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 verifying the execution of management decisions in the field financial activities for the purpose of implementation financial strategy and preventing crisis situations that could lead to bankruptcy.
Includes:
a) change control 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 for the calculation of wages, bonuses, 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.
TO internal sources In addition to depreciation and profit, there are 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 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 financial results economic activity 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 settlements, 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 subdivision. 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 performed 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 conditions market economy The importance of financial services is increasing. 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.

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– these are economic relations associated with the formation, distribution and use of funds of funds for the purpose of expanded reproduction and meeting the 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 for the calculation of wages, bonuses, 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. Raised funds– future income, reserves for future expenses, etc.

3. Debt funds– bank and commercial loans, accounts payable, etc.

4. Operating funds– for the payment of wages, dividends, for payments to the budget and extra-budgetary funds, etc.

Like any relationship, finances need to be organized.

Under organization finance of a commercial organization is understood as 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.

TO such principles relate.

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 a business entity primarily through own sources of funds.

These sources include: depreciation charges and profits directed to the accumulation fund. It is necessary to distinguish 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 with created from net profit. For OJSCs, the creation of reserve capital is mandatory, for others - when included in the constituent documents and the 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) provision 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 ensuring uniform write-off of costs(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;

Provision for production costs for preparatory work due to the seasonal nature of production.

Self-insurance in the financial market carried out by concluding forward transactions, i.e. transactions with delivery in the future.

The commercial organization in this case acts as 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.

Subject of the contract may be: shares, bonds, bills, bank deposits, currency, goods and futures contracts themselves.

During the purchase and sale, a commercial organization may aim to obtain additional income due to differences 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 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 liability 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 to provide a commercial organization with the necessary funds and, therefore, normal financial stability in order to optimize the profits received.

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.

The development of financial policy, determination of strategic and tactical objectives 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. Usually this financial department.

The structure and number of employees in the financial department is determined by the organizational and legal form of business activity, the volume of production, and the total number of employees.

In small commercial organizations, financial work is performed 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 financial management, i.e. managing 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 of financial services is increasing. 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, an accounting department, a bureau or sector of economic analysis, a 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.

The essence and features of financial organization commercial enterprises. Finance of commercial organizations and enterprises. Profit and profitability of commercial enterprises.

Business Finance

The abstract was completed by Anna Tyurikova

Introduction

In a market economy, the main tools for regulating economic processes are cost categories, among which finance occupies an important place. The latter are actively used as a tool for regulating the economy, both at the state level and at the level of entities operating in different spheres and sectors of the economy. At the same time, the state of finances is reflected in their activities. It is the stability of finances, their availability and stability that characterize the well-being of the state and business entities of citizens.

Finance expresses part of the monetary relations that arise regarding the distribution of the value of the gross national product through the formation and use of financial resources to meet social needs.

Since financial relations are always associated with the formation of monetary income and savings, which take special forms of financial resources, the latter act as a material embodiment of finance as an economic category.

Finance of commercial organizations and enterprises is the main link of the financial system, covering the processes of creation, distribution and use of gross domestic product in value terms. They operate in the sphere of material production, where the total social product and national income are mainly created.

The financial conditions of business have undergone significant changes, which are reflected in the liberalization of the economy, changes in forms of ownership, large-scale privatization, changes in the conditions of state regulation, and the introduction of a taxation system for commercial organizations and enterprises.

All this led to an increase in the role of distribution relations. The ultimate goal of entrepreneurial activity was to make a profit while maintaining equity capital.

In the course of business activities of commercial organizations and enterprises, certain financial relations arise related to the organization of production and sales of products, the provision of services and the performance of work, the formation of their own financial resources and the attraction of external sources of financing, their distribution and use.

In the economic sphere, it is thanks to finance, which is a tool for the cost distribution of the gross domestic product, that the satisfaction of constantly changing reproductive needs is ensured. Without finance it is impossible to ensure the circulation production assets on an expanded basis, regulate sectoral and territorial proportions in the economy, stimulate the development of production.

The material basis of financial relations is money. Financial relations are part of monetary relations; they arise only with the real movement of funds and are accompanied by the formation and use of equity capital, centralized and decentralized funds of funds.

1. The essence and features of the organization of finances of commercial enterprises.

The reason for the emergence of finance is the need of the state and various entities for resources that support their activities. This need for resources without finance cannot be satisfied either in the economic sphere or in social sphere, neither in the sphere government activities: control and defense. This is due to the fact that only with the help of finance is the distribution of value among the subjects of the reproduction process possible, that is, only through the financial distribution of the value of the gross national product does each participant in social reproduction receive its share in the created value and the movement of funds receives a target designation.

The social purpose of organizational finance is to provide financial resources to separately functioning entities social activities in the form of formation of legal entities. According to the principles of operation, these organizations carry out their activities on the terms of commercial calculation, that is, they pursue the goal of making a profit, or do not set such a goal, but their functioning is socially necessary and useful.

In addition, there are various public associations that can be organized into a legal entity. The finances of legal entities - organizations are divided into the following units: finances of commercial organizations, finances of non-profit organizations, finances of public organizations.

A legal entity that pursues the generation of income as the main goal of its activities is a commercial organization. Such a legal entity is created in the form of a state enterprise, business partnership, joint-stock company, production cooperative. A commercial organization is obliged to carry out entrepreneurial activities.

Entrepreneurship is the initiative activity of legal entities and citizens, regardless of the form of ownership, aimed at obtaining net income by satisfying the demand for goods (works, services), based on private property(private entrepreneurship) or on the right of economic management of a state enterprise.

Enterprises operating on a commercial basis include all types of enterprises in the sphere of material production, the sphere of commodity circulation, as well as some organizations in the non-production sphere, small enterprises, private enterprises, joint-stock companies, partnerships, associations, commercial banks, insurance companies, etc.

Commercial accounting and trade secrets have a significant impact on the organization of finances of enterprises operating on a commercial basis.

Commercial calculation is a method of business management, which consists in measuring in monetary form the costs and results of activities; its goal is to extract maximum profits at minimum costs. Commercial calculation presupposes the obligatory receipt of profit and the achievement of a sufficient level of profitability in order to carry out entrepreneurial activities. Otherwise, the enterprise goes bankrupt and is subject to liquidation and is declared bankrupt.

Bankruptcy is the permanent incapacity of the debtor individual entrepreneur or a legal entity - to satisfy the claims of its creditors and pay taxes and other obligatory payments due to the excess of its liabilities over its assets.

Assets are the property of a business entity, which includes all fixed and current assets. Liabilities are the obligations of a business entity, consisting of borrowed and attracted funds, including accounts payable.

Trade secret is any confidential managerial, production, scientific, technical, trade, financial and other information that is valuable for an enterprise in achieving an advantage over competitors and making a profit.

Carrying out activities under the conditions of a trade secret and through the method of commercial calculation determine the specifics in the organization of finance, which consists of the following points.

Commercial organizations have real financial independence - financial independence is expressed in the fact that a business entity has the right to independently distribute the proceeds received from the sale of products, dispose of the profit remaining after taxation, at its own discretion, form and use funds for production and consumer purposes, independently seek sources of expansion production, including the issue of securities, attraction of credit resources, etc.. An enterprise has the right to open settlement and other accounts in any commercial bank for storing funds and carrying out all types of settlement, credit and cash transactions.

The organization of finances of entities whose activities are covered by trade secrets are free from petty regulation by the state, i.e. have complete economic freedom. The state regulates the financial and economic activities of enterprises, as a rule, with the help of cost instruments, pursuing appropriate tax, depreciation, currency, export-import policies.

Commercial organizations bear full financial responsibility for the actual results of work, timely fulfillment of obligations to suppliers, consumers, the state, banks and other counterparties. In a market economy, an enterprise is liable for its obligations with its own property; For failure to fulfill obligations, enterprises are subject to a reasonable system of financial sanctions: fines, penalties, and penalties. Since enterprises have real financial independence, they cover their own losses and damages. At the same time, losses from innovation activities are covered by financial reserves and the insurance system, and losses from mismanagement are covered by profits. The enterprise is obliged to compensate for damage caused by irrational use of land and other natural resources, environmental pollution, violation of safety and production rules, sanitary standards, etc.

The full implementation of the financial responsibility of commercial organizations is ensured in legislation. In particular, in Article 44 Civil Code it is written that " legal entities are liable for their obligations with all the property belonging to them.”

The organization of finance of commercial enterprises is aimed at ensuring material interest in improving work results. This is achieved through a system of profit distribution (collective interest) and through a system of material incentives and bonuses (personal interest).

Commercial organizations enter into financial relationships with banks, insurance companies, and the state. Moreover, such relationships are organized taking into account the principles of commercial calculation. Enterprises and banks are equal partners organizing financial side their operations with a profit focus: banks provide paid and term loans, receive commissions for intermediary and trust operations from their clients.

In turn, if a company stores free money in deposit accounts, then the bank charges interest on it.

Insurance companies provide insurance various objects commercial enterprises and their diverse risks. This creates certain guarantees of stability in the business activities of commercial organizations.

The state should also act as a partner of enterprises, since the latter is the main taxpayer providing funds to the state budget. In this regard, it is advisable for the state to establish tax payments at a level so as not to undermine the interest of business entities in the development of production.

Thus, the financial relationships of commercial organizations with counterparties are aimed at strengthening commercial settlement and increasing the efficiency of business activities.

Finance of commercial enterprises and organizations is financial or monetary relations that arise in the course of entrepreneurial activity in the process of forming equity capital, target funds of funds, their distribution and use.

2. Finance of commercial organizations and enterprises.

2.1. Functions of finance of commercial organizations and enterprises.

Through the distribution function, the initial capital is formed, formed from the contributions of the founders, the reproduction of capital, the creation of basic proportions in the distribution of income and financial resources, ensuring the optimal combination of interests of individual producers, business entities and the state as a whole.

The distribution function of finance is associated with the formation of monetary funds of commercial funds and organizations through the distribution and redistribution of incoming income.

The objective basis of the control function is the cost accounting of costs for production and sales of products, performance of work and provision of services, the process of generating income and cash funds.

Financial control over the activities of an economic entity is carried out: directly by the economic entity through a comprehensive analysis of financial indicators, operational control over the progress of financial plans, timely receipt of revenue from the sale of products (works, services), obligations to suppliers, customers and consumers, the state, banks and others counterparties; shareholders and controlling shareholders by monitoring the effective investment of funds, the generation of profits and the payment of dividends; tax authorities, which monitor the timeliness and completeness of payment of taxes and other obligatory payments to the budget; commercial banks when issuing and repaying loans, providing other banking services; independent audit firms, when conducting audits.

2.2. Principles of organizing finances of commercial organizations and enterprises.

Financial relations of commercial organizations and enterprises are built on certain principles related to the fundamentals of economic activity: economic independence, self-financing, material interest, provision of financial reserves.

The principle of economic independence cannot be realized without independence in the field of finance. Economic entities, regardless of their form of ownership, independently determine the scope of economic activity, sources of financing, and directions for investing funds in order to make a profit. However, it is impossible to talk about complete economic independence, since the state regulates certain aspects of their activities. Legislation establishes the relationship between commercial organizations and enterprises and budgets different levels.

Implementation of the principles of self-financing is one of the main conditions for entrepreneurial activity, which ensures the competitiveness of an economic entity. Self-financing means complete self-sufficiency of costs for the production and sale of products, performance of work and provision of services, investment in the development of production at the expense of one’s own funds and, if necessary, bank and commercial loans.

The principle of material interest - the objective necessity of this principle is ensured by the main goal of entrepreneurial activity - making a profit.

At the level of individual employees of an enterprise, the implementation of this principle can be ensured by a high level of remuneration. For an enterprise, this principle can be implemented as a result of the state implementing an optimal tax policy and creating economic conditions for the development of production. The interests of the state can be respected by the profitable activities of enterprises, production growth and compliance with tax discipline.

The principle of financial responsibility means the presence of a certain system of responsibility for the conduct and results of financial and economic activities. Enterprises that violate contractual obligations, payment discipline, repayment terms for received loans, tax laws, etc., pay penalties, fines, and penalties. This principle has now been implemented most fully.

The principle of providing financial reserves is dictated by the conditions of entrepreneurial activity, which is associated with certain risks of non-return of funds invested in the business. In market conditions, the consequences of risk fall on the entrepreneur, who voluntarily and independently, at his own peril and risk, implements the program he has developed.

The implementation of this principle is the formation of financial reserves and other similar funds that can strengthen the financial position of the enterprise at critical moments of management. Financial reserves can be formed by enterprises of all organizational and legal forms of ownership from net profit, after paying taxes and other obligatory payments to the budget from it.

All principles of organizing the finances of enterprises are in constant development and for their implementation in each specific economic situation, their own forms and methods are used, corresponding to the state of productive forces and production relations in society.

2.3. Factors influencing the organization of an enterprise's finances.

The organization of the finances of an enterprise is influenced by two factors: the organizational and legal form of business and industry technical and economic features.

The organizational and legal form of business is determined by the Civil Code of the Republic of Kazakhstan, according to which a legal entity is an organization that has separate property in its ownership, economic management or operational management and is liable for its obligations with this property. It has the right, on its own behalf, to acquire and exercise property and personal non-property rights, bear responsibilities, and be a plaintiff and defendant in court. A legal entity must have an independent balance sheet or budget. Legal entities can be organizations:

those pursuing profit as the main goal of their activities - commercial organizations;

non-profit organizations that do not have profit as such a goal and do not distribute profits between participants.

Commercial organizations are created in the form of business partnerships and societies, production cooperatives, and state enterprises.

Financial relations arise already at the stage of formation of the authorized capital of an economic entity, which from an economic point of view represents the property of the economic entity on the date of its creation. A legal entity is subject to state registration and is considered created from the moment of its registration.

The organizational and legal form of business determines the content financial relations in the process of forming the authorized capital. The formation of property of commercial organizations is based on the principles of corporatism. The property of state enterprises is formed on the basis of public funds.

Participants in a general partnership create the authorized capital at the expense of contributions from the participants, and essentially the authorized capital of a general partnership is a joint capital. By the time of registration of a general partnership, its participants must make at least half of their contribution to the share capital. The rest must be paid by the participants within the time period specified in the memorandum of association. If this rule is not followed, the participant is obliged to pay the partnership 10% per annum on the amount of the unpaid part of the contribution and compensate for losses incurred. A participant in a general partnership has the right, with the consent of the remaining participants, to transfer his share in the joint capital or part thereof to another participant in the partnership or a third party.

The founding agreement of a limited partnership stipulates the terms of the size and composition of the share capital, as well as the size and procedure for changing the shares of each of the general partners in the share capital, the composition, timing of contributions and liability for violation of obligations. The procedure for forming the authorized capital is similar to the procedure for its formation in a general partnership. The management of the limited partnership is carried out only by the general partners. Participants-investors do not take part in business activities and are essentially investors.

The authorized capital of a limited liability company is also formed from the contributions of its participants. The minimum amount of authorized capital in accordance with the law is set at 100 minimum calculation indices on the day of registration of the company and must be paid in at least half. The remaining part must be paid during the first year of the company's activity. If this procedure is violated, the company must either reduce its authorized capital and register this reduction in the prescribed manner, or cease its activities through liquidation. A company participant has the right to sell his share in the authorized capital to one or more company participants or to a third party, if this is stipulated in the charter. The authorized capital of a company with additional liability is formed in the same way.

Joint-stock companies form authorized (share) capital based on the nominal value of the company's shares. Minimum amount of authorized capital of an open joint stock company set at 500,000 minimum calculated indicators on the day of registration of the company. The authorized capital is formed by placing common and preferred shares.

In such areas of business activity as the production and marketing of industrial and agricultural products, trade, consumer services, etc., the preferred form of business activity is a production cooperative. The property of the PC consists of the share contributions of its members in accordance with the charter of the cooperative. The PC can create indivisible funds at the expense of a certain part of the property, if this is stipulated in the charter. By the time of registration of the PC, each member is obliged to make at least 10% of his share contribution, and the remaining part within a year from the date of registration.

The profit of commercial organizations remaining after its distribution in the general established order is distributed among the participants on the principles of corporatism.

According to its economic content, the entire set of financial relations can be grouped into the following areas:

between the founders at the time of creation of the enterprise - related to the formation of the authorized capital;

between enterprises and organizations - associated with the production and sale of products, the emergence of newly created value;

between enterprises and its divisions - regarding the financing of expenses, distribution and use of profits, working capital;

between enterprises and their employees - during the distribution and use of income, issue of shares and bonds, payment of interest, collection of fines, withholding taxes;

between an enterprise and a higher organization, within financial and industrial groups;

between commercial organizations and enterprises - related to the issue and placement of securities, mutual lending, equity participation in the creation of joint ventures;

between enterprises and the financial system of the state - when paying taxes and making other payments to the budget;

between an enterprise and the banking system - in the process of storing money in commercial banks, paying interest on a bank loan, and providing other banking services;

between enterprises and insurance companies and organizations - when insuring property, commercial and entrepreneurial risks;

between enterprises and investment institutions - during the placement of investments, privatization, etc.

Each of the listed groups of relations has its own characteristics and scope, all of them are bilateral in nature and their material basis is the movement of funds.

2.4. Financial resources of commercial organizations.

To carry out their activities, commercial organizations have, along with material and human resources, also funds that cover various needs. Cash comes at their disposal through various channels and, in the process of involving it in circulation, is transformed into financial resources.

Financial resources of commercial organizations are cash income and receipts at their disposal and intended to meet the needs associated with their functioning: fulfilling financial obligations to counterparties, incurring expenses for statutory (core) activities, including costs for expanded production, economic incentives for employees , social issues.

The formation of financial resources of commercial organizations can be carried out through three channels:

At the expense of own and equivalent funds;

mobilization of resources in the financial market;

receipt of funds from the financial system in the order of redistribution.

The initial formation of financial resources occurs at the time of establishment of the enterprise, when the authorized capital (fund) is formed. The sources of formation of the authorized capital depend on the organizational and legal form of business: joint stock company, cooperative, state enterprise, partnership, etc.

In this regard, the following sources of authorized capital of commercial organizations are distinguished: share capital, share contributions of members of cooperatives, industry financial resources, long-term credit, budget funds.

The size of the authorized capital shows the amount of those funds - fixed and working capital - that are invested in the process of production or carrying out other statutory activities of a commercial organization. Wherein minimum size authorized capital, features of its formation and use, legal regime property, restrictions on entrepreneurial activities of certain types of commercial organizations established in the form of business partnerships, banks, insurance companies, joint ventures are regulated by the Civil Code and other special legislative acts. Contributions to the authorized capital of a business partnership can be money, securities, things, property rights, including intellectual property.

The main source of financial resources in existing commercial enterprises is the cost of products sold and services provided. In the process of revenue distribution, various parts of the cost of goods sold take the form of cash savings.

Financial resources are formed mainly from profits. In addition, the sources of financial resources are: proceeds from the sale of retired property, stable liabilities, various targeted revenues, mobilization of internal resources in construction, funds from leasing property, etc.

A commercial enterprise formed in the form of a cooperative has shares and other contributions from members of the workforce as a source of financial resources.

Significant financial resources can be mobilized in the financial market. The forms of their mobilization are the sale of shares, bonds and other types of securities, as well as credit investments.

Carrying out activities in market conditions is associated with various types of risks: business risks, currency risks, commercial risks, etc. In this regard, commercial organizations are increasingly resorting to insurance of their activities. This determines the payment of insurance compensation to them.

Thus, in the composition of financial resources the weight big role They are played by funds mobilized in the financial market and insurance compensation payments received from insurance companies.

The use of financial resources is carried out by commercial organizations in many areas:

Payments to financial and banking authorities;

Investment of own funds in core activities: capital costs (reinvestment) associated with the expansion of production and its technical renewal, transition to new advanced technologies, use of know-how, etc.;

Investing financial resources in securities purchased on the market;

Direction of financial resources to the formation of monetary funds of an incentive and social nature;

Use of financial resources for charitable purposes, sponsorship, etc.

3. Profit and profitability of commercial enterprises.

The operation of enterprises on commercial settlement terms involves mandatory receipt they profited. Profit is the most important category of market relations; it has three functions:

An economic indicator characterizing the financial results of the enterprise’s economic activities;

Stimulating function that appears in the process of its distribution and use;

One of the main sources of formation of financial resources of the enterprise.

The basis for the existence of profit in the economy is the presence of a surplus product and the commodity-money form of the process of expanded reproduction, i.e. profit is the basic form in which the value of the surplus product is expressed and measured.

Profit is the main source of financing for the increase in working capital, renewal and expansion of production, social development enterprises, as well as the most important source of budget formation at various levels.

Profit is a source of financing needs of different economic content. When distributing it, the interests of both society as a whole, represented by the state, and the entrepreneurial interests of business entities and their counterparties, and the interests of individual workers intersect. The object of distribution is gross profit.

The distribution of profit is the prerogative of an economic entity, is regulated by the internal documents of the enterprise and is recorded in its accounting policies. When distributing profits, they proceed from the following principles: priority fulfillment of obligations to the budget; profits remaining at the disposal of the enterprise are allocated for accumulation and distribution.

The mechanism of influence of finance on the efficiency of economic management depends on the nature of distribution relations, specific forms and methods of their organization, their compliance with the level of productive forces and production relations. The guideline for establishing the relationship between accumulation and consumption should be the state of production assets and the competitiveness of manufactured products. In the process of distributing net profit, an enterprise has the right to independently determine the method of distribution of profit.

The distribution of net profit can be carried out through the formation of special funds: an accumulation fund, a consumption fund, reserve funds, or by its direct distribution in certain areas.

In the first case, the enterprise must draw up estimates for spending consumption and accumulation funds as an addition to the financial plan. In the second case, the distribution of profits is reflected directly in the financial plan.

The process of economic recovery and the further development of entrepreneurial activity in the production sector will largely determine the maximum profit generation due to intensive factors, increased investment in the real sector of the economy and the creation of an effective tax system.

Profitability, in contrast to the profit of an enterprise, which shows the effect of entrepreneurial activity, characterizes the effectiveness of this activity. Profitability is a relative indicator that reflects the degree of profitability of an enterprise. In a market economy, there is a system of profitability indicators.

The profitability of all products sold can be defined as:

The percentage ratio of profit from product sales to the costs of its production and sale;

Percentage ratio of profit from sales of products to revenue from sales of products;

Percentage ratio of balance sheet profit to revenue from sales;

The ratio of net profit to revenue from sales.

These indicators give an idea of ​​the efficiency of the enterprise's current costs and the degree of profitability of the products sold.

The profitability of certain types of products depends on the price and total cost. It is defined as the percentage of the selling price of a given product minus its full cost to the total cost of a unit of this product.

Return on non-current assets is defined as the percentage of net profit to the average value of non-current assets. Return on current assets is defined as the percentage of net profit to the average annual value of current assets.

Return on investment is defined as the percentage of gross profit to the value of the enterprise's assets. Return on equity is calculated as a percentage of net profit to equity.

Profitability indicators are used in the process of analyzing the financial and economic activities of an enterprise, making management decisions, and decisions of potential investors to participate in the financing of investment projects.

Conclusion.

Market principles of economic management and business activities have made significant adjustments to the interpretation of the need for finance, which was previously determined by three factors: the existence of the state, the presence of commodity-money relations and the operation of economic laws.

Finance ensures the circulation of fixed and working capital, expands the production process, invests in the economy and the social sector, regulates the sectoral and territorial structure of the economy, stimulates the development of production, etc.

Finance of commercial organizations is an important area of ​​financial relations. Modern conditions of reproduction and increased competition have updated the issues of financial management of commercial organizations. Therefore, it becomes important to consider such issues as the essence, functions and principles, factors influencing the organization of finances of commercial organizations, profit and profitability.

The financial work of an enterprise in modern conditions acquires a qualitatively new content, which is associated with the development of market relations. In a market economy, the most important tasks of financial services are not only the fulfillment of obligations to the budget, banks, suppliers, and their employees, but also the organization of financial management, i.e. development of a rational financial strategy and tactics of the enterprise based on the analysis of financial statements, optimal management of cash flows arising in the process of financial and economic activities of the enterprise in order to achieve the set goal and maximize profits.

Lecture 6. Finance of commercial enterprises

Enterprise finance is a relatively independent area of ​​the state finance system. It is in this area that the bulk of financial instruments are formed. The lecture discusses the problems of organizing financial activities in an enterprise .

Lecture outline

1. The essence and principles of organizing the finances of an enterprise

2. Factors influencing the organization of the financial activities of an enterprise

3. Financial resources of the enterprise: sources of formation and directions of use

The essence and principles of organizing the finances of an enterprise

Enterprise finance is the main link of the financial system; they operate in the sphere of material production, where the national product and national income are mainly created.

Enterprise finance - these are financial relations that arise in the course of entrepreneurial activity in the process of forming equity capital, target funds of funds, their distribution and use.

According to the economic content, the entire set of financial relations can be grouped into the following areas:

1) between founders at the time of creation of the enterprise related to the formation of equity capital;

2) between enterprises and organizations arising in the process of production and sales of products. These are financial relations between suppliers and buyers of means of production, finished products, relations with construction organizations when carrying out investment activities, transport organizations during the transportation of goods, with communications companies, etc.;

3) between enterprises and its divisions (branches, workshops, teams) - regarding the financing of expenses, distribution and use of working capital and profits;

4) between the enterprise and its employees - during the distribution and use of income, payment of interest, dividends;

5) between the enterprise and a higher organization, within financial and industrial groups, within the holding, with unions and associations of which the enterprise is a member. This group of relations is associated, as a rule, with the intra-industry redistribution of funds and is aimed at supporting and developing the enterprise. Financial relations in this case arise in the formation, distribution and use of centralized target funds and reserves, financing of target programs, conducting marketing research, research work, etc.;

6) between commercial organizations and enterprises arising in the process of issuing and placing securities, mutual lending, equity participation in the creation of joint ventures;

7) between an enterprise and the financial system of the state - when paying taxes and making other payments to the budget, forming extra-budgetary funds, providing tax benefits, applying penalties, financing from the budget;

8) between enterprises and the banking system - when storing money in commercial banks, receiving and repaying bank loans, paying interest on a bank loan, buying and selling currency, and providing other banking services;

9) between enterprises and insurance companies – when insuring property, certain categories of employees, commercial and financial risks;

10) between enterprises and investment institutions - during the placement of investments, privatization, etc.

Each of the listed groups of relations has its own characteristics and scope of application. However, they are all bilateral in nature and are based on the movement of financial resources.

Financial relations of commercial enterprises are built on certain principles related to the basics of economic activity. Among them, the following principles are identified as the main ones: economic independence, self-financing, material interest, financial responsibility, provision of financial reserves.

The principle of economic independence The development of market relations has significantly expanded the independence of enterprises. Commercial enterprises, regardless of their form of ownership, independently determine their expenses, sources of financing, and directions for investing funds in order to make a profit. Although the state regulates certain aspects of their activities. Thus, commercial enterprises of all forms of ownership, in accordance with the law, pay the necessary taxes and participate in the formation of extra-budgetary funds. Depreciation is calculated according to standards that are also established by law.

Self-financing principle . The implementation of this principle is one of the main conditions for entrepreneurial activity, ensuring the competitiveness of an economic entity. Self-financing means full recoupment of the costs of production and sales of products, investment and development of production.

The principle of material interest . The objective necessity of such a principle is dictated by the main goal of entrepreneurial activity - profit maximization. Interest in the results of economic activity is equally inherent in enterprise teams as a whole and individual employees. The implementation of this principle is ensured by decent wages and compliance with economically justified proportions in the distribution of net profit for consumption and accumulation.

The principle of material interest. This principle presupposes the existence of a certain system of responsibility for the results of the financial and economic activities of the enterprise. For managers of commercial enterprises, the principle of financial responsibility is implemented through a system of fines in case of violation of contractual obligations, late repayment of loans, repayment of bills, or violation of tax laws. In case of ineffective activity, bankruptcy proceedings may be applied to this enterprise

The principle of ensuring financial reserves. The need to form financial reserves is associated with the risk that always accompanies entrepreneurial activity.

Legislatively, this principle is implemented in open and closed joint-stock companies.

Financial reserves can also be created by economic entities of other forms of ownership at their discretion.

Factors influencing the organization of financial activities of an enterprise

The organization of financial activities at an enterprise is influenced by two factors:

organizational and legal form of business;

industry technical and economic features.

Organizational and legal form of business determined by the Civil Code of the Russian Federation. Commercial enterprises can be created in the form of economic organizations and societies, production cooperatives, unitary (state and municipal) enterprises.

Features of the organization of financial activities of commercial enterprises are manifested in the following:

1. In the formation of authorized capital . The formation of capital of commercial enterprises is based on the principles of corporatism. Participants in a general partnership and limited liability company create an authorized capital from the contributions of the participants, i.e. Essentially, it is share capital. The property of a production cooperative consists of the share contributions of its members in accordance with the charter of the cooperative. Open and closed joint stock companies form the authorized (share) capital based on the par value of the company's shares. An open joint stock company has the right to conduct an open subscription for the shares it issues and carry out their free sale on the stock markets. Shares of a closed joint stock company are distributed only among its founders. The property of unitary enterprises is formed on the basis of state and municipal property.

2. In profit distribution. The profit of commercial enterprises remaining after taxes is distributed among its participants on the principles of corporatism. In joint-stock companies, part of the net profit is paid in the form of dividends on preferred and ordinary shares, and the other part is used for production development. The profit of unitary enterprises after paying taxes and other obligatory payments remains at the disposal of the enterprise and is used for production and social development.

3. In determining costs . In joint stock companies, along with the traditional costs associated with the development of production, there are also the costs of issuing and placing securities.

4. In sources of raising funds. For joint-stock companies, such a form of raising funds is provided as issuing their own securities.

5. In order to form reserve funds. Joint stock companies must create reserve funds from their gross profits. The amount of the reserve fund is regulated and cannot be less than 15% of the paid-up share capital and more than 50% of taxable profit. Enterprises with other forms of business can create reserve funds from net profit, i.e. after taxes.

6. In providing financial statements. For joint-stock companies, a public reporting form is required. They are required to publish their annual Balance Sheets and Profit and Loss Accounts.

Industry technical and economic features influence the composition and structure of production assets and the duration of the operating cycle. Industry specifics are also associated with the predominance of one or another form of ownership and the peculiarities of accounting policies.

There are certain specifics of organizing financial activities in industry, agriculture, transport, trade, etc.

Financial resources of the enterprise: sources of formation

and directions of use

To carry out business activities, an enterprise must have fixed and working capital. The division of capital into fixed and circulating capital is related to the nature of their circulation and the form of participation in the creation of finished products.

Main capital - this is part of the enterprise’s assets invested in fixed assets, incomplete long-term investments, intangible assets, long-term financial investments. Fixed capital participates in the production process for a long time (usually a period exceeding one year) and gradually, in parts, transfers its value to the cost of the finished product.

Fixed assets - these are funds invested in fixed production assets, material and material assets related to tools of labor and used in the production process for a period exceeding one year, or having a value on the date of acquisition in excess of a hundred times the minimum monthly wage per unit established by law, regardless of useful life. In terms of material composition, fixed assets are buildings, structures, machines, equipment, land, etc. The circulation of fixed assets includes: depreciation of fixed assets, depreciation (except for land), accumulation of funds for complete restoration, replacement of fixed assets through direct investment.

Unfinished long-term investments – costs for the purchase of equipment and investments in unfinished construction, which cannot yet be used in economic activities and for which depreciation has not yet been accrued.

Intangible assets – these are assets that do not have physical form. These include, for example, the company's business reputation, trademark, trademark, patents, and R&D costs. Their acquisition is associated with long-term investments, therefore their circulation is similar to the circulation of fixed assets.

Long-term financial investments – costs of equity participation in the authorized capital of other enterprises, investments in securities of various types on a long-term basis, the cost of property leased under the right of financial leasing.

Sources of financing of fixed capital : are divided into the economic entity’s own funds and borrowed funds.

Own funds (capital) The enterprise includes contributions from the founders and part of the funds received as a result of the financial and economic activities of the enterprise. The latter include depreciation and profit. Depreciation charges represent the monetary form of part of the cost of fixed assets transferred to the finished product. These deductions form the depreciation fund. Its funds are the main source of long-term investment for enterprises in the Russian Federation. The profit remaining with the enterprise can also be used to finance investments. In the Russian Federation, the share of enterprise profits in sources of long-term financing is insignificant due to the crisis state of the economy as a whole.

Z borrowed funds the enterprise can form due to long-term bank loans, issue of long-term debt securities (bonds), acquisition of fixed assets based on financial leasing, investment tax credit. Franchising can be used to finance intangible assets.

In Russia, funds from foreign investors and funds from federal and local budgets are used as long-term investments.

Working capital (working capital) is the capital of an enterprise intended to ensure the current activities of the enterprise, the continuous process of production and sales of products. Part of the working capital is advanced into the sphere of production and forms circulating production assets, the other part is in the sphere of circulation and forms circulation funds.

Working production assets in terms of material content they represent objects of labor (raw materials, materials, etc.). They serve the production sector and completely transfer their cost to the cost of the finished product, changing the original form during the production cycle.

Circulation funds although they do not participate in the production process, they are necessary to ensure the unity of production and circulation. These include finished products in the warehouse, goods shipped, cash in the cash register of the enterprise and in accounts in commercial banks, accounts receivable, and funds in settlements.

The identical nature of the movement of working production assets and circulation funds allows us to combine them into a single concept - negotiable facilities.

The sources of financing the working capital of the enterprise are profit, own working capital, issue of short-term debt obligations (bills), minimum accounts payable, short-term bank loans, factoring, commercial loan.

In the Russian Federation, interest for the use of bank and commercial loans is included by the borrower in the cost of production within the limits of the refinancing rate Central Bank RF, increased by three points (percent). The rest is paid from the net profit of the enterprise.

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 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, 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 specifics has 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, availability modern technologies allowing 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 the sources of financial resources of a commercial organization depend 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) Today, in the conditions 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 financial market - 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. IN Lately 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 cost based on the sum of numbers of years of useful life;
• 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.
• Extension revolving funds.
• 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 is of great importance for business development. 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 Russian 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 maximum bet corporate income tax 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” involves a reduction in tax benefits provided for by previously existing 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 be easily converted into means of payment at any time) and diversification (in market conditions the unpredictability of investments, the greater the probability 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 institutions social services, theaters, museums, and educational institutions 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. Necessity financial planning a commercial organization may 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 risk assessment methods exist and can be widely used various fields activities and development of mechanisms to minimize them.

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. Of greatest importance for effective management is identifying 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 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, financial condition counterparties for transactions, possible changes in market conditions, tax reform. IN large organizations Special analytical centers are being created to collect such information. A commercial organization can also buy 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 with this 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 over the financial activities of a 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. Give possible reasons for this 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.