Management of accounts payable at the enterprise: ways to reduce debt. Coursework: Accounts Payable Management Company Accounts Payable Management Policy
Send your good work in the knowledge base is simple. Use the form below
Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.
Hosted at http://www.allbest.ru/
Introduction
Chapter 1. Theoretical aspects of accounts payable management
1.1 The concept of the organization's accounts payable, its role in the organization's activities
1.2 Accounts Payable Management Methods, Importance of Accounts Payable Optimization
1.3 The system of indicators used in the assessment of receivables and payables
1.4 Methodology for analyzing accounts payable
Chapter 2
2.1 Brief economic and organizational characteristics of Avantage LLC
2.2 Assessment of the level of financial condition and accounts payable of Avantage LLC
2.3 Comparative analysis of accounts payable and receivable of the organization
Chapter 3. Measures for the effective management of accounts payable of Avantage LLC
Conclusion
Bibliography
Introduction
The topic of my thesis was not chosen by chance, since the lack of funds in the economy and the insolvency of many enterprises have made the issues of working with debtors and creditors one of the main areas in the list of functions of a financial manager.
In the process of production, commercial, intermediary and other activities, organizations enter into various settlement relationships with a large number of enterprises, organizations, institutions and individuals. Management in the field of settlement operations involves consideration of issues of the organization's relationship with legal entities and individuals that arise at the final stage of their cooperation in the form of payment for goods, finished products, performance of work, services rendered, etc., as well as the emergence of receivables and payables.
The most relevant, acute issue facing all business executives at the present time is the issue that is directly related to settlement and payment transactions - this is the management of accounts payable, since the problem of managing accounts payable is largely complicated by the imperfection of the regulatory and legislative framework in terms of debt collection.
Accounts payable is a natural component of the company's balance sheet. It arises as a result of a discrepancy between the date of occurrence of obligations and the date of payment on them. Ivashutin FM, Financial management, ed.
Carrying out entrepreneurial activities, participants in property turnover assume that as they carry out business operations, they will not only return the invested funds, but also receive income. However, in real practice, especially with the transition to market relations and a decline in production, situations constantly arise when, for one reason or another, an enterprise cannot pay off debts. Accounts payable arise and persist for many months, and sometimes years. The growth of accounts payable worsens the financial condition of the enterprise, and sometimes leads to bankruptcy.
The relevance of the chosen topic of this thesis lies in the fact that the dynamics of changes in receivables and payables, their composition, structure and quality, as well as the intensity of their increase or decrease, have a great influence on the turnover of capital invested in current assets, and, consequently, on financial condition of the enterprise.
In conditions of capital shortage, when long-term external sources of financing are very limited and often difficult to access, and internal ones, as a rule, are not enough to ensure even simple reproduction, domestic enterprises are forced to pay special attention to the management of accounts payable and receivable. In this regard, solving the problem of collecting payments from debtors and fulfilling obligations to creditors are one of the necessary conditions for improving the efficiency of enterprises, as well as a means of adapting enterprises to changing environmental conditions.
The purpose of the thesis is to develop recommendations for improving the management of accounts payable of a particular organization - Avantage LLC.
Based on the purpose of the work, the following tasks are formulated:
To reveal the concept of accounts payable and its role in the activities of the organization;
To characterize the methods of managing accounts payable, the importance of optimizing accounts payable;
To open a technique of the analysis of accounts payable;
Analyze the composition and dynamics of the organization's accounts payable;
Conduct a comparative analysis of accounts payable and receivable of Avantazh LLC;
Develop proposals to improve the management of accounts payable.
The subject of this thesis is accounts payable.
The object of the study is Avantage LLC.
The methodological basis of the thesis was the methods for analyzing the financial condition, namely:
- horizontal (temporal) analysis allows you to compare each position with the previous period. Vertical (structural) analysis allows you to determine the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;
- analysis of relative indicators (coefficients) allows you to calculate the ratios of reporting data, determine the relationship of indicators.
When writing this thesis, legislative acts, regulatory documents, enterprise reporting, and the work of domestic authors were used.
The thesis consists of an introduction, three chapters, a conclusion, a list of references.
Chapter 1. Theoretical aspects of accounts payable managementdebt
1. 1 The concept of accounts payableorganization, its role in the activities of the organization
In foreign literature, accounts payable include: payable debt; the expected outflow of cash or resources; refusal of an economic entity from potential income, etc.
In Russia, accounts payable most often include short-term debt arising from the settlements of buyers with suppliers, customers with contractors, enterprises with tax authorities, with personnel for wages and other payments due to dividends, etc., as well as loans provided by banking organizations.
The organization owns and uses accounts payable, but it is obliged to return or pay this part of the property to creditors who have the right to claim it. The specified part of the property includes the organization's debts, other people's property, other people's funds owned by the organization of the debtor Bobkov I.V., Karpov E.A. The role of internal management of accounts payable and receivable in management.//Economics in industry. - 2012. No. 2. .
Accounts payable has a dual nature: as part of the property, it belongs to the organization on the basis of ownership or even the right of ownership; as an object of obligations - these are the organization's debts to creditors.
Accounts payable for economic content includes debt to suppliers and contractors. This debt is taken into account in the amount of the contractual value of material assets received from them, work performed or services rendered.
Accounts payable to the personnel of the organization are accrued, but unpaid amounts of wages.
The enterprise's debt to the budget includes accrued but unpaid amounts of payments on taxes and fees and is equated to them with payments, including personal income tax.
Under the item “other liabilities”, all other types of accounts payable for settlements with counterparties of the organization Gorfinkel V.Ya., Shvandar V.A. are taken into account. Small business. Organization, economics, management. -M.: Unity-Dana, 2010.-495s. .
Before proceeding to the study of obligations, it should be remembered that accounting, as well as the concepts used in it, is based on the norms of the Civil Code, the law "On Accounting and Financial Reporting", according to this, obligations to other legal entities are possible in connection with the acquisition of materials, goods, acceptance of work performed, services rendered, payment for which has not yet occurred. In other words, the assets of the organization increase simultaneously with the increase in liabilities in the balance sheet. So, if the receipt of materials and equipment precedes its payment, then the registration of inventories, investments in non-current assets should be reflected simultaneously with an increase in debt to suppliers or contractors. Law of the Russian Federation “On Accounting” No. ed. from 28.11.2011 .
The general grounds for termination of obligations from the point of view of state legislation are as follows:
1. proper execution (Article 408 of the Civil Code of the Russian Federation);
2. compensation (Article 409 of the Civil Code of the Russian Federation);
3. offset (Article 410 of the Civil Code of the Russian Federation);
4. innovation (Article 414 of the Civil Code of the Russian Federation);
5. debt forgiveness (Article 415 of the Civil Code of the Russian Federation).
The information base for the study is the financial statements of the enterprise, as a set of indicators reflecting the state of property, rights and obligations of an economic entity as of a certain date, the financial results of its activities for the reporting period, as well as changes in the financial position of the Civil Code of the Russian Federation, parts 1-2 - in part contract regulation. .
Liabilities are classified into current (short-term accounts payable that must be repaid within the operating cycle or within 12 months) and long-term liabilities (with a maturity of more than a year).
The liability is measured as the present value of all future cash payments. The liability includes principal and interest.
The obligation is regulated in the following ways:
1. payment of funds;
2. transfer of assets;
3. provision of services;
4. replacement of one obligation by another;
5. transfer of liabilities into capital.
Accounts payable are subject to accounting and reflection in the balance sheet as debts of the organization of the balance holder.
To date, to ensure proper accounting of the economic activities of the enterprise, it is necessary to correctly build an accounting system.
The beginning of the beginnings are primary documents, their correct execution and processing. Primary documents should record the fact of a transaction or event. Settlements with suppliers and contractors are also accompanied by documents, the basis for assuming obligations to the supplier of goods (works, services) are the contract, invoice or act of work (services) performed and invoice. The contract serves as a justification for the purchase, invoices or an act serve to confirm the fact of receipt of goods or work, an invoice is a mandatory document for all payers of value added tax and is issued on the basis of an invoice or an act of work performed.
Payment for the purchase is made on the basis of an invoice, a document of the supplier to confirm the payment by the buyer indicating the amount of payment, a list of goods, the buyer, having paid the invoice, receives the goods from the supplier upon presentation of a copy of the invoice, a copy of the payment document with a bank mark, a power of attorney to receive the goods. In turn, the supplier issues an invoice for the release of goods and an invoice.
Payment orders are made through bank institutions in a non-cash manner for received and accepted goods, services, subject to reference to the number and date of tax invoices, waybills and other documents confirming the release of goods or the provision of services, as well as for non-commodity transactions. A prerequisite for receiving inventory items from suppliers is the issuance of a power of attorney.
In order to exercise control over the write-off of debts for various circumstances, an inventory of settlements and obligations is carried out, which is drawn up by a reconciliation act.
The inventory of settlements with creditors is reduced to confirming the balances on the accounts of settlements with them and identifying doubtful obligations among them; when taking an inventory of accounts payable, it is necessary to pay attention to the limitation periods for each accounts payable. Ministry of Finance of the Russian Federation No. 34n of July 29, 1998) edition of December 24, 2010 .
One of the forms of external manifestation of the financial stability of an enterprise is its solvency for accounts payable - the ability to timely fulfill its obligations arising from trade and other payment transactions.
As part of the analysis of accounts payable, an in-depth study of the solvency of the enterprise is carried out based on the construction of a balance sheet that includes the following interrelated groups of indicators: the total amount of non-payments, debt on loans, debt on supplier settlement documents, arrears in the budget, other non-payments, including wages.
If the deadlines for paying tax payments are violated, an overdue debt to the tax authorities arises. Untimely contributions to off-budget funds and other non-payments lead to the emergence of illegal accounts payable.
Accounts payable refers to short-term liabilities, and its balances by groups of creditors characterize their pre-emptive right to the property of the organization. This means that at any time creditors can demand repayment of debts.
On the other hand, accounts payable can be assessed as a source of short-term attraction of funds. The strategy of the organization in this case should provide for the possibility of their early involvement in circulation in order to rationally invest in the most liquid types of assets that bring the greatest income. Thus, there is a relationship between accounts payable and the liquidity indicator. Liquidity is the ability of assets to be quickly sold at a price close to the market. Liquid- convertible into money. Usually distinguish highly liquid, low-liquid and illiquid values (assets). . When determining the liquidity of the balance sheet, the totals for all groups of assets and liabilities are compared. An ideal liquid balance provides the following ratio:
A1 (absolutely liquid assets) ? P1 (term liabilities);
A2 (quickly realizable assets) ? P2 (short-term liabilities);
A3 (slowly realizable assets) ? P3 (long-term liabilities);
А4 (hard-to-sell assets) ? P4 (permanent liabilities). Levakhina E.D. , Analysis of financial statements, textbook, M, 2009
From the ratio A2? P2, we see that accounts payable, being a short-term liability, is associated with the formation of receivables, as it is the source of its coverage.
Timely and complete fulfillment of payment obligations of the enterprise determines the high degree of their financial stability. This is the most important prerequisite for reducing the amount of accounts payable.
With an unsatisfactory structure of the balance sheet asset, manifested in an increase in the share of doubtful receivables, a situation is possible when the organization will be unable to meet its obligations, which may lead to bankruptcy.
1.2 MMethodsmanagementaccounts payable
The entire range of debts of enterprises in the aggregate of contracts with counterparties can be divided into two types: receivables and payables. Indicators of receivables and payables are involved in the calculation of various solvency and financial stability ratios. The analysis of these coefficients is carried out at the beginning and end of the year, their comparative assessment is given, which characterizes the financial condition of the organization.
Accounts receivable of an organization are payments from buyers of goods, accounts payable, on the contrary, the debt of the organization itself to suppliers of goods and other third-party organizations. the same acts as accounts payable from another, so it is advisable to use an integrated approach in the analysis.
Accounting for settlements with related organizations, in which each specific enterprise can act in turn as a supplier, contractor, buyer, customer, debtor and creditor, is an essential part of accounting activities.
Failure to receive or untimely receipt of cash receipts or material resources paid in advance disrupts the rhythm of economic activity. Accounts receivable arise, which often lead to financial losses and the destruction of established partnerships.
In practice, companies use different approaches to financing current assets. They are based on the assumption that in order to ensure liquidity, non-current assets and a constant part of current assets should be reimbursed at the expense of long-term liabilities. The difference between the approaches is determined by what sources of funding are chosen to cover the variable part of current assets. There are conservative, aggressive and moderate approaches.
With a conservative approach, the variable part of current assets is covered by long-term liabilities, and the constant part is covered by own funds. This approach guarantees liquidity as there is no short-term debt. However, it is costly. Long-term liabilities tend to be of high value and require ongoing maintenance. High costs of attracting long-term financing give rise to the risk of reducing the return on equity.
A conservative approach is a priority in cases of an inflationary increase in the cost of short-term sources of financing of current assets, the instability of the company and the lack of reliable forecasts for the flow of funds, the provision of preferential terms for long-term debt financing (for example, under government programs).
An aggressive approach to financing current assets is to use short-term debt to fully cover the variable part of current assets. Long-term liabilities in this approach serve as a source of coverage for non-current assets and a constant part of current current assets, i.e. the minimum necessary for economic activity under normal, normal conditions. The risk of loss of liquidity with an aggressive approach is maximum and the likelihood of discrepancies between receipts and payments increases. In the event of an urgent repayment of all short-term obligations, the company will be forced to sell even fixed assets. The advantage of this approach is that it is a cheap way to cover current assets. During periods of acute need for funds (with insufficient short-term liabilities), short-term bank loans may be attracted.
Moderate approach to asset financing involves a combination of risk and return in order to maximize the market value of the company. In this case, non-current assets, the permanent part of current assets and about half of their variable part are covered by long-term liabilities. The second half of the variable part of current assets should be financed by short-term debt. With this approach, all decisions on working capital management are evaluated from the point of view of maximizing the price within the framework of the overall financial policy (the need for dividend payments, the implementation of investment programs, the possibility of optimizing the periods of accounts payable and receivable, etc.) Zhilkin I.V. Information infrastructure of enterprise management.// Economics in industry. -2011. No. 1. .
It can be concluded that the main difference between the three approaches to financing current assets is the amount of short-term debt used in each of them. The aggressive approach assumes the greatest use of this source, while the conservative approach the least (the moderate approach as an intermediate level assumes the use of long-term and short-term sources equally).
The level of receivables is determined by many factors: the type of product, market capacity, the degree of saturation of the market with this product, the settlement system adopted at the enterprise, etc. The last factor is especially important for the manager.
Since the growth of inventories and costs at the enterprise can lead to an increase in the liquidity of current assets, it is necessary to identify and analyze the reasons for the diversion of funds from economic turnover in a timely manner, as it contributes to the growth of accounts payable and the deterioration of the financial condition of the enterprise.
The main methods of managing receivables and payables are to establish with buyers and suppliers such contractual relationships that ensure the timely and sufficient receipt of funds to make payments to creditors, and make the timing and amount of payments by the enterprise to suppliers dependent on the receipt of funds from buyers. The implementation of such management requires the availability of information about the real state of receivables and payables and their turnover. At the same time, long-term and overdue debts should be excluded from the balance sheet of receivables and payables.
When developing a payment policy, an enterprise proceeds from a comparison of the profit additionally obtained by softening the terms of payments and, consequently, an increase in sales volumes, and losses due to an increase in receivables.
The consulting group "Voronov and Maksimov" conducted a study among Russian enterprises in order to determine what methods in the management of receivables and payables are used by Russian enterprises. Based on the results of the study, Russian enterprises use the following methods of managing receivables and payables:
Calculation and analysis of financial ratios;
Planning, control and analysis of receivables;
Planning and control of the total amount of working capital;
Control over accounts payable, comparison of accounts receivable and accounts payable;
Planning and control of stocks of raw materials, materials and finished products in warehouses.
At the same time, the study revealed that a number of enterprises do not use any control methods at all.
The results of the receivables management analysis showed that a third of the enterprises participating in the study provide discounts to customers depending on the payment term and a third of the enterprises associate the payment term of the delivered products with its volume. 79% of all surveyed enterprises control the volume of receivables, while the timing of the provision of receivables is controlled by only 42% of enterprises Zharikov V.V. Anti-crisis management of the enterprise. - Tambov: textbook, TSTU, 2009. -128p.
According to the results of the study, 25% of all surveyed enterprises use other methods of receivables control, including: control of the priority of payments by suppliers, control of receipts for each group of goods, dynamic control for each debtor, control of the critical level of debt for each debtor.
In the course of the study, enterprises were asked about the methods used to influence debtors:
In case of violation by debtors of their obligations, they use penalties and turn to the help of the arbitration court;
Conduct individual negotiations with debtors;
Suspend the provision of services under concluded contracts;
They change the previously agreed terms of payment (switching to full or partial prepayment when customers purchase products).
Along with the question of the management of receivables, enterprises were asked the question of the methods of managing accounts payable. As a result, it turned out that about half of the surveyed enterprises do not use any methods of managing accounts payable. The remaining enterprises use the following methods:
Regular negotiations with suppliers on the terms of delivery;
Individual work with each supplier;
Selection of suppliers with appropriate payment terms;
Increasing the commodity credit and the deferred payment period from the supplier based on the determination of a fixed volume of monthly purchases;
Transition to payment to suppliers after the sale of products;
Unauthorized delay in payments to suppliers;
Obtaining discounts on the volume of purchased products for a certain period of time.
As one of the methods of managing accounts payable, the study considered the use of a bill of exchange form of payment. The study showed that 25% of surveyed enterprises use promissory notes in their activities. Of all enterprises using the bill of exchange form of payment, 32% of enterprises use bills of exchange, including for settlements within the enterprise, and the same percentage of enterprises use bills of exchange of Sberbank.
As for the sources of borrowed capital used by enterprises, the results of the study showed that 63% of enterprises use bank loans, 50% of enterprises use accounts payable as a source, 42% sell products on prepayment, 25% use other sources of borrowed capital, including: retail loans, investor funds, factoring Zharikov V.V. Anti-crisis management of the enterprise. - Tambov: textbook, TSTU, 2009. -138p.
Analytical procedures related to the management of accounts payable are mainly included in the system of intra-company financial analysis and management control. We can distinguish the following key points that require analytical justification:
1. Selection of a supplier (in this case, the following should be taken into account: the reliability of the supplier, the possibility of establishing long-term relationships, the variability in establishing financial and settlement relationships, the availability of various schemes for the supply of raw materials and materials, the average duration of delivery, etc.);
2. Control of the timeliness of settlements (as a rule, exceeding the deadline for payment for the supplied raw materials and materials leads to penalties);
3. The choice of the moment of settlement with a specific creditor in a specific situation (in the vast majority of cases, suppliers of raw materials, naturally interested in speeding up payment, offer a discount on the selling price on the condition of relatively quick payment; thus, the company faces a dilemma - to use the discount or get an additional source of financing).
Analysis of the turnover of receivables and payables allows us to draw conclusions about:
The rationality of the size of the annual turnover of funds in settlements, since the efficiency of the settlement and payment system accelerates the process of cash turnover in settlements, contributes to the inflow of other assets of the organization and the repayment of accounts payable.
Reducing the cost of products (works, services). With an increase in the number of revolutions, the share of fixed costs, attributable to the cost indicator, decreases;
Possible acceleration of turnover at other stages of the production process and the sale of products (works, services). Reducing the turnover of receivables and payables will lead to an acceleration in the turnover of cash, stocks and liabilities of the organization. Parushina N.V. Financial analysis: Analysis of receivables and payables./Parushina N.V.//Accounting. - M., 2010. - No. 4. - S. 48.
Accounts receivable management involves, first of all, control over the turnover of funds in settlements. The acceleration of turnover in dynamics is regarded as a positive trend.
Of great importance are the selection of potential buyers and the determination of the terms of payment for the goods provided for in the contracts. Naydenova R.I., Vinokhodova A.F., Naydenov A.I. Financial management. - M.: KnoRus, 2011. - S. 208 The selection is carried out using informal criteria: observance of payment discipline in the past, predictive financial capabilities of the buyer to pay for the volume of goods requested by him, the level of current solvency, the level of financial stability, economic and financial conditions of the enterprise - seller (overstocking, the degree of need for cash, etc.).
Payment for goods by regular customers is usually made on credit, and the terms of the credit depend on many factors. In economically developed countries, a scheme is widespread, in which:
The buyer receives a 2% discount in case of payment for the received goods within n days from the beginning of the crediting period (for example, from the moment the goods were received);
the buyer pays the full cost of the goods if the payment is made in the period from the (n+1)-th to the n-th day of the credit period; in case of non-payment within n days, the buyer will be forced to pay an additional fine, the amount of which may vary depending on the moment of payment.
Accounts receivable control includes the ranking of receivables according to the timing of their occurrence. The most common classification provides for the following grouping (days): 0-30; 31-60; 61-90; 91-120; over 120. Other groupings are possible. In addition, it is necessary to control bad debts in order to form the necessary reserve. Kovalev V.V. Financial management course. - M: Prospect, 2011. - S. 478
The choice of receivables management method is influenced by the chosen management strategy.
In the event that an accounting strategy has been adopted for development, it is advisable to use the most convenient methods of payment for the enterprise, namely the collection of debt in cash, the implementation of offset schemes or the assignment of debt to third parties on the basis of assignment agreements Assignment is the right to demand the return of debt and other rights and the obligations of the original creditor are transferred to another organization for an appropriate fee, and the consent of the debtor is not required. or factoring Factoring is lending to suppliers through the purchase of short-term receivables. .
The collection strategy is carried out in relation to overdue receivables and requires more active actions to collect them. At this stage, the primary task is to minimize the difference between the amount of receivables, taking into account the delay in payment, and the original amount of the debt, that is, to reduce the period of delay in payment.
A collection monitoring strategy is conducted on deferred receivables and does not require any action other than monitoring the counterparty's financial condition in order to collect the debt.
If a collection strategy is being developed, and the debt is overdue, in addition to “convenient” payment methods (cash, offset schemes), it is advisable to use less preferable, but necessary methods of payment, such as exchanging debt for shares of the debtor, issuing debt with a promissory note, signing an agreement on compensation, and in the event of an unsuccessful outcome of the listed methods - an appeal to the Arbitration Court.
All of these methods in most cases lead to an effective result. Aristarkhova M.K., Valiev Sh.N. Management of receivables of an industrial enterprise, Ufa, USATU, 2009-96s.
In the event that the organization has assessed in advance the reality and reliability of repayment of such debt, has reserved amounts for its write-off, these consequences cannot affect the rhythm of the company's functioning and its solvency.
When managing accounts payable, the same methods are used as when managing accounts receivable.
If there are mutual obligations between enterprises, then the following will help to reduce accounts payable:
1. Offset of mutual claims (Article 410 of the Civil Code of the Russian Federation). Set-off of counterclaims can be carried out if two or more parties have settlement obligations, when they, as a result of the execution of contracts different in content, are both a debtor and a creditor in relation to each other.
2. Choice of calculation method. Forms of payment involve partial or full prepayment, as well as the opportunity to purchase goods at a discount, depending on the volume of the purchase.
3. Ranging accounts payable for each creditor separately, in order to control the maturity of obligations, allows you to track the timing of payment of obligations in a timely manner.
4. Attracting funds from investors. Since we consider the process of attracting additional financial resources for the purposes of our own business from the point of view of maximizing the security of this process, we should dwell on the two most important, in this aspect, characteristics of this loan method. The first is relative cheapness: as a rule, investors who exchange their funds for corporate rights (shares, shares) rely on dividends, which are fixed in the constituent documents (or set at a meeting of participants) in the form of interest. In this case, in the absence of profit at the enterprise, the capital invested in the business can be "free". The second feature is the ability of investors to influence the management processes in the established economic company (the right to vote at a meeting of shareholders or participants). Therefore, care should be taken to maintain a controlling stake. Otherwise, your original equity capital may turn into capital loaned to a new investor. This leads to the conclusion that the amount of funds raised by corporate investors is clearly limited: in the general case, they should not exceed your initial investment: even if the shares (shares) are "dispersed" among several holders, there is still a risk (especially when it comes to a successful enterprise ) concentration of corporate rights under a single control.
5. Financial (cash) credit, as a rule, is provided by banks. This is one of the most expensive types of credit resources. Limiting factors:
High percent,
The need for reliable security
Creation of solid balance sheet figures.
Despite the "high cost" and "problematic" attraction, the possibilities of a bank loan, unlike an investment loan, must be used by the company at 100%. If the project implemented by the company is really "designed" for a competitive level of profitability, then the profit received from the use of a financial loan will always exceed the required interest. Although banks prefer such a type of security for loans as collateral, they can be satisfied with a third party guarantee (if there are solvent founders or other interested parties). Balance sheet indicators also have some "flexibility", both in the process of their formation, and in the course of their perception by the host. The presence of presentable reporting indicators, although it is a prerequisite for a bank employee, can, to some extent, be ignored due to the presence of real guarantees and the provision of a loan. One significant drawback of borrowed funds, especially in comparison with investment funds, is the existence of strictly defined terms for their return.
6. Commodity credit. The main positive distinguishing feature of this type of obtaining borrowed funds is the easiest way to attract. Does not require (unlike financial) collateral; is not associated with significant costs and duration of registration (unlike investments).
7. Economic superiority. It is often built on the relationship of commodity credit and other types of lending. The essence of using the advantages associated with one's own economic superiority lies in the ability to dictate and impose on the supplier (creditor) their own "rules" of the game in the market and the nature of contractual relations, or, as often happens, to violate these same contractual relations without "special" consequences for own "superior" business.
The economic superiority of the borrower over the lender may arise due to the following circumstances:
Monopoly position of the buyer in the market (monopsony);
Differences in economic potentials the total assets of the buyer significantly exceed the assets of the supplier;
Marketing advantages (for example, a small or start-up manufacturer seeking to promote its products (trademark) in a network of large supermarkets or high-end stores is not in the "position" to dictate its terms or demand the fulfillment of "all" obligations, as it may be without the "necessary" customer );
The buyer "discovered" organizational shortcomings in the management of receivables from the creditor ("gaps" in accounting and control, legal "insolvency", etc.).
Also, when returning accounts payable, one should proceed from how valuable the client is to the organization, what concessions and discounts counterparties are ready to make for him:
After analyzing the composition of its business partners, any company will be able to identify those to whom it is ready to forgive the deferred return of accounts payable; those to whom it is ready to forgive the deferred return of accounts payable, subject to compensation for the damage suffered and the payment of interest for the use of accounts payable before it is returned; as well as those for whom education and the delayed repayment of accounts payable will be the impetus for termination of the relationship.
In order for the repayment of accounts payable to occur as soon as possible, it is necessary to build civilized relations with counterparties. For example, it is necessary to build such relationships with partners when it becomes possible to return accounts payable without paying interest.
Quite often, companies have long-term partnerships and experience some inconvenience when accounts payable are formed by a long-term partner. In this case, partner companies, for moral and ethical reasons, sometimes do not resort to their right to demand from the debtor not only the return of accounts payable, but also the payment of interest, since strong business relationships are sometimes more important than money. Perhaps now the old client is experiencing temporary difficulties, but after this period "passes" and the return of accounts payable takes place, many years of fruitful and profitable cooperation awaits you.
However, in order for the good will of the creditor company to be appreciated by the debtor, it is necessary that he knows about the size of the discount that he received without repaying accounts payable, as if using an interest-free loan. In this case, the debtor company will also return accounts payable, and will appreciate the understanding of its temporary difficulties. It is unlikely that she will want to change her business partner in the future, after the return of accounts payable.
There is also a return of accounts payable with the payment of interest. Accounts payable is therefore called accounts payable because it can be considered as a loan, a loan, a loan issued to a debtor and subject to repayment. Therefore, before the return of accounts payable, it would be fair to require the debtor to pay interest for the use of funds. In practice it might look like this:
In order to compensate for the damage from the fact that the repayment of accounts payable does not occur for a long time, and these funds are withdrawn from commercial circulation, the injured party can take a loan from the bank at reasonable interest in the amount of accounts payable, which is not returned. She can send this loan to the same place where she planned to send funds frozen due to not returning accounts payable, but to impose the payment of interest on a company or organization that is obliged to return accounts payable. This situation will last exactly until the return of accounts payable is made.
8. Repayment of accounts payable through the provision of bills. A promissory note as a means of debt restructuring is a new obligation that must be fulfilled in accordance with the newly established terms and often at lower interest rates. This frees the company from paying debt in this period, contributing to the improvement of the company's performance. Enterprises in financial distress may use promissory notes as a loan restructuring tool if there is a third party interested in acquiring the company's liabilities.
9. Use of bank bills. To do this, a loan agreement is concluded with a bank secured by the amount necessary for the purchase of bank bills. In the future, the company pays its creditor with bank bills. In this transaction, the enterprise effectively replaces its many "unsecured" creditors with one "secured" one - a bank that provides a loan to the enterprise at an interest rate lower than the rates on unrestructured debt. Lenders benefit because, in return for bad debts, they receive well-defined claims on the bank. Companies using this restructuring method typically have many small creditors, a good relationship with a stable bank, and assets that can be used as collateral for a loan.
Thus, the choice of methods in the management of accounts payable comes down to:
Pre-contractual work, at the choice of potential creditors;
The correct choice of the form of debt (bank or commercial) in order to minimize interest payments and the cost of acquiring material assets;
Prevention of the formation of overdue debts associated with additional costs (penalties, penalties);
Regulation and control of accounts payable management;
To the availability of special professional training and skills in the field of economics, taxes and financial management Korotkova M.V. Optimization of accounts payable management debts at enterprises, Bulletin of OSU No. 5, May, 2009. .
1.3 The system of indicators appliedwhen assessing receivables and payables
Recently, many domestic industrial enterprises within the framework of the internal control system are creating an accounts payable management system. Such a system involves the widespread use of pre-trial procedures for the settlement of disputes that have arisen.
In economically developed countries, enterprises and firms that have departments for managing receivables and payables, whose staff specializes in resolving disputes related to their occurrence, do not have such a problem as "uncollected debts".
The main task of financial management is to make decisions to ensure the most efficient movement of financial resources between the company and its sources of financing, both external and internal. Tebekin A.V., Kasaev B.S., Management of the organization, KnoRus, 2011, -p.424
Also, one of the tasks of a financial manager is to find optimal solutions in enterprise management. This search concerns the area of location and optimal use of enterprise resources.
Accounts payable is no exception.
Accounts payable management can be carried out using two main options: accounts payable optimization and accounts payable minimization.
Optimization - search for new solutions with the help of which accounts payable and its change can have a positive impact on the enterprise (increase in the authorized capital, increase in reserve capital, etc.).
Minimization - a mechanism for managing accounts payable, in which existing accounts payable is reduced to its reduction, up to full repayment. As part of the management of accounts payable, it is necessary to:
To reveal the organizational and economic features of the nature of accounts payable;
Determine the system of indicators of the state and evaluation of the effectiveness of accounts payable;
Highlight the optimal management of accounts payable;
Suggest methods to improve the efficiency of accounts payable management based on its optimization (or minimization).
In order to effectively manage the company's debts, it is necessary to determine their optimal structure for a particular enterprise and in a particular situation:
Draw up a budget for accounts payable, develop a system of indicators (coefficients) that characterize both a quantitative and qualitative assessment of the state and development of relations with the company's creditors and take certain values of such indicators as planned;
Carrying out an analysis of the compliance of actual indicators with their normative level, as well as an analysis of the causes of deviations that have arisen;
Depending on the identified inconsistencies and the reasons for their occurrence, a set of practical measures should be developed and implemented to bring the structure of debts in line with the planned (optimal) parameters of A. Komakh from the materials of the magazine "Financial Director", Kyiv, 2013. .
The most commonly used ratio associated with the assessment of accounts payable of an enterprise is the liquidity ratio for accounts payable or the current ratio, which is calculated as the ratio of working capital to short-term debt obligations, and shows the amount of working capital coverage due to short-term obligations.
Click=Ob.cap./Red.Red.Rear;
The stability of the financial condition of the enterprise is determined by the optimal ratio of own and borrowed funds, fixed and working capital, as well as the balance of assets and liabilities of the business enterprise. It is necessary to study the structure of the sources of the enterprise and assess the degree of financial stability and financial risk.
When determining financial stability, the following indicators are calculated:
The coefficient of financial autonomy is defined as the ratio of equity to the balance sheet. This indicator indicates the part of the owners of the enterprise in the total amount of funds advanced in its production and economic activities. It is assumed that the greater the value of this coefficient, the more stable the state of the financial position, the enterprise operates stably and does not depend on external factors.
To f.avt.= Sk/balance currency;
The coefficient of maneuverability of own funds, calculated by dividing own working capital by equity capital, reflects which share of equity finances current activities, and which is capitalized. The change in the value of this indicator can be influenced by the type of activity of the enterprise, the structure of its assets.
Cman.=S ob.av./Sk;
Enterprise self-financing ratio . It is calculated as the ratio of equity to borrowed capital. This indicator allows you to track not only the percentage of equity, but also the ability to manage the entire company, since it reflects the degree of debt coverage by equity.
Xf.p.=Sk/Zk;
The financial dependence ratio represents the share of borrowed capital in the total balance sheet currency.
Kf.z.=Zk/balance currency;
The financial risk ratio, or the leverage of financial leverage (financial leverage), is defined as the ratio of borrowed capital to equity, and shows the share of borrowed capital relative to equity.
Kf.r.=Zk/Sk;
To assess the state of receivables and payables, a number of indicators are also calculated.
The receivables turnover ratio is calculated as the ratio of revenue to the average receivables.
Cob.d.c. \u003d Revenue / (set. at the beginning of the lane + target at the end of the lane) / 2;
The period of repayment of receivables, the time interval between the shipment of products to buyers and receipt of funds from them, is determined as the ratio of the residual value of receivables to the product of the amount of repaid receivables and the number of days in the reporting period.
The share of receivables in the total volume of working capital, the higher this indicator, the more mobile the structure of the enterprise's property.
Share of doubtful debts in accounts receivable.
Assessment of the real state of accounts receivable, i.e. assessment of the probability of bad debts, is one of the most important issues of working capital management. The assessment is carried out separately for groups of receivables with different periods of occurrence. The financial manager can use the statistics accumulated at the enterprise, as well as resort to the services of expert consultants.
The accounts payable turnover ratio is calculated as the ratio of revenue or cost of goods sold to the average amount of accounts payable.
Cob.c.c. \u003d Revenue / (set. at the beginning of the lane + target at the end of the lane) / 2;
The share of overdue debt in the composition of accounts payable.
In order to determine the degree of dependence of the company on accounts payable, it is necessary to calculate several of the following indicators.
The ratio of the company's dependence on accounts payable. It is calculated as the ratio of the amount of borrowed funds to the total assets of the enterprise. This ratio gives an idea of how the company's assets are formed at the expense of creditors.
Similar Documents
Essence of receivables and payables. Analysis of the composition and structure of accounts payable and receivable. The impact of receivables and payables on the financial stability of the enterprise, as well as methods of debt management.
term paper, added 12/21/2011
The concept and essence of receivables and payables are disclosed. Analysis of the financial condition of the enterprise. Review of measures aimed at improving the management of receivables and payables in the conditions of instability of the macro environment.
thesis, added 08/08/2017
Purpose, objectives and methods of analysis of receivables and payables. The impact of non-payments on the main characteristics of the financial condition of the organization. Structure and dynamics of accounts payable and accounts receivable of an enterprise, ways of its optimization.
term paper, added 05/15/2013
thesis, added 14.02.2009
The concept of obligations and their classification. Goals, objectives and role of the analysis of receivables and payables. Balance liquidity analysis. Measures to regulate receivables and payables in order to improve the financial position of the enterprise.
term paper, added 01/14/2015
Problems of analysis of receivables and payables. Sources of information for analysis. Analysis of receivables. Analysis of accounts payable. Analysis and assessment of growth rates of receivables and payables.
term paper, added 04/13/2003
Theoretical justifications and methods for analyzing the dynamics and structure of accounts receivable and accounts payable of an enterprise on the example of the agricultural complex "Zemtsovsky". Recommendations for improving the state of the organization's settlements.
thesis, added 05/11/2011
The meaning, tasks and information support of the analysis of receivables and payables. Calculation of the impact of the structure of current assets on the turnover of accounts payable of JSC "Federal Grid Company of the Unified Energy System".
term paper, added 05/28/2015
The procedure for the formation of receivables and payables at the enterprise, analysis of its structure. Calculation of debt turnover ratios, the impact of these indicators on the solvency and financial stability of the confectionery industry.
thesis, added 08/26/2011
The concept and classification of accounts payable. Analysis of the receivables of the enterprise, its composition, terms of formation and causes of occurrence. Calculation of net assets of the organization. Characteristics of the stability of the financial condition of CJSC "Omega".
Coursework on the topic:
Accounts payable management
INTRODUCTION
Running a modern business is accompanied by the need to solve problems of varying complexity. A modern system of accounts payable management should include the whole set of methods of analysis, control and evaluation of it. At the same time, the management of accounts payable is the work with the sources of its occurrence, the formation of the credit policy of the enterprise and the organization of contractual work, as well as the management of debt obligations.
Conducting business activities, almost any company cannot do without accounts payable. If you pay off counterparties in a timely manner, then no problems arise. But how to write off accounts payable in a situation where it is not possible to repay the debt for one reason or another?
Accounts payable can be defined as the debt of one organization to other organizations, individual entrepreneurs or individuals formed in the course of settlements for acquired inventories, works and services, in settlements with the budget, as well as in settlements of wages. Such debt must be recorded in the accounting of the organization either until the date of its repayment by the organization or collection by the counterparty, or until the date of its deregistration.
The method of managing accounts payable is part of the general policy of managing current assets and the marketing policy of the enterprise, which is aimed at expanding the volume of sales of products and consists in optimizing the total amount of this debt and ensuring its timely collection.
Debts arising from the financial and economic activities of enterprises form a current and long-term diversion or attraction of funds, known as receivables and payables, affecting solvency and liquidity.
Accounts payable always divert funds from circulation, impede their effective use, resulting in a tense financial condition of the enterprise. Those. accounts payable characterizes the diversion of funds from the turnover of the enterprise and their use by debtors. Thus, it negatively affects the financial condition of the enterprise, so it is necessary to reduce the time for its collection.
The purpose of this thesis is to analyze the accounts payable of the enterprise and, based on the analysis data, propose measures to reduce it. To achieve this goal, it is necessary to solve the following tasks:
1. Determination of the essence of accounts payable and methods of managing it.2. Conduct an analysis of the economic situation of OAO NK Alliance.3. Based on the results of the analysis, propose measures to manage accounts payable at the enterprise.
Accounts payable to a certain extent is useful for the enterprise, tk. allows you to receive for temporary use funds belonging to other organizations.
The state of accounts payable, size and quality have a strong impact on the financial condition of the organization.
In order to manage accounts payable, it is necessary to analyze it, which includes a set of interrelated issues related to assessing the financial position of an enterprise.
CHAPTER 1. THEORETICAL FOUNDATIONS OF MANAGEMENT OF PAYABLES
1.1 Essence of accounts payable
accounts payable financial condition
As a legal category, accounts payable is a special part of the enterprise's property, which is the subject of legal obligations between the organization and its creditors. The economic component includes a part of the property of the enterprise (usually cash) and inventory items.
The organization owns and uses accounts payable, but it is obliged to return or pay this part of the property to creditors who have the right to claim it.
Thus, accounts payable have a dual legal nature: as part of the property, it belongs to the enterprise on the right of ownership or even on the right of ownership in relation to the money or things received on loan; as an object of legal obligations, it represents the debts of the enterprise to creditors, that is, persons authorized to claim or recover from the organization the specified part of the property.
In a simplified version, accounts payable is what this company owes to other persons.
Taking into account the noted signs, accounts payable can be defined as a part of the property of an enterprise that is the subject of debt obligations of a debtor organization to eligible persons - creditors arising from various legal grounds, subject to accounting and reflection in the balance sheet as debts of the organization - balance holder.
In cases where the debtor organization does not take any measures to voluntarily repay debts, creditors still have the possibility of enforcement, which, depending on the nature of the accounts payable, is carried out in court or out of court.
The concept of accounts payable covers the debt obligations of the organization - the debtor, having a different origin.
Since accounts payable is one of the sources of funds at the disposal of the enterprise, it is shown in the liabilities side of the balance sheet. Accounts payable is kept separately for each creditor, and in generalizing indicators they reflect the total amount of accounts payable and give it, breaking it into groups.
Attracting borrowed funds into the turnover of an enterprise is a phenomenon that contributes to a temporary improvement in the financial condition, provided that they are not frozen for a long time in circulation and are returned in a timely manner.
Otherwise, overdue accounts payable may arise, which leads to the payment of fines and deterioration of the financial condition. Therefore, in the management process, it is necessary to study the composition, prescription of accounts payable, the presence, frequency and causes of formation.
Accounts payable is essentially a free loan and is one of the funds attracted by the enterprise into the economic circulation. Unlike stable liabilities, accounts payable is not a planned source of working capital formation. Accounts payable refers to short-term liabilities of the enterprise.
Part of the accounts payable is natural, as it arises in connection with the peculiarities of the calculations. However, in most cases, accounts payable arise as a result of violation of settlement and payment discipline and are the result of non-compliance by the enterprise with the terms of payment for products and settlement documents.
Accounts payable characterizes the most short-term type of borrowed funds used by the enterprise, formed from internal sources.
The accrual of funds on various types of these accounts is carried out by the enterprise daily, and the repayment of obligations under these accounts payable is carried out within a certain period of time in the range of one month. Since, from the moment of accrual, the funds included in accounts payable are no longer the property of the enterprise, but are only used by them until the maturity of obligations, in their economic content they are a type of borrowed capital.
Accounts payable, as a form of borrowed capital, is characterized by the following main features:
1. This is a free source of leveraged funds. As a free source of capital formation, it provides a reduction not only in its borrowed part, but also in the entire cost of capital of the enterprise.
2. The size affects the duration of the financial cycle of the enterprise. It affects to a certain extent the required amount of funds to finance current assets. The higher the relative amount of accounts payable, the smaller the amount of funds the company needs to attract for the current financing of its business activities.
3. The amount of accounts payable is directly dependent on the volume of economic activity of the enterprise, in the first place - on the volume of production and sales. With the growth of the volume of production and sales of products, the expenses of the enterprise accrued as part of accounts payable increase, and, accordingly, its total amount increases, and vice versa.
The predicted size for most species is only an estimate. This is due to the fact that the size of many accruals that are part of accounts payable cannot be accurately quantified due to the uncertainty of many parameters of future economic activity.
The amount for its individual types and for the enterprise as a whole depends on the frequency of payments of accrued funds. The frequency of these payments is regulated by state regulatory legal acts, the terms of contracts with economic partners, and only a small part of them - by the internal standards of the enterprise. This high degree of dependence of the periodicity of payments on individual accounts that are part of accounts payable on external factors determines the low level of controllability of this source of borrowed funds in the process of financial management.
The amount of accounts payable of the enterprise is affected by the total volume of purchases and the share of acquisitions in it on the terms of subsequent payment, the terms of contracts with counterparties; terms of settlements with suppliers and contractors, the degree of saturation of the market with this product; the policy of repayment of accounts payable, the quality of the analysis of accounts payable and the consistency in the use of its results, the settlement system adopted at the enterprise.
With an increase in non-cash payments, the turnover and quality of accounts payable increases, and the size decreases, therefore, the solvency and stability of the enterprise increases.
Accounts payable can be terminated by the fulfillment of obligations (including offset), and also written off as unclaimed.
1.2 Types of accounts payable
Among the main types of accounts payable are debts for:
1. transfers of premiums for insurance of the property of the enterprise;
2. by transferring contributions for personal insurance of personnel;
3.suppliers and contractors;
4. bills payable;
5. subsidiaries or dependent companies and personnel of the organization;
6. transfers of taxes to the budgets of different levels;
7. founders on payment of income;
8. received advances;
9. contributions to off-budget funds of social insurance, medical insurance and pension fund, etc.
Depending on the legal nature and legal regime, accounts payable can be reduced to three groups:
1. Debt of the organization to the budget and social funds,
2. The debt of the organization to its personnel: debts for payments to employees of wages, compensations, payments in order to compensate for harm caused to the health of an employee or due to the death of an employee at work,
3. Debts to partners and counterparties under contractual and cooperative obligations: debts on payments to suppliers for delivered goods, to contractors - for work performed to return received but unworked advances, payment of promissory notes.
Upon payment, accounts payable can be:
Overdue (debts on obligations, the maturity of which at the time of the balance sheet has come);
Not overdue (debts of the enterprise on obligations, the maturity of which at the time of the balance sheet has not come).
As part of overdue accounts payable, two types of accounts payable can be distinguished:
1. accounts payable, the chances of repaying which, despite the missed repayment period, the company has retained;
2. accounts payable, the repayment of which is unrealistic for any factual reasons. Unrealistic repayment of overdue debts may be due, for example, to the expiration of the limitation period for the enforcement of debt.
The reality and unreality of debt repayment is assessed by the debtor organization itself, taking into account specific circumstances.
The most common type of accounts payable is debt to suppliers and contractors for supplied inventories, services rendered and work not paid on time.
As part of accounts payable the debt of the organization is allocated:
1. to suppliers and contractors (balances as of the reporting date on the credit of accounts 60 “Settlements with suppliers and contractors” and 76 “Settlements with various debtors and creditors”);
2. to the personnel of the organization (balance on the credit of account 70 “Settlements with personnel for remuneration”);
3. before the budget (balance on the credit of account 68 "Calculations on taxes and fees");
4. to state non-budgetary funds (credit balance on account 69 “Settlements for social insurance and security”);
5. on loans and credits received (credit balances of accounts 66 “Settlements on short-term credits and loans” and 67 “Settlements on long-term credits and loans”);
6. to other creditors (credit balances on accounts: 71 “Settlements with accountable persons”, 73 “Settlements with personnel on other transactions” and others).
As already noted, after the end of the calendar year, before preparing annual reports, organizations are required to make an inventory of settlements with buyers, suppliers and other debtors and creditors (including banks, the budget and separate divisions of the organization).
In the course of the inventory, by documentary verification, it is necessary to establish, in particular, the correctness and validity of the amounts of accounts payable, including the amounts of accounts payable for which the statute of limitations has expired.
CHAPTER 2. ANALYSIS AND MANAGEMENT OF THE ORGANIZATION'S PAYABLES
2.1 The essence and main stages of the process of managing accounts payable
In order to effectively manage the company's debts, it is necessary, first of all, to determine their optimal structure for a particular enterprise and in a particular situation: draw up a budget for accounts payable, develop a system of indicators (coefficients) characterizing both a quantitative and a qualitative assessment of the state and development relations with the company's creditors and take certain values of such indicators as planned. The second step in the process of optimizing accounts payable should be an analysis of the compliance of actual indicators with their framework level, as well as an analysis of the reasons for the deviations that have arisen. At the third stage, depending on the discrepancies identified and the reasons for their occurrence, a set of practical measures should be developed and implemented to bring the debt structure in line with the planned (optimal) parameters.
Strategic Approach
In order for relations with creditors to be as consistent as possible with the goals of ensuring the financial stability (security) of the company and increasing its profitability and competitiveness, the company's management needs to develop a clear strategic line regarding the nature of attracting and using borrowed capital.
The first fundamental question that arises in connection with this for the company's management is: to conduct business at the expense of its own or borrowed funds? The second "dilemma" is the quantitative ratio of own and borrowed capital. Answers to these questions depend on many factors, both external (industry specifics, macroeconomic indicators, the state of the competitive environment, etc.) and internal (corporate) order (capacity of the founders, creditworthiness, asset turnover, profitability level, shortage of funds, short-term goals and objectives, long-term plans of the company and much more).
It is generally accepted that an enterprise that uses only its own capital in the course of its economic activity has maximum stability. However, this assumption is fundamentally wrong. From the point of view of competition in the market, it does not matter what capital a business operates with: its own or borrowed. The only difference may lie in the differences in the value of these two categories of capital. Lenders (be it banks or suppliers of goods and services) are ready to lend to someone's business only in exchange for a certain (sometimes quite high) income (interest). At the same time, even equity capital is not "free", since investments are made in the hope of making a profit higher than that which banks pay on deposit accounts. From the point of view of the company's strategic development, the starting point should be: the size and dynamics of business profitability, which directly depend on the size of the market share, pricing policy and the size of production (circulation) costs. The question of the sources of business financing is, in relation to the goals of achieving the competitiveness of the enterprise, secondary.
Managers in the course of developing a lending strategy for their own business should proceed from the solution of the following priority tasks - maximizing the company's profits, minimizing costs, achieving dynamic development of the company (expanded reproduction), asserting competitiveness - which ultimately determine the financial stability of the company. Funding for these tasks must be achieved in full. To do this, after using all own sources of financing (own capital and profit - the cheapest resources), borrowed funds of creditors must be attracted in a given amount. At the same time, the most significant limiting factor in the process of planning the use of borrowed capital must be considered its cost, which should allow maintaining the profitability of the business at a sufficient level.
Tactical Features
The next step in developing a policy for the use of credit resources is to determine the most appropriate tactical approaches. There are several potential borrowing opportunities:
1) funds of investors (expansion of the statutory fund, joint business);
2) a bank or financial loan (including the issue of bonds);
3) commodity credit (deferred payment to suppliers);
4) using one's own "economic superiority"
Investor funds. Since we consider the process of attracting additional financial resources for the purposes of our own business from the point of view of maximizing the security of this process, we should dwell on the two most important, in this aspect, characteristics of this loan method. The first is relative cheapness: as a rule, investors who exchange their funds for corporate rights (shares, shares) rely on dividends, which are fixed in the constituent documents (or set at a meeting of participants) in the form of interest. At the same time, in the absence of profit at the enterprise, the capital invested in the business may be "free". The second feature is the ability of investors to influence the management processes in the established economic company (the right to vote at a meeting of shareholders or participants). Therefore, care should be taken to maintain a controlling stake. Otherwise, your original equity capital may turn into capital loaned to a new investor. This leads to the conclusion that the amount of funds raised by corporate investors is clearly limited: in the general case, they should not exceed your initial investment: even if the shares (shares) are "dispersed" among several holders, there is still a risk (especially when it comes to a successful enterprise ) concentration of corporate rights under a single control.
Financial (cash) credit, as a rule, is provided by banks. This is one of the most expensive types of credit resources. Limiting factors: high interest rate, need for reliable collateral, "creating" solid balance sheets. Despite the "high cost" and "problematic" attraction, the possibilities of a bank loan (as opposed to an investment one) must be used by the company at 100%. If the project implemented by the company is really "designed" for a competitive level of profitability, then the profit received from the use of a financial loan will always exceed the required interest. Although banks give preference to such a type of security for loans as collateral, they can be satisfied with a third party guarantee (if there are solvent founders or other interested parties). Balance sheet indicators also have some "flexibility", both in the process of their formation, and in the course of their perception by the host. The presence of presentable reporting indicators, although it is a prerequisite for a bank employee, can, to some extent, be ignored due to the presence of real guarantees and the provision of a loan. One significant drawback of borrowed funds, especially in comparison with investment funds, is the existence of strictly defined terms for their return.
Commodity credit. The main positive distinguishing feature of this type of obtaining borrowed funds is the simplest (not formalized) method of attracting. A commodity loan, as a rule, does not require (unlike financial) collateral and is not associated with significant costs and duration of registration (unlike investments). In domestic conditions, a commodity loan between legal entities most often represents the supply of goods (works, services) under a sale and purchase agreement with a deferred payment. At the same time, at first glance, it may seem that this "credit" is provided free of charge, since the contract does not provide for the need to accrue and pay interest (or any other) income in favor of the supplier. However, it should be noted that suppliers (including Ukrainian ones) perfectly understand (sometimes only on an empirical level) the principles of changing the value of money over time, and are also able to accurately assess the size of the "lost profit" from slowing down the turnover of assets frozen in the company's receivables. . Therefore, compensation for such losses is included in the price of the goods, which may fluctuate depending on the timing of the delay granted.
Where control over lost profits is significantly weakened (state-owned enterprises, large joint-stock and industrial companies), losses associated with commodity lending are often offset by "informal" payments to management or employees of the company.
economic superiority. It is often built on the relationship of commodity credit and other types of lending. The essence of using the advantages associated with one's own economic superiority lies in the ability to dictate and impose on the supplier (creditor) their own "rules" of the game in the market and the nature of contractual relations (or, as often happens, to violate these same contractual relations without "special" consequences for own "superior" business).
The economic superiority of the borrower over the lender may arise due to the following circumstances:
Monopoly position of the buyer in the market (monopsony);
Differences in economic potentials the total assets of the buyer significantly exceed the assets of the supplier;
Marketing advantages (for example, a small or start-up manufacturer seeking to promote its products (trademark) in a network of large supermarkets or high-end stores is not in the "position" to dictate its terms or demand the fulfillment of "all" obligations, as it may be without the "necessary" customer );
the buyer "discovered" organizational shortcomings in the management of receivables from the creditor ("gaps" in accounting and control, legal "insolvency", etc.).
As practice shows, no enterprise can do without, even if insignificant, accounts payable, which always exists due to the peculiarities of budgetary, rental and other periodic payments: wages, supplies of goods and materials without prepayment, etc. This type of accounts payable debt should be seen as "inevitable". Although it allows you to temporarily use "foreign" funds in your own commercial circulation, it is of no fundamental importance if such payments are made on time.
Company managers, in their quest to make the most of the possibilities of all available credit funds, including in the form of delays in wages, violations of the terms of scheduled payments to suppliers, etc., must evaluate the "opportunities" of each individual type of payment individually, since the consequences of such " delays" may have different consequences, not only depending on the type of payment, but also depending on the particular "unwilling" creditor.
2.2 The main indicators used to assess the accounts payable of the organization
In order to optimize accounts payable, it is necessary to determine its "planned" characteristics. The most commonly used ratio associated with the assessment of accounts payable of an enterprise is the liquidity ratio, which is calculated as the ratio of working capital to short-term debt obligations.
Managers and financiers also often use the so-called "acid test" ratio, which is the ratio of the difference between current assets and the value of inventories to current liabilities.
Both the first and second indicators should characterize the ability of the enterprise to cover its obligations to creditors. These coefficients have two significant drawbacks:
1. They operate with such concepts as "short-term" or "current" obligations, the term of which can vary from one day to one year. Therefore, the ratio of the terms of payments in the composition of both accounts payable and receivable is not taken into account in more detail;
2. The calculation is made, as a rule, on the date of the balance sheet, or some other fixed moment, which cannot fully speak of the actual state of the company's liquidity. This is due to the influence of many different (including random) circumstances at some particular moment (for example, on the balance sheet date, the company received a "grant" or "subsidy", which does not lead to an increase in accounts payable, and returned them the next day ).
Eliminate such "shortcomings" in the system of analysis of the state of the enterprise allow:
In the first case, for example, carrying out calculations using more discrete values (distribution of debts over monthly periods or (if necessary) weekly periods).
In the second case - to determine the average monthly or average annual value of the liquidity ratio and other similar indicators.
One of the most optimal framework indicators of a company's healthy state can be called a situation where accounts payable does not exceed accounts receivable. At the same time, as we have already noted, this "non-exceedance" should be achieved in relation to the most discrete range of values (terms) possible: annual accounts payable should not exceed annual receivables, monthly and 5-day accounts payable should not exceed monthly and 5 ti daily accounts receivable, respectively, etc.
When this "temporary balance" of receivables and payables is achieved, it is also necessary to achieve a "balance of their value": that is, in this situation, interest and other expenses associated with servicing accounts payable (at least) should not exceed income caused by benefits that associated with the very fact of postponing own receivables (in this case, the "normal" markup is not taken into account).
In order to determine the degree of dependence of the company on accounts payable, it is necessary to calculate several of the following indicators.
The ratio of the company's dependence on accounts payable. It is calculated as the ratio of the amount of borrowed funds to the total assets of the enterprise. This ratio gives an idea of how much the company's assets are formed at the expense of creditors.
Enterprise self-financing ratio. It is calculated as the ratio of own capital (part of the authorized capital) to attracted capital. This indicator allows you to track not only the percentage of equity, but also the ability to manage the entire company.
Debt balance. It is defined as the ratio of the amount of accounts payable to the amount of accounts receivable. This balance should be drawn up taking into account the terms of these two types of debts. At the same time, the desired level of correlation largely depends on the strategy adopted by the enterprise (aggressive, conservative or moderate).
Ball. ass= 
The economic indicators described above give, basically, a quantitative assessment of accounts payable. For a more complete analysis of the composition of accounts payable, it is necessary to give a qualitative description of these liabilities.
Time factor. It is defined as the ratio of the weighted average of the maturity of accounts payable to the weighted average of the maturity of receivables. At the same time, the average repayment period of accounts payable must be kept at a level not lower than those average terms that the company's debtors must comply with.
Profitability ratio of accounts payable. This indicator characterizes the effectiveness of attracted funds and it is especially advisable to analyze it by periods. At the same time, the dependence of the dynamics of changes in this coefficient on those main factors that influenced its growth or decrease (changes in repayment terms, the structure of creditors, the average size and cost of accounts payable, etc.) should be determined.
Krkz= 
Chapter 3
3.1 Analysis of the financial condition of OAO NK Alliance
Determining the boundaries of the financial stability of enterprises is one of the most important economic problems in the transition to a market economy, since insufficient financial stability can lead to a lack of funds for enterprises to develop production, their insolvency and, ultimately, to bankruptcy, and excessive stability will impede development. , aggravating the costs of the enterprise with excess stocks and reserves.
To assess the financial stability of an enterprise, it is necessary to analyze its financial condition. The financial condition is a set of indicators reflecting the availability, placement and use of financial resources.
Full corporate name of the organization: Open Joint Stock Company Oil Company Alliance.
Abbreviated corporate name of the organization: OAO NK Alliance.
The business of NC "Alliance" is focused primarily on the domestic market. Based in the oil refining and marketing sector, the company is consistently increasing its assets and extending its activities to related industries - exploration and production, transportation and transshipment of oil and oil products. The strength of the company is that it has developed networks of wholesale and retail sales, which are able to guarantee various categories of consumers a whole range of services. Given the growing solvent demand for oil products, this factor gives Alliance Oil Company stability in the market and ensures the efficiency of its activities.
In order to consolidate our competitive advantages and expand our market share by improving the quality of goods and services while reducing costs, we are consistently implementing long-term development programs for the main parts of the company. The partners of NC "Alliance" in these programs are companies with a worldwide reputation.
The management of the combined company pays constant attention to improving the investment attractiveness of AOC, business transparency and its compliance with high standards. The Company aims at dynamic qualitative growth in the interests of all its shareholders and is committed to the development of the regions where it operates.
Table 3.1 - The size and structure of the company's capital for 2009
The purpose of the analysis is to assess the financial condition of the enterprise, as well as to constantly carry out work aimed at improving the credit policy of the organization. An analysis of the financial condition shows in what specific areas this work should be carried out. In accordance with this, the results of the analysis provide answers to the question of what are the most important ways to improve the credit policy of an enterprise in a particular period of its activity.
Table 3.2 - Assessment of structural indicators.
The table shows that the self-financing ratio in the reporting year is 55. This means that the volume of own sources of financing for the development of production of an economic entity is 59 times higher than the amount of funds raised. The growth of the self-financing ratio by 32.11 units. (from 23.35 to 55.46) indicates an increase in the level of self-financing by 137.52%.
The ratio of the company's dependence on accounts payable decreased from 0.81 in the first quarter to 0.64 in the fourth, but still these indicators are not included in the standard, which means that the company's activity is more than necessary dependent on assets formed at the expense of others.
Table 3.3 - Liquidity ratios
The liquidity ratio in the 4th quarter decreased by 0.25 compared to the first quarter. This indicates insufficient short-term liquidity of the enterprise, which is due to a decrease in accounts payable, but nevertheless, the indicators are close to the normative values.
For 4 quarters of 2009, the value of the acid test indicator (current liquidity) is 0.64. The decrease in the indicator is due to the fall in the cost of short-term liabilities. The acid test coefficient shows the ratio of the current assets of OJSC "NC" Alliance "to its current liabilities and determines the overall level of solvency of the enterprise.
Table 3.4 - Turnover ratios
The turnover ratio of receivables in the fourth quarter compared with the first decreased by almost 3 times - from 20.25 to 7.02. The higher the accounts receivable turnover ratio, the faster the company settles with its customers. Decrease in turnover can mean:
1. Problems with paying bills from buyers.
2. Organization of relationships with buyers, providing a more favorable, deferred payment schedule for the buyer in order to attract and retain customers.
The accounts payable turnover ratio in the first quarter reached 67.13; by the fourth quarter it dropped to 39.55. The higher the accounts payable turnover ratio, the faster the company pays off its suppliers.
Unfavorable for the enterprise is the situation when the turnover ratio of accounts payable is much higher than the turnover ratio of receivables.
Conclusion: the analysis of the financial stability of the enterprise showed that OJSC "NK Alliance" is in a stable financial condition: the enterprise at the end of 2009 had enough of the most liquid assets to cover short-term accounts payable. But still, when studying some financial indicators, it was revealed that the results are still somewhat deviating from the norm, some changes should be made in the company's activities in order to stabilize the results.
The financial stability of an enterprise is an economic category that expresses such a system of economic relations in which the enterprise generates effective demand, is able, with a balanced attraction of credit, to provide active investment and increase in working capital from its own sources, create financial reserves, and participate in budget formation. Solvency is an external manifestation of the financial stability of an enterprise and reflects the ability of an economic entity to pay its debts and obligations in a given specific period of time.
The main task of any analyst is not only to conduct an analysis and present its results, but also to formulate, based on them, recommendations and ways to improve the performance or qualitative characteristics of the analyzed object. Therefore, based on the above financial analysis of the enterprise, it would be important to present proposals for improving its financial condition.
One of the main and most radical directions of the financial recovery of the enterprise is the search for internal reserves to increase the profitability of production and achieve break-even work through a more complete use of the production capacity of the enterprise, improving the quality and competitiveness of products, reducing its cost, rational use of material, labor and financial resources, reduction of unproductive expenses and losses.
An important aspect of controlling accounts payable is tracking payment due dates. And not only due to the fact that in case of delays, an increased percentage of payments under the contract is applied. If the first violation of the payment term does not affect the shipment of the goods, then after the second, the shipment may be terminated. Missing a payment date also affects the bonuses provided to us by the supplier. It should be noted that the policy of our suppliers is aimed at reducing the margin received by their dealers. Therefore, bonuses are becoming one of the important sources of our income. Responsibility for compliance with the terms of payment under the contracts lies with the logistics departments that are part of the sales departments of each of our centers. The finance function also monitors payment to suppliers in accordance with the established schedule and is responsible for ensuring that the enterprise has cash on the days of payments. Such a dual system allows not to depend on one employee of the logistics department for the success of the company as a whole.
To avoid problems during the audit, the company must have complete documentation confirming the correct reflection of the balance of debt under the relevant balance sheet items, justifying the reasons for the formation of debt, the reality of its receipt (acts of reconciliation of settlements or letters of guarantee in which debtors recognize debt). It is very important to monitor the terms of the debt for each creditor individually and take timely measures to repay the debt so as not to miss the limitation period if it is necessary to collect the debt in court, and also so that the claim is not filed against the enterprise in question.
Despite the fact that the situation at the enterprise in question is quite favorable, nevertheless, the growth in the volume of accounts payable determines the need for increased attention to everything connected with it.
CONCLUSION
Accounts payable is an important source of financing for many types of businesses. It can be viewed as a "spontaneous", "spontaneous" source of funding that increases with the growth of production and sales.
Accounts payable management involves the use by the organization of the most appropriate and profitable forms and terms of settlements with counterparties, and in the most general terms, it comes down to maintaining the financial stability of the company while reducing the deficit of working capital.
The effective management of the company's debts is largely determined by a selective approach to counterparties and a flexible system of settlements with them.
The first most important step towards optimizing costs will be to determine the optimal structure of payment for goods and services for each specific case, including:
Budgeting and accounts payable scheme;
Assessment of financial opportunities, probable risks and degree of trust in relations with creditors
Control over the state of accounts payable is a necessary condition for the sustainable financial position of the enterprise.
The normal state of accounts payable turnover is one of the conditions for the absence of disruptions in the activities of the enterprise and the implementation of normal business cycles.
The financial stability of an enterprise involves a combination of four favorable characteristics of the financial and economic position of the enterprise:
1. high solvency;
2. high liquidity;
3. high creditworthiness;
4. high profitability.
In the first chapter, the theoretical aspects related to accounts payable were considered.
In the second chapter, the main stages of the organization's accounts payable management process were identified, as well as the indicators used to assess accounts payable.
In the third chapter, an analysis was made of the financial ratios of OAO NK Alliance. After analyzing the results, we can conclude that in general, the company's activities are stable, the indicators are within the normal range. But when comparing the results, you can see that the data for the 4th quarter decreased compared to the 1st quarter.
To improve the results obtained, recommendations were made:
Search for internal reserves;
Tracking and responsibility when paying funds to creditors;
Proper formatting and content of documentation.
Unfortunately, the problem of accounts payable management is very relevant for most Russian enterprises, but today, due to the lack of financial resources, as well as trained personnel in many enterprises, their solution is not given due attention.
LIST OF USED LITERATURE
1. Abryutina M.S. Express analysis of financial statements. M .: "Business and Service", 2007.-256s.
2. Babaeva Yu.A., Petrov A.M. Accounting and control of receivables and payables. M .: "Prospect", 2008.- 153s
3. Bakanov M.I., Sheremet A.D. Theory of economic analysis. - M .: Finance and statistics, 2006.-334s
4. Birman A.M. Questions of the theory of finance. M.: Gosfinizdat, 2006 - 263s
5. Borisov L.P. Evaluation of the results of financial and economic activities. M .: Consultant, 2008.-45s
6. Galeev M.Sh. Accounts receivable and accounts payable. Acute accounting and taxation issues. - M .: Vershina, 2006.-125s
7. Grachev A.V. Analysis and management of the financial stability of the enterprise. M .: Finpress, 2007.-367s
8. Dontsova L.V., Nikiforova N.A. Analysis of financial statements. - M.: "DIS", 2009
9. Kozhinov V. Ya. Accounting. Estimation of profitability of economic operations. - M .: "Exam", 2007.-276s
10. Kreinina M.N. Financial management. M .: "Business and Service", 2007.-334s
11. Kulik O.M. Some aspects of management of receivables and payables of Russian enterprises. M.: Financier, 2008.-189s
12. Pavlova L.N. Financial management. Management of the company's cash flow. - M.: Banks and stock exchanges, 2006.-284s
13. Rzhanitsyna V.S. Accounting for accounts payable: assessment, recognition and repayment. M.: Accounting, 2008.-405s
14. Sevrukh M.A. Economic analysis in conditions of independence of the enterprise. M.: Finance and statistics, 2007.-176s
15. Sirotkin S.A., Kelchevskaya N.R. Financial management at the enterprise. - M .: Unity-Dana, 2009.-287s
16. Sysoeva I.A. Accounts receivable and accounts payable. M.: Finpress, 2006.-78s
17. Tikhonova E.P. Accounts receivable and accounts payable. - M .: Accountant's hotline, 2008.-196s
18. Sheremet A.D., Saifulin R.S. Methods of financial analysis. - M.: Infra-M, 2008.- 108s
19. www.audit-it.ru - website of the auditing company
20. www.cfin.ru - Corporate management - theory and practice of financial analysis
21. www.findir.ru - website of the Higher School of Financial Management of the Academy of National Economy
22. www.glavbuh.ru - accounting forum
23. www.nkalliance.ru - site of OJSC "NK Alliance"
Appendix 1
Balance sheet of OJSC "NK Alliance" for the 1st quarter of 2009
Appendix 2
Profit and Loss Statement of OJSC "NK Alliance" for the 1st quarter of 2009
Annex 3
Balance sheet of OAO NK Alliance for the 3rd quarter of 2009
| ASSETS | At the beginning of the reporting year |
reporting |
|
| 1 | 2 | 3 | 4 |
| I. NON-CURRENT ASSETS | |||
| Intangible assets | 110 | 168 622 | 132 489 |
| fixed assets | 120 | 4 679 | 4 025 |
| Construction in progress | 130 | - | - |
| 135 | - | - | |
| 140 | 7 430 094 | 11 868 173 | |
| 145 | - | - | |
| Deferred tax assets | 148 | - | - |
| Other noncurrent assets | 150 | - | - |
| TOTAL for section I | 190 | 7 603 395 | 12 004 686 |
| II. CURRENT ASSETS | |||
| Stocks | 210 | 27 574 | 27 592 |
| 211 | 642 | 116 | |
| 212 | - | - | |
| 213 | - | - | |
| 214 | - | - | |
| goods shipped | 215 | - | - |
| future spending | 216 | 26 932 | 27 476 |
| other inventories and expenses | 217 | ||
| 220 | 677 | 677 | |
| Accounts receivable (payments for which | 230 | - | - |
| expected more than 12 months after the reporting date) | - | - | |
| 231 | - | - | |
| 240 | 1 374 211 | 2 363 718 | |
| buyers and customers (62, 76, 82) | 241 | 270 206 | 308 576 |
| 250 | 5 024 000 | 24 000 | |
| 251 | - | - | |
| 252 | - | - | |
| 253 | - | - | |
| Cash | 260 | 929 897 | 1 187 011 |
| Other current assets | 270 | 3 | 2 |
| TOTAL for section II | 290 | 7 356 362 | 3 603 000 |
| 300 | 14 959 757 | 15 607 686 | |
| LIABILITY | At the beginning of the reporting year |
reporting |
|
| 1 | 2 | 3 | 4 |
| III. CAPITAL AND RESERVES | |||
| Authorized capital | 410 | 888 000 | 888 000 |
| 411 | - | - | |
| Extra capital | 420 | 581 910 | 581 910 |
| Reserve capital | 430 | 44 400 | 44 400 |
| 431 | - | - | |
| reserves formed in accordance with constituent documents | 432 | 44 400 | 44 400 |
| 470 | 1 295 246 | 3 978 166 | |
| TOTAL for Section III | 490 | 2 809 556 | 5 492 476 |
| 2 809 556 | 5 492 476 | ||
| Loans and credits | 510 | 3 865 547 | 3 511 080 |
| 515 | - | - | |
| 520 | - | - | |
| TOTAL for section IV | 590 | 3 865 547 | 3 511 080 |
| Loans and credits | 610 | 7 870 098 | 6 029 192 |
| Accounts payable | 620 | 414 556 | 496 453 |
| suppliers and contractors | 621 | 394 876 | 478 116 |
| 622 | - | 4 197 | |
| 623 | 377 | 692 | |
| debt to subsidiaries and affiliates | 623 | - | - |
| 624 | 19 206 | 13 381 | |
| other creditors | 625 | 98 | 66 |
| 630 | - | - | |
| revenue of the future periods | 640 | - | - |
| Reserves for future expenses | 650 | - | - |
| 660 | - | 78 485 | |
| TOTAL for Section V | 690 | 8 284 654 | 6 604 130 |
| 700 | 14 959 757 | 15 607 686 |
Appendix 4
Profit and Loss Statement of OJSC "NK Alliance" for the 3rd quarter of 2009
| Name of indicator | During the reporting period | For a similar previous |
|
| 1 | 2 | 3 | 4 |
| 010 | 14 612 135 | 23 901 236 | |
| 020 | -13 072 112 | -22 782 088 | |
| Gross profit | 029 | 1 540 023 | 1 119 147 |
| Selling expenses | 030 | -513 203 | -127 971 |
| Management expenses | 040 | -378 492 | -286 795 |
| Profit (loss) from sales | 050 | 648 327 | 704 381 |
| Interest receivable | 060 | 626 999 | 466 414 |
| Percentage to be paid | 070 | -809 862 | -715 081 |
| 080 | 2 540 299 | 5 462 793 | |
| Other operating income | 090 | 1 856 837 | 1 684 851 |
| Other operating expenses | 100 | -2 008 735 | -2 248 648 |
| Non-operating income | 120 | - | - |
| non-operating expenses | 130 | - | - |
| 140 | 2 853 865 | 5 354 710 | |
| Deferred tax assets | 141 | - | - |
| Deferred tax liabilities | 142 | - | -2 |
| Current income tax | 150 | -170 945 | -177 326 |
| 190 | 2 682 919 | 5 177 322 | |
| FOR REFERENCE: | |||
| 200 | 43 517 | 31 456 | |
| 201 | - | - | |
| 202 | - | - |
Annex 5
Balance sheet of OAO NK Alliance for the 4th quarter of 2009
| ASSETS | The code | Back to top | Finally | ||
| lines | reporting year | reporting | |||
| and | period | ||||
| FIXED ASSETS | |||||
| Intangible assets | 110 | 168 622 | 120 444 | ||
| fixed assets | 120 | 4 679 | 3 587 | ||
| Construction in progress | 130 | - | - | ||
| Profitable investments in material values | 135 | - | - | ||
| Long-term financial investments | 140 | 7 430 094 | 11 613 397 | ||
| other long-term financial investments | 145 | - | - | ||
| Deferred tax assets | 148 | - | - | ||
| Other noncurrent assets | 150 | - | - | ||
| TOTAL for section I | 190 | 7 603 395 | 11 737 444 | ||
| II. CURRENT ASSETS | |||||
| Stocks | 210 | 27 574 | 20 522 | ||
| raw materials, materials and other similar values | 211 | 642 | 4 | ||
| animals for growing and fattening | 212 | - | - | ||
| costs in work in progress (distribution costs) | 213 | - | - | ||
| finished goods and goods for resale | 214 | - | - | ||
| goods shipped | 215 | - | - | ||
| future spending | 216 | 26 932 | 20 518 | ||
| other inventories and expenses | 217 | - | - | ||
| Value added tax on acquired valuables | 220 | 677 | 135 | ||
| Accounts receivable (for which payments are expected more than 12 months after the reporting date) | 230 | - | - | ||
| buyers and customers (62, 76, 82) | 231 | - | - | ||
| Accounts receivable (for which payments are expected within 12 months after the reporting date) | 240 | 1 374 211 | 2 952 024 | ||
| buyers and customers (62, 76, 82) | 241 | 270 206 | 320 505 | ||
| Short-term financial investments (56,58,82) | 250 | 5 024 000 | 24 000 | ||
| loans granted to organizations for a period of less than 12 months | 251 | - | - | ||
| own shares repurchased from shareholders | 252 | - | - | ||
| other short-term financial investments | 253 | - | - | ||
| Cash | 260 | 929 897 | 1 058 258 | ||
| Other current assets | 270 | 3 | 1 | ||
| TOTAL for section II | 290 | 7 356 362 | 4 054 940 | ||
| BALANCE (sum of lines 190 + 290) | 300 | 14 959 757 | 15 792 384 | ||
| LIABILITY | At the beginning of the reporting year |
reporting |
|||
| 1 | 2 | 3 | 4 | ||
| III. CAPITAL AND RESERVES | |||||
| Authorized capital | 410 | 888 000 | 888 000 | ||
| Own shares repurchased from shareholders | 411 | - | - | ||
| Extra capital | 420 | 581 910 | 581 910 | ||
| Reserve capital | 430 | 44 400 | 44 400 | ||
| reserves formed in accordance with the law | 431 | - | - | ||
| reserves formed in accordance with the constituent | 432 | 44 400 | 44 400 | ||
| documents | - | - | |||
| Retained earnings (uncovered loss) | 470 | 1 295 246 | 4 120 024 | ||
| TOTAL for Section III | 490 | 2 809 556 | 5 634 334 | ||
| IV. LONG TERM DUTIES | - | - | |||
| Loans and credits | 510 | 3 865 547 | 3 496 359 | ||
| Deferred tax liabilities | 515 | - | - | ||
| Other long-term liabilities | 520 | - | - | ||
| TOTAL for section IV | 590 | 3 865 547 | 3 496 359 | ||
| V. SHORT-TERM LIABILITIES | |||||
| Loans and credits | 610 | 7 870 098 | 6 032 546 | ||
| Accounts payable | 620 | 414 556 | 523 881 | ||
| suppliers and contractors | 621 | 394 876 | 497 063 | ||
| debt to the staff of the organization | 622 | - | 9 | ||
| debt to state off-budget funds | 623 | 377 | 2 | ||
| debt on taxes and fees | 624 | 19 206 | 26 807 | ||
| other creditors | 625 | 98 | - | ||
| Debt to the participants (founders) for the payment of income | 630 | - | - | ||
| revenue of the future periods | 640 | - | - | ||
| Reserves for future expenses | 650 | - | - | ||
| Other current liabilities | 660 | - | 105 264 | ||
| TOTAL for Section V | 690 | 8 284 654 | 6 661 691 | ||
| BALANCE (sum of lines 490 + 590 + 690) | 700 | 14 959 757 | 15 792 384 | ||
Appendix 6
Profit and Loss Statement of OJSC "NK Alliance" for the 4th quarter of 2009
| Name of indicator | During the reporting period | For a similar previous |
|
| 1 | 2 | 3 | 4 |
| Income and expenses from ordinary activities | |||
| Proceeds (net) from the sale of goods, products, works, services (net of value added tax, excises and similar obligatory payments) | 010 | 20 718 442 | 27 829 390 |
| Cost of sold goods, products, works, services | 020 | -18 511 365 | -26 179 179 |
| Gross profit | 029 | 2 207 077 | 1 650 211 |
| Selling expenses | 030 | -806 401 | -302 353 |
| Management expenses | 040 | -533 607 | -375 270 |
| Profit (loss) from sales | 050 | 867 068 | 972 588 |
| Operating income and expenses | |||
| Interest receivable | 060 | 823 144 | 667 741 |
| Percentage to be paid | 070 | -1 013 070 | -970 389 |
| Income from participation in other organizations | 080 | 2 540 327 | 5 462 800 |
| Other operating income | 090 | 1 945 344 | 1 710 195 |
| Other operating expenses | 100 | -2 163 903 | -2 916 826 |
| Non-operating income | 120 | - | - |
| non-operating expenses | 130 | - | - |
| Profit (loss) before tax | 140 | 2 998 911 | 4 926 109 |
| Deferred tax assets | 141 | - | - |
| Deferred tax liabilities | 142 | - | - |
| Current income tax | 150 | -172 641 | -202 745 |
| Fines and penalties | 180 | -1 491 | -61 |
| Net profit (loss) of the reporting period | 190 | 2 824 778 | 4 723 304 |
| FOR REFERENCE: | |||
| Permanent tax liabilities (assets) | 200 | 62 356 | 56 873 |
| Basic earnings (loss) per share | 201 | - | - |
| Diluted earnings (loss) per share | 202 | - | - |
Among the funds attracted by the enterprise in the economic circulation is accounts payable, which is essentially a free loan provided by other enterprises, organizations, individuals.
The planned accounts payable are equated to stable liabilities - funds that do not belong to the enterprise, but are constantly in circulation and used on completely legal terms. Most of the debt naturally arises in connection with the peculiarities of the calculations. The minimum constant value of sustainable liabilities is always at the disposal of the enterprise, it can use them without specifically looking for additional sources to finance economic activity and form its own working capital.
Accounts payable includes:
Debts to suppliers for uninvoiced deliveries and accepted settlement documents, the payment deadline for which has not come;
Minimum carry-over wage debt;
Minimum carry-over debt for contributions to off-budget social funds (as well as wage arrears, this type of debt is due to a natural discrepancy between the accrual period and the date of payment of wages with the simultaneous transfer of mandatory payments);
Passing debt to customers for advance payments and partial payment (prepayment) for products;
Debt to the budget for certain types of taxes, the accrual of which occurs before the due date.
However part of accounts payable may arise as a result of violation of settlement and payment discipline and be the result of non-compliance by the enterprise with the terms of payment for products. This part is unplanned and often entails unforeseen expenses for the enterprise in the form of fines to be paid, penalties on debts to the budget and off-budget funds, penalties for violated obligations to suppliers and customers, legal costs for disputed debts.
The amount of the increase in the planned accounts payable is the main source of the formation of working capital, since profits and equity are directed to the formation of fixed assets and investments in the expansion and re-equipment of production, and bank loans and loans, unlike stable liabilities, are not free.
Accounts payable management involves:
Calculation and careful observance of the minimum carry-over balances for settlements with creditors;
Determining the need for own working capital and the level of growth of sustainable liabilities necessary to meet this need;
Analysis and control of the level of accounts payable;
Analysis and control of the structure of accounts payable;
Assessment of accounts payable from the standpoint of payment discipline;
As a consequence of the previous method, the determination of the price of accounts payable in the form of fines, penalties, forfeits that the company will have to pay in case of violation of payment discipline.
"Price" of accounts payable- a relative indicator that reflects not so much the cost of maintaining accounts payable, but characterizes the rate of return of this source of financing. In other words, since the slowdown in the turnover of certain types of accounts payable entails costs for the enterprise, the price of debt determines the level of profitability below which there can be no increase in profit from current assets financed by overdue debt.
It is not necessary to comment on the fact that at the cost of slowing down debt to staff enterprises can be, basically, socio-psychological losses that are not quantified.
Debts to subsidiaries also do not create any special problems for the organization.
The price of debt to suppliers can be considered:
If a supplier provides discounts for paying for raw materials within a short time, then the cost of slowing down debt turnover will be the loss of these discounts;
If the supply contract provides for the payment of a penalty for late payment of raw materials, then the price will be the amount of this penalty.
The payment for the use of debt to the budget and off-budget funds is the accrual of fines and penalties. The price of this source of funds is determined as the ratio of the sum of all fines for the period to the average debt to the budget for the same period.
A slowdown in the turnover of advances received means, as a rule, untimely delivery of products to customers. Although the price of this indicator is also not quantifiable, but the acquisition of a reputation as a dishonest supplier can cost the organization much more than the cost of all other types of debt.
The main task of a financial manager in managing accounts payable is to determination of optimal debt repayment terms.
In doing so, keep in mind:
Debt should be free or its price should be minimal;
Debt retention should not damage reputation enterprises;
The desire to maximize the amount of accounts payable does not mean that the organization for this may violate the laws or terms of transactions.
Based on the above conditions, a accounts payable budget. It is based on the results of an analysis of the state and dynamics of accounts payable, and the purpose of compiling such a budget is to search for opportunities to increase the size of a part of the debt or the possibility of extending its repayment period, and, consequently, reducing the current financial needs of the enterprise. The accounts payable budget can be part of organization's payment calendar.
The accounts payable budget is prepared in such a way as to provide the financial manager with information:
On the timing of the occurrence of obligations (appearance of accounts payable);
Terms of repayment of obligations (transfer of funds to creditors);
The period of circulation of accounts payable - in general and by type;
The absence of overdue debt and ways to prevent the possibility of its occurrence.
Anti-crisis financial management of an enterprise and bankruptcy: object and subjects of management, mechanism. Functions of financial management in the process of liquidation procedures in bankruptcy.
Crisis management- a set of forms and methods for the implementation of anti-crisis procedures aimed at forecasting, preventing the onset and withdrawal from the crisis, in the event of its onset, of the enterprise.
The purpose of anti-crisis management is to ensure financial stabilization and sustainable development of an enterprise in an unstable environment.
Anti-crisis management is a system consisting of the following elements:
Control object;
Subject of management.
As object a crisis emerges. A crisis is an extreme aggravation of contradictions in the socio-economic system of an enterprise, threatening its viability in the environment.
The subject is:
State;
Arbitration manager;
Crisis manager.
Arbitrator:
Appointed by the arbitration court for the implementation of procedures for monitoring, external management, bankruptcy proceedings.
Observation procedure is introduced immediately from the moment the arbitration court accepts the bankruptcy petition of the debtor. The main purpose of monitoring is to take effective measures to preserve the debtor's property. The implementation of this task is entrusted to the interim manager, who should help creditors and the arbitration court analyze the financial condition of the debtor and determine the potential for restoring its solvency - after all, liquidation is not always profitable. During the observation, the debtor has not yet been declared bankrupt, the head has not been removed from office, the organization's activities continue in full. Observation ends at the moment of issuing the appropriate decision of the arbitration court on the merits of the case under consideration.
Implementation external management procedures assigned to an external manager. A debtor, a meeting of creditors, tax authorities, a state agency for bankruptcy and financial recovery, and local governments can propose his candidacy to an arbitration court. They can also become an interim manager who previously carried out the monitoring procedure. The powers of all bodies of a legal entity are transferred to an external manager. In this case, the head of the debtor organization is removed from the performance of his duties.
The basis for the external management procedure is the external management plan, which provides for an inventory of the debtor's property, an analysis of its financial, economic and investment activities, the situation in the commodity markets, the liquidation of receivables, and the compilation of a register of creditors' claims. Based on the results of activities, the external manager is obliged to submit to the meeting of creditors a report on the results of the implementation of the external management plan.
The decision of the arbitration court on declaring the debtor bankrupt entails the discovery bankruptcy proceedings, which is defined as a procedure used to adequately satisfy the claims of creditors. It means that the deadline for the fulfillment of all the debtor's monetary obligations has come (the accrual of penalties and interest on all types of debt is terminated) and all claims against him can only be made within the framework of bankruptcy proceedings.
To carry out the bankruptcy procedure, the arbitration court appoints a bankruptcy trustee. It may be a person who carried out external management. The arbitration court may appoint several bankruptcy trustees, distributing their duties depending on the complexity of the tasks performed and setting the limits of responsibility for each of them. The purpose of bankruptcy administration is to accumulate the debtor's property and form a bankruptcy estate for the sale of property and settlement with creditors in the order of priority provided by law.
There is another procedure that can be implemented at any stage of a bankruptcy case - a settlement agreement. The only condition for the approval of the settlement agreement by the arbitration court is the repayment by the debtor of the debt to the creditors of the first and second priority. The conclusion of a settlement agreement is a normal way to end a bankruptcy case.
Anti-crisis manager- may act as an independent expert operating on a commercial basis, or be a staff member of the organization (suitable for large firms, corporations).
State regulation of crisis situations and anti-crisis activities of enterprises is a process of legal regulation of the implementation of anti-crisis procedures.
At the present stage, the main directions of state regulation of crisis situations and anti-crisis activities of enterprises include:
Regulation of various aspects of the creation of enterprises of various organizational and legal forms;
Regulation of the procedure for the formation of an information base for managing the production and economic activities of enterprises;
Regulation of the order and forms of rehabilitation of enterprises;
Regulation of bankruptcy and liquidation procedures of enterprises.
The process of anti-crisis management of an enterprise is based on a certain mechanism. Anti-crisis management mechanism is a set of basic elements that ensure the process of development and implementation of management decisions on all aspects of the enterprise's anti-crisis management.
The structure of the financial management mechanism includes the following elements:
The system of external regulation of anti-crisis management:
State normative - legal regulation;
Market mechanism of regulation.
The system of internal regulation of certain aspects of the anti-crisis management of the enterprise:
Internal normative - legal regulation.
Leverage:
Solvency;
Financial stability;
Profit;
Penalties, fines, penalties, etc.
Method system:
balance method;
Economic and statistical methods;
Economic and mathematical methods;
Expert methods, etc.
Information Support.
A crisis situation can be classified as:
Crisis for managers; (deterioration of indicators characterizing the financial and economic condition and efficiency of enterprise management)
Crisis for the owners; (deterioration of indicators characterizing the effectiveness of the owners' investments in this enterprise).
Crisis for creditors; (untimely or partial satisfaction of creditors' claims)
Legislative regulation in the interests of creditors.
At the stage "legislative regulation" the scope of managerial influences on the part of the owners of the enterprise is legally limited in order to protect the interests of creditors. Its beginning is determined by the adoption by the arbitration court of an application for declaring the debtor bankrupt. From that moment on, information that could be a trade secret becomes available to the participants in the bankruptcy proceedings. The enterprise at this stage is not a completely independent economic entity, because its activities are controlled by an arbitration court, an arbitration manager, a meeting of creditors. This crisis situation can be characterized as "bankruptcy".
Enterprise bankruptcy defined as inability to meet creditors' claims on payment for goods (works, services), including the inability to ensure mandatory payments to the budget and off-budget funds in connection with the excess of the debtor's obligations over his property or the unsatisfactory structure of the debtor's balance sheet.
Signs of bankruptcy in accordance with the Law of the Russian Federation is the failure to fulfill monetary obligations and (or) obligations to make mandatory payments within three months from the date of their fulfillment.
Anti-crisis financial management of an enterprise includes:
Monitoring the financial condition of the enterprise in order to detect early signs of a crisis state (objects of observation are identified, indicators of the state are determined);
Identification of key factors causing the development of the crisis state of the enterprise (list of factors, degree of influence, forecast of the development of established factors);
Determination of the scale of the crisis state of the enterprise;
Formation of a system of goals for the exit of the enterprise from a crisis state, adequate to its scale;
Choice of internal mechanisms of financial stabilization of the enterprise;
The choice of effective forms of rehabilitation of the enterprise;
Control over the results of the developed measures to bring the enterprise out of the financial crisis.
If the rehabilitation measures did not give the necessary effect to bring the enterprise out of the financial crisis, the arbitration court decides to declare the debtor enterprise bankrupt and liquidate it. In this case, special liquidation procedures are carried out (bankruptcy proceedings are opened). A number of liquidation procedures in case of bankruptcy of an enterprise are directly related to the functions of financial management. This management is entrusted to the liquidation commission, which, in accordance with the law, manages the property of a bankrupt enterprise and satisfies the claims of creditors.
The functions of financial management in the process of liquidation procedures in bankruptcy include:
Evaluation of the property of a bankrupt enterprise at book value;
Determination of the composition and liquidation (competitive) estate;
Evaluation of property included in the liquidation (bankruptcy) estate at market value;
Determining the volume of real financial obligations of a bankrupt enterprise;
Selection of the most effective forms of property sale;
Ensuring the satisfaction of creditors' claims by selling the property of a bankrupt enterprise;
Development of the liquidation balance sheet of a bankrupt enterprise.
Coursework on the topic:
Accounts payable management
INTRODUCTION
Running a modern business is accompanied by the need to solve problems of varying complexity. A modern system of accounts payable management should include the whole set of methods of analysis, control and evaluation of it. At the same time, the management of accounts payable is the work with the sources of its occurrence, the formation of the credit policy of the enterprise and the organization of contractual work, as well as the management of debt obligations.
Conducting business activities, almost any company cannot do without accounts payable. If you pay off counterparties in a timely manner, then no problems arise. But how to write off accounts payable in a situation where it is not possible to repay the debt for one reason or another?
Accounts payable can be defined as the debt of one organization to other organizations, individual entrepreneurs or individuals formed in the course of settlements for acquired inventories, works and services, in settlements with the budget, as well as in settlements of wages. Such debt must be recorded in the accounting of the organization either until the date of its repayment by the organization or collection by the counterparty, or until the date of its deregistration.
The method of managing accounts payable is part of the general policy of managing current assets and the marketing policy of the enterprise, which is aimed at expanding the volume of sales of products and consists in optimizing the total amount of this debt and ensuring its timely collection.
Debts arising from the financial and economic activities of enterprises form a current and long-term diversion or attraction of funds, known as receivables and payables, affecting solvency and liquidity.
Accounts payable always divert funds from circulation, impede their effective use, resulting in a tense financial condition of the enterprise. Those. accounts payable characterizes the diversion of funds from the turnover of the enterprise and their use by debtors. Thus, it negatively affects the financial condition of the enterprise, so it is necessary to reduce the time for its collection.
The purpose of this thesis is to analyze the accounts payable of the enterprise and, based on the analysis data, propose measures to reduce it. To achieve this goal, it is necessary to solve the following tasks:
1. Determination of the essence of accounts payable and methods of managing it.2. Conduct an analysis of the economic situation of OAO NK Alliance.3. Based on the results of the analysis, propose measures to manage accounts payable at the enterprise.
Accounts payable to a certain extent is useful for the enterprise, tk. allows you to receive for temporary use funds belonging to other organizations.
The state of accounts payable, size and quality have a strong impact on the financial condition of the organization.
In order to manage accounts payable, it is necessary to analyze it, which includes a set of interrelated issues related to assessing the financial position of an enterprise.
CHAPTER 1. THEORETICAL FOUNDATIONS OF MANAGEMENT OF PAYABLES
1.1 Essence of accounts payable
accounts payable financial condition
As a legal category, accounts payable is a special part of the enterprise's property, which is the subject of legal obligations between the organization and its creditors. The economic component includes a part of the property of the enterprise (usually cash) and inventory items.
The organization owns and uses accounts payable, but it is obliged to return or pay this part of the property to creditors who have the right to claim it.
Thus, accounts payable have a dual legal nature: as part of the property, it belongs to the enterprise on the right of ownership or even on the right of ownership in relation to the money or things received on loan; as an object of legal obligations, it represents the debts of the enterprise to creditors, that is, persons authorized to claim or recover from the organization the specified part of the property.
In a simplified version, accounts payable is what this company owes to other persons.
Taking into account the noted signs, accounts payable can be defined as a part of the property of an enterprise that is the subject of debt obligations of a debtor organization to eligible persons - creditors arising from various legal grounds, subject to accounting and reflection in the balance sheet as debts of the organization - balance holder.
In cases where the debtor organization does not take any measures to voluntarily repay debts, creditors still have the possibility of enforcement, which, depending on the nature of the accounts payable, is carried out in court or out of court.
The concept of accounts payable covers the debt obligations of the organization - the debtor, having a different origin.
Since accounts payable is one of the sources of funds at the disposal of the enterprise, it is shown in the liabilities side of the balance sheet. Accounts payable is kept separately for each creditor, and in generalizing indicators they reflect the total amount of accounts payable and give it, breaking it into groups.
Attracting borrowed funds into the turnover of an enterprise is a phenomenon that contributes to a temporary improvement in the financial condition, provided that they are not frozen for a long time in circulation and are returned in a timely manner.
Otherwise, overdue accounts payable may arise, which leads to the payment of fines and deterioration of the financial condition. Therefore, in the management process, it is necessary to study the composition, prescription of accounts payable, the presence, frequency and causes of formation.
Accounts payable is essentially a free loan and is one of the funds attracted by the enterprise into the economic circulation. Unlike stable liabilities, accounts payable is not a planned source of working capital formation. Accounts payable refers to short-term liabilities of the enterprise.
Part of the accounts payable is natural, as it arises in connection with the peculiarities of the calculations. However, in most cases, accounts payable arise as a result of violation of settlement and payment discipline and are the result of non-compliance by the enterprise with the terms of payment for products and settlement documents.
Accounts payable characterizes the most short-term type of borrowed funds used by the enterprise, formed from internal sources.
The accrual of funds on various types of these accounts is carried out by the enterprise daily, and the repayment of obligations under these accounts payable is carried out within a certain period of time in the range of one month. Since, from the moment of accrual, the funds included in accounts payable are no longer the property of the enterprise, but are only used by them until the maturity of obligations, in their economic content they are a type of borrowed capital.
Accounts payable, as a form of borrowed capital, is characterized by the following main features:
1. This is a free source of leveraged funds. As a free source of capital formation, it provides a reduction not only in its borrowed part, but also in the entire cost of capital of the enterprise.
2. The size affects the duration of the financial cycle of the enterprise. It affects to a certain extent the required amount of funds to finance current assets. The higher the relative amount of accounts payable, the smaller the amount of funds the company needs to attract for the current financing of its business activities.
3. The amount of accounts payable is directly dependent on the volume of economic activity of the enterprise, in the first place - on the volume of production and sales. With the growth of the volume of production and sales of products, the expenses of the enterprise accrued as part of accounts payable increase, and, accordingly, its total amount increases, and vice versa.
The predicted size for most species is only an estimate. This is due to the fact that the size of many accruals that are part of accounts payable cannot be accurately quantified due to the uncertainty of many parameters of future economic activity.
The amount for its individual types and for the enterprise as a whole depends on the frequency of payments of accrued funds. The frequency of these payments is regulated by state regulatory legal acts, the terms of contracts with economic partners, and only a small part of them - by the internal standards of the enterprise. This high degree of dependence of the periodicity of payments on individual accounts that are part of accounts payable on external factors determines the low level of controllability of this source of borrowed funds in the process of financial management.
The amount of accounts payable of the enterprise is affected by the total volume of purchases and the share of acquisitions in it on the terms of subsequent payment, the terms of contracts with counterparties; terms of settlements with suppliers and contractors, the degree of saturation of the market with this product; the policy of repayment of accounts payable, the quality of the analysis of accounts payable and the consistency in the use of its results, the settlement system adopted at the enterprise.
The concept of accounts payable and its management
Accounts payable is formed at the enterprise as a result of relationships with various counterparties.
Such debt arises periodically:
- when delivering products from suppliers until the time of payment for such products;
- upon receipt of advance payments from buyers before the moment of shipment of products to them;
- when accruing wages before the moment of its actual payment;
- when calculating various types of taxes and fees, until the moment of their actual transfer to the budget and extra-budgetary funds;
- when accruing dividends to participants before the moment of their actual payment;
- in other transactions that form accounts payable.
The amount of accounts payable, which is reflected in the balance sheet, is an important indicator of the financial stability and solvency of the enterprise, so this accounting object must be managed.
Definition 1
Accounts payable management is the process of controlling its formation, dynamics of change and repayment.
Ready-made works on a similar topic
- Coursework 430 rubles.
- abstract Accounts payable management 240 rub.
- Test Accounts payable management 240 rub.
That is, in order for the volume of accounts payable not to shake the financial stability of the enterprise and not lead to bankruptcy, it is necessary to constantly monitor the dynamics of changes in its volumes.
Accounts Payable Management Methods
To date, in domestic and foreign practice, certain methods and tools for managing accounts payable have been formed. However, each individual enterprise has its own control and management system.
Among the most common methods, the following types can be distinguished.
- on payment to suppliers, based on the terms of contracts;
- on wage payments, based on the requirements of the legislation (Labor Code of the Russian Federation);
- on transfers of taxes, based on the requirements of the legislation (Tax Code of the Russian Federation);
- on payment of dividends, based on the requirements of the accounting policy of the enterprise;
- etc.
Repayment schedule.
Often in organizations to manage accounts payable, a schedule for its repayment is drawn up. In such a graph, debt indicators are constantly changing, as new indicators are formed almost every day. The Repayment Schedule reflects the dates and amounts of repayment, as well as the entities to which this debt is repaid. Dates are determined depending on the specifics of the debt:
Remark 1
The person responsible for compiling and maintaining this schedule should be well aware of the deadlines for repayment of each type of debt.
Payment schedule.
The payment calendar is compiled as a forecast of the company's cash flow. Based on such a forecast, you can plan the payment of a certain debt by synchronizing the data with the repayment schedule.
Attraction of borrowed funds.
This method is used in cases of emergency, if the organization has accumulated debt that is expiring or has expired. The company may face a lawsuit for recovery, or the commencement of bankruptcy proceedings. Therefore, borrowed funds will help to avoid such negative consequences.
Remark 2
However, it is worth remembering that with a high indicator of accounts payable in the balance sheet, it will be difficult to get a loan or a loan for the enterprise.
For effective management of accounts payable, it is necessary to apply a set of measures, which include:
- planning the volume of accounts payable;
- development of norms for its volumes;
- organization of the control system;
- analysis of the structure of accounts payable.
On the basis of these measures, in each organization methods of managing accounts payable are formed.