How to find the turnover of current assets. Explanation of the essence of the indicator of the turnover of working capital

The working capital of the enterprise is in constant motion. It is intuitively clear that the faster they turn, the less the total need for them.

What is the duration of the turnover of working capital?

Its minimum duration is set by the duration of the production period, i.e. the time during which the manufactured product is in production: it is obvious that before the product is manufactured, the advanced funds will not be able to return to the entrepreneur. However, in reality, the duration of the turnover will be longer, since before entering production, the advanced funds in the form of raw materials, materials, semi-finished products, fuel, etc. for some time they will be in the warehouse, and after the completion of production they will lie in the warehouse for some time in the form of finished products.

The duration of the turnover of working capital would be equal to the duration of the three indicated stages in the event that both purchases of raw materials and materials and sales of finished products were carried out for cash (meaning without selling on credit). If an enterprise sells its products on credit, then it is forced to wait for the receipt of money for some time after the finished product has left the warehouse, i.e. the duration of the turnover increases by the time the receivables are repaid.

But if the enterprise has to make an advance payment for raw materials and other materials, then the duration of the turnover of its working capital will increase even more, since they will have to be advanced several days before the raw materials arrive at the enterprise.

How to determine the duration of the turnover?

You can try to determine it directly according to the scheme described above: we estimate the duration of each stage, and the total duration of the turnover is determined as the sum of the durations of all stages.

This method is sometimes used when determining the need for working capital for a newly designed enterprise, since in such cases other necessary information is often lacking. When calculating for operating enterprises, this method is not used, since it gives very rough estimates.

Usually, the duration of the turnover is determined as the time after which the funds advanced to the entrepreneur returned to him, and this is done by comparing the advanced working capital and the proceeds received for the products sold. This method is also not free from disadvantages. We'll look at some of them later.

The rate of turnover of working capital is characterized by the turnover ratio and the duration of one turnover in days.

The turnover ratio is calculated using the following formula:

where B is the proceeds from the sale of the company's products, rubles; About average - the average value of working capital, rubles.

Thus, the turnover ratio characterizes the number of revolutions made by each ruble invested in the company's working capital for the period under review.

As a rule, the size of the company's working capital is fixed at some date (beginning of a month, quarter, etc.). At the same time, it is clear that the products produced over a period of time must be compared with the working capital for the same period. That is why the formula involves the average value of working capital for the same period for which the proceeds from the sale of products are taken.

In the simplest case, the average value of circulating assets for the period is determined as the half-sum of the values ​​of circulating assets at the beginning (About the beginning) and the end (About the end) of the period, i.e.

To improve accuracy, if possible, it is better to calculate working capital based on a large number of intermediate data (quarterly, monthly or even daily). For example, the average annual value can be determined as the average value of the working capital at the beginning and end of the year, or it can be given the values ​​at the beginning of the second, third and fourth quarters. In this case, the average annual value is determined by the so-called chronological average formula:

Let's go back to the turnover indicators.

The duration of one turnover is determined by the formula

where T- duration of the period, days.

In financial accounting and analysis, it is customary to take the duration of one month to be equal to 30 days, a quarter - 90 days, a year - 360 days.

For effective management of working capital, it is important to know not only the duration of one turnover, but also its structure, i.e. the duration of the turnover of each element of working capital. Typically, the following scheme is used for analysis.

As we have already found out, the current assets of the enterprise (OBS) at each moment of time can be represented as the amount of money connected: in advances issued to suppliers (A); stocks of raw materials, materials, etc. (3); work in progress (WIP); stocks of finished goods (FP); accounts receivable (DB); liquid funds required to service the turnover (L).

Let's write the formula for the turnover of working capital, using in the numerator not the revenue, but the cost of goods sold (Sb) (in principle, you can use the revenue, but it is believed that this will be more accurate):

Recall that the average value of the working capital for the period is taken.

Now let's write a formula for determining the duration of one revolution (L). For this, the duration of the period (T) is divided by the turnover ratio.

And now we will present the working capital of the enterprise as the sum of its constituent parts (taking each constituent also as the average for the period):

In the resulting formula, each term characterizes the duration of the turnover of the corresponding group of working capital. Observing these durations in dynamics, it is possible to identify what caused the negative change in the total duration, which element of working capital should be paid special attention to, where the reserves for reduction are laid, etc. The same result will reveal the comparative efficiency of accelerating the turnover of each element of working capital, for example, by one day.

It should be noted that these formulas have one very big drawback: in reality, the above indicators (at least some of them) are not at all what they claim to be, or rather, for whom we take them. The point is that some of the results obtained are quite difficult to interpret economically.

Let's consider such a conditional problem. Suppose Someone bought at the beginning of the quarter for 100 thousand rubles. materials, rented a room with equipment, hired workers, during the quarter evenly processed all materials, produced a certain amount of products, spending only 450 thousand rubles on it, and on the last day of the quarter sold products in bulk for 500 thousand rubles. and on this he stopped his activity.

How many revolutions did the money invested in the purchase of materials make, and how many days on average was each unit of material in the warehouse? It follows from the logic of the problem that all costs, including the costs of the material, made one revolution, since there were no second and subsequent revolutions, and each unit of material was in the warehouse on average for half a quarter, i.e. 45 days.

Let us now try to determine the number of revolutions using the formula, taking into account that the quarterly average material balance in the warehouse was

Then the inventory turnover ratio will be equal to

and the duration of one revolution

As already noted, the economic meaning of one turnover of inventories can be interpreted as the time during which, on average, materials lie in the warehouse. In this sense, the result obtained above defies interpretation at all, since the material was in the warehouse not for 9 days, but much longer.

The use of costs instead of proceeds in the calculation of material turnover does not save the situation. Using 450 thousand instead of 500 thousand in the calculation, we get a turnover ratio of 9, and the duration of one turnover is 10 days.

Therefore, the turnover indicators of individual elements of working capital - they are called private turnover indicators - are calculated using slightly different formulas. In these formulas, instead of proceeds for sold products, an indicator is used that characterizes the turnover (consumption or output) for the element by which the turnover is calculated. In other words, in the proceeds from the sale of products, it is necessary to compare with the considered element only that part of it, in the formation of which this element directly participated.

So, with the stocks of raw materials, materials, fuel, it is necessary to compare the material costs of the enterprise (without depreciation), since the material costs were precisely formed due to the transfer of the cost of these stocks to the finished product. Therefore, if at some enterprise, on average per year, stocks of raw materials, fuel, materials in a warehouse, etc. were 500 thousand rubles, and the material costs for manufactured products (without depreciation) - 3 million rubles, this really means that the working capital in the materials turned around six times a year (3 million / 500 thousand), the duration of one turnover equals 60 days, or, which is the same, each unit of stock in the warehouse was on average 60 days.

Work in progress must be compared with the cost of production; with stocks of finished products - shipment of products at cost (since finished products in the warehouse are accounted for at cost); with receivables - the volume of products sold.

Although the turnover of accounts payable is not related to the turnover of working capital, the approach to determining the rate of turnover of accounts payable is the same. And this indicator itself is of great practical importance.

Let's return once again to the previous conditional example: its further analysis will allow us to better understand the meaning of turnover indicators.

Suppose that at the beginning of his activity Someone advanced all the money necessary for the production of the planned product.

Since the total cost was 450 thousand rubles, then, therefore, this amount was advanced. At the initial moment, 100 thousand rubles. the materials were purchased from it, and the rest of the money was in the current account. What, in this case, are the indicators of the turnover of working capital and the duration of one turnover?

The initial value of the working capital is 450 thousand rubles. (in the stock of material and on the current account), the final one is also 450 thousand rubles. (in stock of finished products), therefore, the average value of working capital is also 450 thousand rubles. If we determine the turnover ratio of working capital through the cost of production, then it will be equal to 1, and the duration of one turnover - 90 days, which fully corresponds to our ideas about the nature of the process.

If we determine the turnover ratio through revenue, then we will face the fact that the turnover ratio will no longer be equal to 1:

and the duration of the turnover will be less than 90 days. Moreover, if we manage to sell products at a higher price, for example, for 675 thousand rubles, then the turnover ratio will be equal to 1.5, and if for 900 thousand rubles, then 2.

This happened because profit intervened in the calculation. Profit is created in the production process, and is not transferred by working capital. The amount of profit received for one turnover does not affect the turnover rate, therefore, its inclusion in the calculation distorts the results obtained.

Let's go back to our example. Suppose now that the necessary funds were invested in the event in question in two steps: 200 thousand rubles. at the beginning and 250 thousand rubles. in the middle of the period.

Let us determine the average value of working capital for the period: in the first half of the period they were equal to 200 thousand rubles, in the second - 450 thousand, and on average 325 thousand rubles. Now let's find the turnover ratio and the duration of one turnover:

At first glance, this is another unexpected result, since, let me remind you, we had only one production cycle and it lasted 90 days.

Let's understand the current situation. It can be represented as follows: the first 200 thousand rubles. turned around in 90 days, the second 250 thousand rubles. - in 45 days On average, we get:

In other words, 65 days. the duration of one turnover is interpreted quite simply: part of the money was in circulation for 90 days, the other part - 45 days, and on average it turned out 65 days.

It is more difficult to interpret 1.38 turnovers per production cycle. In reality, both components of the capital made one turn, but they made it at different times and at different rates: 200 thousand rubles. turned around once in 90 days, and 250 thousand rubles. also once, but in 45 days. It is easy to calculate that 200 thousand rubles. the turnover ratio is 1, and for 250 thousand rubles. - 2. But this does not mean at all that 250 thousand rubles. actually made two turns.

Since the working capital of an enterprise always consists of parts circulating at different times and at different rates, the turnover ratio should be understood as the weighted average rate of turnover of various components of the advanced capital, and the duration of one turnover - as the weighted average of the durations of their turnovers.

Let us now turn to the partial turnover ratios, which characterize the turnover of individual components of working capital. First, let's calculate the inventory turnover ratio. As already determined, the average stock of materials is 50 thousand rubles, material costs for the period - 100 thousand rubles, hence the inventory turnover ratio is 2, and the duration of one turnover is 45 days. We will get exactly the same result if we try to calculate the indicators of turnover of finished goods stocks: they will also be 2 and 45 days. But we are sure that there was only one turn. Again surprises!

In order to explain them, it is important to understand that, using the above formulas, we calculate the turnover of not advanced to the stock, but tied up in the stock of capital. In the example under consideration, the average tied capital in the stock is really 2 times less than the advanced capital (at the beginning 100, and at the end 0, on average - 50), therefore, the rate of its turnover is 2 times higher, and the duration of one turnover is 2 times less. But at the same time, the duration of the turnover of the average tied capital is not interpreted in the same way as the advanced one.

The duration of the turnover of the capital advanced into the stock can be understood as the time during which this stock will be in stock, those. will be completely used up. In this example, it is 90 days, and the advance capital turnover ratio is 1 (100/100).

The duration of the turnover of the capital tied in the stock can be understood as the time during which on average, each stock will be in stock. Since part of the stock will be used up on the very first day, and part will lie until the very last, 90th day, in general, it turns out that each unit will, on average, lie in the warehouse for 45 days.

These circumstances must be taken into account when in the calculations it is required to switch from the frequency of capital advance to the date of its binding, and vice versa. For example, go from the delivery interval to the warehouse to the average storage period. With a uniform increase (or decrease) of the stock, this problem is solved by dividing or multiplying by 2, in other cases it is more difficult. We will get acquainted with one of these options later.

The question may arise why these problems did not appear when we considered the turnover of all working capital, but began when we moved on to private turnover indicators. In fact, they arise there, too, but are less acute.

Let's go back to the original scenario, when the entrepreneur immediately advances 450 thousand rubles. In this case, we get a turnover ratio of 1, and the turnover duration is 90 days, i.e. indicators of the advance capital turnover. Why? In fact, we got the indicators of the average tied capital. It's just that in this case, the advanced one coincided with the average tied one: being advanced, it gradually, through the stock of material and processing, passed into the form of finished products, but all the time it remained equal to 450 thousand rubles.

This, in fact, is the main difference between studying the turnover of circulating assets as a whole from the turnover of their individual constituent parts: circulating assets in the process of circulation change their form, but at the same time, as a rule, their size changes insignificantly, therefore, the average tied circulating assets are always approximately equal advanced (the exception to this rule are industries with a pronounced seasonality, but there the turnover rates should be considered differently). The size of the individual constituent parts regularly changes in a wide range, and therefore here the advanced funds are almost never equal to the average bound.

For the sake of completeness, it remains to find out what turnover indicators in the example under consideration will give the usual scheme based on the use of cost.

We will consider the same example. Let 450 thousand rubles be advanced at once. For 100 thousand rubles. the material was immediately purchased, and the rest are on the current account, spending on processing as necessary. Processing takes place instantly, after which the finished product is sent to the warehouse, where it remains until the end of the quarter. Then we have:

Thus, the total period of the turnover of working capital is 90 days. - disintegrates as follows: 10 days. - turnover of inventories; 35 days. - cash flow; 45 days. - turnover of finished goods stock.

These results should be understood as follows. From 90 days. quarter 10 days. the enterprise worked to "justify" the cost of the material (the cost of the product produced in 10 days is exactly equal to the cost of the material), the next 35 days. "Worked off" the advanced funds. Finally, the last 45 days. "Worked for the warehouse."

If you look a little more closely at the mechanism of action of this formula, then it is easy to see that it divides the total duration of the turnover of working capital between the turnover of individual components in proportion to the size of each part: if, as in this example, the average size of stocks is 1/9 of the average value of circulating assets. funds, then the duration of their turnover is equal to 1/9 of the duration of the turnover of all circulating assets. In this case, all revolutions are performed strictly sequentially, since if we assume that the revolutions of some parts occur in parallel, then the sum of the partial durations will not give the total. It is clear that in reality the opposite situation is the rule: all the components of the circulating assets turn in parallel, therefore the above interpretation is a serious simplification.

In conclusion, we note that private turnover indicators can be calculated for individual divisions of the enterprise. It is only important that the above rule is fulfilled: the indicator, in the formation of which they were directly involved, was compared with the working capital of the unit.

Let's pay attention to the fact that the sum of the turnover time by particular indicators, unfortunately, does not coincide with the turnover time of all circulating assets.

The current assets of the enterprise are understood as the assets used in the current activities of the organization. According to Russian accounting standards (RAS), they include: stocks of raw materials and materials, finished goods and work in progress, cash and cash equivalents (such as air and railway tickets, travel tickets, etc.), goods, purchased for resale, receivables, as well as financial investments for a period of less than one year.

Without competent and rational use this group of assets is impossible for the economic activity of any organization.

That is why it is so important to carefully monitor the ways and procedures for using the company's working capital. In economic analysis, one of the most significant indicators that allow us to assess the effectiveness of the use of the company's working capital is the turnover ratio of the company's current assets.

Calculation procedure

The turnover ratio of working capital allows you to determine how much efficiently and intensively current assets of the company are used.
In other words, it shows how much of an enterprise's revenue falls on one ruble of working capital.

Thus, the turnover ratio is calculated as:

K_ob = TR / (P_ (ob.sr.))

where:
TR is the revenue or the volume of products sold for the analyzed period of time, excluding VAT;
(P_ (ob.cr.)) - the average cost of the company's working capital for the specified period.

Since the main purpose of asset management of the company is profit maximization organization received per unit of invested capital, it is with the help of this coefficient that the owner can analyze the return received from current assets. The higher the value of this indicator, the more efficiently the working capital is used in the company!

Calculation data

Traditionally, for the calculation of economic indicators, the data of the company's financial statements are used. To calculate the turnover ratio of current assets, the information provided in the Balance Sheet (Form No. 1) and the Statement of Financial Results (formerly the Profit and Loss Statement) (Form No. 2) is required. Obviously, reporting is used for the exact period of time that is being analyzed.

The average cost of the organization's working capital for twelve months is found as the difference between the value of the working capital at the beginning and at the end of the year, divided in half.

(P_ (ob.sr.)) = (P_ (ob.sr. 2) - P_ (ob.sr. 1)) / 2

where:
P_ (ob.sr.1) - the amount of the company's working capital at the beginning of the period;
P_ (ob.sr.2) - the amount of working capital at the end of the period.

All these data are presented in the balance sheet of the organization in the line "Total for Section II".

As for revenue (TR), information about it can be found in the second form of financial statements, in the Statement of financial results (line “Revenue”).

General information about the working capital of the enterprise can be obtained from the following video:

Factors affecting the value of the coefficient

Several factors affect the company's working capital turnover ratio. First, its meaning is related to working capital companies, i.e. the higher it is, the lower the final indicator. Secondly, the coefficient is also influenced by the indicator value of products sold.

Thus, if a company consistently demonstrates a high rate of revenue, then an increase in working capital for one period may not affect the final value of the turnover ratio in any way.

Analysis of the turnover rate

When analyzing the turnover ratio, it should be understood that its values ​​are not always directly related to the efficiency or inefficiency of the economic activity of the enterprise. In most cases, its value can be explained by several important factors at once:

• the scope of the company;
• production cycle;
• stage of the life cycle.

So, for example, for material-intensive areas production is characterized by much lower values ​​of the coefficient than for trading companies and a growing organization will always use more working capital than a declining organization. That is why it is possible to analyze the value of the turnover indicator only in dynamics. It is best to consider the coefficient values ​​for 5 - 10 years. In this case, it is possible to clearly define both the length of one production cycle of the company and the efficiency of using working capital.

In addition, in order to understand how rationally the resources are used in a particular enterprise, it is worth comparing the data obtained with the industry average. But even in this case, the underestimated or overestimated value of the coefficient will not testify positive or negative results. Thus, it is impossible to draw any conclusions based only on the data on the value of the turnover ratio. To correctly determine the current situation, it is necessary complete economic analysis enterprises.

Information about the indicators of the efficiency of using working capital can be obtained from the following video:

How to increase the turnover rate

If, after analyzing the economic activities of the organization, it was revealed that there are no objective reasons for the underestimated value of the working capital turnover ratio, then it’s time to look solutions this problem, and there can be several such paths.

First, you can reduce the company's working capital, i.e. sell off the leftovers of finished products, reduce the purchase of raw materials and materials, deal with accounts receivable, and so on. Reducing the cost of working capital will allow the company to significantly increase the turnover ratio.

Secondly, you should pay attention to the amount of the company's revenue... If it is not possible to reduce current assets, then it is necessary to look for new ways of selling products. However, it should be understood that attracting new customers and increasing sales in most cases leads to an increase in production volumes. Thus, together with the company's revenue, the costs of working capital may also increase, which will entail a decrease in the value of the coefficient.

Possible reasons for the decline

If, when analyzing the turnover of the company's working capital, it was revealed that the value of this coefficient is continuously decreasing and this has nothing to do with the production cycle of the enterprise, then it's time to pay attention to the ways of using working capital.

First of all, it is necessary to conduct complex analysis of all components of the company's working capital and identify which line of the balance sheet has the greatest specific weight. More often than not, companies suffer from prohibitive inventories and accounts receivable.

If the company's stocks grow from period to period, and the volume of products sold does not change, then the main problem is errors in logistics. In other words, the organization purchases more raw materials and materials than is needed for its current activities. To solve this problem, you should debug the supply chain, revise contracts with suppliers and once again calculate the optimal quantities of stocks for a continuous production process.

Another problem may be settlements with buyers and customers, it is from them that for the most part the accounts receivable of the enterprise are formed. Many large companies choose to pay their suppliers only at the end of the reporting period, while finished goods were shipped at the very beginning. There are no universal solutions to this problem, and the organization itself chooses how to influence its customers.

Turnover ratio- a parameter by calculating which it is possible to estimate the rate of turnover (application) of specific liabilities or assets of the company. As a rule, turnover ratios act as parameters of an organization's business activity.

Turnover rates- several parameters that characterize the level of business activity in the short and long term. These include a number of ratios - working capital and asset turnover, accounts receivable and payable, and inventory. Equity and cash ratios are in the same category.

The essence of the turnover ratio

The calculation of business activity indicators is carried out using a number of qualitative and quantitative parameters - turnover ratios. The main criteria for these parameters include:

The business reputation of the company;
- the presence of regular buyers and suppliers;
- the width of the sales market (external and internal);
- the competitiveness of the enterprise, and so on.

For a qualitative assessment, the obtained criteria should be compared with those of competitors. At the same time, information for comparison should be taken not from financial statements (as is usually the case), but from marketing research.

The above criteria are reflected in relative and absolute parameters. The latter include the volume of assets used in the work of the company, the volume of sales of finished goods, the volume of its own profit (capital). Quantitative parameters are compared in relation to different periods (this can be a quarter or a year).

The optimal ratio should look like this:

Growth rate of net income> Rate of growth of profit from the sale of goods> Rate of growth of net assets> 100%.

3. Ratio of current (circulating) assets turnover displays how quickly accessed and used. With the help of this coefficient, you can determine what turnover was made by current assets for a certain period (usually a year) and how much profit was brought.

5. Indicators of the effectiveness of the use of working capital

Improving the use of working capital with the development of entrepreneurship is becoming increasingly important, since the material and monetary resources released in this case are an additional internal source of further investment. Rational and efficient use of working capital helps to increase the financial stability of the enterprise and its solvency. In these conditions, the enterprise fulfills its settlement and payment obligations in a timely manner and in full, which makes it possible to successfully carry out commercial activities.

The efficiency of using working capital is characterized by a system of economic indicators, primarily the turnover of working capital.

The turnover of circulating assets is understood as the duration of one complete circulation of assets from the moment the circulating assets in monetary form are converted into inventories and until the release of finished products and their sale. The turnover of funds is completed by crediting the proceeds to the company's account.

The turnover rate of working capital is calculated using three interrelated indicators:

- the turnover ratio (the number of revolutions made by circulating assets for a certain period (year, half-year, quarter));

- the duration of one turnover in days,

- the amount of working capital per unit of products sold.

The calculation of the turnover of working capital can be carried out both according to plan and in fact.

The planned turnover can be calculated only for the standardized turnover of funds, the actual one - for all circulating assets, including non-standardized ones. Comparison of the planned and actual turnover reflects the acceleration or deceleration of the turnover of normalized working capital. With the acceleration of turnover, the current assets are released from the turnover, with a slowdown, there is a need for additional involvement of funds into the turnover.

The turnover ratio is defined as the ratio of the amount of proceeds from the sale of products, works, services to the average balance of working capital according to the formula (Figure 7.29):

K about = P / C,

where Р - net proceeds from the sale of products, works, services, rubles;С - average balances of working capital, in rubles.

Rice. 7.29. Methodology for calculating the turnover ratio

The turnover of working capital can also be presented in days, that is, reflect the duration of one turnover (Fig. 7.30).

The duration of one turnover in days is determined by the formula:

O = C: R / D or O = D / K about,

where O is the duration of one turnover in days;С - balances of working capital (average annual or at the end of the forthcoming (reporting) period), rubles;Р - revenue of marketable products (at cost or in prices), rubles;D - the number of days in the reporting period.

Rice. 7.30. Calculation of the duration of one turnover in days

To determine the duration of one turnover of receivables, you can use the indicator of the volume of sales in selling prices. First, the sales volume for one day is calculated, and then the urgency of the receivables.

The calculation is made according to the formula:

OD = DZ: Oh,

where OD is the duration of the turnover of receivables (in days);ДЗ - accounts receivable at the end of the year;О - sales volume in one day.

The period required for the conversion of all working capital into cash consists of the duration of one turnover of stocks in days and the urgency (duration) of one turnover of receivables.

The ratio of working capital utilization is the inverse of the turnover ratio (Figure 7.31). It characterizes the amount of working capital per unit (1 ruble, 1 thousand rubles, 1 million rubles) of products sold. In essence, this indicator represents the capital intensity of working capital and is calculated as the ratio of the average balance of working capital to the volume of sales of products for the analyzed period. Calculated by the formula:

K s = C / R,

where K s - coefficient of loading of working capital;С - average balance of working capital, rubles;Р - revenue (net) from the sale of products, works, services, rubles.

Rice. 7.31. Load factor calculation

Example: Over the past year, the volume of commercial products at the cost price amounted to 350,000 thousand rubles. The average balance of working capital for the same period is equal to 47,800 thousand rubles. Determine the indicators of the efficiency of the use of working capital by the enterprise.

The calculation is carried out according to the following sequence:

1. The turnover ratio is determined: 350,000 / 47,800 = 7.3 turnover. That. for the year, working capital made 7.3 turns. In addition, this indicator means that for every ruble of working capital, there were 7.3 rubles of sales.

2. The duration of one revolution is calculated: 360 / 7.3 = 49.3 days

3. The load factor is determined: 47,800 / 350,000 = 0.14.

In addition to these indicators, the indicator of the return on working capital can also be used, which is determined by the ratio of profit from the sale of the company's products to the average balances of working capital (Fig. 7.32).

Rice. 7.32. Profitability of current assets

The turnover can be defined as general and as private.

The total turnover characterizes the intensity of the use of circulating assets in general for all phases of the circulation, without reflecting the peculiarities of the circulation of individual elements or groups of circulating assets.

Private turnover reflects the degree of use of circulating assets in each phase of the circulation, in each specific phase of the circulation, in each group, as well as for individual elements of circulating assets.

To determine the impact of structural changes, the balances of individual elements of working capital are compared with the volume of commercial output (T), which was taken when calculating the total turnover of working capital. In this case, the sum of the indicators of the private turnover of individual elements of working capital will be equal to the indicator of the turnover of all working capital of the enterprise, that is, the total turnover.

The quantitative result of the efficiency of using working capital is their release from circulation (with an acceleration of turnover) or additional involvement in economic circulation (with a slowdown in the turnover of working capital) (Fig. 7.33).

Rice. 7.33. Consequences of acceleration and deceleration of the turnover of working capital

The release can be absolute or relative.

The absolute release of working capital takes place when the actual balances of working capital are less than the standard or balances of working capital for the previous (base) period while maintaining or increasing the volume of sales for this period.

The relative release of working capital takes place in cases where the acceleration of the turnover of working capital occurs simultaneously with an increase in production at the enterprise, as a result, the growth rate of sales outstrips the increase in working capital.

The funds released in this case cannot be withdrawn from circulation, since they are in the inventories of goods and materials, ensuring the growth of production.

The relative release of working capital, like the absolute one, has a single economic basis and significance, or it means additional savings for an economic entity and allows an increase in the scale of entrepreneurial activity without attracting additional financial resources.

Example: It is known that for the previous year, the proceeds from the sale of products (in pg) amounted to 6,000 million rubles, for the current year (in tenge) - 7,000 million rubles. The average balance of working capital in the previous year (OS tg) - 600 million rubles, in the current year (OS tg) - 500 million rubles. The number of days in period D is 360 days. Determine the magnitude of the absolute and relative release of working capital from economic circulation.

The calculation is performed in the following sequence:

1. The turnover rates are calculated:

Of the previous year (KO pg) = 6,000 / 600 = 10 revolutions

Current year (KO tg) = 7,000 / 500 = 14 revolutions

2. The duration of one turnover in days is determined:

In the previous year (D pg) = 360/10 = 36 days

In the current year (D tg) = 360/14 = 25.71 days

3. The load factors are determined:

Previous year (KZ pg) = 600/6000 = 0.1

Current year (KZ tg) = 500/7000 = 0.07142

4. Two methods can be used to calculate the release of working capital.

Method 1: The total amount of funds released from the economic turnover is calculated according to the formula B = (D tg - D pg) × B tg / D; absolute release: B ab = OS pg - OS tg; relative release: V rel = V - V ab.

By the condition of the problem:

B = (25.71 - 36) × 7000/360 = (-200) million rubles.

Wab = 500 - 600 = (-100) million rubles.

Votn = (-200) - (-100) = (- 100) million rubles.

Method 2: The total amount of the release from the economic turnover is calculated by the formula B = (KZ tg - KZ pg) × B tg; absolute release: B ab = OS pg - (B tg / KO pg); relative release: V rel = (V tg -V pg) / KO tg.

By the condition of the problem:

B = (0.07142-0.1) × 7000 = (-200) million rubles.

Wab = 600 - (7000/10) = (-100) million rubles.

Votn = (6000 - 7000) / 10 = (-100) million rubles.

The efficiency of the use of working capital depends on many factors, which can be divided into external, influencing regardless of the interests of the enterprise, and internal, which the enterprise can and should actively influence.

External factors include: the general economic situation, tax legislation, the condition for obtaining loans and the interest rate on them, the possibility of targeted financing, participation in programs financed from the budget. These and other factors determine the framework in which the company can manipulate the internal factors of working capital.

Significant reserves for increasing the efficiency of the use of working capital lie directly in the enterprise itself. In the field of production, this applies primarily to production inventories. As one of the constituent parts of working capital, they play an important role in ensuring the continuity of the production process. At the same time, production stocks represent that part of the means of production that is temporarily not involved in the production process.

The rational organization of inventories is an indispensable condition for increasing the efficiency of the use of working capital. The main ways to reduce production stocks are reduced to their rational use, elimination of excess stocks of materials, improvement of rationing, improvement of the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation, optimal choice of suppliers, and well-organized transport. An important role belongs to the improvement of the organization of storage facilities.

Acceleration of the turnover of working capital allows you to free up significant amounts and thus increase the volume of production without additional financial resources, and use the released funds in accordance with the needs of the enterprise.

The efficiency of using working capital is characterized by a system of economic indicators, and, first of all, the turnover of working capital and the duration of one turnover. The turnover of working capital is understood as the duration of the complete circulation of funds from the moment of acquisition of working capital (purchase of raw materials, materials, etc.) to the release and sale of finished products. The turnover of circulating assets is completed by crediting the proceeds to the company's account.

The turnover of working capital at the enterprise depends on the following factors:

the duration of the production cycle;

the quality of products and their competitiveness;

efficient management of working capital at the enterprise in order to minimize them;

solving the problem of reducing the material consumption of products;

the way of supplying and marketing products;

structure of working capital, etc.

The efficiency of working capital turnover is characterized by the following indicators:

1. Coefficient of turnover of working capital. Shows the number of revolutions that are made during the analyzed period of the working capital. The higher the turnover ratio, the better the working capital is used.

Cob = N / Espo(1)

where Cob- the ratio of the turnover of working capital;

N- revenues from sales;

Esro- the average annual cost of working capital.

Esro = (End of the year + End of the year) / 2 (2)

where Esro- the average annual cost of working capital;

Yenach of the year- the cost of working capital at the beginning of the year;

End of the year- the cost of working capital at the end of the year.

2. Coefficient of utilization of funds in circulation. It is the inverse of the direct current assets turnover ratio. It characterizes the amount of working capital spent on 1 ruble. products sold. The lower the utilization factor, the more efficiently the working capital is used at the enterprise, and its financial position improves.

Кз = Есро / N х100 (3)

where Kz- coefficient of utilization of funds in circulation

N- revenues from sales;

Esro- the average annual cost of working capital;

100 - translation of rubles into kopecks.

3. The coefficient of the duration of one turnover of working capital. It shows how long it takes to return to the enterprise its working capital in the form of proceeds from the sale of products. A decrease in the duration of one turnover indicates an improvement in the use of working capital.

TE = T / Cob (4)

where THOSE- the duration of the 1st turnover of working capital;

T

Cob- turnover ratio;

Comparison of the turnover ratios in dynamics over the years allows us to identify trends in the change in the efficiency of the use of working capital. If the turnover ratio of working capital has increased or remained stable, then the company operates rhythmically and rationally uses monetary resources. A decrease in the turnover ratio indicates a drop in the pace of a developed enterprise and its unfavorable financial condition. The turnover of working capital can slow down or accelerate. As a result of the acceleration of turnover, that is, a decrease in the time spent by circulating assets of individual stages and of the entire circulation, the need for these funds decreases. They are released from circulation. The slowdown in turnover is accompanied by the involvement of additional funds in the turnover. The relative savings (relative cost overruns) of working capital is determined by the following formula:

Е = Есро- Есрп х (Nrep / N prev) (5)

where E–Relative savings (overexpenditure) of working capital;

E sro- the average annual cost of current assets of the reporting period;

E cpp- the average annual cost of working capital of the previous

Nch- proceeds from the sale of the reporting year;

Nbefore- proceeds from sales of the previous year.

Relative savings (relative cost overruns) of working capital:

E = 814 - 970.5x375023 / 285366 = - 461.41 (thousand rubles) - savings;

The general assessment of the turnover of working capital is presented in table 5

Table 5

General assessment of the turnover of working capital

Conclusion: The general assessment of working capital shows that for the analyzed period:

The duration of the turnover of working capital compared with the previous period has improved by 0.44 days, that is, funds invested in current assets go through a full cycle and again take monetary form 0.44 days earlier than in the previous period;

A decrease in the utilization factor of funds in turnover by 0.13 indicates that the working capital has begun to be used most effectively at the enterprise in comparison with the previous year, i.e. the financial situation is improving;

An increase in the turnover ratio by 166.66 indicates a better use of working capital;

The acceleration of the turnover of circulating assets led to their release from circulation in the amount of 461, 41 thousand rubles.

Accounts receivable - the amount of debts owed to an enterprise, an organization from legal entities and individuals. The most general guidelines for managing receivables are:

Monitor the status of settlements with buyers for deferred (overdue) debts;

If possible, target a larger number of buyers in order to reduce the risk of non-payment by one or more large buyers;

Monitor the status of receivables and payables - a significant excess of receivables creates a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing.

The information base for the analysis of accounts receivable is the official financial statements: accounting report - form No. 1 (section "Current assets"), form No. 5 "Appendix to the balance sheet" (section "Accounts receivable and payable" and references thereto).

For accounts receivable, as well as for working capital, in general, the concept of "turnover" is used. The turnover is characterized by a group of coefficients. To assess the turnover of accounts receivable, the following indicators are used:

1. Ratio of accounts receivable turnover.

Shows how efficiently the company has organized the collection of payments for its products. A decrease in this indicator may signal an increase in the number of insolvent customers and other sales problems.

Kobd =N/ Esrd (6)

where N- revenues from sales;

Kobd

Esrd- the average annual value of accounts receivable.

2. Period of repayment of receivables.

This is the length of time required for the enterprise to receive debts for the products sold. It is defined as the inverse of the receivables turnover indicator and multiplied by the period.

TEdz = T / Cob (7)

where TEZ- the duration of the 1st turnover of working capital;

T- the duration of the 1st period (360 days);

Kobd- Ratio of accounts receivable turnover.

3. The share of receivables in the total volume of current assets. Shows what share of receivables is in the total amount of current assets. An increase in this indicator indicates an outflow of funds from circulation.

Ddz = Edzkon / Takon x 100% (8)

where Edzkon- accounts receivable at the end of the year;

Tacon- current assets at the end of the year.

Ddz- share of receivables

All calculated data are grouped and entered in table 6.

Table 6

Analysis of accounts receivable turnover

Conclusion: analysis of accounts receivable turnover shows that the state of settlements with customers has improved compared to last year:

The average maturity of accounts receivable decreased by 1.87 days;

The growth of the accounts receivable turnover ratio by 73.49 turnover shows a relative decrease in commercial lending;

The share of accounts receivable in the total volume of working capital decreased by 8.78%, which indicates an increase in the liquidity of current assets, and, consequently, a slight improvement in the financial condition of the enterprise.

Inventory management (MPZ).

Inventory accumulation has positive and negative sides.

Positive sides:

The fall in the purchasing power of money forces the company to invest temporarily surplus funds in stocks of materials, which then, if necessary, can be easily sold;

The accumulation of inventories is often a forced measure to reduce the risk of non-delivery or under-delivery of raw materials and materials necessary for the production process of an enterprise.

Negative sides:

The accumulation of inventories inevitably leads to an additional outflow of funds due to an increase in costs associated with the storage of stocks (lease of warehouses and their maintenance, costs of moving stocks, insurance, and so on), as well as an increase in costs associated with loss due to obsolescence, damage , theft and uncontrolled use of inventories, due to an increase in the amount of tax paid, and due to the diversion of funds from circulation.

To assess the turnover of the inventories, the following indicators are used:

1. The coefficient of turnover of the MPZ. Shows the rate of turnover of the MPZ.

Kmpz =S/ ESPRMZ (9)

where ESRMPZ- the average annual cost of inventories; S- cost price;

Kmpz- the coefficient of turnover of the MPZ.

The cost price is taken from Form No. 2 - Profit and Loss Statement. The higher this indicator, the less funds are associated with this least liquid item, the more liquid structure current assets have and the more stable the financial position of the enterprise. It is especially important to increase the turnover and reduce the inventory in the presence of large debts at the enterprise. In this case, creditors' pressure can be felt before anything can be done with the reserves, especially in an unfavorable market environment.

2. Shelf life of inventories.

An increase in this indicator indicates the accumulation of reserves, while a decrease indicates a reduction in reserves. Similarly, the indicators of turnover of finished goods and inventories, as well as the shelf life of inventories and finished goods, are calculated.

Tmpz = T / Kmpz (10)

where TPP- shelf life of the MPZ;

T- the duration of the 1st period (360 days);

Kmpz- the coefficient of turnover of the MPZ.

An increase in this indicator indicates the accumulation of reserves, while a decrease indicates a reduction in reserves. Similarly, the indicators of turnover of finished goods and inventories, as well as the shelf life of inventories and finished goods, are calculated. The data of the analysis of the turnover of the inventories are presented in table. 7.

Table 7

Analysis of the turnover rate of the refinery

Conclusion: the analysis of inventories turnover shows that for the analyzed period:

The turnover rate of the refinery increased by 0.5 revolutions, and the shelf life of the refinery decreased by 0.8 days compared to last year. Consequently, the enterprise does not accumulate inventories;

The turnover rate of inventories decreased by 20.8 revolutions, and the shelf life of inventories increased by 1.43 days compared to last year. Consequently, the enterprise is accumulating production stocks;

The turnover rate of finished products increased by 2.19 turnovers, and the shelf life of finished products decreased by 2.15 days. Thus, finished products are not accumulated at the enterprise.