the formation of the tax base for the calculation of taxes, fees and the implementation of these payments;

■ enterprises and their employees when withholding personal income tax, as well as other withholdings and deductions;

■ by the enterprise and the state when paying taxes and fees to the budget system and contributions to extra-budgetary funds;

■ by the state and enterprises with financing from the budget and extra-budgetary funds for the purposes provided for by current legislation.

It is easy to see that all these relations are, to one degree or another, regulated by the state and cover the process of distribution and redistribution of GDP. Moreover, the last three groups express redistribution relations and are included in the sphere of finance of both enterprises and the state.

In market conditions, fundamentally new groups of financial relations appear:

■ related to the insolvency (bankruptcy) of enterprises arising in connection with the suspension of its current payments. This specific sphere of relations is strictly regulated by the state and requires specific forms of anti-crisis financial management of enterprises;

■ arising from mergers, acquisitions and divisions of enterprises (corporations).

Financial relations are formed in the process of circulation of enterprise funds and are mediated by corresponding cash flows for various types of its activities (current, investment, financial). Thus, the entire set of financial relations of enterprises can be grouped into three main cash flows and have clear cost characteristics.

The movement of funds from these cash flows affects the entire structure of the enterprise’s balance sheet, its assets and liabilities, changes in the value of all cash funds and liabilities. The “outflow” of part of an enterprise’s cash flow in the form of payments to budgets and extra-budgetary funds means an unequivalent withdrawal of funds from its individual circulation. These funds go through a redistribution phase and take the form not of cash, but of financial flow.

Financial flow is a redistributed part of cash flows (primary income of enterprises and households) accumulated in the budget or extra-budgetary (centralized) funds, i.e. in the field of public finance. A synonym for the concept of "financial flow" is " financial resources". This is part of the cash flows that have gone through the process of accumulation in various centralized state funds (in the budgetary system and extra-budgetary funds) directed towards targeted financing. Thus, financial resources are always redistributed funds.

The foregoing allows us to draw several important conclusions for determining the content of enterprise finance:

■ the finances of enterprises are always connected with the real turnover of its funds, cash flows arising in the course of business activities and business operations;

■ the procedure for conducting these operations is, to one degree or another, regulated by the state;

■ as a result of the movement of cash and financial flows, various monetary funds (income) of the enterprise are formed and used (authorized and working capital, special-purpose funds, other monetary funds), which in a static state take the form of financial resources and can be invested (released) in working capital and non-current assets of the enterprise.

The financial resources of an enterprise are all sources of funds accumulated by an enterprise to form the assets it needs in order to carry out all types of activities, both from its own income and savings, and from various types of income.

From here we can give a general definition of the economic content of enterprise finance as a set of monetary relations regulated by the state, associated with the real cash flow of the enterprise’s funds, its cash flows, the formation and use of capital, income and cash funds.

The finances of the population are structural element private (decentralized) finance, which includes:

household finances, which include family finances (if it is an extended household that includes several families);

family finances, if the household consists of one family;

personal finances of each family member.

Among researchers involved in household topics, there is a wide variety of views on the concepts of “family” and “household”. Pluralism in explaining the existence, role and place of household finances and the nature of relationships with other elements of the financial system is explained by the increasing role of households in the process of distribution, exchange and consumption of goods and services.

The organization of enterprise finance refers to the composition of enterprise funds, the procedure for their formation and use, the relationship between the sizes of enterprise funds, and the relationship of enterprises with the financial and credit system.

The organization of finance is primarily influenced by the organizational and legal form of business. This is reflected in the content of financial relations: in the nature of the funds being formed and the directions for their use, in the system of profit distribution, and relationships with various parts of national finance.

Enterprises of each form of ownership have their own specifics in the formation of their own capital (authorized capital) and income distribution. The most common forms of business organization are limited liability company (LLC) and joint stock company (JSC). A limited liability company is formed on the basis of the ownership of several participants. The sum of contributions of all participants forms the Authorized Fund. A participant can sell his share to third parties only with the consent of other participants, so there is no market for this type of ownership rights.

2. Financial management. Financial policy.

The essence and bodies of financial management. Financial planning and forecasting at the level of: the state and its subjects; economic entity. Financial control: essence, forms and methods. Financial policy: content and significance. The role of the financial mechanism in the implementation of financial policy.

1.Financial policy

The basis of financial policy is made up of strategic directions that determine the long-term and medium-term prospects for the use of finance and provide for solutions to the main problems arising from the peculiarities of the functioning of the economy and social sphere of the country. At the same time, the state selects current tactical goals and objectives for the use of financial relations. They are related to the main problems facing the state in the field of mobilization and effective use of financial resources, regulation of economic and social processes and stimulation of advanced areas of development of productive forces, individual territories and sectors of the economy. All these activities are closely interrelated and interdependent.

Financial policy is an integral part of the economic policy of the state. It specifies the main directions of development of the national economy, determines the total volume of financial resources, their sources and areas of use, and develops a mechanism for regulating and stimulating socio-economic processes using financial methods.

At the same time, financial policy is a relatively independent sphere of state activity, the most important means of implementing state policy in any area of ​​public activity.

When developing financial policy, one should proceed from specific features historical development society. It must take into account the specifics of the domestic and international situation, the real economic and financial capabilities of the country. Taking into account current features should be supplemented by studying the experience of using the economic and financial mechanism, new development trends, as well as world experience.

In the process of implementing financial policy, it is especially important to ensure its interrelation with other components of economic policy - credit, price, monetary. Evaluation of the results of the state's financial policy is based on its compliance with the interests of society and the majority of its social groups, as well as on the achieved results arising from the set goals and objectives.

2. Financial policy objectives

Despite all the features of the formation of financial policy, two target directions for its implementation can be distinguished: fiscal and regulatory. Any financial policy first of all involves solving the fiscal problems of the state, which are associated with balancing state income and expenses. The optimal situation in this case is in which all government expenses are covered by its current mandatory revenues. It is very difficult to achieve such a balance, since the needs for spending are more dynamic and, as a rule, exceed the ability to collect income. Therefore, the state constantly has to look for ways to reduce costs or increase revenues. Both directions are complex from the point of view of their practical implementation.

In addition to fiscal goals, financial policy involves regulating economic processes. The state has certain instruments that influence the interests of economic entities (taxes, state loan, budgetary allocations, various rules and regulations) and with the help of which financial relations are regulated.

Regulated economic processes include: economic growth, employment, inflation rate, exchange rate conditions, development of individual territories, industries and enterprises. Regulation can be carried out by the state spontaneously or deliberately. If the state does not set itself special regulatory goals and the main objective of financial policy is fiscal, then in that case regulation is carried out spontaneously. However, the movement of financial resources always affects the interests of economic entities. The positive or negative result of such regulation is determined by random factors of coincidence of interests of the state and economic entities. Currently, regulation is a mandatory element of the financial policy of any state and is deliberately used to achieve the goals of economic development. There are two mechanisms of financial regulation: stimulating and restrictive. The incentive mechanism is aimed at increasing the financial resources of economic entities by reducing tax payments and increasing budget expenditures to ensure economic growth and employment. The restriction mechanism, on the contrary, is associated with a reduction in funds in the economy, which is achieved by increasing the tax burden and reducing budget financing, in order to contain business activity and stabilization of monetary circulation.

Financial planning is an activity to achieve balance and proportionality of financial resources. Balance means the optimal ratio between the financial resources at the disposal of the state and the income remaining with business entities. Proportionality is a rational relationship between the amount of income before payment of tax and its amount after payment for enterprises, sectors of the economy, regions, and constituent entities of the Russian Federation. By increasing or decreasing this ratio, the state can stimulate or limit their development. Financial planning is an integral part of economic planning.

The movement of financial resources is reflected in the corresponding financial plans, consisting of income and expenditure parts. Balances of financial resources (financial balances) play an important role in ensuring proportionality and balance in economic development. The financial balance sheet is a summary of all income and expenses of the budget and state extra-budgetary funds; it also includes the profit of organizations remaining at their disposal and depreciation. The financial balance is built on the basis of comparing income with expenses. The excess of expenses over income (income over expenses) determines the deficit (surplus) of the financial balance.

The financial balance is the main analytical tool when designing the budget of the Russian Federation and forecasting the sources of capital investments generated in the territory of a constituent entity of the Russian Federation. It is compiled on the basis of the reported financial balance for the previous year, the results expected for the current year and the main parameters of the forecast for the socio-economic development of the Russian Federation.

The most important part of financial planning is budget planning. In the process of budget planning, the directions for the distribution and redistribution of budget resources are determined in accordance with the goals and objectives set in the Budget Address of the President of the Russian Federation and specified in the budget policy. As part of financial planning, budget planning is one of the most important tools for regulating the economy and is subject to the requirements of the state's financial policy.

Financial forecasting is understood as foreseeing the possible financial situation of the state and justifying long-term indicators of financial plans. Financial forecasting precedes financial planning and is based on the concept of developing the country's financial policy for the medium and long term. The purpose of financial forecasting is to determine the realistically possible volume of financial resources, sources of formation and their use for the long term. Financial forecasts make it possible to outline and analyze different options for financial support for the development of the country and its regions, forms and methods of implementing financial policy.

Financial forecasting involves the use various methods: construction of econometric models describing the dynamics of indicators of financial plans depending on the factors determining economic processes; correlation-regression analysis; method of direct expert assessment.

Financial control is a set of measures to verify compliance of the actual state of the financial system with the planned or reported one.

The importance of financial control is:

1. Activities of specially created supervisory bodies for compliance with financial legislation and financial discipline of all economic entities;

2. Financial and cash flow management at the macro and micro levels.

Financial control is divided into two different aspects:

1. State financial control is a comprehensive and targeted system of economic and legal actions of specific authorities and management, based on the provisions of the basic laws of the state.

2. Non-state financial control is divided into internal (in-house, corporate) and external (audit).

The main goal of state control is to maximize the flow of resources to the treasury and minimize state management costs, and non-state (mainly intra-company) control, on the contrary, is to minimize its contributions to the state and other costs in order to increase the rate of return on invested capital.

Forms of control are usually classified according to the following criteria:

Mandatory control over the financial activities of individuals and legal entities is carried out on the basis of the law (tax audits, control over the intended use of budget resources, mandatory audit confirmation of the financial and accounting statements of enterprises and organizations, etc.).

Initiative (internal) control does not stem from financial legislation, but is an integral part of financial management to achieve tactical and strategic goals.

Preliminary financial control is carried out before financial transactions are carried out and is important for preventing financial violations.

Current (operational) financial control is carried out at the time of making monetary transactions, financial transactions, issuing loans and subsidies, etc.

Subsequent financial control is carried out through analysis and audit of reporting financial and accounting documentation, designed to assess the results of the financial activities of economic entities.

Objects of control:

Budget control; control over extra-budgetary funds; tax control; currency control; credit control; insurance control; investment control; control over the money supply.

The state, in the process of its functioning, carries out political activity V various fields public life. The object of this activity is the economy as a whole, as well as its individual components: price, money circulation, finance, credit, currency relations, etc.

1) development general concept financial policy, determination of its main directions, goals, main tasks;

2) management of the financial activities of the state and other economic entities.

The basis of financial policy is:

1) strategic directions that determine the long-term and medium-term prospects for the use of finances and provide for the solution of main tasks arising from the peculiarities of the functioning of the economy and social sphere of the country;

2) the state’s choice of current tactical goals and objectives for the use of financial relations. They are related to the main problems facing the state in the field of mobilization and effective use of financial resources, regulation of economic and social processes and stimulation of advanced areas of development of productive forces, individual territories and sectors of the economy. The financial mechanism is the most dynamic part of financial policy. Its changes occur in connection with the solution of various tactical tasks, and therefore the financial mechanism is sensitive to all the features of the current situation in the economy and social sphere of the country.

Financial management involves government activities related to the practical use of the financial mechanism. This activity is carried out by special organizational structures.

Management includes a number of functional elements: forecasting, planning, operational management, regulation and control. These elements ensure the implementation of financial policy measures in the current activities of government bodies, legal entities and citizens.

Financial policy is an integral part of the economic policy of the state. It specifies the main directions of development of the national economy; the total volume of financial resources, their sources and areas of use are determined; a mechanism is being developed to regulate and stimulate socio-economic processes using financial methods.

When developing financial policy, one should proceed from the specific features of the historical development of society. It must take into account:

1) the specifics of the domestic and international situation;

2) real economic non-financial capabilities of the country.

Taking into account current features should be supplemented by studying the experience of using the economic and financial mechanism, new development trends, as well as world experience.

The development of the state is associated with changes in financial policy. The use of financial policy is associated with the characteristics of the current stage of development of the economy and social sphere, the interests of ruling parties and social groups and the prevailing theoretical concepts that influence the economic and political course of the state.

FINANCIAL MECHANISM AND ITS ROLE IN THE IMPLEMENTATION OF FINANCIAL POLICY To implement financial policy, a financial mechanism is used, which is a set of ways of organizing financial relations used by society in order to ensure favorable conditions for economic and social development. The financial mechanism includes types, forms and methods of organizing financial relations, methods of their quantitative determination.

By forming a financial mechanism, the state strives to ensure its fullest compliance with the requirements of the financial policy of a particular period, while maintaining a constant desire for the most complete coordination of the financial mechanism and its interests, which is the key to the effectiveness of financial policy.

The structure of the financial mechanism is quite complex. The elements of the financial mechanism include financial resources, methods of their formation, a system of legislative norms and standards that are used in determining state income and expenses, organizing the budget system, enterprise finance and the securities market. The combination of elements of a financial mechanism forms the design of a financial mechanism, which is set in motion by establishing the quantitative parameters of each element.

The financial mechanism is divided into directive and regulatory.

The policy financial mechanism is usually developed for financial relations in which the state is directly involved. Its scope includes taxes, government credit, budget expenditures, budget financing, organization of the budget device and budget process, financial planning.

In this case, the state develops in detail the entire system of organizing financial relations, which is mandatory for all its participants. In some cases, the directive financial mechanism may extend to other types of financial relations in which the state is not directly involved. Such relations are either of great importance for the implementation of the entire financial policy (corporate securities market), or one of the parties to these relations is an agent of the state (finance of state-owned enterprises).

The regulatory financial mechanism determines the basic rules of the game in a specific segment of finance that does not directly affect the interests of the state. This type of financial mechanism is typical for the organization of intra-economic financial relations in private enterprises. In this case, the state establishes a general procedure for the use of financial resources remaining at the enterprise after paying taxes and other obligatory payments, and the enterprise independently develops the forms, types of funds, and directions for their use.

Financial management presupposes purposeful activities of the state associated with the practical use of the financial mechanism. This activity is carried out by special organizational structures. Management includes a number of functional elements: forecasting, planning, operational management, regulation and control.

All these elements ensure the implementation of financial policy measures in the current activities of government bodies, legal entities and citizens.

A commercial organization is one that aims to make a profit.
A commercial organization is a legal entity and undergoes state registration.
Finance of commercial organizations is economic relations associated with the formation, distribution and use of background
dov of funds for the purpose of expanded reproduction and satisfaction of social needs of workers.
The finances of commercial organizations perform the following functions.
1. The reproductive function is the function of ensuring simple and expanded reproduction.
2. The distribution function is implemented in the process of distribution and redistribution of revenue (during distribution - the formation of a fund for reimbursement of material costs, a wage fund, profit; during redistribution - payment of taxes attributable to cost, profit tax and the formation of net profit).
3. Control function - control over real money turnover, over the formation of funds of funds.
4. Internal financial control is the process of checking the execution of management decisions in the field of financial activities in order to implement the financial strategy and prevent crisis situations that could lead to bankruptcy.
Includes:
a) control over changes in financial indicators, the status of payments and settlements;
b) control over the implementation of the financing strategy.
Financial relations of commercial organizations can be grouped into the following groups:
1) financial relations with other commercial organizations. These are relationships with suppliers, buyers, construction and transport organizations, mail, and telegraph. This also includes relations between commercial organizations related to the issue and placement of securities, mutual lending, and equity participation in the creation of joint commercial organizations, unions, and associations. This is the largest group in terms of cash payments;
2) financial relations within a commercial organization.
These are relations between workshops and branches; relations with workers and employees according to convenience wages, premiums, amounts withheld at the place of receipt of income, taxes, penalties for damage caused;
3) financial relations within associations of commercial organizations: with a higher organization, within a financial industrial group, with unions, associations, etc. when fulfilling mutual financial obligations (relations for the formation of centralized funds of funds and the receipt of funds from these funds);
4) relations with the financial and credit system of the state:
with the budget and extra-budgetary funds when calculating the amounts of taxes and fees, when taking into account possible receipts from the budget and extra-budgetary funds (subsidies, budget loans, etc.), when planning sources of funds for the coming period and when determining the directions for their use;
with insurance organizations when determining the feasibility of insurance by comparing expected losses and the premiums and insurance compensation established by the insurance organization;
with credit institutions when planning and using planned credit funds, choosing a bank with the optimal balance between the quality of banking services and payments for their provision, etc.;
with the securities market when planning additional issues or when forming a portfolio of securities.
In the course of the financial activities of a commercial organization, various funds of funds are formed and used.
1. Own funds - authorized, additional, reserve capital, investment fund, currency fund, etc.
2. Funds of raised funds - future income, reserves for future expenses, etc.
3. Borrowed funds - bank and commercial loans, accounts payable, etc.
4. Operating cash funds - for paying wages, dividends, for payments to the budget and extra-budgetary funds, etc.
Like any relationship, finances need to be organized.
The organization of finances of a commercial organization refers to the composition of its monetary funds, the procedure for their formation and use, the relationship between the sizes of monetary funds, the relationship of the commercial organization with the financial and credit system of the state.
Despite the fact that the organization of finance is influenced by industry characteristics and the organizational and legal form of a commercial organization, by its socio-economic nature finance is united. This is ensured by a unified legal framework, the unity of the monetary system and a certain unity of forms of financial documentation. Therefore, we can talk about the general principles of organizing the finances of commercial organizations.
These principles include:
1. Financial independence. It manifests itself in the fact that an economic entity itself determines its income, sources of financing, directions for investing funds in order to generate financial resources. This is not absolute independence. Restrictions exist from the state and other subjects of market relations (suppliers, buyers, competitors, etc.).
2. Financial self-sufficiency. This is one of the basic principles of organizing finances and functioning of the financial mechanism of a commercial organization. This is a set of conditions created by an economic entity and measures (methods, techniques) used by it to ensure financial stability and competitiveness.
Includes three elements:
self-financing;
self-credit;
self-insurance.
Self-financing
This is the financing of an economic entity primarily from its own sources of financial resources.
These sources include: depreciation charges and profits directed to the accumulation fund. It is necessary to distinguish between own and internal sources of funds.
Internal sources are a broader concept. In addition to their own, they may also include external sources.
In addition to depreciation and profit, internal sources include contributions to the repair fund, unused balances of special and special-purpose funds, accounts payable that are constantly at the disposal of the enterprise, and an increase in value as a result of the revaluation of fixed assets.
Self-financing
It means the participation of employees of a given commercial organization in the development of its production and trading activities and the construction of social and cultural facilities by loaning it their own funds.
Implemented through the issue of shares of the workforce and an investment contribution.
Self-insurance
It means that the business entity protects itself from possible losses and damages.
Self-insurance includes.
1. Creation of reserves.
2. Self-insurance in the financial market.
3. Ensuring compensation for possible losses through the provided system of penalties.
Within a commercial organization, self-insurance is carried out through the formation of reserves. Reserves can be created or should be created. It all depends on whether the creation of reserves is legally required or simply permitted.
Financial reserves include:
1) reserve capital is created at the expense of net profit. For OJSCs, the creation of reserve capital is mandatory, for others - upon inclusion in constituent documents and Charter. Amount - 15% of the Authorized Capital.
Used:
to cover losses;
for the payment of dividends on preferred shares and the redemption of bonds (if there is insufficient or no profit for these purposes);
2) reserve for doubtful debts (doubtful accounts receivable). Doubtful accounts receivable are debts that have not been paid within 3 months from the date of payment. You can inventory all debt and calculate the amount of doubtful debt and create a reserve for it. Typically, the reserve is formed as a percentage of the amount of receivables, based on the doubtful receivables that have developed over a number of years.
In the first case, we proceed from the estimated amount of doubtful debts, in the second - from already established practice. The reserve cannot be more than 10% of the proceeds from the sale of goods, products, works, services;
3) reserve for impairment of investments in securities;
4) reserves that ensure uniform write-off of costs to cost (reserves for future expenses):
reserve for upcoming vacation pay in case of uneven provision throughout the year;
reserve for the payment of annual remuneration based on the results of work for the year and remuneration for length of service (2 reserves);
repair fund;
reserve for warranty repairs and warranty service;
reserve for production costs for preparatory work due to the seasonal nature of production.
Self-insurance in the financial market is carried out by concluding forward transactions, i.e. transactions with delivery in the future.
In this case, a commercial organization acts as a hedger, i.e., an entity insuring its assets. A hedger seeks to shift risk to others in order to insure itself. To do this, there must be subjects on the market who are ready to accept this risk. Speculators and arbitrageurs act as such subjects.
The subject of the contract can be: shares, bonds, bills, bank deposits, currency, goods and the futures contracts themselves.
During the purchase and sale process, a commercial organization may aim to obtain additional income due to the difference in price over time and in different markets. But in this case, she acts as a speculator or arbitrageur, and not a hedger.
Relations between the parties in derivatives transactions are formalized by forward, futures or options contracts, swaps.
Self-insurance by ensuring compensation for possible financial losses through the provided system of penalties is carried out by including in the terms of contracts concluded with counterparties, fines, penalties, penalties and other forms of penalties in the event of violation of partners' obligations.
In addition, contracts must stipulate the obligation of counterparties to compensate for losses (lost profits) that arise for a commercial organization in the event of non-fulfillment or improper fulfillment of obligations.
3. Material interest in the results of the financial and economic activities of a commercial organization.
The implementation of this principle can be ensured by decent wages and compliance with economically justified proportions in the distribution of net profit to the consumption fund and the accumulation fund.
4. Material responsibility for the results of the financial and economic activities of a commercial organization.
Financial methods for implementing this principle are different for owners, managers and individual employees.
Example.
For owners:
penalties, fines, penalties levied for violation of contractual obligations, violation of legislation, consumer rights, as well as in case of unsatisfactory balance sheet structure;
application of bankruptcy proceedings.
For managers:
fines for violation of the law.
For employees (including managers):
deprivation of bonuses, fines for violation of labor discipline, failure to fulfill official duties, allowing marriage, causing other monetary damage to a commercial organization.
Financial policy is a program for providing a commercial organization with the necessary funds and, therefore, normal financial stability in order to optimize profits.
Optimizing the profit received is the main strategic goal of the financial policy of a commercial organization, because making a profit indicates the effective use of the owners' capital and the possibility of increasing it.
The implementation of financial policy should be carried out through a combination of strong strategic leadership and flexible timely response to changing conditions (financial tactics).
Objectives of financial strategy.
1. Determination of the financial condition of a commercial organization based on an analysis of its activities.
2. Optimization of working capital of a commercial organization.
3. Determination of the share and structure of borrowed funds and the efficiency of their use.
4. Optimization of investments and sources of funds for production development.
5. Forecasting the profit of a commercial organization.
6. Optimization of profit distribution.
7. Optimization of tax policy with maximum consideration of benefits and avoidance of fines and overpayments.
8. Determining the directions of investment of released funds in order to obtain maximum profit, including the acquisition of securities.
9. Analysis of those used and selection of the most effective forms of payment, including using bills of exchange.
10. Development of a pricing policy in relation to both manufactured and purchased products, taking into account the financial condition of a commercial organization.
11. Determination of the policy of foreign economic activity.
Development of financial policy, determination of strategic and
tactical tasks and other aspects of financial organization are carried out by the financial service of a commercial organization.
The financial service of a commercial organization is its independent structural division. This is usually the finance department.
The structure and number of employees of the financial department is determined by the organizational and legal form of entrepreneurial activity, the volume of production, and the total number of employees.
In small commercial organizations financial work is carried out by one of the accounting employees, and in the absence of one, by the owner himself.
In large commercial organizations, it is effective to create a financial directorate.
In any case, the head of the financial service reports directly to the management of the enterprise.
The most important tasks of the financial service:
1) fulfillment of obligations to the budget, extra-budgetary funds, banks, suppliers, employees and other financial obligations;
2) organization of settlements;
3) control over the use of own and borrowed funds;
4) organization of financial management, i.e. management of financial flows in order to make the most efficient use of capital and optimize profits.
For this purpose, financial services carry out.
1. Transfer of funds (payment orders, payment requests, letters of credit, checks, bank transfers, open account settlements, collection, transfers).
2. Transfer of funds for the purpose of their growth (deposit, contribution, current lease, annuity, leasing, trust, engineering, reengineering, franchising, factoring, bill of exchange, overdraft, etc.).
3. Speculative operations (report, deport, operations with exchange rate differences, swap operations, currency arbitrage, currency speculation, etc.).
4. Preserving the ability of capital to generate high income (insurance, hedging, collateral, mortgage, diversification, etc.).
In a market economy, the importance financial services increases. This is expressed in the fact that various economic services of a commercial organization are united within the framework of the financial directorate, becoming its divisions.
For example, the financial directorate may include, in addition to the financial department, an economic planning department, accounting department, bureau or sector economic analysis, foreign exchange department, etc.
At the same time, the functions of the financial directorate are broader than those of the financial department.
In addition, duplication is eliminated and the unity of the goal and means of achieving it is ensured.

1. Features of finance of commercial organizations.

1.1 Principles of organizing finance in the field of commercial activity.

1.2 Factors influencing the finances of commercial organizations.

2. Sources of financial resources for commercial organizations.

2.1 Forms and types of financial resources of commercial organizations.

3. Features of financial management of commercial organizations.

4. List of used literature.

1. Features of finance of commercial organizations

The primary distribution of the value of gross domestic product (GDP) occurs in the sphere of finance of business entities and primarily with the help of finance of commercial organizations, i.e. this element can be considered as the initial element for the entire financial system.

In accordance with civil law, the main purpose of creating and operating a commercial organization as a legal entity is to make a profit; this determines the content of its financial relations with other entities. Commercial organizations enter into a variety of financial relationships:

With other organizations and individuals: regarding attracting and obtaining sources of financial resources; regarding the use of financial resources (allocation of financial resources into various assets; distribution of profits between owners; use of financial resources for charitable and other social purposes);

With the state and municipalities: regarding the fulfillment of obligations by a commercial organization to budgets of various levels and state extra-budgetary funds (tax and non-tax payments), as well as the receipt of budget funds by a commercial organization within the framework of state financial support;

With employees of the organization regarding payments made from profits (bonuses, loans for the purchase of housing, durable goods).

Finance of commercial organizations is a system of relations associated with the formation and use of financial resources of commercial organizations in order to ensure their activities and resolve issues of a social nature.

1.1 Principles of organizing finance in the field of commercial activity

The following principles of organizing finance in the field of commercial activity can be distinguished:

1) obtaining and maximizing the profit of the enterprise;

2) optimization of sources of formation of financial resources;

3) ensuring the financial stability of commercial organizations, including the use of various mechanisms for protecting against business risks (insurance, hedging, creation of financial reserves);

4) creation of investment attractiveness;

5) responsibility for the conduct and results of financial and economic activities.

These principles are determined by the main goal of a commercial organization - making a profit, as well as the desire of any business entity not only to maintain, but also to expand its participation in the market.

Commercial organizations operate in different areas: material production, trade and sales activities, provision of services, including information and financial. In modern conditions, in order to reduce business risks, organizations are diversifying their areas of activity, inter-industry mergers are taking place within the framework of integration processes, but the influence of the industry factor on the finances of commercial organizations in the Russian Federation remains. This is due to the fact that, according to Russian legislation, certain types of commercial activities are prohibited from being combined with other types of activities: for example, insurance companies cannot provide banking services, carry out production and trading operations, etc.; in some cases, specializing in one type of activity can give the greatest effect.

1.2 Factors influencing the finances of commercial organizations

Industry factors that influence the peculiarities of financial organization are the seasonality of production, the duration of the production cycle, the peculiarities of the turnover of production assets, the degree of risk of entrepreneurial activity, etc. For example, agriculture (especially crop production) is characterized by the influence of natural and climatic factors on the production process, which determines its seasonal nature, high need for insurance protection. In these conditions, the attraction of borrowed funds for the formation of financial resources, the creation of reserve funds and insurance play an important role. Construction, as well as some industries with a long production cycle (for example, shipbuilding), is characterized by the presence of large volumes of unfinished production, which also determines the need to generate financial resources through borrowed funds.

Natural and climatic factors may predetermine the receipt of rental income in relatively favorable business conditions (extractive industries). As a rule, under these conditions in many countries, income equalization within one industry is carried out on the basis of rent payments to the budget.

Industries with a relatively low level of profitability (agriculture, housing and communal services) have limited opportunities to expand sources of financial resources, including through the issuance of securities.

For industries with a high degree of occupational risk for workers (coal, gas industry, etc.), higher rates for social insurance against industrial accidents and occupational diseases are provided.

Finally, a high degree of risk is also inherent in the activities of financial intermediaries (insurance companies, credit organizations), which determines higher requirements for the amount of equity capital, the creation of specific financial reserves and the use of other mechanisms to ensure financial stability (for example, for insurance companies - reinsurance).

Industry factors also determine the size of the commercial organization. Thus, the steel industry, mechanical engineering and other branches of heavy industry usually involve large-scale enterprises, and trade, consumer services, and innovation activities are usually carried out through medium and small businesses. Thus, industry characteristics can predetermine the organizational and legal form of a commercial organization, and this, in turn, is another factor influencing the financial mechanism of the organization.

In general, the finances of commercial organizations as a link in the financial system, regardless of organizational, legal and industry characteristics, have the following features:

Financial resources are owned by commercial organizations;

Financial management of a commercial organization is focused on the implementation of its main goal - making a profit;

State regulation of the finances of commercial organizations is limited compared to other parts of the financial system. State regulation of the formation and use of financial resources of commercial organizations is associated with the determination of tax obligations, as well as obligations arising from the possible use of budget funds (subsidies, subventions, state and municipal orders, budget investments, budget loans).

2. Sources of financial resources for commercial organizations

The financial resources of a commercial organization are the totality of cash income, receipts and savings of a commercial organization used to support its activities, develop the organization or maintain its place in the market, as well as to solve certain social problems.

Sources of financial resources when creating a commercial organization. At the time of creation of a commercial organization, the following is formed: authorized capital from contributions from the founders. The authorized capitals of partnerships and limited liability companies are divided into shares, the authorized capitals of joint stock limited liability companies are divided into shares, the authorized capitals of joint stock companies are divided into shares; accordingly, they are formed from contributions from founders and participants for the acquisition of these shares and shares. The authorized capital can be paid in cash and other property. Certain types of activities provide for legal regulation of the share of authorized capital in monetary form (for example, banking activities). The mutual fund of a production cooperative is formed from shares of participants, which can also be in monetary or non-monetary form. The authorized capital of a unitary enterprise is formed through capital expenditures of the budget of the appropriate level, as well as the direct transfer of buildings, structures, equipment, and land plots. At the same time, Russian legislation prohibits the joint participation of the Russian Federation, a constituent entity of the Russian Federation, or a municipal entity in the creation of one enterprise. It is the monetary part of the payment for the authorized capital that is considered as a source of financial resources at the time of establishment of the organization.

Sources of financial resources in the process of functioning of a commercial organization.

1. The main source of formation of financial resources of a commercial organization is the proceeds from the sale of goods related to the statutory activities of this organization. Increasing revenue from product sales is one of the main conditions for the growth of financial resources of commercial organizations. Such an increase may definitely be an increase in the output and sales of goods, as well as an increase in prices and tariffs. In conditions of competition and elastic demand, as a rule, the relationship between these two factors is inversely proportional: raising prices can lead to a reduction in sales, and vice versa. In order to maximize profits, a commercial organization is forced to look for the optimal relationship between price and production volume. The structure of sales revenue is determined by labor productivity, labor and capital intensity of production, and the availability of modern technologies that allow the economical use of various types of resources.

2. The activities of a commercial organization are also related to the sale of property, when morally (sometimes physically) obsolete equipment and other property are sold at residual value, and stocks of raw materials and materials are sold. The share of this source in the total amount of sources of financial resources of a commercial organization depends on many factors: the type of activity of the organization (for example, high-tech, knowledge-intensive production requires constant updating of equipment), the specific situation (the organization can sell part of the property to pay off accounts payable). Currently, in the context of constant improvement of information technology, almost all organizations update computer equipment and software for it, selling retiring assets.

3. In the course of its activities, a commercial organization receives not only revenue from sales, but also non-operating income. Such income includes: receipts related to the provision of funds and other property for temporary use for a fee; proceeds related to participation in the authorized capitals of other organizations (including interest and other income on securities); profit received as a result of joint activities under a simple partnership agreement; fines, penalties, penalties for violation of contract terms; receipt of compensation for losses caused to the organization (including insurance compensation); profit of previous years identified in the reporting year; amounts of accounts payable and depositors for which the statute of limitations has expired; exchange rate differences on transactions in foreign currency; the amount of revaluation of assets.

Factors influencing the share of non-operating income in the sources of financial resources of a commercial organization are the degree of differentiation of its assets, the profitability of investments in these assets, the degree of reliability of economic relations with suppliers and buyers. In conditions of frequent violation of obligations by transaction partners, the organization may receive significant amounts of fines, penalties, and penalties provided for in these agreements. The completeness of receipt of financial sanctions also depends on the qualifications of the organization’s legal service in the preparation of relevant contracts, as well as, if necessary, during legal proceedings.

4. In modern conditions, part of the financial resources of a commercial organization is attracted through its participation in the financial market as a borrower and issuer. One of the most important meanings of the financial market is expanding the capabilities of business entities in choosing sources of financial resources.

An operating commercial organization (joint stock company) can raise funds on the financial market through additional issue of shares.

The high loan interest rate and strict collateral requirements make bank loans inaccessible to many commercial organizations as a source of financial resources. The situation is especially difficult for small and medium-sized enterprises. Currently, several programs are in place to ensure the availability of bank loans for small and medium-sized businesses. However, this source of financial resources is insignificant in volume for small and medium-sized enterprises.

Raising funds on the financial market of a commercial organization, as a rule, is associated with the implementation of its large investment projects, including the expansion of the organization’s activities.

5. Funds from budgets are received by commercial organizations as part of state support for their activities.

6. Financial resources can be generated from proceeds from the main companies and the founder (founders).

2.1 Forms and types of financial resources of commercial organizations.

Due to the listed sources, the following forms and types of financial resources of a commercial organization are formed: cash income; cash savings; cash receipts.

1. Cash income of a commercial organization- This:

· Profit from the sale of goods (works, services);

· Profit from the sale of property, the balance of non-operating income and expenses.

Profit is the most important indicator of the financial and economic activity of an organization; analysis of its absolute value, dynamics, relationship with costs or sales revenue is used to assess the financial condition of the organization, including when making decisions on investments or bank loans.

2. Cash savings as a form of financial resources, they are represented by depreciation, reserve and other funds formed from the profits of previous years.

3. Cash receipts act in the form of budget funds; funds raised on the financial market; funds received through redistribution from the main company, from a higher organization, due to intra- and inter-industry redistribution.

3. Features of financial management of commercial organizations.

Financial management of a commercial organization is the process of creating a financial mechanism for organizing its financial relations with other entities. It includes the following main elements:

· Financial planning;

· Operational management;

· Financial control.

1. Financial planning. When developing financial plans for a commercial organization, the planned costs of the activities carried out are compared with the available opportunities, and directions for effective investment of capital are determined; identification of on-farm reserves for increasing financial resources; optimization of financial relationships with counterparties and the state; the financial condition of the enterprise is monitored. The need for financial planning of a commercial organization can be caused not only by the internal need for effective management of financial resources, but also by the external one - the desire of creditors and investors to have information about the profitability of upcoming investments.

A variety of methods are used to draw up financial plans and forecasts for a commercial organization:

Normative,

Economic and mathematical regulation,

Discounting.

The normative method can be used in estimating future tax liabilities and the amount of depreciation charges. Optimization of sources of financial resources and assessment of the influence of various factors on their possible growth are carried out using the method of economic and mathematical modeling. When making long-term decisions, the discounting method is used, which involves assessing the future return on investments and the influence of inflationary factors on it.

A market economy is characterized by uncertainty, so the most difficult thing when developing financial plans and forecasts for a commercial organization is assessing possible risks. When managing risks, it is necessary to identify them, classify them, assess their size and impact on decisions made, and determine possible measures to reduce the risk.

Currently, the process of developing financial plans and forecasts for a commercial organization is usually called budgeting. When budgeting, financial plans are developed and linked to each other:

Cash income and expenses of the organization;

Assets and liabilities (balance sheet forecast, usually linked to the timing of liabilities and investments);

Cash flows.

The balance of cash income and expenses as the main financial plan of a commercial organization, as a rule, contains four sections:

1) income;

2) expenses;

3) relationships with the budget system;

4) settlements with credit institutions.

Forecasts of income and expenses, assets and liabilities, and cash flows may be contained in the business plan of a commercial organization. A business plan reflects the strategy of the financial and economic activities of the organization; on its basis, creditors and investors make decisions about providing it with funds. The financial part of the business plan contains the following calculations: forecast of financial results; calculation of the need for additional investments and the formation of sources of financing.

2. Operational management. Analysis of the execution of financial plans and forecasts is of great importance for managing the finances of a commercial organization. At the same time, it is not always a prerequisite that planned financial indicators correspond to actual ones. Of greatest importance for effective management is identifying the reasons for deviations from planned indicators. Data on the actual implementation of financial plans is analyzed not only by special divisions of the organization, but also by the management bodies of a commercial organization.

To make operational management decisions on financial issues, it is important for the organization’s management not only to have financial plans and forecasts, but also to receive extensive information about the state of the financial market, the financial condition of counterparties to transactions, possible changes in market conditions, and tax reform.

3. Financial control. State financial control over commercial organizations of non-state forms of ownership is limited to issues of fulfillment of tax obligations, as well as the use of budget funds, if the commercial organization receives such funds as part of state assistance. On-farm financial control, as well as audit control, are of great importance for the effective financial management of a commercial organization.

On-farm financial control can be carried out by special units created in commercial organizations that carry out inspections and analysis of documents. On-farm financial control also occurs in the process of approval by the head of the organization of documents formalizing financial and business transactions. Commercial organizations included in holdings and associations are checked by parent companies, which also have special control services.

To obtain reliable information about the financial condition of a commercial organization and identify existing reserves, its management can initiate an audit and survey. Certain types of activities, organizational and legal forms, high indicators of assets and revenue from sales of products (works, services), participation of foreign capital require a mandatory audit report on the reliability of the financial statements of a commercial organization.

Thus, audits of a commercial organization can be both proactive and mandatory.

A feature of intra-economic and audit control of a commercial organization is its focus on assessing the effectiveness of management decisions made, as well as identifying reserves for the growth of financial resources.

Thus, financial management of a commercial organization includes management elements similar to other parts of the financial system, but there are specifics of financial planning, operational management and organization of financial control.

Bibliography

1) Basics of entrepreneurial activity. Economic theory. Marketing. Financial management/ (V. M. Vlasova, D. M. Volkov, S. N. Kulakov, etc.); Ed. V. M. Vlasova. – M.: Finance and Statistics, 1997. – 529 pp.: graph.

2) Financial management: theory and practice: Textbook / Ed. E. S. Stoekova. – 3rd ed., revised. and additional – M.: Publishing house “Perspective”, 1998. – 656 p.

3) Financial stabilization in Russia / Ed. A. N. Illarionova, J. Sachs. – M.: “Progress Academy”, 1999. - 235 p.

4) Kondrakov N.P. textbook for managers. Accounting and financial and economic analysis: Textbook. Benefit. – M.: Delo, 1998. – 280 p.

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