Essence, composition and structure of working capital. The essence of working capital, their composition and structure

WORKING CAPITAL OF TRADE ENTERPRISES

Indicators of efficiency of use of working capital

Planning the needs of a trading enterprise for working capital

Essence, composition and structure of working capital

In the process of trade and production activities, a trade enterprise needs to generate working capital. Working capital is monetary resources advanced into circulating production assets and circulation funds. Their main purpose is to ensure the continuity of the production process and sales of products, as well as the timely financing of commercial activities. Working capital participates in the production process once. Their cost is entirely transferred to the product. The duration of one circulation cycle is the time of movement of working capital in the sphere of production and the sphere of circulation. The amount of working capital is largely determined by the period of their circulation. Each trading enterprise is part of the national economic complex, in which the process of circulation of funds constitutes a single whole. Therefore, a slowdown in the circulation of funds at an enterprise leads to a disruption in the system of settlements with suppliers, buyers and the bank not only of this enterprise, but also of those enterprises that are economically connected with them.

Working capital, unlike fixed assets, is directly involved in turnover and is removed from circulation as its own products and purchased goods are sold (with the exception of items of material and technical equipment). Price revolving funds is reimbursed, as a rule, within one turnover, but always within a shorter time compared to the turnover time of fixed assets.

The peculiarity of revolving funds is that they continuously circulate, transforming from a commodity form into a monetary form, from a monetary form into a commodity form, that is, they are constantly updated.

Working production assets include inventories, semi-finished products, work in progress, deferred expenses, low-value and wear-out inventory, and tools.

To ensure the continuity of the production process, circulating production assets require additional funds to service the sphere of circulation, which are called circulation funds. These include inventory, cash of the enterprise (in cash, on current and other bank accounts, in letters of credit, etc.) and funds in settlements (accountable amounts issued to individuals; funds due from buyers of products, etc.).

Thus, working capital is used for the purchase of goods, raw materials, supplies, the acquisition of low-value and wearable items, materials for household needs. They are also represented by cash on hand, in current and other bank accounts, and by securities.

IN total volume everyone financial resources trading enterprises account for up to 80% of working capital. In conditions of shortage of commodity resources, the share inventory may be slightly lower than in a saturated market. In addition, the structure of working capital for a trading enterprise depends on its financial condition for a specific date, compliance with financial and accounting discipline. Yes, tall specific gravity accounts receivable may indicate a weakening of control over the timely return of payments.

In the practice of accounting and planning, working capital is divided according to the principle of organizing their planning into standardized and non-standardized; by sources of formation - own, borrowed and attracted.

Standardized working capital includes inventory, cash on hand and in transit, production inventories, semi-finished products, low-value and wearable items, and deferred expenses. The size of the standardized working capital is directly dependent on the volume of trade turnover and production of own products, the speed of circulation of goods (except for items of material and technical equipment). For these types of working capital, inventory standards are established within the minimum acceptable limits for carrying out trade and production activities.

Non-standardized working capital includes funds in current and other accounts, funds in settlements with debtors, goods shipped and in safekeeping. These funds are called non-standardized because they are not planned and standards for the balances of these funds are not provided. In addition, non-standardized working capital does not have firmly fixed sources of coverage. For example, accounts receivable often arise as a result of violation of contractual and financial discipline and cannot be planned. Cash balances in current and other accounts are not included. Sources for covering non-standardized working capital are usually other liabilities and funds from temporarily free special funds. The ratio between individual types of working capital in the total cost forms the structure of the working capital of the enterprise.

According to the sources of formation, working capital is divided into own, equivalent (attracted) and borrowed.

Own working capital participates in the circulation of only the enterprise to which it is assigned, while borrowed funds can participate in the circulation of many enterprises, depending on their needs. Own working capital is allocated to create inventories and future expenses. They are permanently assigned to the enterprise in their authorized capital; enterprises have the right to place, plan, and use them independently.

Borrowed funds are presented mainly in the form of a bank loan to cover additional needs for resources for the purpose of forming seasonal reserves, as well as for other temporary needs. They are allocated for a certain period, after which they are returned to the bank; have a strictly targeted direction, i.e. are used to pay for those goods and expenses for which the loan was issued.

For any enterprise it is important to have an optimal amount of working capital (working capital).

The amount of working capital of a trading enterprise depends on many factors. The main ones are:

1. Volume and assortment structure of trade turnover. The greater the volume of trade turnover, the greater, other things being equal, the need for working capital.

The assortment structure of commodity turnover predetermines the timing of goods turnover and the amount of inventory. The wider and more complex the range of goods, the more time circulation, the greater the amount of inventory, the greater the need for working capital.

Conditions and frequency of delivery of goods. The remoteness of suppliers of goods causes the need to import large quantities of goods and increases the need for working capital, and vice versa, the more often goods are imported, the smaller the absolute size of inventories and the lower the need for working capital.

Organization commercial work. If a trading enterprise has well-organized marketing activities, goods are purchased taking into account demand and knowledge of market conditions, then, naturally, the goods are quickly sold, and the need for working capital is reduced.

Organization of payments for goods with suppliers of goods. Forms of payment (acceptance, letter of credit, check), territorial remoteness of suppliers predetermine the amount of working capital servicing settlements.

In conditions of development market relations especially important has the correct organization of working capital, skillful management of them and increasing the efficiency of their use.

Working capital of enterprises: concept, economic essence, structure, sources of financing.

1. The concept and economic essence of an enterprise’s working capital.

The process of production and sale of products can be carried out uninterruptedly if the enterprise has not only the necessary fixed assets, intangible assets, but also working capital, mainly in the form of stocks of raw materials, materials, semi-finished products, fuel, etc. Like fixed assets, working capital operates in sphere of production, being the material basis of production and representing production assets. But in the process of functioning, the means of labor and objects of labor transfer their value to the value of the product produced in different ways and to varying degrees. This is the reason for the division production assets for main and working capital.

Working production assets in terms of material content represent objects of labor, as well as tools of labor, taken into account as part of low-value and wearable items. Working production assets serve the production sector and completely transfer their value to the cost of the finished product, changing the original form during one production cycle.

Working production assets represent the minimum reserves of raw materials, basic materials, purchased semi-finished products and components, auxiliary materials, fuel, spare parts for repairs, low-value and wear-out items, as well as work in progress to complete the production program.

Funds of circulation, although not directly involved in the production process, are necessary to ensure the unity of production and circulation. The nature and scope of their functioning create the prerequisites for separating them into the independent concept of “circulation funds”.

Circulation funds consist of stocks of finished products in the enterprise's warehouse, goods shipped to consumers, and cash balances in bank accounts and at the enterprise's cash desk.

Working production assets and circulation funds are closely related. Their movement is of the same nature and constitutes a single process of circulation of enterprise funds.

At the same time, there is a constant and natural change in the forms of advanced value: from monetary value it turns into commodity value, then into production value, and again into commodity and monetary value. Thus, there is an objective need to advance funds to ensure the continuous movement of working production assets and circulation funds in order to create the necessary production reserves, a backlog of work in progress, finished products and conditions for their sale.

The production and commercial (operational) cycle is the period of complete turnover of the entire amount current assets, during which their shape changes.

The movement of working capital of an enterprise in the process of the production and commercial cycle goes through four main stages, consistently changing its form.

At the first stage, monetary and other highly liquid assets (bills, deposits etc.) are used to purchase raw materials, materials, fuel, etc., that is, stocks of production factors.

At the second stage, reserves individual factors production as a result of direct production activities are converted into inventories of finished products.

At the third stage, finished product inventories are sold to consumers and converted into accounts receivable before payment is due.

At the fourth stage (collection), paid receivables are again converted into monetary assets (part of which, until their expiration date, can be stored in the form of highly liquid short-term financial investments).

The most important characteristic of the production and commercial cycle, which significantly affects the volume, structure and efficiency of use of the enterprise’s working capital, is its total duration. It includes the period of time until cash and other highly liquid assets are spent on the acquisition of inventories until the receipt of money from debtors for finished products sold to them.

Thus, the movement of circulating production assets and circulation funds is of the same nature and constitutes a single process. This makes it possible to combine current production assets and circulation funds into a single concept - working capital

Working capital is a set of funds advanced for the creation and use of circulating production assets and circulation funds, which ensure the continuity of the process of production and sale of products

Availability of working capital in the minimum required amounts to ensure normal production and commercial activities enterprises is an indispensable condition for the successful performance of their functions.

At each specific enterprise, the amount of working capital, their composition and structure depend on the nature and complexity of production, the duration of the production cycle, the cost of raw materials, the terms of their delivery, the accepted payment procedure, etc. various industries The share of working capital in the production assets of an enterprise is not the same. For example, at heavy industry enterprises it is lower than at light industry enterprises.

Working capital of an enterprise, being one of the main financial categories that has a significant impact on the sphere of production and the sphere of circulation, performs such basic functions as production and payment and settlement.

The production function is to provide monetary support for the continuity of the production process.

The payment and settlement function of working capital is manifested in a direct impact on the state of payments in the national economy and thereby on money circulation in the country. As already noted, the unification of working capital and circulation funds into one concept is based on the economic essence of working capital, designed to ensure the continuity of all production. production process, during which funds necessarily go through both the production stage and the circulation stage.

However, the definition of working capital as advanced funds directed to the creation of reserves of circulating production assets and circulation funds does not reveal the full economic content of this category, since it does not take into account that along with the advance of a certain amount of cash costs, an objective process of advance into these same reserves occurs the value of the surplus product created by labor in the production process. Therefore, for profitable enterprises, as a rule, when the circulation of funds is completed, the total amount of advanced working capital increases by the share of profit remaining at the disposal of the enterprise. For some unprofitable enterprises, upon completion of the circulation of funds, the availability of working capital is reduced by the amount of unplanned losses.

Thus, when determining the essence of working capital of enterprises, it is necessary to proceed from the fact that their value is advanced into the created reserves of production assets and circulation funds. Therefore, when planning and accounting on the balance sheets of material circulating assets, only in the amount of money advanced in them, the size of the national wealth of our country obviously decreases by the amount of the difference between the cost of finished products and goods shipped and their cost. It is known that material circulating assets make up a significant part of the country's national wealth. In addition, the amount of losses due to mismanagement allowed by the amount of this difference is reduced. individual enterprises and organizations in connection with damage to finished products, shortages and thefts.

Based on the above, we can give the following definition of working capital of an enterprise.

Working capital represents the cost advanced in cash for the formation and use of circulating production assets and circulation funds in the minimum required amounts to ensure the continuity of the production process and the timeliness of payments.

Proper organization, safety and efficient use of working capital are of great importance for ensuring the continuous process of social reproduction, the stable financial condition of all business entities, normal monetary circulation, and the real accumulation of the country's national wealth.

All this is due to the special economic content of this financial category, its dual content, which combines advanced funds and cost material resources in the form of stocks of raw materials, fuel, semi-finished products, finished products and other types of material assets. Therefore, the availability of working capital, on the one hand, characterizes the amount of funds, and, on the other hand, inventories of inventories as part of the national wealth.

2. Composition and structure of working capital

An important indicator of the structure of working capital is the ratio between funds invested in the sphere of production and in the sphere of circulation. The correct distribution of the total amount of working capital between the sphere of production and the sphere of circulation largely determines their normal functioning, the speed of turnover and the completeness of the performance of their inherent functions: production and payment and settlement.

Rice. 6.2. Classification of working capital of an enterprise.

Thus, according to their economic content, working capital can be classified into:

1. working production assets;

2. circulation funds.

The division of working capital into circulating production assets and circulation funds is due to the presence of two spheres of individual circulation of funds: the sphere of production and the sphere of circulation. Reflecting the characteristics of their sphere of application, working capital and circulation funds are interconnected and interdependent. Therefore, increasing the efficiency of using working capital is achieved by better use of both working capital and circulation funds.

The composition of working capital is understood as a set of elements that form circulating production assets and circulation funds.

The structure of working capital is understood as the relationship between the elements in total amount working capital. It is influenced by the peculiarities of the organization of specific production, logistics, and the accepted procedure for payment for inventory items. Studying the structure is the basis for predicting future changes in the composition of working capital.

Elements of working capital are: raw materials, basic materials and purchased semi-finished products; auxiliary materials; fuel and fuel; containers and packaging materials; spare parts for repairs; tools, household equipment and other wearable items; work in progress and semi-finished products of own production; Future expenses; finished products; goods shipped; cash; debtors; others.

Based on their place and role in the reproduction process, working capital is divided into the following four groups:

¾ funds invested in production inventories;

¾ funds invested in work in progress and deferred expenses;

¾ funds invested in finished products;

¾ cash and settlement funds.

According to the degree of planning, working capital is divided into standardized and non-standardized. Non-standardized goods include goods shipped, cash and funds in settlements. All other elements of working capital are subject to rationing

According to the sources of formation, working capital is divided into own (and equivalent) and borrowed.

The presence of own and borrowed funds in the turnover of the enterprise is explained by the peculiarities of the organization of the production process. A constant minimum amount of funds to finance production needs is provided by our own funds. The temporary need for funds, which arose under the influence of reasons dependent and independent of the enterprise, is covered by credit and other borrowed sources.

3. Sources of financing working capital.

One of the most important principles of organizing working capital is dividing it according to sources of formation. All sources of financing working capital are divided into own and equivalent funds, borrowed, attracted and other sources.

Working capital generated from own sources in most industries is the basis economic activity enterprises. Own funds play main role in organizing the circulation of funds, since enterprises operating on the basis of commercial calculations must have a certain property and operational independence in order to conduct business profitably and bear responsibility for the decisions made.

The formation of working capital occurs at the time of organization of the enterprise, when its authorized capital is created. The source of formation in this case is the investment funds of the founders of the enterprise.

To reduce the overall need of an enterprise for working capital, as well as to stimulate their effective use, it is advisable to attract borrowed funds. Borrowed funds are mainly short-term bank loans, with the help of which the temporary additional needs of the enterprise for working capital are satisfied.

Therefore, the second most important source of working capital formation is bank credit.

The main goals of attracting loans for the formation of working capital are: lending to seasonal stocks of raw materials, supplies and costs associated with the seasonal production process; temporary replenishment of the lack of own working capital; carrying out settlements and mediating payment transactions.

Attracted sources are securities, resources of higher organizations, allocations from the budget.

It is also necessary to highlight other sources of the formation of working capital, which include enterprise funds that are temporarily not used for their intended purpose (funds, reserves, etc.).

The correct balance between own, borrowed and attracted sources of working capital plays an important role in strengthening the financial condition of the enterprise.

In addition, in the turnover of enterprises there are always funds that are equal to their own, the so-called sustainable liabilities.

Stable liabilities are funds that do not belong to the enterprise, but are constantly in its circulation. Such funds serve as a source for the formation of working capital in the amount of their minimum balance.

These funds do not belong to the enterprise and organizations, but since the presence of such funds (liabilities) is sustainable, they are equated to their own. Such funds serve as a source for the formation of working capital in the amount of their minimum balance. These include: minimum, rolling over from month to month, arrears of wages to employees of the enterprise, reserves to cover future expenses, minimal, rolling over debt to the budget and extra-budgetary funds, creditors' funds received as an advance payment for products (goods, works, services ), buyer funds for deposits for returnable packaging, carryover balances of the consumption fund, debt for certain types of taxes, etc.

4. Indicators of efficiency in the use of working capital.

Trade organizations must use working capital expediently and efficiently. This presupposes, firstly, the safety of its own working capital and the inadmissibility of reducing the amount available to the enterprise. A necessary condition The safety of own working capital is the profitable operation of the enterprise. Secondly, working capital (own and borrowed) must be used for specific purposes and in the amount provided for by the financial plan. Thirdly, working capital should be used efficiently, i.e. plans must be carried out with a minimum amount of working capital.

Under effective use working capital is understood as such their functioning, in which a stable state of finances is ensured, financial and budgetary discipline is strictly observed, and the highest results are achieved at the lowest costs.

The level of efficiency in using the total amount of working capital and its individual types is characterized by a system of cost and natural, quantitative and qualitative indicators.

When assessing the overall efficiency of using working capital, profitability (profitability), capital productivity ratios, and capital intensity are calculated.

Return on funds most fully characterizes efficiency financial activities trading enterprises, comparing costs with results. On the one hand, it includes income - the most important element of the surplus product created in a socialist society, on the other hand, the working capital available to the enterprise. The profitability of operating assets is determined by the ratio of the amount of income to the average annual balance of working capital. Return on current assets is usually studied using a long period(5-10 years); analyze the absolute size and rate of its change, and most importantly, identify forecast growth reserves.

The capital productivity ratio characterizes the turnover per 1 ruble. working capital, and is calculated as the ratio of turnover to the average working capital stock. The coefficient of capital intensity (load) of funds in circulation is the inverse indicator of capital productivity and is determined by dividing the average working capital reserves by turnover. This coefficient shows how much working capital is involved in one ruble of turnover. The lower the working capital utilization rate, the more efficiently they are used.

These indicators are rarely used in practice; Usually, the efficiency of functioning of all financial resources is determined by trade turnover and income.

The most important indicator of the efficiency of using working capital is the time of commodity circulation. This is explained by the fact that the amount of working capital required by trading enterprises is directly proportional to the volume of trade turnover and inversely proportional to the turnover rate.

The circulation time of funds is measured by the duration of one revolution and the turnover ratio. The duration of one turnover (T0) is calculated by the ratio of the product of the average amount of working capital at the disposal of the enterprise for a certain period (Z0) and the number of days in the period (t) to the sales amount for a given period (Q), i.e.

Т0 = Z0 * t * Q.

The average size of working capital is determined based on the amount of working capital on certain dates and is calculated either using the arithmetic average formula

The turnover of funds invested in certain types of inventories or costs is understood as a transition to the next stage of the circuit. Thus, for funds, turnover is not their receipt, but advances to pay for purchased goods and other needs; For inventory, turnover is issued or shipped; For shipped goods, turnover is characterized by the receipt of revenue. In general, for the entire mass of working capital, including normalized ones, turnover is the completion of the circuit upon receipt of revenue.

Average annual balances of current assets can be determined using the chronological average or arithmetic average formulas (according to current accounting and reporting data). When calculating working capital turnover indicators, data comparability must be ensured. So, if average inventory is included in the calculation at the purchase price, then turnover is taken in the same estimate. A similar principle should be followed when determining the turnover of goods shipped. When calculating the turnover of other types of current assets in retail trade It is customary to take turnover at retail prices (in public catering - at sales value). Turnover in days (circulation time) for all types of current assets is determined by summing it up for individual types of current assets. Turnover can also be studied in terms of the number of turnovers (circulation speed) by dividing the volume of turnover for the period under study by the average balances of current assets.

Working capital turnover is usually studied over time. For certain types of current assets and for the enterprise as a whole, it is determined how much their turnover has accelerated or slowed down and how much funds have been released or additionally invested as a result. To determine the amount of funds released or additionally invested as a result of a change in the circulation time of current assets, it is necessary to multiply the actual average daily turnover of the reporting period by the acceleration or deceleration of the turnover of working capital in days. At the same time, for inventory, the average daily turnover is usually taken at the purchase price, for other types of current assets - at retail prices (at public catering establishments - at the sales price).

The turnover rate (in this case, the duration of one turnover on average for a period) is calculated as the ratio of the average balance of working capital (for example, inventory) to the average daily sales in a certain period and is measured in days of turnover. To characterize the speed of turnover of funds, in some cases the turnover ratio indicator is used, which determines the number of turnovers during the corresponding period. Accelerating turnover is of great importance because it creates the opportunity to ensure continuity of production and sales with a smaller amount of working capital.

Actual turnover can be determined both for all working capital, and separately for regulated and non-standardized funds, as well as for individual elements; the planned turnover is only based on standardized funds.

It is necessary to distinguish between the turnover of funds in days and the stock of funds in days of turnover. The velocity of circulation of funds in days expresses the duration of one revolution. The stock of funds in days of turnover shows how many days of working capital are available. It is calculated by the ratio of the amount of working capital on a specific date to the average daily turnover of the period under study.

The capital turnover ratio (eoc) indicates the number of turnovers made during a specific period. It is calculated using the formula eoc = t: To, where t is the number of days in the period;

Тo is the duration of one revolution.

The turnover ratio complements the turnover indicator in days. The shorter the turnover period in days, the more circuits the working capital goes through and the less the need for it.

To characterize the speed of turnover of working capital, an indicator is used that expresses the average duration of turnover in days and is calculated by dividing the amount of investments of working capital (standardized or all) by the amount of average daily turnover. When calculating turnover, data on the amount of current assets on the balance sheet asset is used.

When calculating the turnover rate of all working capital, cash balances for current account. This is primarily due to the fact that the acceleration of turnover may be accompanied by the release of funds stored in the current account. If you calculate turnover by including the current account balance in the amount of working capital, then the actual acceleration of turnover may not be identified. In addition, as noted, a considerable part of the balance on the current account consists of amounts not related to working capital.

For other inventory items (materials, raw materials, fuel, fuel, containers, low-value and wear-and-tear items), turnover calculated in relation to the volume of turnover does not accurately characterize the time of their circulation. In this regard, for other inventory items, it is also necessary to determine turnover based on their average daily consumption. This indicator is usually called the private turnover of current assets. Partial indicators of working capital turnover are calculated by dividing the average balances individual species other inventory items for their average daily consumption. For accounts receivable, the private turnover indicator is determined by the ratio of its average balances to the average daily repayment amount. Partial indicators of turnover of current assets show how many days, on average, the balances of other inventory items are consumed (renewed), and for accounts receivable, over what period they are repaid.

For a general assessment of the efficiency of using current assets, an integral indicator is calculated, determined by taking the square root of the product of the growth rate or decrease in the turnover of working assets (in number of revolutions) and their profitability. The integral indicator of the efficiency of using current assets is studied by the rate of its change over a number of years. The growth in the rate of the integral indicator of working capital efficiency indicates an improvement in their use.

WORKING CAPITAL OF THE ENTERPRISE

Economic essence, composition and structure of working capital

Working capital along with fixed assets and labor force are the most important element (factor) of production. Insufficient supply of working capital to an enterprise paralyzes its activities and leads to a deterioration in its financial situation.

There are two concepts: working capital and circulating production assets. Under working production assets refers to a part of the means of production that participate once in the production process and immediately and completely transfer their value to the manufactured products. Working production assets include: raw materials, basic and auxiliary materials, components, unfinished products, fuel, containers, etc.

Working capital as economic category wider, since they consist of circulating production assets and circulation funds. TO circulation funds include funds that service the process of selling products: finished products in the warehouse, goods shipped to customers but not yet paid for by them, accounts receivable, cash in the enterprise’s cash register and in bank accounts. Thus, working capital- These are the funds of the enterprise advanced into circulating production assets and circulation funds.

To study the composition and structure of working capital, they are grouped according to four characteristics: 1) economic content; 2) elements; 3) coverage by regulation; 4) sources of financing.

According to the economic content, working capital is divided into circulating production assets, serving the sphere of production, and circulation funds, serving the sphere of circulation. Working capital operates simultaneously both in the sphere of production and in the sphere of circulation, passing three stages of circulation(Fig. 4.1): supply, production and sales (sales). At the first stage, working capital transforms from cash into commodity form: all the necessary objects of labor for production are purchased, and working capital takes the form of inventory. At the second stage, production inventories with the participation of tools and work force turn into work in progress and, as the production process is completed, into finished goods. At the third stage, the enterprise sells finished products and receives certain funds in the form of proceeds from the sale of products, and working capital is acquired from the commodity form - cash. Thus, the funds make one revolution, then everything is repeated again.

Rice. 4.1. Circulation of working capital

Individual parts of working capital have different purposes and are used differently in production and economic activities, therefore they are classified according to the following elements:

1) production inventories;

2) work in progress and semi-finished products of own production);

3) deferred expenses;

4) finished products in warehouses;

5) goods shipped but not yet paid for;

6) accounts receivable;

7) cash in the cash register of the enterprise and in bank accounts.

The first three elements form circulating production assets, the rest - circulation funds.

Productive reserves- these are objects of labor received by the enterprise for subsequent processing or support of the production process (raw materials, materials, components, fuel, containers, etc.), as well as means of labor that are not classified as fixed assets (spare parts for repairs, work clothes and etc.);

Unfinished production- these are objects of labor that have entered the production process and are located at workplaces and between them. The cost of work in progress consists of the cost of consumed raw materials, materials, fuel, energy, part of the cost of fixed assets transferred to the product (depreciation charges), as well as amounts of wages accrued to employees.

Semi-finished products of our own production by their nature, they are close to work in progress; they include objects of labor, the processing of which in some workshops of the enterprise has been completed, but they will undergo further processing in other workshops. Unlike work in progress, semi-finished products of own production can be sold externally.

Future expenses- this is a valuation of expenses incurred in a given period of time, but attributable to the cost of production of future periods. Most of these expenses are formed by the costs of preparation and development of new products. Deferred expenses also include rent, subscription costs to periodicals, communications, etc.

Accounts receivable- these are debts to the enterprise from legal entities, individuals and states. Accounts receivable include the debt of buyers and customers, bills receivable, debt of subsidiaries and dependent companies, debt of founders for contributions to authorized capital, advances issued, etc.

According to the scope of rationing, working capital is divided into regulated working capital and non-standardized working capital. This division is associated with the need to plan the enterprise’s needs for working capital to ensure uninterrupted operation. At the same time, not all elements of working capital can be rationed. TO regulated working capital include all current production assets and finished products in warehouses.

According to the sources of formation, working capital is divided into own and borrowed working capital. The presence of own and borrowed funds in the turnover of the enterprise is explained by the peculiarities of the organization of the production process. A constant minimum amount of funds to finance production needs must be ensured own working capital. The main sources of own working capital are the authorized capital, the profit remaining at the disposal of the enterprise after paying all taxes, as well as stable liabilities. Stable liabilities by their nature are borrowed funds, but are constantly used in its turnover, therefore they are equated to own funds (normal, month-to-month debt for wages, before the budget and extra-budgetary funds, etc.).

During the year, the enterprise's need for working capital, as a rule, changes, so it is impractical and economically unprofitable to completely generate them at the expense of its own funds. It is completely normal practice to attract borrowed money(bank loans, accounts payable and other liabilities) to satisfy the temporary need for working capital that arose under the influence of reasons dependent and independent of the enterprise.

Under structure of working capital the relationship between individual elements in their entirety is understood. The ratio between elements in different industries is not the same and depends on the duration of the production cycle, the amount of inventory, the level of specialization and a number of other factors. For example, machine-building enterprises (Table 4.1) are characterized by a high share of working production assets (82%) in the composition of working capital. At the same time, the largest share falls on unfinished products (47%).

Table 4.1

Approximate structure of working capital
at a machine-building enterprise

No.	Composition of working capital elements	Share in the total population, %
	Productive reserves
	Work in progress and semi-finished products of own production
	Future expenses
	Working capital assets (page 1 + page 2+ page 3)
	Finished products in warehouses
	Items shipped but not yet paid for
	Funds in settlements
	Cash in the company's cash register and bank accounts
	Circulation funds (page 5 + page 6 + page 7 + page 8)
	Working capital (page 4 + page 9)

The structure of working capital at an enterprise is variable and depends on the industry, the nature and characteristics of the organization of production activities, supply and sales conditions, settlements with consumers, etc. It must be borne in mind that some factors are long-term in nature, others are short-term.

Knowledge and analysis of the structure of working capital at an enterprise is of great importance, since it to a certain extent characterizes the financial condition at a particular moment in the operation of the enterprise. For example, an excessive increase in the share of accounts receivable, finished products in the warehouse, or work in progress indicates a deterioration in the financial condition of the enterprise. Accounts receivable characterizes the diversion of funds from circulation of this enterprise and their use by debtors in their circulation. An increase in the share of work in progress and finished goods in the warehouse indicates a diversion of working capital from circulation, a decrease in sales volume, and therefore profit. All this indicates that working capital at an enterprise must be managed in order to optimize its structure and increase its turnover. Great importance in working capital management belongs to a reasonable assessment of inventories.

To carry out the production process industrial enterprises need not only fixed assets, but also circulating production assets and circulation funds. The totality of funds invested in current production assets and circulation funds in order to ensure the continuity of the production process and sales of products constitutes working capital (funds in circulation).

Working capital assets, which operate in the production sector and in the structure of working capital, account for about 80%. The share of circulating funds accounts for about 20%. However, the ratio between these two elements in different industries is not the same and depends on the duration of the production cycle, the amount of inventory, the level of specialization and a number of other factors.

Working capital of enterprises is in constant motion. They go through three stages in succession and take three forms, completing a complete circuit. At the first stage, the monetary form is transformed into a material form in the form of industrial reserves; in the second stage, these reserves are transformed into completed production, and upon its completion they take the form of finished products. The third (final) stage of the circulation is represented by the sale of finished products and the transformation of working capital into monetary form (circulation fund).

The continuity of the circulation of funds is achieved due to the fact that they, being simultaneously in all three forms, are successively transformed from one form to another.

Working capital, in addition to monetary value, has a material content and represents objects of labor consumed in each production cycle. They completely transfer their value to the finished product and during the production process they change their natural material form or lose it (during the consumption of electricity, fuel combustion, etc.).

The revolving funds include:

1) production supplies, raw materials, materials, fuel, purchased semi-finished products, spare parts for repairs, containers and packaging materials, workwear, as well as labor tools worth less than 10 thousand rubles. per unit or service life of no more than 1 year, i.e. not classified as fixed assets;

2) work in progress - unprocessed raw materials, materials, semi-finished products of own production, as well as low-value tools and equipment that entered the production process;

3) expenses associated with the immediate and long-term preparation of production of new types of products and their development (future expenses);

4) other working capital in the form of work in progress in the enterprise’s subsidiary plots.

The structure of working capital, i.e. the relationship between the listed four elements, depends on the industry of the enterprise. In easy and Food Industry the share of industrial inventories predominates with the share of work in progress within the range of 5-20%. In electric power production there are no unfinished products at all. In mechanical engineering, due to the significant duration of the production cycle, up to half of the volume of working capital falls on unfinished products.

For industry as a whole, the share of production inventories is about 70%, and work in progress is about 25% of the value of working capital assets. Circulation funds function in the sphere of circulation and, as part of working capital, are in a constantly renewed movement - circulation.

The circulation fund includes:

1) finished products in warehouse;

2) products on the way to the consumer;

3) funds in bank accounts, letters of credit, securities;

4) cash in the cash register of the enterprise;

5) accounts receivable and accounts payable.

6.1. The essence of working capital of an enterprise

Circulation funds consist of stocks of finished products in the enterprise's warehouse, goods shipped to consumers, and cash balances in bank accounts and at the enterprise's cash desk.

Working production assets and circulation funds are closely related. Their movement is of the same nature and constitutes a single process of circulation of enterprise funds.

The production and commercial (operating) cycle is a period of complete turnover of the entire amount of current assets, during which their form changes.

The movement of working capital of an enterprise in the process of the production and commercial cycle goes through four main stages, consistently changing its form.

At the first stage, monetary and other highly liquid assets (bills of exchange, deposits, etc.) are used to purchase raw materials, materials, fuel, etc., that is, stocks of production factors.

At the second stage, stocks of individual factors of production as a result of direct production activities are transformed into stocks of finished products.

At the third stage, finished product inventories are sold to consumers and converted into accounts receivable before payment is due.

The availability of working capital in the minimum required amount to ensure normal production and commercial activities of the enterprise is an indispensable condition for the successful performance of their functions.

At each specific enterprise, the amount of working capital, their composition and structure depend on the nature and complexity of production, the duration of the production cycle, the cost of raw materials, the terms of their delivery, the accepted payment procedure, etc. In various industries, the share of working capital in the production assets of the enterprise not the same. For example, at heavy industry enterprises it is lower than at light industry enterprises.

The production function is to provide monetary support for the continuity of the production process.

The payment and settlement function of working capital is manifested in a direct impact on the state of payments in the national economy and thereby on money circulation in the country. As already noted, the combination of working capital and circulation funds into one concept is based on the economic essence of working capital, designed to ensure the continuity of the entire reproduction process, during which funds necessarily go through both the production stage and the circulation stage.

Thus, when determining the essence of working capital of enterprises, it is necessary to proceed from the fact that their value is advanced into the created reserves of production assets and circulation funds. Therefore, when planning and accounting on the balance sheets of material circulating assets, only in the amount of money advanced in them, the size of the national wealth of our country obviously decreases by the amount of the difference between the cost of finished products and goods shipped and their cost. It is known that material circulating assets make up a significant part of the country's national wealth. In addition, the amount of losses due to mismanagement incurred by individual enterprises and organizations due to damage to finished products, shortages and thefts is reduced by the amount of this difference.

Based on the above, we can give the following definition of working capital of an enterprise.

All this is due to the special economic content of this financial category, its dual content, which combines advanced funds and the cost of material resources in the form of reserves of raw materials, fuel, semi-finished products, finished products and other types of material assets. Therefore, the availability of working capital, on the one hand, characterizes the amount of funds, and, on the other hand, inventories of inventories as part of the national wealth.

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6.2. Composition and structure of working capital

Rice. 6.2. Classification of working capital of an enterprise.

Thus, according to their economic content, working capital can be classified into:

working production assets;

circulation funds.

The composition of working capital is understood as a set of elements that form circulating production assets and circulation funds.

The structure of working capital is understood as the relationship between elements in the total amount of working capital. It is influenced by the peculiarities of the organization of specific production, logistics, and the accepted procedure for payment for inventory items. Studying the structure is the basis for predicting future changes in the composition of working capital.

Based on their place and role in the reproduction process, working capital is divided into the following four groups:

funds invested in inventories;

funds invested in work in progress and deferred expenses;

funds invested in finished products;

cash and funds in settlements.

According to the sources of formation, working capital is divided into own (and equivalent) and borrowed

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6.3. Organization and management of working capital

6.3.1. Basic principles of organizing working capital

The organization of working capital at an enterprise includes determining the need for working capital, its composition, structure, sources of formation, as well as regulation and management of the use of working capital.