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Topic: Assessment of the financial position of the organization. Financial condition of the enterprise

To the question " How to determine the financial condition of a person? Everyone responds differently. As a rule, first of all, to determine financial condition pay attention to the following two points:

1. How much a person earns;

2. What property does he own.

In fact, these two parameters by themselves do not at all characterize the financial condition of a person, and here's why ...

For greater clarity, let's compare a person with an enterprise. Evaluation of the financial condition of an enterprise always comes down to determining whether the enterprise is profitable or unprofitable. Let's take for example all kinds of large enterprises (factories, combines, etc.) left over from the times of the USSR. They own a lot of property, its value is millions, their revenues also amounted to millions. And, despite this, the vast majority of such enterprises have long been recognized as bankrupt, and every year the number of such bankrupts is replenished. Why? Yes, everything is very simple: these enterprises spend more than they earn, that is, their expenses exceed their income.

Thus, the financial condition is characterized not by the amount of income and the presence of property in the property, but, first of all, by the ratio of the revenue and expenditure side of the budget!

The same can be attributed to a person, considering him. From the income of a person, from how much he earns, the financial condition, of course, depends, but only by 50%. The remaining 50% is affected by the expenditure part of the personal budget, that is, how much a person spends.

In addition, an important role is played by the availability of monetary (reserves, savings, capital) and material (property, business, securities, precious metals) assets on the one hand and debts, loans, credits and other debts on the other.

The presence of any debts (starting from bank loans and ending with loans from acquaintances “before salary” and arrears in paying for public Utilities) has an extremely Negative influence to the level of a person's financial condition. Incl. and because the use of borrowed funds in most cases involves additional costs (interest and commissions on loans, penalties, fines for late obligatory payments, remuneration and gifts to friends who borrow funds, etc.)

Ownership and other tangible assets cannot be considered as indicators of financial condition if they are acquired at the expense of borrowed funds, and this debt has not yet been fully repaid. This is especially true for property purchased for personal consumption. In this case, on the contrary, the presence of property purchased on credit reduces the level of a person's financial condition. Therefore, when considering ways to improve the financial condition, the loan should be the last thing to think about, and only in order to raise the revenue (and not the expenditure!) Part of the personal budget, and best of all, not think at all.

An enterprise is an independent economic entity created to conduct economic activity which is carried out in order to make a profit and meet public needs.

Under the financial condition of the enterprise refers to the ability of the enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal and individuals, solvency and financial stability.

The financial condition of the enterprise can be stable, unstable and crisis. The ability of an enterprise to make payments in a timely manner, to finance its activities on an expanded basis, indicates its good financial condition. The financial condition of an enterprise depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, then this has a positive effect on the financial condition of the enterprise, and, conversely, as a result of the failure to fulfill the plan for the production and sale of products, its cost increases, revenue and the amount of profit decrease, therefore, the financial condition of the enterprise and its solvency worsens.

A stable financial position, in turn, provides positive influence to fulfill production plans and meet the needs of production necessary resources. Therefore, financial activity component economic activity is aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of own and borrowed capital and its most efficient use. The main goal of financial activity is to decide where, when and how to use financial resources for the effective development of production and maximum profit.

In order to survive in a market economy and prevent the bankruptcy of an enterprise, you need to know well how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be occupied by own and borrowed funds. You should also know such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of an enterprise, profitability threshold, stock financial stability(safety zone), degree of risk, effect financial leverage and others, as well as the method of their analysis.

Therefore, financial analysis is an essential element of financial management and audit. Almost all users of financial statements of enterprises use the methods of financial analysis to make decisions to optimize their interests.

The owners analyze the financial statements to increase the return on capital, ensure the stability of the firm's improvement. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. We can firmly say that the quality of the decisions made depends entirely on the quality of the analytical justification of the decision.

The purpose of the analysis is not only to establish and evaluate the financial condition of the enterprise, but also to constantly carry out work aimed at improving it. An analysis of the financial condition of the enterprise shows in what areas this work should be carried out, makes it possible to identify the most important aspects and the most weak positions in the financial condition of the enterprise. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the financial condition of an enterprise in a particular period of its activity. But main goal analysis is to timely identify and eliminate shortcomings in financial activities and find reserves to improve the financial condition of the enterprise and its solvency. To assess the stability of the financial condition of the enterprise, whole system indicators characterizing changes:

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

efficiency and intensity of its use;

solvency and creditworthiness of the enterprise;

stock of its financial stability.

The indicators should be such that all those associated with the enterprise economic relations, could answer the question of how reliable the enterprise is as a partner and, therefore, make a decision on the economic profitability of continuing relations with it. An analysis of the financial condition of an enterprise is based mainly on relative indicators, since absolute balance indicators in terms of inflation are almost impossible to bring into a comparable form. Relative indicators can be compared with:

generally accepted “norms” for assessing the degree of risk and predicting the possibility of bankruptcy;

similar data from other enterprises, which makes it possible to identify strong and weak sides enterprise and its capabilities;

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

The main tasks of the analysis:

timely identification and elimination of shortcomings in financial activities, and the search for reserves to improve the financial condition of the enterprise, its solvency;

forecasting possible financial results, economic profitability, based on the actual conditions of economic activity and the availability of own and borrowed resources, the development of models of financial condition for various options for using resources;

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

The analysis of the financial condition of the enterprise is carried out not only by the managers and relevant departments of the enterprise, but also by its founders, investors in order to study the efficiency of the use of resources, banks to assess credit conditions and determine the degree of risk, suppliers to receive payments in a timely manner, tax inspectorates to fulfill the plan for the receipt of funds in budget, etc.

The main purpose of 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, the analyst and the manager (manager) may be interested in both the current financial condition of the enterprise and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

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

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. Analytical problem is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological possibilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it should be borne in mind that the periodic accounting or financial statements of an enterprise are only “raw information” prepared during the implementation of accounting procedures at the enterprise.

To make management decisions in the field of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information, an analytical reading of the source data is necessary based on the goals of analysis and management. .

The basic principle of analytical reading of financial statements is the deductive method, i.e. from the general to the particular, but it must be applied repeatedly. In the course of such an analysis, as it were, the historical and logical sequence economic facts and events, the direction and strength of their influence on performance.

Introduction of a new chart of accounts accounting, bringing the forms of financial statements in line with the requirements international standards necessitates the use of a new method of financial analysis, corresponding to the conditions of a market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree of financial stability of an enterprise, assessing business activity and the effectiveness of entrepreneurial activity.

The main (and in some cases the only) source of information about the financial activities of the enterprise is financial statements which has become public. The company's reporting market economy is based on the generalization of financial accounting data and is an information link that connects the enterprise with society and business partners - users of information about the activities of the enterprise.

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Separate user groups, such as management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, most often annual and quarterly reports are the only source of external financial analysis.

The methodology of financial analysis consists of three interrelated blocks:

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

The main source of information for analyzing the financial condition is balance sheet enterprises (form N1 annual and quarterly reporting). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The source of data for the analysis of financial results is the report on financial results and their use (Form No. 2 of annual and quarterly reporting). source additional information for each of the blocks of financial analysis serves to balance (Form N 5 annual reporting).

Application for assessment of the financial condition of the enterprise

It is one of the key points of its assessment, as it serves as the basis for understanding the true state of the enterprise. Financial analysis is the process of researching and evaluating an enterprise in order to develop the most reasonable decisions on its further development and understanding its current state.Under the financial condition refers to the ability of the company to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.The results of financial analysis directly affect the choice of valuation methods, forecasting the income and expenses of the enterprise, determining the discount rate used in the discounted method. cash flows, by the value of the multiplier used in the comparative approach.

Analysis of the financial condition of the enterprise includes the analysis of balance sheets and reports on the financial results of the evaluated enterprise for the past periods in order to identify trends in its activities and determine the main financial indicators.

Analysis of the financial condition of the enterprise involves the following steps:

Analysis of property status
Analysis of financial results
Analysis of the financial condition

1. Analysis of property status

In the course of the functioning of the enterprise, the value of assets, their structure undergo constant changes. Most general idea about the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of reporting.

Vertical analysis shows the structure of enterprise funds and their sources. Vertical analysis allows you to move to relative estimates and conduct business comparisons economic indicators activities of enterprises that differ in the amount of resources used, to smooth out the impact of inflationary processes that distort the absolute indicators of financial statements.

Horizontal analysis of reporting consists in the construction of one or more analytical tables in which absolute indicators are supplemented by relative growth (decrease) rates. The degree of aggregation of indicators is determined by the analyst. As a rule, basic growth rates are taken for a number of years (contiguous periods), which makes it possible to analyze not only the change in individual indicators, but also to predict their values.

Horizontal and vertical analyzes complement each other. Therefore, in practice, it is not uncommon to build analytical tables that characterize both the structure of financial statements and the dynamics of its individual indicators. Both of these types of analysis are especially valuable in inter-farm comparisons, as they allow you to compare the statements of enterprises that differ in type of activity and production volumes.

2. Analysis of financial results

Profitability indicators are relative characteristics of the financial results and performance of the enterprise. They measure the profitability of the enterprise from various positions and are grouped according to the interests of the participants. economic process, market volume. Profitability indicators are important characteristics of the factor environment for the formation of profits and income of enterprises. The effectiveness and economic feasibility of the operation of an enterprise are measured by absolute and relative indicators: profit, gross income, profitability, etc.

3. Analysis of the financial condition

3.1. Assessment of the dynamics and structure of balance sheet items

The financial condition of the enterprise is characterized by the placement and use of funds and sources of their formation.For a general assessment of the dynamics of the financial condition, balance sheet items should be grouped into separate specific groups on the basis of liquidity and maturity of obligations (aggregate balance sheet). On the basis of the aggregated balance sheet, an analysis of the structure of the enterprise's property is carried out. Directly from the analytical balance, one can obtain the series the most important characteristics the financial condition of the enterprise.Dynamic analysis of these indicators allows you to establish their absolute increments and growth rates, which is important for characterizing the financial condition of the enterprise.

3.2. Analysis of liquidity and solvency of the balance sheet

The financial position of the enterprise can be assessed from the point of view of the short and long term. In the first case, the criteria for assessing the financial position are the liquidity and solvency of the enterprise, i.e. the ability to timely and in full make settlements on short-term obligations.The task of analyzing the liquidity of the balance sheet arises in connection with the need to assess the creditworthiness of the organization, i.e. its ability to timely and fully pay all its obligations.

Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities. Liquidity of the balance sheet should be distinguished from the liquidity of assets, which is defined as the temporary value necessary to turn them into cash. The less time it takes for this type of asset to turn into money, the higher their liquidity.

Solvency means that the enterprise has cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment. Thus, the main signs of solvency are: a) the presence of sufficient funds in the current account; b) the absence of overdue accounts payable.

Obviously, liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the Company's assets can be divided into the following groups:

A1. Most liquid assets- these include all items of cash assets of the enterprise and short-term financial investments. This group is calculated in the following way: (p.260+p.250)

A2. Quick Selling Assets- accounts receivable, payments on which are expected within 12 months after the reporting date: (line 240+line 270).

A3. Slow selling assets- items of section II of the balance sheet asset, including inventories, value added tax, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets:

A4. Difficult-to-sell assets- articles of section I of the balance sheet asset - non-current assets: (line 110 + line 120-line 140)

Liabilities of the balance are grouped according to the degree of urgency of their payment.

P1. Most urgent obligations- these include accounts payable: (line 620 + line 670)

P2. Short-term liabilities- these are short-term borrowed funds, and other short-term liabilities: (line 610 + line 630 + line 640 + line 650 + line 660)

P3. Long-term liabilities- these are balance sheet items related to sections V and VI, i.e. long-term loans and borrowings, as well as debt to participants for the payment of income, deferred income and reserves for future expenses: (line 510 + line 520)

P4. Permanent liabilities or sustainable- these are articles of the IV section of the balance sheet "Capital and reserves". (p. 490-p. 217). If the organization has losses, then they are deducted:

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities.

The balance is considered absolutely liquid if the following ratios take place:

A1 > P1; A2 > P2; A3 > P3; A4

If the first three inequalities are satisfied in this system, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups by asset and liability.

In the case when one or more inequalities of the system have opposite sign from fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute. At the same time, the lack of funds in one group of assets is compensated by their surplus in another group in valuation, in a real situation, less liquid assets cannot replace more liquid ones.

Further comparison of liquid funds and liabilities allows us to calculate the following indicators:

Current liquidity of TL, which indicates the solvency (+) or insolvency (-) of the organization for the nearest time period to the moment in question:

TL \u003d (A1 + A2) - (P1 + P2)

Prospective liquidity of PL is a forecast of solvency based on a comparison of future receipts and payments:

PL \u003d A3 - P3

The analysis of financial statements and liquidity of the balance sheet carried out according to the above scheme is approximate. More detailed is the analysis of financial indicators and ratios.

3.3. Analysis of financial independence and capital structure

An assessment of the financial condition of an enterprise will be incomplete without an analysis of financial stability. Financial independence - a certain state of the company's accounts, guaranteeing its constant solvency.

An analysis of financial independence for a particular date allows you to answer the question: how correctly did the organization manage financial resources during the period preceding this date. The essence of financial independence is determined by the effective formation, distribution and use of financial resources. An important indicator that characterizes the financial condition of the enterprise and its independence is the availability of material working capital from its own sources, i.e. financial independence is the provision of reserves with sources of their formation, and solvency is its external manifestation. It is important not only the ability of the enterprise to return borrowed funds, but also its financial stability, i.e. financial independence of the enterprise, the ability to maneuver with its own funds, sufficient financial security for an uninterrupted process of activity.

The tasks of analyzing the financial stability of an enterprise are to assess the size and structure of assets and liabilities - this is necessary in order to find out:

a) how independent the enterprise is from a financial point of view;

b) the level of this independence increases or decreases and whether the state of assets and liabilities meets the objectives of the financial and economic activities of the enterprise.

Financial independence is characterized by a system of absolute and relative indicators. Absolute are used to characterize the financial situation arising within the same enterprise. Relative - to characterize the financial situation in the economy, they are called financial ratios.

The most general indicator of financial independence is the excess or lack of a source of funds for the formation of reserves. The meaning of the analysis of financial independence with the help of absolute indicator is to check what sources of funds and how much are used to cover stocks.

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INTRODUCTION

The national economy is made up of the economies of individual firms. No firm operates in isolation. In the process of its production and financial activities, an extensive system of relationships with other organizations arises: suppliers and contractors, buyers, banks, tax authorities, insurance organizations, etc. All elements national economy are interconnected and interdependent. Therefore, the financial condition of organizations determines the state of the economy as a whole. By improving the condition of individual firms, we can eliminate many economic problems at the macro level, i.e. at the national level, and ultimately at the global level.

Security effective functioning organizations requires economically competent management of their activities, which is largely determined by the ability to analyze it. With the help of analysis, development trends are studied, factors of change in performance results are deeply and systematically studied, plans are substantiated and management decisions, control over their implementation is carried out, reserves for increasing production efficiency are identified, the results of the organization's activities are evaluated, and economic strategy its development.

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

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

Any organization must analyze the financial condition in order to determine the ability to timely make settlements with counterparties, make all mandatory payments, while ensuring a normal rate of return for itself, which allows it to successfully operate in the market.

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

In connection with all of the above, the purpose of the work is to analyze the liquidity and solvency of ODO "Experiment".

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

Research theoretical basis liquidity and solvency management,

Conduct an analysis of the liquidity and solvency of the organization

To identify directions for increasing the liquidity and solvency of the organization.

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

1. THEORETICAL FOUNDATIONS OF LIQUIDITY AND SOLVENCY MANAGEMENT

One of the most important criteria for the financial condition of the organization is its solvency. Solvency is understood as the ability of the organization to repay payments on its short-term obligations in a timely manner with uninterrupted implementation production activities.

Solvency analysis is necessary for:

· The organization itself in assessing and forecasting financial activities;

· Banks in order to verify the creditworthiness of the borrower;

Partners for the purpose of finding out financial opportunities organization when providing a commercial loan or deferred payment.

When analyzing the financial condition of an organization, a distinction is made between long-term and short-term solvency. Long-term solvency is understood as the ability of the organization to pay off its long-term obligations.

The definition of 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 means of payment with short-term liabilities. Payment methods include:

· Cash in bank accounts and on hand;

· Financial investments;

· Accounts receivable to the extent that there is no doubt about repayment.

Short term liabilities include:

· Short-term credits and loans;

· Accounts payable.

The excess of means of payment over external liabilities indicates the solvency of the organization. The insolvency of an organization can be indirectly indicated by:

Lack of funds in the accounts and at the cash desk;

· Existence of overdue debts on credits and loans;

· Existence of debts to financial authorities;

· Violation of payment deadlines wages and other reasons.

Reasons for insolvency may include:

· Non-fulfillment of the production and sales plan;

· Increasing the cost of production;

· Non-fulfillment of the profit plan;

Deficiency own sources self-financing;

· High percentage of taxation;

· Irrational use of working capital;

· Diversion of funds into receivables, etc.

The ability of an organization to pay its short-term obligations is commonly called liquidity (current solvency). In other words, an organization is considered liquid when it is able to meet its short-term obligations.

Any external partners of the organization (creditors, investors, owners, fiscal services), first of all, it is interested in its ability to pay current liabilities in a timely manner and in full. That's why importance acquires an analysis of the liquidity of the organization's balance sheet. IN financial analysis There are 2 concepts of liquidity:

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

2. Liquidity refers to the ability to turn assets into cash and pay off one's payment obligations.

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

In the framework of the first approach, liquidity is understood as the ability of an organization to cover its short-term obligations in the short term. An organization is considered illiquid if there is a risk of default on current financial liabilities. This may be temporary or indicate serious and permanent problems in the organization's activities. The reasons for this situation may be:

· Binding funds of the organization in the form of illiquid assets that cannot be quickly converted into cash;

· Irrational financing of its main production activity, which is characterized by a discrepancy between the timing of debt repayment and the timing of cash generation and the discrepancy between the amount of debt and the ability to receive cash.

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

1. The most liquid assets (A1), representing the amounts of all items of cash and short-term financial investments(securities). The most liquid assets can be used to pay off current liabilities immediately.

2. Marketable assets (A2), which are short-term receivables and other assets. It takes time for these assets to turn into cash.

3. Slowly realizable assets (A3) are stocks, long-term receivables, VAT on acquired valuables. Stocks finished products can only be sold after a buyer has been found. Inventories may require additional processing before they are sold. From the amount of VAT, it is desirable to exclude the amount of compensation from the profit of the organization. Future expenses are not included in this group.

4. Difficult to sell assets (A4) are non-current assets (1 section of the asset balance). They are intended to be used in the business activities of the organization for an extended period. Their conversion into cash meets serious difficulties.

The first three groups of assets are current assets, because may change continuously 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 maturities of liabilities, liabilities are grouped in relation to the corresponding groups of the asset as follows:

1. The most urgent liabilities (P1) include accounts payable, dividend payments, other short-term liabilities, loans not repaid on time;

2. Short-term liabilities (P2) are short-term bank loans and other loans repayable within 12 months;

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

4. Permanent liabilities (P4) - own funds(section 3 of the balance sheet liabilities) and articles of section 4 that are not included in the previous groups.

In order to maintain equality between the amounts of assets and liabilities, grouped by liquidity and maturity, the amount of permanent liabilities must be reduced by the amount of deferred expenses and losses.

The sum of long-term and short-term liabilities of the organization is its external liabilities. To determine the degree of liquidity of the balance sheet, the parts of the balance sheet asset sold by a certain period, with parts of the liability that must be paid by this date. If the comparison shows that these amounts are sufficient to pay off obligations, then in this part the balance sheet is considered liquid, and the organization is solvent, and vice versa.

The balance is considered to be absolutely liquid if the following inequalities are met: А1> П1; A2>P2; A3>P3; A4<П4.

If these inequalities are observed, then we can say that the minimum condition for the financial stability of the organization is observed. If at least one condition does not match, the balance is not absolutely liquid. The lack of funds in one group can be compensated by the surplus in another group, if it has a higher level of liquidity.

The measure of liquidity and investment attractiveness is working capital (or NWC - net working capital), which is the excess of current assets over current liabilities. In terms of its economic content, this indicator reflects the presence of own working capital, which is directed primarily to the formation of production reserves, i.e. inventories of materials, raw materials, work in progress and finished products. Insufficient NCF to form inventories can lead to dependence on creditors and, ultimately, to a halt in 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 study the composition of current assets and current liabilities.

Current assets include:

Cash;

Short-term financial investments;

Short-term accounts receivable less provisions for bad debts;

Stocks, except for stocks that exceed current requirements justified by regulations. Prepaid expenses in inventories are considered current assets not because they can be converted into cash, but because they represent advances for services that require current cash outlays.

Current liabilities (liabilities) include:

Short-term loans;

Accounts payable;

In some cases, the proportion of long-term debt due in the current period.

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

The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. At the same time, liquidity characterizes both the current state of settlements and the future. An entity may be solvent at the balance sheet date but have adverse future opportunities, and vice versa.

The absolute liquidity ratio (the rate of cash reserves) is determined by the ratio of cash and short-term financial investments to the total amount of short-term debts of the enterprise. It shows what part of short-term liabilities can be repaid from the available cash. The higher its value, the greater the guarantee of debt repayment. However, even with a small value of it, an enterprise can always be solvent if it can 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.

Cubs liquid = Kr invest + Money / KO, (1)

where Кр invest - Quick (term) liquidity ratio - the ratio of the aggregate of funds, short-term financial investments and short-term receivables, payments on which are expected within 12 months after the reporting date, to the amount of short-term financial liabilities. The ratio of 0.7--1 usually satisfies. However, it may not be sufficient if a large proportion of liquid funds is accounts receivable, some of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If a significant share of current assets is occupied by cash and cash equivalents (securities), then this ratio may be smaller.

Kb.l 2013 \u003d KA-Stocks / KO \u003d Money + Kr invest + Deb / KO (2)

(general debt coverage ratio Ktl) - the ratio of the total amount of short-term assets to the total amount of short-term liabilities; it shows the degree of coverage of current liabilities by current assets:

K1 2013 =KA/KO (3)

The excess of current assets over short-term financial liabilities provides a reserve to compensate for losses that an enterprise may incur during the placement and liquidation of all current assets, except for cash. The larger this reserve, the greater the confidence of creditors that the debts will be repaid. Satisfies usually coefficient > 2.

In the Republic of Belarus, its minimum level is set: 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 below this level, then this is one of the grounds for recognizing the enterprise as 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 generated from its own sources. From the point of view of creditors, such a variant of the formation of working capital is most preferable. From the point of view of the efficiency of the company's activities, a significant accumulation of inventories, the diversion of funds into receivables may be associated with inept asset management. As the main criteria for assessing the financial structure of the balance sheet and the solvency of the enterprise, he proposes to use a limited range of indicators:

Current liquidity ratio, the calculation method of which was given above;

Equity ratio working capital, which characterizes the presence of the organization's own working capital necessary for its financial stability;

The asset coverage ratio of financial liabilities characterizes the organization's ability to pay off its financial liabilities after the sale of assets. The coefficient of provision with own working capital (Coss) is determined by the formula:

The asset coverage ratio of financial liabilities is defined as the ratio of all (long-term and short-term) liabilities of the organization, with the exception of reserves for future expenses, to the total value of assets. deduction to the balance sheet currency:

Thus, the solvency management system in organizations is part of the state's financial policy. It specifies the main directions of development, the total amount of financial resources, their effective use. A mechanism for regulating and stimulating social and economic processes by financial methods is being developed. Financial indicators organizations (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 ALC "EXPERIMENT"

The information base for analyzing the solvency and liquidity of an enterprise is the annual financial statements of ODO "Experiment" for 2014. So, having considered the theoretical foundations for conducting an analysis of the liquidity of an enterprise in the first chapter of this work, we will proceed directly to this analysis using the example of a particular enterprise ODO "Experiment".

Let's divide the balance sheet asset of ALC "Experiment" according to the degree of liquidity.

Table 2.1 - The structure of the asset balance of ALC "Experiment" by the degree of liquidity, million rubles.

Asset group by liquidity degree	December 31, 2014	In % of total	December 31, 2013	In % of total	Deviation
BUT 1 - the most liquid assets
BUT 2 - marketable assets
BUT 3 - slow-moving assets
BUT 4 - hard-to-sell assets

The table shows that the most liquid assets in 2013 amounted to 22.7 million rubles, which is 78.1 million rubles more than in 2014 and amounted to 100.8 million rubles. Marketable assets in 2013 amounted to 13.8 million rubles, which is 15.7 million rubles more than in 2014 and amounted to 29.5 million rubles. Slowly realizable assets decreased by 43.2 million rubles in 2014 compared to 2013 and amounted to 15.3 million rubles. Hardly sold assets in 2013 amounted to 403.4 million rubles, which is 39.4 million rubles than in 2014 and amounted to 364 million rubles. They occupy the main volume in the asset balance for both 2013 and 2014.

Table 2.2 - The structure of the liability of the balance sheet of ALC "Experiment" by the degree of repayment of obligations, million rubles.

Group of liabilities of the balance sheet by the degree of repayment of obligations	December 31, 2014	In % of total	December 31, 2013	In % of total	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 liabilities in 2013 amounted to 62.8 million rubles, which is 142.5 million rubles more than in 2014 and amounted to 205.3 million rubles. They occupy the main volume in the balance sheet 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 largest volume in the liabilities side of the balance sheet for 2013. Fixed 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 sheet of ALC "Experiment", million rubles.

Asset status	Liability state

1. The most liquid assets		1. The most urgent liabilities
2. Marketable assets		2. Short-term liabilities
3. Slow selling assets		3. Long-term liabilities
4. Hard-to-sell assets		4. Permanent liabilities

In order to assess the liquidity of the company's balance sheet, it is necessary to compare each asset group with the corresponding liability group. It is necessary that the following inequalities hold: A1> P1, A2> P2, A3> P3, A4<П4.

Based on the data in the table, we will make inequalities by years:

2013: A1<П1, A2>P2, A3<П3, A4<П4;

2014: A1<П1, A2>P2, A3<П3, A4>P4.

As you can see, at this enterprise in 2013 some inequalities are not observed, 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 satisfied, i.e. the liquidated assets of an organization are greater than short-term liabilities. The enterprise will be able to become solvent when settling with 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 there is no equity left to replenish working capital, which will have to be replenished mainly by delaying the repayment of accounts payable 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 liquidity of the balance sheet (the most liquid assets are less than the most urgent liabilities; slow-moving assets are less than long-term liabilities and hard-to-sell assets are more than permanent liabilities).

Table 2.4 - Solvency indicators

Indicator	Calculation formula	Meaning	Optimal value

Current liquidity ratio
Working capital ratio	SK+DO-YES/KA
Coverage ratio of financial liabilities with assets
Quick liquidity ratio	Money+Cr deposit+Deb/KO			K b. l. >=1
Absolute liquidity ratio	Kr invest + Money / CO			K abs>=0.2

Calculation of solvency ratios

Current liquidity ratio

K1 2013 =KA/KO=97/62.8=1.54

K1 2014 =KA/KO=147.5/205.3=0.72

Working capital ratio:

K2 2013 \u003d SK + DO-YES / KA \u003d 57.6 + 380.0-403.4 / 97.0 \u003d 0.35

K2 2014 \u003d SK + DO-YES / KA \u003d 118.2 + 188.0-364.0 / 147.5 \u003d -0.39

Coverage ratio of financial liabilities with assets:

K3 2013 \u003d KO + DO / IB \u003d 62.8 + 380.0 / 500.4 \u003d 0.88

K3 2014 \u003d KO + DO / IB \u003d 205.3 + 188.0 / 511.5 \u003d 0.77

Quick liquidity ratio:

Kb.l 2013 \u003d KA-Reserves / KO \u003d Money + Kr invest + Deb / KO \u003d 22.7 + 0 + 13.8 / 62.8 \u003d 0.58

Kb.l 2014 \u003d KA-Reserves / KO \u003d Money + Kr investment + Deb / KO \u003d 100.8 + 29.5 / 205.3 \u003d 0.63

Absolute liquidity ratio:

Cubs liquid 2013 \u003d Kr investment + Money / KO \u003d 22.7 / 62.8 \u003d 0.36

Cubs liquid 2014 \u003d Kr investment + Money / KO \u003d 100.8 / 205.3 \u003d 0.49

Based on the data in the table and the above calculations, we can conclude that K1 for 2013 amounted to 1.54 and corresponds to the standard value >=1.0-1.7, and as of 2014 K1 amounted to 0.72, which does not correspond to the standard value. From this it follows that the low degree of coverage of current liabilities by current assets, the company is unable to cover part of the short-term debt at the expense of available funds and short-term financial investments. K2 for 2013 was 0.35, which corresponds to the normative value >=0.1-0.3, and in 2014 it was -0.39, which does not correspond to the normative value. Thus, the financial stability of the enterprise decreases. K3 for 2013 was 0.88, and for 2014 0.77, which corresponds to the standard 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 in 2014 it was 0.49, which also corresponds to the standard value. The organization is insolvent, but not bankrupt. It is necessary to take measures to restore solvency.

To improve the solvency and liquidity of the enterprise JSC "Ilyinogorskoye" we can recommend the following areas for improving financial and economic activities:

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

Search for new markets for their services;

Search for legal ways to minimize tax payments: compiling a payment calendar;

Improving the state of accounting and reporting; formation of an optimal accounting policy;

Analysis of concluded contracts for their potential tax consequences;

Carefully monitor the return of receivables, use court procedures to recover them. If it is impossible to collect the debt even on the basis of a court decision, the enterprise still gets the opportunity to attribute the amount of outstanding debt to a decrease in taxable profit, which will at least reduce payments to the budget;

Look for opportunities to reduce the production cycle of the enterprise, for example, by reducing the amount of raw materials leftovers;

Development of a system for providing discounts and using markups.

The value of liquidity ratios can be improved through a number of management decisions, the most effective of which are:

· Reducing non-manufacturing costs.

· Sale of unused non-current assets.

· Attraction of long-term sources of financing.

· Increasing the profitability of sales (by increasing selling prices and reducing production costs).

Note that the value of the current liquidity ratio can be increased by repaying short-term liabilities. This method, for example, by postponing the next purchase of raw materials and materials on the eve of the balance sheet and directing temporarily released funds to cover accounts payable, can be used to artificially inflate the level of the overall solvency of the enterprise. The direct consequence of such an operation is a decrease in the absolute liquidity of the enterprise.

The value of the quick liquidity ratio can be improved through a number of management decisions. In addition to those already listed in the description of the current ratio, one should point to:

Rationing or downward revision of existing standards that determine the amount of production stocks and stocks of finished products. - Selling (even without making a profit) unused stocks.

The value of the absolute liquidity ratio can be improved through a number of management decisions. In addition to those already listed in the description of the current and quick liquidity ratio, one should point to:

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

Extended payment terms for invoices.

Separation of payments to suppliers into several stages.

To improve the financial position of the enterprise, it is necessary to direct the main forces of the enterprise to the reduction and effective management of receivables and payables.

To manage accounts receivable at OAO Ilyinogorskoye, it is necessary to develop an appropriate regulation for managing accounts receivable. Accounts receivable management should include the following mandatory procedures:

Accounting for settlements with debtors;

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

Regular work with current accounts receivable:

Claim work with overdue receivables;

The procedure for collecting overdue receivables through the court. It is advisable to set a limit on receivables at the enterprise, above which the provision of services to the debtor should be terminated.

In addition, it is necessary to systematically check the payment discipline and business reputation of the company's debtors and daily monitor the status of receivables. And as already noted, one of the most effective tools to maximize cash flow and reduce the risk of overdue receivables is a system of penalties and fines. It is applied in case of violation of the payment terms established by the debt repayment schedule, and must be provided for in the contract. It should also be noted that in order to increase its own creditworthiness, an enterprise must take care of its own image in the business community, namely, try to establish itself as a reliable partner that fulfills all its obligations in a timely manner. A positive credit history, participation in large projects, high quality of manufactured goods and services, adaptability to new management methods and technologies, influence in business and financial circles - all this will help improve the image of Ilnogorskoye OJSC, and hence strengthen its creditworthiness.

One of the main and most radical directions of the financial recovery of an enterprise is the search for internal reserves to increase the profitability of trading activities and achieve break-even work: improving the quality and competitiveness of goods, reducing their cost, rational use of material, labor and financial resources, reducing unproductive costs and losses.

At the same time, the main attention should be paid to the study and implementation of best practices in the implementation of the austerity regime, material and moral incentives for employees in the struggle to save resources and reduce unproductive costs and losses.

In special cases, it is necessary to radically revise the program for the purchase and sale of goods, logistics, organization of labor and payroll, recruitment and placement of personnel, quality management of goods, raw materials markets and markets for goods, investment and pricing policies and other issues.

CONCLUSION

Summarizing the above 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 forecast economic and financial activities, and for its counterparties, i.e. institutions and firms with which it enters into direct relations in the course of its functioning. These are banks, suppliers and contractors, buyers, tax authorities, insurance organizations, etc.

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

The financial condition of the organization is expressed using a system of indicators: solvency and liquidity. The calculation and analysis of these indicators makes it possible to assess the actual state of affairs of the organization, establish its real capabilities, identify deviations in its activities and outline measures to eliminate and prevent negative trends in its functioning in the future.

When writing a term paper, the calculation of all the considered indicators was carried out on the basis of the digital material of the accounting and statistical reporting of ODO "Experiment". An analysis of the calculated indicators made it possible to assess the financial condition of the organization, identify the strengths and weaknesses of its activities, determine the financial capabilities of the organization and the reserves for improving the efficiency of its functioning, etc.

It should be noted that the analytical function should take not the last place in the activities of any business entity. The results of the economic activity of the organization directly depend on the timely and high-quality analysis.

LIST OF USED SOURCES

liquidity solvency financial negotiable

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