Financial position of the enterprise. Disable financial situation

26.09.2019

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A preliminary assessment of the financial condition of the enterprise is carried out according to the company's balance sheet, using a vertical, horizontal analysis. Vertical analysis allows you to characterize the structure of generalizing final indicators. The obligatory element of the analysis is the dynamic series of these quantities, which makes it possible to monitor and predict structural shifts in the composition of economic and sources of their coating.

The horizontal analysis allows you to identify the trends in certain articles or their groups that are part of the accounting reporting. This balance is based on the calculation of the basic growth rates of balance sheet articles.

According to the form No. 1 of the annual report "Balance of the enterprise", changes in the composition of the property of the enterprise and the sources of its formation are determined. For this purpose, the ratios of individual articles of the asset and liability of the balance, their share in the balance currency, calculate the amounts of deviations in the structure of the main balance sheet items compared to the previous period.

The information that is listed in the balance sheet allows you to determine which changes have occurred in the structure of own and borrowed capital, as attracted to the turnover of the enterprise of long-term and short-term borrowed funds, that is, the balance of the balance shows where the means to come from, to whom the enterprise is obliged to.

The financial condition of the enterprise largely depends on what funds it has at their disposal and where they are invested. The need for own capital is due to the requirement of self-financing enterprises. It is the basis of independence of the enterprise. However, it is necessary to take into account that the financing of the enterprise's activities only at the expense of own funds is not always favorable for him, especially in cases where the demand for the company's products is seasonal. Then large funds in the bank will be accumulated in individual periods, and there will be lack of them to other periods.

At the same time, if the funds of the enterprise are mainly created due to short-term obligations, its financial position will be unstable, since with capital capital capital, a constant operational work is needed, aimed at control over the timely return of them and at the involvement of others in turnover. capital.

Therefore, how optimally the ratio of its own and borrowed capital, the financial situation of the enterprise depends largely. The development of the right financial strategy will help many enterprises to improve the efficiency of their activities.

The balance of the balance contains information on the placement of capital, which is at the disposal of the enterprise, that is, about investing in a specific property and material values, to the cost of enterprise for the production and sale of products, about the remains of free cash.

Between the articles of the asset and the liabilities of the balance there is a close relationship. Each balance of the balance of the balance has its own sources of financing. The source of financing long-term assets, as a rule, is its own capital and long-term borrowed funds. Current assets are formed due to both equity and due to short-term borrowed funds. It is desirable that these means in half have been formed from equity, half-borrowed.

In accordance with the indicator of reserves and costs, the following types of financial sustainability are allocated with its own and borrowed sources:

the absolute stability of the financial condition (it is extremely rare) - its own working capital provide reserves;

normal financial condition - reserves are provided by the sum of their own working capital and long-term borrowed sources;

unstable financial condition - reserves are provided at the expense of their own working capital, long-term borrowed sources and short-term loans and loans, i.e. due to all major sources of formation;

crisis financial condition - reserves are not provided by sources of their formation; The company is on the verge of bankruptcy.

At the same time, financial instability is considered permissible if the following conditions are followed:

A) reserves plus finished products are equal to or exceed the sum of short-term loans and borrowed funds involved in stock formation;

B) The costs of future periods are equal to or less than the amount of their own working capital.

If these conditions are not met, then the tendency of the deterioration of financial condition.

Financial sustainability of the enterprise is the stability of the enterprise in the light of the long-term perspective.

The sustainability of the financial condition of the enterprise can be restored by accelerating capital turnover in current assets, as a result of which its relative reduction to the ruble turnover will occur; reasonable reduction in stocks and costs; Replenishing your own working capital at the expense of internal and external sources.

One of the indicators characterizing the financial condition of the enterprise is its solvency, that is, the possibility of cash to pay off its payment obligations.

Analysis of solvency is needed not only for the enterprise in order to assess and forecast financial activities, but also for external investors.

The valuation of solvency is carried out based on the characteristics of the liquidity of current assets, that is, the time required to turn them into cash. The concept of solvency and liquidity is very close, but the second more capacious. The degree of liquidity balance depends on solvency. At the same time, liquidity characterizes not only the current state of calculations, but also the prospect.

The solvency of the enterprise only at first glance comes down to the availability of free funds necessary to repay obligations. In the absence of funds, enterprises can maintain their solvency if they implement part of their property and for the proceeds can pay for obligations.

Analyzing the state of solvency of the enterprise, it is necessary to consider the causes of financial difficulties, the frequency of their education and the duration of overdue debts. The causes of insolvency can be:

Failure to fulfill the production and sales plan;

Increasing cost;

Failure to fulfill the profit plan - and as a result - the lack of own sources of self-financing of the enterprise;

A high percentage of taxation;

Distraction of funds to receivables;

Investment in superplan reserves.

The solvency of the enterprise is closely related to the concept of creditworthiness. Creditability is such a financial condition that allows you to get a loan and to pay it timely.

When assessing creditworthiness, the reputation of the borrower, the size and composition of its property, the state of economic and market conditions, the stability of the financial condition is taken into account.

The company is recognized as insolvent in the presence of one of the following conditions:

1) Current liquidity ratio at the end of the reporting period below the regulatory value for the relevant industry

2) the coefficient of provision of own working capital below the regulatory value for the relevant industry

3) Recovery coefficient (loss) solvency<1.

If the value of these coefficients exceeds the regulatory values, this indicates a critical situation in which the company cannot pay on its obligations, even selling all its property. Such a situation may lead to a real threat to liquidation of the enterprise through bankruptcy.

The company is an independent business entity created for business activities, which is carried out in order to extract profits and meet social needs.

Under the financial condition of the enterprise means the ability of an enterprise to finance its activities. It is characterized by the security of financial resources necessary for the normal functioning of the enterprise, the appropriateness of their placement and efficiency of use, financial relations with other legal entities and individuals, solvency and financial stability.

The financial condition of the enterprise can be sustainable, unstable and crisis. The company's ability to make payments in a timely manner, to finance their activities on an extended basis indicates its good financial condition. The financial condition of the enterprise depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, this positively affects the financial condition of the enterprise, and, on the contrary, as a result of the failure to fulfill the production plan and sales plan, the revenue decreases and the amount of profit is reduced, therefore, the financial condition of the enterprise and its solvency deteriorates. .

A sustainable financial position in turn has a positive impact on the performance of production plans and ensuring the needs of the necessary resources. Therefore, financial activities as an integral part of economic activities are aimed at ensuring the systematic receipt and spending of money resources, the fulfillment of the calculated discipline, the achievement of rational proportions of its own and borrowed capital and its most efficient use. The main goal of financial activities is the decision, where, when and how to use financial resources to effectively develop production and obtain maximum profit.

To survive in a market economy and prevent the bankruptcy of the enterprise, it is necessary to know well how to manage finances, which should be the structure of capital in composition and sources of education, which proportion should occupy its own and borrowed funds. Such concepts of the market economy are also known as business activity, liquidity, solvency, enterprise creditworthiness, profitability threshold, financial stability (security zone), risk degree, financial lever effect, and others, as well as methods of their analysis.

Therefore, financial analysis is a significant element of financial management and audit, almost all users of financial reporting of enterprises use financial analysis methods for making decisions to optimize their interests.

Owners analyze financial reports to increase capital profitability, ensuring the stability of increasing the company. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. It can be firmly said that the quality of the decisions made entirely depends on the quality of the analytical substantiation of the solution.

The purpose of the analysis consists not only to establish and evaluate the financial condition of the enterprise, but also to constantly carry out work aimed at improving its improvement. An analysis of the financial condition of the enterprise shows which areas it is necessary to conduct this work, makes it possible to identify the most important aspects and the weakest position in the financial condition of the enterprise. In accordance with this, the results of the analysis give an answer to the question of what is the most important ways to improve the financial condition of the enterprise in a specific period of its activities. But the main purpose of the analysis is to identify and eliminate the disadvantages in financial activities and find reserves for improving the financial condition of the enterprise and its solvency. To assess the sustainability of the financial condition of the enterprise, a whole system of indicators characterizing changes are used:

the capital structures of the enterprise for its placement to the sources of education;

efficiency and intensity of its use;

solvency and creditworthiness of the enterprise;

the reserve of its financial stability.

Indicators should be such that all those who are associated with economic relations could answer the question of how reliably the company is as a partner A, therefore, decide on the economic profitability of continuing relationships with him. An analysis of the financial condition of the enterprise is based mainly on relative indicators, since the absolute balance sheet indicators in the conditions of inflation is almost impossible to lead to a comparable appearance. Relative indicators can be compared with:

generally accepted "standards" to assess the degree of risk and forecasting the possibility of bankruptcy;

similar data from other enterprises, which allows to identify the strengths and weaknesses of the enterprise and its ability;

similar data for previous years to explore the improvement trend or deterioration of the financial condition of the enterprise.

Basic analysis tasks:

timely identification and elimination of deficiencies in financial activities, and search for reserves for improving the financial condition of the enterprise, its solvency;

forecasting possible financial results, economic profitability, based on the actual conditions for economic activities and the availability of own and borrowed resources, the development of financial state models in various ways of using resources;

development of specific activities aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

Analysis of the financial condition of the company is engaged in not only the heads and the relevant services of the enterprise, but also its founders, investors in order to study the efficiency of resource use, banks to assess the conditions for lending and determine the degree of risk, suppliers for timely receipt of payments, tax inspectors to fulfill the receipt plan for funds in Budget, etc.

The main purpose of the financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, analyst and manager (manager) may be interested in both the current financial condition of the enterprise and its projection on the nearest or more distant perspective, i.e. Expected financial status parameters.

But not only the temporary boundaries determine the alternativeness of the objectives of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific financial information users.

The analysis goals are achieved as a result of solving a certain interconnected set of analytical tasks. Analytical task is the specificization of analysis objectives, taking into account organizational, information, technical and methodological capabilities of analysis. The main factor, ultimately, is the size and quality of the source information. It should be borne in mind that the periodic accounting or financial statements of the enterprise is just "raw information", prepared during the implementation of accounting procedures at the enterprise.

To make decisions on production management, sales, finance, investment and innovations, management needs permanent business awareness of relevant issues, which is the result of the selection, analysis, assessment and concentration of initial raw information, it is necessary to analytical reading the source data on the basis of analysis and management purposes. .

The main principle of analytical reading of financial reports is a deductive method, i.e. From the common to the private, but it should be applied multiple times. During such an analysis, as it were, the historical and logical sequence of economic facts and events, the focus and the power of influence on their results.

The introduction of a new accounting account plan, bringing the forms of accounting to greater compliance with the requirements of international standards causes the need to use a new financial analysis methodology that meets the conditions of the market economy. This technique is needed for the reasonable choice of a business partner, determining the degree of financial sustainability of the enterprise, assessing business activity and the effectiveness of entrepreneurial activity.

The main (and in some cases the only) source of information on the financial activity of the enterprise is the accounting statements that became public. The reporting of the enterprise in a market economy is based on the generalization of data of financial accounting and is an information link connecting the enterprise with society and business partner users of information on the activities of the enterprise.

In certain cases, only accounting reporting is not enough to implement the objectives of financial analysis. Separate user groups, such as management and auditors, have the ability to attract additional sources (production and financial accounting data). Nevertheless, most often annual and quarterly reporting are the only source of external financial analysis.

The financial analysis methodology consists of three interrelated blocks:

1) analysis of the financial results of the enterprise;
2) analysis of financial condition;
3) analysis of the effectiveness of financial and economic activities.

The main source of information for analyzing the financial condition is the balance sheet of the enterprise (form N1 annual and quarterly reporting). Its value is so great that the analysis of the financial condition is often called balance analysis. The data source for analyzing financial results is a report on financial results and their use (form N 2 annual and quarterly reporting). The source of additional information for each of the blocks of financial analysis serves to the balance sheet (form N 5 of annual reporting).

Under financial status It is understood by the ability of the enterprise to finance its activities. It is characterized by the security of financial resources necessary for the normal functioning of the enterprise, the appropriateness of their placement and efficiency of use, financial relations with other legal entities and individuals, solvency and financial stability.

Financial condition of the enterprise (FSP) Depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, it has a positive effect on the financial position of the enterprise. Conversely, as a result of the foreclosure for the production and sale of products, it is raised to increase its cost, reduce revenue and profit amounts and as a result - deterioration of the financial condition of the enterprise and its solvency

The main purpose of the analysis is to identify and eliminate the shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

Analysis of the financial condition of the organization involves the following steps.
1. A preliminary overview of the economic and financial situation of the business entity.
1.1. Characteristics of the general ordership of financial and economic activities.
1.2. Assessment of the reliability of reporting items.
2. Evaluation and analysis of the economic potential of the organization.
2.1. Assessment of property situation.
2.1.1. Building analytical balance-net.
2.1.2. Vertical balance analysis.
2.1.3. Horizontal balance analysis.
2.1.4. Analysis of qualitative changes in the property situation.
2.2. Evaluation of the financial situation.
2.2.1. Evaluation of liquidity.
2.2.2. Evaluation of financial stability.
3. Evaluation and analysis of the effectiveness of the financial and economic activity of the enterprise.
3.1. Evaluation of production (main) activity.
3.2. Analysis of profitability.
3.3. Evaluation of the situation in the securities market.

Information base This technique is the system of indicators shown in Appendix.1.

8.1. Preliminary overview of the economic and financial situation of the enterprise

The analysis begins with a review of the main indicators of the enterprise. During this review, it is necessary to consider the following questions:
· Property position of the enterprise at the beginning and end of the reporting period;
· Conditions of the enterprise in the reporting period;
· Results achieved by the enterprise in the reporting period;
· Prospects for financial and economic activities of the enterprise.

The property position of the enterprise at the beginning and end of the reporting period is characterized by the balance sheet data. Comparing the dynamics of the outcome of the balance of the balance of the balance, you can find out the trends in the property position. Information on the change in the organizational structure of management, the opening of new activities of the enterprise, features of working with counterparties, etc. It is usually contained in an explanatory note to annual accounting reporting. The effectiveness and prospects of the activities of the enterprise can be generalized as evaluated according to the analysis of the dynamics of profits, as well as a comparative analysis of elements of the growth of the enterprise, the volume of its production activities and profits. Information about the disadvantages in the work of the enterprise can be directly present in the balance sheet in an apparent or veiled form. This case may occur when there are articles in the reporting, indicating the extremely unsatisfactory work of the enterprise in the reporting period and on the poor in the reporting period (for example, the article "Losses"). In the balances, quite profitable enterprises may also be present in a hidden, veiled of article, indicating certain shortcomings in the work.

This may be caused not only with falsifications from the enterprise, but also adopted by the reporting methodology, according to which many balance sheet articles are integrated (for example, articles "Other debtors", "Other creditors").

8.2. Evaluation and analysis of the economic potential of the organization

8.2.1. Assessment of property status

The economic potential of the organization may be characterized by two: from the position of the property status of the enterprise and from the position of its financial situation. Both of these parties of financial and economic activities are interconnected - the irrational structure of property, its low-quality composition can lead to a deterioration in the financial situation and vice versa.

According to current standards, the balance is currently drawn up in the net estimate. However, a number of articles still carry the character of regulators. For convenience, it is advisable to use the so-called compacted analytical balance-net which is formed by eliminating the effect on the outcome of the balance (currency) and its structure of regulatory articles. For this:
· Amounts under the article "Debt of participants (founders) on contributions to share capital" reduce the amount of equity and the amount of current assets;
· The value of the article "Evaluation reserves (" Reserve for doubtful debts ")" is adjusted the importance of receivables and the equity capital of the enterprise;
· Uniform in composition elements of balance sheet articles are combined in the necessary analytical sections (long-term current assets, own and borrowed capital).

The sustainability of the financial situation of the enterprise largely depends on the feasibility and correctness of the investment of financial resources into assets.

In the process of functioning of the enterprise, the value of assets, their structure undergo constant changes. The most general idea of \u200b\u200bthe quality changes in the structure of funds and their sources, as well as the dynamics of these changes can be obtained by vertical and horizontal reporting analysis.

Vertical analysis Shows the structure of the means of the enterprise and their sources. Vertical analysis allows you to proceed to relative estimates and carry out economic comparisons of economic indicators of enterprises differing in the magnitude of the resources used, smoothing the influence of inflation processes distorting absolute financial reporting indicators.

Horizontal analysis The reporting is to build one or more analytical tables in which absolute indicators are complemented by relative growth rates (reduction). The factory of the aggregation of the indicators is determined by the analyst. As a rule, the basic growth rates are taken over a number of years (adjacent periods), which allows you to analyze not only the change in individual indicators, but also to predict their values.

Horizontal and vertical tests complement each other. Therefore, in practice, analytical tables are not rarely built, characterizing both the structure of accounting reporting and the dynamics of its individual indicators. Both of these types of analysis are especially valuable for inter-farm comparisons, as they allow to compare the reporting of various activities and volumes of enterprises.

Criteria qualitative changes In the property situation of the enterprise and the degree of their progressiveness are such indicators as:
· The amount of enterprise economic funds;
· Share of the active part of fixed assets;
· Wear coefficient;
· The proportion of fast asset;
· Share of leased fixed assets;
· The share of receivables and others.

Formulas for calculating these indicators are shown in Appendix 2.

Consider their economic interpretation.

The amount of economic funds at the disposal of the enterprise. This indicator gives a generalized value assessment of assets listed on the balance sheet of the enterprise. This is an accounting estimate that does not coincide with the total market assessment of its assets. The growth of this indicator indicates the increase in the property potential of the enterprise.

The share of the active part of fixed assets. Under the active part of fixed assets, the machines, equipment and vehicles are understood. The growth of this indicator in the dynamics is usually regarded as a favorable trend.

Wear coefficient. The indicator characterizes the share of the cost of fixed assets remaining to write-off on costs in subsequent periods. The coefficient is usually used in the analysis as a characteristic of the state of fixed assets. Supplement this indicator up to 100% (or units) is the coefficient Sucidity.The coefficient of wear depends on the adopted methodology for accrualing depreciation and does not fully reflect the actual depreciation of fixed assets. Similarly, the shelf life does not make an accurate assessment of their current cost. This is due to a number of reasons: the rate of inflation, the state of the conjudation and demand, the correctness of determining the useful life of fixed assets, etc. However, despite the shortcomings, the conditionality of the indicators of worn out and fitness, they have a certain analytical value. According to some estimates, the value of the wear coefficient is more than 50% is considered undesirable.

Renewal coefficient. Shows what part of the funds available at the end of the reporting period make up new fixed assets.

Retirement coefficient. It shows which part of the fixed assets with which the enterprise began activities in the reporting period, dropped out due to the windiness and for other reasons.

8.2.2. Evaluation of the financial situation

The financial position of the enterprise can be assessed from the point of view of short-term and long-term perspectives. In the first case, the criteria for assessing the financial situation - the liquidity and solvency of the enterprise, i.e. The ability to make calculations on short-term liabilities in a timely basis and fully.

Under liquidity any asset Understand the ability to transform into cash, and the degree of liquidity is determined by the time period during which this transformation can be carried out. The shorter the period is the higher the liquidity of this type of assets.

Speaking O. liquidity of the enterprise, They have in mind the presence of working capital in the amount of theoretically sufficient to repay short-term obligations at least with a violation of the maturity of the repayment provided for by contracts.

Solvency Indicates the availability of cash and their equivalents sufficient for settlements on accounts payable requiring immediate repayment. Thus, the main signs of solvency are: a) the presence of sufficient funds at the current account; b) no overdue payables.

Obviously, liquidity and solvency are not identical to each other. Thus, liquidity coefficients can characterize the financial position as satisfactory, but essentially, this assessment may be erroneous if there are significant proportion in current assets to implicit and overdue receivables. We give the main indicators to estimate the liquidity and solvency of the enterprise.

The magnitude of their own working capital. It characterizes that part of the company's own capital, which is the source of coverage of its current assets (i.e. assets having a turnover of less than one year). This is a calculated indicator, depending on both the structure of assets and the structure of sources of funds. The indicator is of particular importance for enterprises engaged in commercial activities and other intermediary operations. Upcable conditions, the growth of this indicator in the dynamics is considered as a positive trend. The main and constant source of an increase in own funds is profit. Will distinguish between "Curvas" and "Own Redemptions". The first indicator characterizes the assets of the enterprise (II section of the balance of the balance), the second - sources of funds, namely, part of the equity capital of the enterprise considered as a source of coverage of current assets. The value of its own working capital is numerically equal to exceeding current assets above the current obligations. A situation is possible when the value of current obligations exceeds the value of current assets. The financial position of the enterprise in this case is considered as unstable; Immediate measures are required to correct it.

Maneuverability of functioning capital. Characterizes that part of its own working capital, which is in the form of funds, i.e. means of absolute liquidity. For a normally functioning enterprise, this indicator usually changes from zero to one. Upcable conditions, the growth of the indicator in the dynamics is considered as a positive trend. An acceptable approximate value of the indicator is established by the company independently and depends, for example, on how high the daily need for free monetary resources is high.

Current liquidity ratio. It gives a general assessment of the liquidity of assets, showing how many rubles of current assets accounts for one ruble of current obligations. The logic of the calculation of this indicator lies in the fact that the company reaches short-term obligations mainly due to current assets; Therefore, if current assets exceed the magnitude of the current liabilities, the company can be considered as a successful functioning (at least theoretically). The value of the indicator can be varied by industry and activities, and its reasonable growth in dynamics is usually considered as a favorable trend. In Western accounting and analytical practice, the lower critical value of the indicator is given - 2; However, this is only an indicative value indicating an order of indicator, but not on its exact regulatory value.

Fast liquidity ratio. The indicator is similar to the current liquidity coefficient; However, it is calculated on a narrower circle of current assets. At the rate excluded the least liquid part of them - production reserves. The logic of such an exception consists not only in a significantly less liquidity of reserves, but, which is much more important, and in the fact that cash that can be rescued in the case of forced implementation of production reserves may be significantly lower than the costs of their acquisition.

The estimated lower value of the indicator is 1; However, this assessment is also conditional. Analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors determined by its change. So, if the growth of the rapid liquidity coefficient was mainly associated with increasing. Unnecessary receivables, it cannot characterize the activities of the enterprise from the positive side.

The ratio of absolute liquidity (solvency) It is the most rigid criterion for liquidity of the enterprise and shows which part of short-term borrowed obligations may be repaid immediately. The recommended lower limit of the indicator, driven in Western Literature, is 0.2. Since the development of industry standards of these coefficients is a matter of the future, it is desirable to analyze the dynamics of these indicators, complementing its comparative analysis of available data on enterprises with similar orientation of its economic activity.

The proportion of own working capital in the coating of stocks.It characterizes the part of the value of reserves, which is covered with its own working capital. Traditionally, it is of great importance in analyzing the financial condition of trade enterprises; The recommended lower limit of the indicator in this case is 50%.

Reserves coating coefficient. Calculated by the correlation of the magnitude of the "normal" sources of the coating of stocks and the amount of stocks. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered unstable.

One of the most important characteristics of the financial condition of the enterprise is the stability of its activities in the light of the long-term perspective. It is associated with the general financial structure of the enterprise, the degree of its dependence on creditors and investors.

Financial stability In the long term, it is consequently characterized by the ratio of own and borrowed funds. However, this indicator provides only a general assessment of financial stability. Therefore, in world and domestic accounting and analytical practices, a system of indicators has been developed.

Coefficient of own capital concentration. It characterizes the proportion of the enterprise owners in the total amount of funds advanced in its activities. The higher the value of this coefficient, the more financially stable, stable and independently of the enterprise's foreign loans. Supplement to this indicator is the coefficient of the concentration of attracted (borrowed) capital - their sum is 1 (or 100%).

The coefficient of financial dependence. It is back to the coefficient of own capital concentration. The growth of this indicator in the dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise.

The coefficient of maneuverability of equity. It shows which part of the equity is used to finance current activities, i.e., it is invested in working capital, and which is capitalized. The value of this indicator can be significantly varied depending on the capital structure and industry affiliation of the enterprise.

The coefficient of the structure of long-term investments. The logic of the calculation of this indicator is based on the assumption that long-term loans and loans are used to finance fixed assets and other capital investments. The coefficient shows which part of fixed assets and other non-current assets financed by external investors.

The coefficient of long-term attraction of borrowed funds. Characterizes capital structure. The growth of this indicator in the dynamics is a negative trend, meaning that the enterprise is increasingly and stronger dependent on external investors.

The ratio of own and attracted funds. Like some of the above indicators, this coefficient gives the most overall assessment of the financial stability of the enterprise. It has a fairly simple interpretation: its value, for example, equal to 0.178, means that each ruble of its own funds invested in the assets of the enterprise accounts for 17.8 kopecks. borrowed money. The growth of the indicator in the dynamics indicates an increase in the dependence of the enterprise from external investors and lenders, i.e. About some reducing financial stability, and vice versa.

There are no single regulatory criteria for the considered indicators. They depend on many factors: the sectoral affiliation of the enterprise, the principles of lending, the established structure of sources of funds, turnover of working capital, the reputation of the enterprise, etc. Therefore, the admissibility of the values \u200b\u200bof these coefficients, the estimates of the dynamics and directions of change can be established only as a result of comparison by groups.

8.3. Evaluation and analysis of the effectiveness of financial and economic activities

8.3.1. Evaluation of business activity

Evaluation of business activity aims to analyze the results and the effectiveness of the current main production activity

Evaluation of business activity at a qualitative level can be obtained as a result of comparing the activities of this enterprise and related applications of enterprises. Such high quality "(i.e. informalizable) criteria are: the latitude of market sales markets; the availability of products delivered to export; the reputation of the company, which is expressed, in particular, in the firm of customers who use the services of the enterprise, and others. Quantitative assessment is made in two directions :
· The degree of implementation of the plan (established by a higher organization or independently) on the main indicators, ensuring the given growth rates;
· The level of efficiency of the use of enterprise resources.

To implement the first direction of analysis, it is also advisable to take into account the comparative dynamics of the main indicators. In particular, the most optimally the following ratio:

T PB\u003e T p\u003e T AK\u003e 100%,

where T PB\u003e T R -, T AK - respectively, the rate of changes in profits, implementation, advanced capital (database).

This dependence means: a) the economic potential of the enterprise increases; b) compared with an increase in economic potential, the volume of implementation increases with higher rates, i.e. enterprise resources are used more efficiently; c) Profit increases with an advanced pace, which indicates, as a rule, the relative decrease in production and circulation costs.

However, deviations from this ideal dependence are possible, and they should not always be considered as negative, such reasons are: the development of new prospects for the application of capital, reconstruction and modernization of existing industries, etc. This activity is always associated with significant investments of financial resources, which for the most part do not give quick benefits, but in the future they can completely pay off.

To implement the second direction, various indicators can be calculated, characterizing the efficiency of use, material, labor and financial resources. The main ones are the production, foundation, turnover of production reserves, the duration of the operational cycle, the turnover of advanced capital.

For recruitment analysis of working capital Special attention should be paid to production reserves and receivables. The less financial resources are defammed in these assets, the more efficiently they are used, turn around faster, bring new and new profits to the enterprise.

The turnover is evaluated by comparing the indicators of medium residues of current assets and their revolutions for the analyzed period. Turns when evaluating and analyzing turnover are:
· For production reserves - costs for the production of sales;
· For receivables - the sale of products on non-cash payment (since this indicator is not reflected in the reporting and can be detected according to accounting data, in practice it is often replaced by the revenue from implementation).

Let's give the economic interpretation of turnover indicators:
· turnover in revolutionsindicates the average number of revolutions embedded in the assets of this species, during the period analyzed;
· turnover in daysindicates the duration (in days) of one turnover of funds invested in the assets of this species.

The generalized characteristic of the duration of defensive financial resources in current assets is the duration of the operational cycle. How many days on average runs from the moment of cash investment in the current production activity until the return of them in the form of revenues to the current account. This indicator largely depends on the nature of production activities; Its decrease is one of the main international tasks of the enterprise.

Indicators of the efficiency of the use of certain types of resources are summarized in the indicators of the turnover of equity capital and the turnover of fixed capital, characterizing accordingly the returns invested in the enterprise: a) the funds of the owner; b) all means including attracted. The difference between these coefficients is due to the degree of attraction of borrowed funds to finance production activities.

The generalizing indicators of assessing the efficiency of the use of resources of the enterprise and the dynamicity of its development include the resource project ratio and the coefficient of sustainability of economic growth.

Resistance statement (coefficient of outbuilding capital). It characterizes the amount of products implemented on the ruble of funds invested in the activities of the enterprise. An indicator growth in the dynamics is considered as a favorable trend.

The coefficient of sustainability of economic growth. Shows what an average rate can develop a company in the future without changing the already established relationship between different sources of financing, fund-student, profitability of production, dividend politics, etc.

8.3.2. Evaluation of profitability

The main indicators of this block used in countries with a market economy to characterize the profitability of investments in the activities of a particular type include profitability of advanced capital and profitability of equity. The economic interpretation of these indicators is obvious - how many rubles arrivals fall on one ruble of advanced (own) capital. The calculation of these indicators is given sufficiently attention in the topic number 7.

8.3.3. Evaluation of the situation in the securities market

This type of analysis is carried out in companies registered on stock exchanges and their securities listed there. The analysis cannot be performed directly by financial reporting data - additional information is needed. Since the terminology on securities in our country has not yet definitively, the cited names of the indicators are conditional.

Income per share. Represents the ratio of net profit, reduced by the amount of dividends on preferred shares, to the total number of ordinary shares. It is this indicator that significantly affects the market price of shares. The main drawback in the analytical plan is spatial incomparableness due to the unequal market value of the shares of various companies.

Value shares. It is calculated as a private from dividing the market price of an action to income per share. This indicator serves as an indicator of demand for the shares of this company, since it shows how much agrees to pay investors at the moment by one ruble arrived per share. The relatively high growth of this indicator in the dynamics indicates that investors expect faster growth in the profit of this company compared to others. This indicator can already be used in spatial (inter-farm) comparisons. Companies with relatively high value of the coefficient of sustainability of economic growth are typically as a rule, the high value of the indicator of the "Value of the Promotion".

Dividend profitability of the action.It is expressed by the attitude of the dividend paid for the shares to its market price. In companies that expand their activities by capitalizing most of the profits, the value of this indicator is relatively small. The dividend yield of the action characterizes the percentage of return to capital invested in the company's shares. This is a direct effect. There is also indirect (income or loss), expressed in changing the market price of shares of this company.

Dividend output. It is calculated by dividing the dividend paid by the action to income per share. The most visual interpretation of this indicator is the proportion of net profit paid by shareholders in the form of dividends. The value of the coefficient depends on the investment policy of the company. With this indicator, the reinvestment coefficient of profits is closely connected, which characterizes its share aimed at the development of production activities. The sum of the values \u200b\u200bof the dividend exit indicator and the profit reinvestment coefficient is one.

Promotion quotes coefficient. Calculated by the ratio of the market price of the action to its accounting (book) price. The book price characterizes the share of equity coming per share. It makes up from the nominal value (i.e. the costs made on the form of the shares on which it is taken into account in the share capital), the share of emission profits (the accumulated difference between the market price of shares in the intestines of sale and their nominal value) and the share of accumulated and nested in Development of profit firm. The value of the quotation coefficient is greater than the unit means that potential shareholders acquiring the share is ready to give a price for it exceeding the accounting assessment of real capital, which is at the moment at the moment.

In the process of analysis, rigidly deterministic factor models can be used, allowing to identify and give a comparative characteristic of the main factors that influenced the change in one or another .

The above system is based on the following rigidly deterministic factor dependence:

where KFZ. - financial dependence coefficient V. - the amount of enterprise assets, SC.- equity.

From the presented model, it can be seen that the profitability of equity depends on three factors: the profitability of economic activities, resource statement and the structure of advanced capital. The significance of the dedicated factors is explained by the fact that in a certain sense generalize all parties to the financial and economic activity of the enterprise, in particular, accounting reporting: the first factor summarizes the form number 2 "Profit and Loss Statement", the second is the balance of the balance, the third is the balance of the balance.

8.4. Determination of the unsatisfactory structure of the enterprise balance

Currently, most enterprises in Russia are in a difficult financial condition. Mutual non-payment between business entities, high tax and bank interest rates lead to the fact that enterprises are insolvent. The external sign of insolvency (bankruptcy) of the enterprise is to suspend its current payments and the inability to satisfy the claims of creditors within three months from the date of the onset of their fulfillment.

In this regard, the question of assessing the balance of the balance sheet is particularly relevant, as the decisions on the insolvency of the enterprise are made to recognize the unsatisfactory structure of the balance sheet.

The main purpose of the preliminary analysis of the financial condition of the enterprise is the rationale for the recognition of the balance sheet structure of unsatisfactory, and enterprises - solvent in accordance with the criteria system approved by the Decree of the Government of the Russian Federation of May 20, 1994 No. 498 "On some measures to implement insolvency legislation ( bankruptcy) enterprises. " The main sources of analysis are f. №1 "Balance of the enterprise", f. №2 "Profit and Loss Statement".

Analysis and assessment of the structure of the enterprise's balance sheet are carried out on the basis of indicators: the coefficient of current liquidity; Property ratio of own means.

The basis for recognizing the structure of the balance of the enterprise is unsatisfactory, and enterprises - insolvent is one of the following conditions:
The coefficient of current liquidity at the end of the reporting period is less than 2; (To TL);
The coefficient of the provision of its own means at the end of the reporting period is less than 0.1. (To OSS).

The main indicator that characterizes the existence of a real opportunity to restore (or lose) its solvency for a certain period is the recovery coefficient (loss) of solvency. If at least one of the coefficients less than the standard ( To TL<2, а To ox<0,1), то рассчитывается коэффициент восстановления платежеспособности за период, установленный равным шести месяцам.

If the current liquidity coefficient is greater than or equal to 2, and the coefficient of the provision of own means is greater than or equal to 0.1, the loss of loss of solvency for the period set by equal three months is calculated.

The coefficient of recovery of solvency Toit is defined as the ratio of the calculated current liquidity ratio to its standard. The estimated current liquidity ratio is defined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and changes in the value of this coefficient between the end and the beginning of the reporting period in terms of the period of recovery of solvency set equal to six months:

where To NTL - the regulatory value of the current liquidity ratio,
To NTL\u003d 2; 6 - a period of recovery of solvency for 6 months;
T - reporting period, month

The coefficient of recovery of solvency, which makes a value of greater than 1, indicates the presence of a real opportunity to restore its solvency. The coefficient of recovery of solvency, which makes a value of less than 1, indicates that the enterprise has no real opportunity to restore solvency in the next six months.

The loss coefficient of solvency to y is defined as the ratio of the estimated current liquidity ratio to its established value. The estimated current liquidity ratio is defined as the sum of the actual value of the current liquidity coefficient at the end of the reporting period and changes in the value of this coefficient between the end and the beginning of the reporting period in terms of the period of loss of solvency established by equal three months:

where T U. - a period of loss of solvency of the enterprise, month.

The calculated coefficients are recorded in the table (Table 29), which is available in applications to "Methodical provisions for assessing the financial condition of enterprises and the establishment of an unsatisfactory balance structure."

Table 29.

Evaluation of the Balance Structure of the Enterprise

Name of the indicator	At the beginning of the period	At the time of establishing solvency	coefficient

The coefficient of current liquidity			Not less than 2.
Own Property Coefficient			Not less than 0.1
The coefficient of recovery of the solvency of the enterprise. For this table, the calculation by the formula: p. LRP.4 + 6: T (p. 1gr.4-pp 1gr.z)			Not less than 1.0
The loss coefficient of the solvency of the enterprise. According to this table, the calculation according to the formula: pg rubles. 4 + 3: T (pp. 3.4-3GR.Z), where t takes values \u200b\u200b3, 6, 9 or 12 months

Questions for self-control
1. What is the procedure for analyzing the financial condition of the enterprise?
2. What are the sources of information for analyzing the financial condition?
3. What is the essence of the vertical and horizontal analysis of the enterprise balance?
4. What are the principles of building an analytical balance - net?
5. What is the liquidity of the enterprise and what is its difference from its solvency?
6. Based on what indicators is the analysis of the liquidity of the enterprise?
7. What is the concept and assessment of the financial stability of the enterprise?
8. What are the indicators to analyze the business activity of the enterprise?
9. Under what conditions is the coefficients of solvency recovery?

The financial condition may be stable, unstable and crisis. The company's ability to make payments in a timely manner, to finance their activities on an extended basis indicates its good financial condition. Financial condition of the enterprise (FSP) Depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, it has a positive effect on the financial position of the enterprise. Conversely, as a result of the foreclosure for the production and sale of products, it is raised to increase its cost, reduce revenue and profit amounts and as a result - deterioration of the financial condition of the enterprise and its solvency

The main purpose of the analysis is to identify and eliminate the shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

Preliminary overview of the economic and financial situation of the enterprise

The analysis begins with a review of the main indicators of the enterprise. During this review, it is necessary to consider the following questions:

property position of the enterprise at the beginning and end of the reporting period;

conditions of the enterprise in the reporting period;

the results achieved by the enterprise in the reporting period;

prospects for financial and economic activities of the enterprise.

Assessment of property status

amounts under the article "The debt of participants (founders) on contributions to the authorized capital" reduce the amount of equity and the amount of current assets;

on the magnitude of the article "Estimated reserves (" Reserve for doubtful debts ")" The value of receivables and its own capital of the enterprise is corrected;

uniform elements of balance sheets are combined in the necessary analytical sections (long-term current assets, own and borrowed capital).

The sustainability of the financial situation of the enterprise largely depends on the feasibility and correctness of the investment of financial resources into assets.

Vertical analysis Shows the structure of the means of the enterprise and their sources. Vertical analysis allows you to proceed to relative estimates and carry out economic comparisons of economic indicators of enterprises differing in the magnitude of the resources used, smoothing the influence of inflation processes distorting absolute financial reporting indicators.

Horizontal analysis The reporting is to build one or more analytical tables in which absolute indicators are complemented by relative growth rates (reduction). The factory of the aggregation of the indicators is determined by the analyst. As a rule, the basic growth rates are taken over a number of years (adjacent periods), which allows you to analyze not only the change in individual indicators, but also to predict their values.

Criteria qualitative changes In the property situation of the enterprise and the degree of their progressiveness are such indicators as:

the amount of business of the enterprise;

share of the active part of fixed assets;

wear coefficient;

the proportion of fast assets;

share of leased fixed assets;

the share of receivables and others.

Formulas for calculating these indicators are shown in Appendix 2.

Consider their economic interpretation.

Renewal coefficient. Shows what part of the funds available at the end of the reporting period make up new fixed assets.

Retirement coefficient. It shows which part of the fixed assets with which the enterprise began activities in the reporting period, dropped out due to the windiness and for other reasons.

Evaluation of the financial situation

Speaking O. liquidity of the enterprise, They have in mind the presence of working capital in the amount of theoretically sufficient to repay short-term obligations at least with a violation of the maturity of the repayment provided for by contracts.

Financial stability In the long term, it is consequently characterized by the ratio of own and borrowed funds. However, this indicator provides only a general assessment of financial stability. Therefore, in world and domestic accounting and analytical practices, a system of indicators has been developed.

1. The coefficient of financial independence (autonomy) - characterizes which part of the assets is formed at the expense of own funds of the enterprise:

2. Financial dependence ratio:

This is the reverse indicator of the financial independence coefficient. It shows how the amount of assets falls on the ruble of own funds. If its value is 1, then this means that all assets of the enterprise are formed only at the expense of own capital. Its value of 1.5 shows that for every 1.5 rubles invested in assets, accounted for 1 rub. own funds and 0.5 rubles. borrowed. The increase in the share of borrowed funds in the formation of assets of the organization is a sign of enhancing the financial instability of the enterprise and increase its financial risks.

3. The coefficient of sustainable financing characterizes which part of the balance sheet assets is formed by sustainable sources. If the enterprise does not use long-term loans and loans, then its value will coincide with the value of the financial autonomy coefficient. It is calculated as follows:

where DZL is a long-term debt on leasing (p. 144 f. 5).

4. The current debt coefficient - shows which part of the assets is formed due to borrowed short-term resources:

where DZL is a long-term debt on leasing payments (p.144 F.5).

5. The coefficient of supply of stocks by own capital - shows the share of equity in the formation of material reserves of the enterprise:

6. The coefficient of stock provision by planned sources of coating - shows the share of equity, bank loans and the commercial loan of suppliers in the formation of material reserves of the enterprise:

7. The absolute liquidity ratio is characterized by which part of the short-term liabilities can be repaid due to the free balance of cash and short-term financial investments:

where DFV is long-term financial investments (p. 080 + p. 091 + p. 101 + p. 102 + + p. 111 F.5).

DZL - long-term debt on leasing payments (p. 144 f. 5).

8. The ratio of urgent (rapid) liquidity - characterizes which part of short-term liabilities can be repaid due to absolutely liquid and rapidly implemented assets of the enterprise, to which funds include Cash, short-term financial investments, short-term receivables, goods shipped, taxes on acquired values:

9. The coefficient of coverage of their own capital (solvency coefficient) - characterizes to what extent the obligation of the enterprise is covered by their own capital:

10. The coefficient of financial leverage (the ratio of borrowed funds to their own capital) - characterizes the degree of financial risk:

In determining the normative value, it is necessary to proceed from the actually established structure of assets, the speed of their turnover and the generally accepted approaches to their financing.

11. The growth rate of equity is characterized by the rate of increasing equity. It is desirable that the growth rate of equity has been higher than the growth rates of aggregate assets. It is calculated by the ratio of the amount of equity at the end of the period to the amount of equity at the beginning of the period:

where the SC is the amount of equity in section III balanced minus the debt of founders on contributions to the authorized capital (p. 241 of the balance).

Detailed decoding of factors of changes in equity value can be obtained according to the data given in the form of 3 "Capital Change Report."

12. The coefficient of sustainable economic growth (the ratio of the increase in retained (accumulated) profit in the reporting period to the amount of equity at the beginning of the period) - reflects the growth of equity due to the profit of the enterprise:

His level growth testifies to strengthening the financial position of the enterprise.

Evaluation of business activity

Evaluation of business activity aims to analyze the results and the effectiveness of the current main production activity

the degree of implementation of the plan (established by a higher organization or independently) on the main indicators, ensuring the given growth rates;

the level of efficiency of the use of enterprise resources.

To implement the first direction of analysis, it is also advisable to take into account the comparative dynamics of the main indicators. In particular, the most optimally the following ratio:

T PB\u003e T p\u003e T AK\u003e 100%,

where T PB\u003e T R -, T AK - respectively, the rate of changes in profits, implementation, advanced capital (database).

The turnover is evaluated by comparing the indicators of medium residues of current assets and their revolutions for the analyzed period. Turns when evaluating and analyzing turnover are:

for production reserves - the cost of production of products sold;

for receivables - the sale of products on non-cash payments (since this indicator is not reflected in the reporting and can be detected according to accounting data, in practice it is often replaced by the revenue from sales).

Let's give the economic interpretation of turnover indicators:

turnover in revolutionsindicates the average number of revolutions embedded in the assets of this species, during the period analyzed;

turnover in daysindicates the duration (in days) of one turnover of funds invested in the assets of this species.

In addition, the following indicators can be used to evaluate business activity, widely used in world practice:

1. The coefficient of turnover of the total capital invested in the assets of the enterprise: the ratio of revenue-net for payment (positive cash flow) to the average annual amount of enterprise assets - characterizes the intensity of capital use:

The data on the value of a positive cash flow (PDP) can be obtained from the cash flow report or determine the indirect way:

PDP \u003d revenue (by shipment) ±

± Changing receivables ±

± Changing the balances of advances received

from buyers and customers

In determining the average value of assets from the total balance sheet currency, the debt of the founders on contributions to the authorized capital should be deleted (p. 241).

2. The coefficient of turnover of current assets of the enterprise (ratio of revenue-net for payment to the average value of current assets) - characterizes the rate of turnover of capital invested in current assets:

In determining the average value of current assets from the total amount, it is necessary to exclude the debt of founders on contributions to the authorized capital (p. 241).

3. The duration of the turnover of capital (general, negotiable, including in the reserves of raw materials and materials, unfinished production, finished products, receivables, cash, cash) - shows how fast the capital used by the enterprise and its individual elements turn into the process of its activities:

4. The repayment period of accounts payable - characterizes the state of settlements with creditors (for how many days there is an average payables):

Evaluation of profitability

1. The total profitability of total assets (the ratio of the total amount of profit from all types of activities before paying interest and taxes) - characterizes how many profits are received on the ruble of the invested capital for all stakeholders: enterprises, creditors, states and employees of the enterprise:

2. The profitability of the main (operating) activity is the ratio of the amount of profit from the main activity before the payment of interest and taxes to the average annual amount of assets involved in the main operational process, that is, in the process of supplying, production and sales of products, which do not include incomplete construction, not established Equipment for renting property, long-term and short-term financial investments, VAT on acquired assets, debt of founders on contributions to the authorized capital:

3. Profitability of equity (characterizes the level of profitability of equity) - the ratio of net profit to the average annual amount of equity:

When calculating the average value of own capital follows from the total part. III balance make the debt of founders on contributions to the authorized capital (p. 241 of the balance).

4. The profitability of sales (the ratio of gross arrived from the sale of products to the non-net revenue from the sale of products) - characterizes the level of profitability of products:

5. The cost profitability (the ratio of gross profit from the sale of products to the full cost of realized products) - characterizes the payback of costs:

After studying the dynamics of these indicators by comparing their level with the regulatory value and data of other enterprises, it is possible to draw conclusions about changing the financial situation in the enterprise and its financial stability.

Evaluation of the situation in the securities market

Income per share.Represents the ratio of net profit, reduced by the amount of dividends on preferred shares, to the total number of ordinary shares. It is this indicator that significantly affects the market price of shares. The main drawback in the analytical plan is spatial incomparableness due to the unequal market value of the shares of various companies.

Value shares.It is calculated as a private from dividing the market price of an action to income per share. This indicator serves as an indicator of demand for the shares of this company, since it shows how much agrees to pay investors at the moment by one ruble arrived per share. The relatively high growth of this indicator in the dynamics indicates that investors expect faster growth in the profit of this company compared to others. This indicator can already be used in spatial (inter-farm) comparisons. Companies with relatively high value of the coefficient of sustainability of economic growth are typically as a rule, the high value of the indicator of the "Value of the Promotion".

The above system is based on the following rigidly deterministic factor dependence:

where KFZ. - financial dependence coefficient V. - the amount of enterprise assets, SC.- equity.

Determination of the unsatisfactory structure of the enterprise balance

Currently, most Belarusian enterprises are in a difficult financial condition. Mutual non-payment between business entities, high tax and bank interest rates lead to the fact that enterprises are insolvent. The external sign of insolvency (bankruptcy) of the enterprise is to suspend its current payments and the inability to satisfy the claims of creditors within three months from the date of the onset of their fulfillment.

The main purpose of the preliminary analysis of the financial condition of the enterprise is the rationale for the recognition of the balance sheet structure of unsatisfactory, and enterprises - effective in accordance with the criteria system established by the instructions for analyzing and monitoring the financial condition and solvency of entities of entrepreneurial activities of 14.05.2004 No. 81/128 / 65 (as amended by the Decree of the Ministry of Finance of the Republic of Belarus, the Ministry of Economy of the Republic of Belarus and the Ministry of Internal Affairs of the Republic of Belarus dated 27.04.2007 No. 69/76/52). The main sources of analysis are f. №1 "Balance of the enterprise", f. №2 "Profit and Loss Statement".

Analysis and assessment of the structure of the enterprise's balance sheet are carried out on the basis of indicators: the coefficient of current liquidity; Property ratio of own means.

The basis for recognizing the structure of the balance of the enterprise is unsatisfactory, and enterprises - insolvent is one of the following conditions:

The current liquidity ratio at the end of the reporting period is lower than the normative; (TO tL ) ;

The coefficient of provision of its own means at the end of the reporting period is lower than the normative. (TO oSS ) .

The current liquidity coefficient (characterizes the degree of coverage of short-term obligations by current assets of the enterprise). According to the instructions, it is recommended to calculate as follows:

The coefficient of provision of own working capital (characterizes which part of the current assets is formed at the expense of its own funds of the enterprise necessary to ensure its financial sustainability). According to the instructions, its value is determined as follows:

The company is considered steadily insolvent in the case when there is an unsatisfactory structure of the balance sheet for four quarters preceding the compilation of the last balance sheet, as well as the availability of the implementation of the financial obligations of assets (K3), which exceeds 0.85.

The security coefficient of financial obligations assets (K3) characterizes the ability of the organization to pay for its financial obligations after the sale of assets. Its level is determined by the attitude of all (long-term and short-term) obligations of the organization to the total value of property (assets):

The coefficient of security of overdue financial obligations asset that characterizes the ability of the enterprise to pay on overdue financial liabilities by selling property (assets) complements the previous indicator. It is calculated by the attitude of the expired financial obligations of the enterprise (long-term and short-term) to the total value of property (assets):

where KFPP is overdue short-term financial obligations (f. 5 "Annex to the Accounting Balance", Count 6, p. 150 plus overdue commitments for short-term loans and loans);

DFOPR - long-term overdue obligations (f. 5 "Annex to the Accounting Balance", Graph 6, p. 140 plus overdue liabilities for long-term loans and loans);

WB - Balance currency (p. 300 or 600 per minus p. 241).

The main indicator that characterizes the existence of a real opportunity to restore (or lose) its solvency for a certain period is the recovery coefficient (loss) of solvency.

The coefficient of recovery of solvency TO rest It is defined as the ratio of the calculated current liquidity ratio to its standard. The calculated current liquidity ratio is defined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this coefficient between the end and the beginning of the reporting period in terms of the period of recovery of solvency:

where TO nTL - the regulatory value of the current liquidity ratio,

TO nTL \u003d - a period of recovery of solvency (number of months);

T - reporting period, month

where T. w. - a period of loss of solvency of the enterprise, month.

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Introduction

The national economy is composed of the economies of individual firms. No firm is functioning isolated. In the process of its production and financial activities, an extensive system of relationships with other organizations is arising: suppliers and contractors, buyers, banks, tax authorities, insurance organizations, etc. All elements of the national economy are in relationships and interdependence. Therefore, the financial condition of the organizations predetermines the state of the economy as a whole. Improving the state of individual firms, we can eliminate many economic problems on the macro level, i.e. At the country level, and ultimately - and at the global level.

Ensuring the effective functioning of organizations requires economically competent management of their activities, which is largely determined by the ability to analyze it. With the help of the analysis, development trends are studied, deeply and systemically examined the factors of changes in the results of activities, plans and management decisions are justified, their implementation is being monitored, reserves of improving production efficiency are revealed, the results of the organization's activities are evaluated, the economic strategy of its development is being developed.

The transition to a market economy requires an increase in economic efficiency. Of particular importance for achieving this goal is to substantiate the factors of the formation of indicators of the effectiveness of each business entity through the analysis of economic activity.

This topic is interesting and relevant. In the economy of the Republic of Belarus there are a number of complex problems: inflation, unemployment, budget deficit, etc., which need to be addressed. Any macroeconomic problem is born at the micro level. Just need to reveal it in time and prevent its expansion and distribution. In this case, the analysis of economic activity is of particular importance. It is necessary to constantly monitor the state of affairs of the company, to identify the shortcomings of its production and financial activities and to eliminate them in a timely manner.

Any organization should analyze the financial condition in order to determine the ability to make calculations in a timely manner with counterparties, carry out all the obligatory payments, while ensuring a normal profit rate, which allows you to function successfully on the market.

Any organization is assessed by external entities in terms of its investment attractiveness, i.e. The feasibility of investing in it free cash.

In connection with the foregoing, the purpose of the work is the analysis of the liquidity and solvency of the ODO "Experiment".

In this regard, it is possible to determine the need to solve a number of tasks:

Explore the theoretical foundations of liquidity and solvency management,

Conduct analysis of liquidity and solvency organization

To identify the direction of increasing the liquidity and solvency of the organization.

Thus, the object of the study is the ODO "Experiment", the subject of research- features of liquidity management and solvency at the enterprise of ODO "Experiment"

1. Theoretical Liquidity Management Basics and Solvency

One of the most important criteria for the financial condition of the organization is its solvency. Under solvency is understood as the ability of the organization to repay payments in a timely manner in their short-term liabilities with the uninterrupted implementation of industrial activities.

Analysis of solvency is required for:

· The organization itself in evaluating and predicting financial activities;

· Banks for the purpose of certificate of creditworthiness of the borrower;

· Partners in order to clarify the financial capabilities of the Organization in the provision of a commercial loan or delay.

When analyzing the financial condition of the organization distinguish long-term and short-term solvency. Under long-term solvency is understood as the ability of the organization to pay for their long-term obligations.

The definition of a short-term (current) solvency is carried out according to the balance sheet. To assess the level of solvency, it is necessary to compare the amount of payment tools with short-term obligations. Payment tools include:

· Cash in bank accounts and in the checkout;

· Financial investments;

· Accounts receivable in the part that is no doubt about repayment.

The short-term liabilities include:

· Short-term loans and loans;

· Accounts payable.

Exceeding payments over external obligations indicates the solvency of the organization. On the insolvency of the organization indirectly may indicate:

· Lack of cash in accounts and in the checkout;

· The presence of overdue debts on loans and loans;

· The existence of debt financial authorities;

· Violation of the timing of salary payroll and other reasons.

The causes of insolvency can be:

· Failure to fulfill the production plan and implementation;

· Increase in the cost of production;

· Failure to fulfill the profit plan;

· Insufficiency of own self-financing sources;

· High percentage of taxation;

· Eranny utilization of working capital;

· Distraction of funds in receivables, etc.

The ability of the organization to pay in their short-term liabilities is customary with liquidity (current solvency). In other words, the organization is considered to be liquid when it is able to fulfill its short-term obligations.

Any external partners of the organization (creditors, investors, owners, fiscal services) are primarily interested in its possibility and in the full amount to pay for current obligations. Therefore, the analysis of the liquidity of the organization's balance is important. Financial Analysis has 2 liquidity concepts:

1. The ship's short-term liquidity (up to 1 year) means the ability of the organization to pay their short-term obligations. In this case, liquidity is close in its content to solvency;

2. The liquidity is understood as the ability to draw assets in cash and repay their payment obligations.

When analyzing the liquidity of the organization, it should be borne in mind that non-current assets (fixed assets) in most cases cannot be a source of repayment of the current debt due to their functional purpose in the production process and the difficulty of their urgent implementation. Therefore, they are not included in assets when calculating liquidity indicators.

As part of the first approach, liquidity refers to the ability of the organization in the short term to cover their short-term obligations. The organization is considered to be illiquid if there is a risk of improperness of current financial obligations. This may be temporary or to testify serious and constant problems in the organization's activities. The reasons for such a situation can be:

· Binding of the organization's funds in the form of illiquid assets, which cannot be quickly turned into cash;

· Intrational financing of its main production activity, which is characterized by a non-compliance with the deadlines for the return of dollars of cash formation and inconsistency of debt size ability to receive cash.

Depending on the degree of liquidity, i.e. The ability and speed of transformation into cash, the assets of the enterprise are divided into the following groups:

1. The most liquid assets (A1), which are of the amounts on all currency and short-term financial investments (securities). The most liquid assets can be used to repay current obligations immediately.

2. Resistant assets (A2), which are short-term receivables and other assets. To seek these assets in cash, a certain time is required.

3. The total assets (A3) are reserves, long-term receivables, VAT on acquired values. Reserves of finished products can only be sold after the buyer is found. Stocks before their sale may require additional processing. From the amount of VAT, it is desirable to exclude the amount of compensation from the organization's profits. The expenses of future periods are not included in this group.

4. The existing assets (A4) are non-current assets (1 section of the balance of the balance). They are intended for use in the economic activity of the organization for a long period. Their consumption of money meets serious difficulties.

The first three groups of assets belong to current assets, because Can constantly change during the current business period. They are more liquid than the assets included in the 4th group.

In order to analyze the dependence on the increase in the repayment of obligations, liabilities are grouped into relationships with the relevant asset groups as follows:

1. The most urgent obligations (P1) include payables, calculations for dividends, other short-term liabilities, loans that are not repaid on time;

2. Accountal liabilities (P2) are short-term bank loans and other loans to be repurchased within 12 months;

3. Dungary liabilities (P3) - long-term loans and other long-term liabilities (line 720 5 of the balance liability section);

4. Constable liabilities (P4) - own funds (3 section of the balance sheet) and article 4, not included in previous groups.

In order for equality between the amounts of assets and liabilities grouped by the degree of liquidity and repayment time, the amount of permanent liabilities should be reduced to the amount of expenditure of future periods and losses.

The amount of long-term and short-term commitments of the organization is its external obligations. To determine the degree of balance of balance, parts of the balance of the balance, implemented by a certain period, are compared, with parts of the liability, which should be paid to this deadlines. If, when comparing it is clear that these amounts are enough to repay obligations, then in this part the balance is considered liquid, and the organization is solvent, and vice versa.

Balance is considered absolutely liquid if the following inequalities are performed: a1\u003e p1; A2\u003e p2; A3\u003e p3; A4.<П4.

If these inequalities are observed, it can be said that the minimum condition for the financial sustainability of the organization is observed. If at least one condition fails, the balance is not absolutely liquid. The lack of funds according to one group can be compensated for a surplus on another group if it has a higher level of liquidity.

As a measure of liquidity and investment attractiveness, employment capital (or chok is pure working capital), which is the excess of current assets above the current obligations. In terms of its economic content, this indicator reflects the presence of its own working capital, which are directed primarily to the formation of production reserves, i.e. Stocks of materials, raw materials, work in progress and finished products. The insufficient chock value for the formation of production reserves can lead to the appearance of dependence on creditors, and ultimately to stop production.

Accordingly, the investment attractiveness is very low. Because Liquidity is of great importance for various counterparties of the organization, including investors, during the analysis it is necessary to carefully examine the composition of current assets and current obligations.

The current assets include:

Cash;

Short-term financial investments;

Short-term receivables minus reserves for hopeless debts;

Reserves with the exception of reserves exceeding the current needs substantiated by the standards. The costs of future periods in stocks are considered to be current assets not because they can be turned into cash, but because they are advances for services that require current cash flow.

The current liabilities (obligations) include:

Short-term loans;

Accounts payable;

In some cases, the share of long-term debt payable in the current period.

Thus, the solvency, liquidity of the organization and the liquidity of its balance are the main criteria for assessing the financial condition of the organization.

The concepts of solvency and liquidity are very close, but the second more capacious. The degree of liquidity of the balance and enterprises depends solvency. At the same time, liquidity characterizes both the current state of calculations and the prospect. The company can be solvent at the reporting date, but at the same time have adverse opportunities in the future, and vice versa.

The absolute liquidity ratio (the rate of money reserves) is determined by the ratio of funds and short-term financial investments to the entire amount of the short-term debt of the enterprise. It shows which part of the short-term obligations can be repaid due to cash. The higher its value, the greater the guarantee of debt repayment. However, with a small sense, the company can always be solvent if it is worth a balance and synchronize the inflow and outflow of funds in terms of volume and timing. Therefore, there are no general standards and recommendations on the level of this indicator.

CABS LIKV \u003d cr. Invest + money / Co., (1)

where the Kyrgyz Republic is applied to the rapid (urgent) liquidity - the ratio of the set of funds, short-term financial investments and short-term receivables, payments for which are expected within 12 months after the reporting date, to the sum of short-term financial liabilities. It is usually satisfied with the ratio of 0.7--1. However, it may be insufficient if a large proportion of liquid funds is receivable, some of which is difficult to recover in a timely manner. In such cases, a greater ratio is required. If in the composition of current assets there is a significant proportion of cash and their equivalents (securities), then this ratio may be smaller.

KB.L 2013 \u003d Ka-stocks / Ko \u003d Money + Cr insert + Deb / Co. (2)

(total coefficient of coating of debts of CTL) - the ratio of the entire sum of short-term assets, to the total amount of short-term liabilities; It shows the degree of coating by turnover assets of current liabilities:

K1 2013 \u003d ka / ko (3)

The excess of current assets over short-term financial liabilities provides a reserve reserve to compensate for losses that can incur an enterprise in placing and eliminating all current assets other than cash. The more this stock, the greater the confidence of creditors in the fact that debts will be repaid. Typically satisfies the coefficient\u003e 2.

In the Republic of Belarus, its minimum level has been established: for industrial enterprises - 1.7, agricultural enterprises - 1.5, construction organizations - 1.2, transport - 1.3, trade - 1.0, etc. If its actual value is lower than this level, this is one of the foundations of the recognition of the enterprise insolvent.

The multiple excess of current assets over short-term liabilities allows us to conclude that the organization has a significant amount of free resources formed from its own sources. From the position of creditors, such a variant of the formation of working capital is most preferable. From the point of view of the effectiveness of the company's activities, significant accumulation of reserves, raising funds to receivables may be associated with inept assets management. As the main criteria for evaluating the financial structure of the balance and solvency of the enterprise, it proposes to use a limited circle of indicators:

The coefficient of current liquidity, the method of calculating which was presented above;

The coefficient of provision of own working capital, which characterizes the availability of the organization of its own working capital necessary for its financial sustainability;

The coefficient of security of financial obligations asset characterizes the ability of the organization to pay for its financial obligations after the sale of assets. The coefficient of provision of own working capital (COSS) is determined by the formula:

The coefficient of financial obligations asset is defined as the attitude of all (long-term and short-term) commitments of the organization, with the exception of reserves of the upcoming costs, to the total value of assets. Coefficient of security of financial obligations of assets (KOA) at the end of the reporting period is calculated by the formula (1.3) as the attitude of obligations for deductible to the balance sheet currency:

Thus, the solvency management system in organizations is part of the state financial policy. It specifies the main directions of development, the total amount of financial resources, their effective use. The mechanism of regulation and stimulation by financial methods of socio-economic processes is being developed. The financial indicators of the organization (for example, profit, liquidity, etc.) are finally approved as the main criterion for the effectiveness of financial and economic activities.

2. Analysis of the level of liquidity and solvency of ODO "Experiment"

The information base for analyzing the solvency and liquidity of the enterprise is the annual accounting statements of ODO "Experiment" for 2014. So, considering the theoretical foundations for analyzing the liquidity of the enterprise in the first chapter of this work, we turn directly to this analysis on the example of a particular enterprise ODO "Experiment".

We divide the assets of the balance of ODO "Experiment" according to the degree of liquidity.

Table 2.1 - Structure of the Asset Balance of ODO "Experiment" according to the degree of liquidity, million rubles.

Group of Asset Balance according to the degree of liquidity	12/31/2014 year	In% to the outcome	12/31/2013 year	In% to the outcome	Deviation
BUT 1 - the most liquid assets
BUT 2 - Funralizable assets
BUT 3 - Medlenealizable assets
BUT 4 - Paintyalizable assets

The table shows that the most liquid assets in 2013 amounted to 22.7 million rubles, which was 78.1 million rubles more than in 2014 and amounted to 100.8 million rubles. Distributed assets in 2013 amounted to 13.8 million RUB, which was 15.7 million rubles more than in 2014 and amounted to 29.5 million rubles. Medlenealizable assets decreased by 43.2 million rubles in 2014 compared with 2013 and amounted to 15.3 million rubles. Energy-based assets in 2013 amounted to 403.4 million RUB, which is 39.4 million rubles less than in 2014 and amounted to 364 million rubles. They occupy the bulk of the balance of the balance as 2013 and for 2014.

Table 2.2 - Structure of the balance sheet of the ODO "Experiment" balance in the degree of repayment of obligations, million rubles.

Balance Liability Group according to the degree of repayment of obligations	12/31/2014 year	In% to the outcome	12/31/2013 year	In% to the outcome	Deviation
P 1 - the most urgent obligations
P 2 - Short-term liabilities
P 3 - Long-term liabilities
P 4 - Permanent liabilities

The table shows that the most urgent obligations in 2013 amounted to 62.8 million rubles, which was 142.5 million rubles more than in 2014 and amounted to 205.3 million rubles. They occupy the bulk volume in the balance liability for 2014. Long-term liabilities in 2013 amounted to 380.0 million rubles, and in 2014 decreased by 192.0 million rubles and amounted to 188.0 million rubles. They occupy the greatest volume in the balance liability for 2013. Real liabilities as of 2013 amounted to 55.6 million rubles, and in 2014 increased by 60.7 million rubles and amounted to 116.3 million rubles.

Table 2.3 - Analysis of the liquidity of the Balance of ODO "Experiment", million rubles.

State of asset	Passive state

1. The most liquid assets		1. The most urgent liabilities
2. Quickly implemented assets		2. Short-term liabilities
3. Slowly implemented assets		3. Long-term liabilities
4. Difficult assets		4. Permanent liabilities

In order to evaluate the liquidity of the enterprise's balance sheet, it is necessary to compare each group of an asset to the appropriate liability group. It is necessary that the following inequalities are satisfied: A1\u003e P1, A2\u003e P2, A3\u003e P3, A4<П4.

Based on the data table to make inequality by year:

2013: A1<П1, A2>P2, A3.<П3, A4<П4;

2014: A1<П1, A2>P2, A3.<П3, A4>P4.

As you can see, some inequalities are not respected in this enterprise, A1<П1, говорит что у предприятия недостаточно наиболее ликвидных активов для покрытия наиболее срочных обязательств. A2><П3данное неравенство говорит о том, что в у предприятия возникли проблемы с получением денежных средств от продажи продукции. A4<П4 можно судить о минимальной финансовой стабильности предприятия, т.е. наличия у него собственных оборотных средств. В 2014 году также не соблюдаются некоторые неравенства. А1<П1, говорит что у предприятия недостаточно наиболее ликвидных активов для покрытия наиболее срочных обязательств. A2>P2 This inequality is performed, i.e. Rightly implemented assets of the organization more than short-term liabilities. The company will be able to become solvent when calculating creditors and receiving funds from the sale of products. A3.<П3 говорит о том, что в у предприятия возникли проблемы с получением денежных средств от продажи продукции. A4>P4 this means that no own capital remains for the replenishment of working capital, which will have to replenish mainly due to the delay in repayment of payables in the absence of own funds. Thus, the enterprise cannot be called liquid, since three of the ratios of groups of assets and liabilities do not meet the conditions of absolute balance sheet liquidity (the most liquid assets are less than the most urgent obligations; slowly realized assets are less than long-term liabilities and employed assets more permanent liabilities).

Table 2.4 - Performance indicators

Indicator	Formula of calculation	Value	Optimal value

The coefficient of current liquidity
Property ratio of own working capital	SK + before / ka
Property coefficient of financial obligations assets
Fast Liquidity coefficient	Money + Cr insert + DEB /			K. l. \u003e \u003d 1.
The ratio of absolute liquidity	Kr applied + money / ko			To abs\u003e \u003d 0.2

Calculation of solvency coefficients

The coefficient of current liquidity

K1 2013 \u003d ka / ko \u003d 97 / 62.8 \u003d 1.54

K1 2014 \u003d ka / ko \u003d 147.5 / 205.3 \u003d 0.72

Property ratio of own working capital:

K2 2013 \u003d SK + Da-yes / ka \u003d 57,6 + 380.0-403.4 / 97.0 \u003d 0.35

K2 2014 \u003d SK + Da-yes / ka \u003d 118.2 + 188.0-364.0 / 147,5 \u003d -0.39

The security coefficient of financial obligations asset:

K3 2013 \u003d KO + TO / IB \u003d 62.8 + 380.0 / 500,4 \u003d 0.88

K3 2014 \u003d KO + TO / IB \u003d 205.3 + 188.0 / 511,5 \u003d 0.77

Fast Liquidity Coefficient:

KB.L 2013 \u003d Ka-stocks / Ko \u003d Money + Cr insert + DEB / KO \u003d 22,7 + 0 + 13.8 / 62.8 \u003d 0.58

KB.L 2014 \u003d Ka-stocks / Ko \u003d Money + Cr insert + DEB / KO \u003d 100.8 + 29.5 / 205.3 \u003d 0.63

The absolute liquidity ratio:

CABS LIKV 2013 \u003d KR MAKE + MONEY / KO \u003d 22.7 / 62.8 \u003d 0.36

CABS LIKV 2014 \u003d cr. Max + money / Ko \u003d 100.8 / 205.3 \u003d 0.49

Based on the data of the table and the calculations given, it can be concluded that K1 for 2013 amounted to 1.54 and corresponds to the regulatory value\u003e \u003d 1.0-1.7, and as of 2014, K1 was 0.72, which does not correspond to the regulatory Value. From this it follows, the low degree of coating by turnover assets of current liabilities, the company is unable to cover part of short-term debt due to the cash and short-term financial investments. K2 for 2013 amounted to 0.35, which corresponds to the regulatory value\u003e \u003d 0.1-0.3, and in 2014 amounted to -0.39, which does not correspond to the regulatory value. This reduces the financial stability of the enterprise. K3 for 2013 amounted to 0.88, and for 2014 0.77, which corresponds to the regulatory value<= 0,85. К быстр ликв на 2013 год составил 0,58,что не соответствует нормативному значению, а по состоянию на 2014 год составил 0,63 и также не соответствует. Кабс ликв по состоянию на 2013 год составил 0,36,что соответствует нормативному значению >0.2, and for 2014 amounted to 0.49, which also corresponds to the regulatory value. The organization is insolvent, but not bankrupt. It is necessary to take measures to restore solvency.

To improve solvency and liquidity, the enterprise OJSC Ilinogorskoe can be recommended the following areas of improvement of financial and economic activities:

Take measures to improve the quality, assortment and competitiveness of their services;

Keep searching for new markets for selling their services;

Search for legal tract to minimize tax payments: drawing up a payment calendar;

Improving the state of accounting and reporting; Formation of optimal accounting policies;

Analysis of the concluded contracts for their potential tax consequences;

Carefully track the return of receivables, use legal procedures for returning it. If it is impossible to recover the debt even on the basis of a court decision, the company still gets the opportunity to attribute the amount of outstanding debt to reduce taxable profits, which will allow at least reduce payments to the budget;

Seek the possibility of reducing the production cycle of the enterprise, for example, by reducing the residues of raw materials;

Development of a system for providing discounts and the use of margins.

The value of liquidity coefficients can be improved due to a number of managerial solutions, the most effective of which are:

· Reducing non-production costs.

· Sale of unused non-current assets.

· Attracting long-term sources of financing.

· Increase sales of sales (by increasing holiday prices and reduce production costs).

Note that the value of the current liquidity coefficient can be increased by repaying short-term liabilities. This method, for example, due to a deferment on the eve of the preparation of the balance sheet of the next purchase of raw materials and materials and the direction of temporarily released funds for coverage of payables, can be used for artificial overestimation of the level of the overall solvency of the enterprise. The direct consequence of such an operation is to reduce the absolute liquidity of the enterprise.

The value of the rapid liquidity ratio can be improved by a number of managerial solutions. In addition to what have already been listed when describing the current liquidity coefficient, you should specify:

Rationing or revision towards reducing existing standards that determine the magnitude of the production reserves and stocks of finished products. - Sale (even without profit) unused reserves.

The value of the absolute liquidity coefficient can be improved by a number of managerial solutions. In addition to what have already been listed when describing the current and fast liquidity coefficient, you should specify:

Using the system of discounts in order to accelerate the turnover of receivables.

An increase in the timing of the payment of the invoice.

Separation of payments to suppliers into several stages.

To improve the financial situation of the enterprise, the main forces of the enterprise are needed to reduce and efficiently manage receivables and payables.

To manage receivables at OJSC Ilinogorsk, it is necessary to develop a corresponding regulation of receivables management. The management of receivables should include the following mandatory procedures:

Accounting for settlements with debtors;

Analysis and ranking of receivables (by the date of occurrence, by the amount, by managers responsible for working with this debtor, etc.);

Regular work with current receivables:

Claimed work with expired receivables;

The procedure for collecting overdue receivables through court. It is advisable to establish a limit on receivables at the enterprise, when the debtor's services should stop exceeding.

In addition, it is necessary to systematically check the payment discipline and the business reputation of enterprise debtors and the daily monitoring of the state of receivables. And as already noted, one of the most effective tools allowing to maximize the flow of funds and reduce the risk of overdue receivables, is the system of penalties and fines. It applies in case of violation of the payment terms established by the debt repayment schedule and should be provided in the contract. It should also be noted that in order to increase its own creditworthiness, the company must take care of its own image in business circles, namely, to prove himself as a reliable partner, who fulfills all its obligations. Positive credit history, participation in large projects, high quality of goods and services, adaptability to new methods of management and technologies, influence in business and financial circles - all this will help improve the image of OJSC Ilnogorsk, and therefore strengthening its creditworthiness.

One of the main and most radical directions, the financial recovery of the enterprise is to search for internal reserves to increase the profitability of trade activities and the achievement of break-even work: improving the quality and competitiveness of goods, reduce their cost, rational use of material, labor and financial resources, reduction of non-production costs and losses.

The focus on the study and implementation of best practices in the implementation of the regime of savings, material and moral stimulation of workers in the struggle for saving resources and reduce non-production costs and losses.

In special cases, it is necessary to fundamentally review the program for the purchase and sale of goods, logistical supply, labor organization and accrual of wages, selection and placement of personnel, quality management of goods, markets for raw materials and markets for goods, investment and pricing policies and other issues.

Conclusion

Summarizing the stated material, it can be noted that the analysis of the financial condition of the organization plays an important role and is necessary both for the organization itself in order to assess and predict economic and financial activities and for its counterparties, i.e. institutions and firms with which it comes into direct relations during its functioning. These are banks, suppliers and contractors, buyers, tax authorities, insurance organizations, etc.

The purpose of analyzing the financial condition is to establish the present state of affairs and try to predict the possibility of changing the situation (if it is unsatisfactory) in the object in the future. Without a clear and reliable statement of the current situation, it is impossible to assess the alternatives to the development of the object under study.

The financial condition of the organization is expressed with the help of the system of indicators: solvency and liquidity. Calculation and analysis of these indicators makes it possible to assess the actual state of the organization, to establish its real opportunities, identify deviations in its activities and schedule measures to eliminate and prevent negative trends in its functioning in the future.

When writing a course work, the calculation of all considered indicators was carried out on the basis of the digital material of the accounting and statistical reporting of the ODO "Experiment". An analysis of the calculated indicators allowed us to evaluate the financial condition of the organization, identify the strengths and weaknesses of its activities, to determine the financial capabilities of the organization and reserves of increasing the effectiveness of its functioning, etc.

It should be noted that the analytical function should occupy not recently in the activities of any business entity. The results of the organization's economic activities are directly dependent on timely and qualitative analysis.

List of sources used

liquidity solvency financial revisor

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2. Instructions for analyzing and monitoring the financial condition and solvency of business entities: RESOLUTION M-WA Finance Rep. Belarus, M-Woman Economy Rep. Belarus and M-Wa Statistics and Analysis Rep. Belarus dated May 14, 2004 No. 81 / 128/65 (as amended on May 5, 2008 No. 79/99/50 // Ch. Accountant. - 2008. - №22. - p.22 - 30.

3. Analysis of economic activity in industry: studies. For universities / V.I. Stragging [and others]; under total. ed. IN AND. Guardian. - 5th ed., Pererab. and add. - MN: See. Shk., 2007. - 480 p.

4. Analysis of the economic activity of the enterprise: TRADING. Visor / Ermolovich L.L. [and etc.]; under total. ed. L.L. Ermolovich. - MN: INTERPRESERVIS; Ecoperos, 2004.-576 p.

5. Bayune, V. Problems of anti-crisis management. Multi-criteria model of assessment of the possibility of bankruptcy firm / V. Bayune // Finance, accounting, audit. - 2011. - №5. - P.40-44.

6. Efimova, O.V. Financial Analysis / O. V. Efimova. - M.: Buch. Accounting, 2008. - C.208.

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11. Savitskaya, G.V. Analysis of the economic activity of the organization: studies. Manual for universities / G. V. Savitskaya. - 7th ed. - Minsk: New Knowledge,

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13. Kozhansky, V.V. Analysis of the efficiency of capital use / V.V. Kozharsky // Economy. Finance. Control. - 2010. - № 12. - P. 15-19.

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