Working capital deficit: problems and solutions. Lack of own working capital, its calculation and sources of replenishing the lack of own working capital Lack of working capital what to do

Article 15.14. Inappropriate use of budgetary funds and funds of state extra-budgetary funds 1. Use of budgetary funds by the recipient of budgetary funds for purposes that do not meet the conditions for obtaining these funds, determined by the approved budget,

Article 306. Use of funds obtained from illegal traffic in narcotic drugs, psychotropic substances, their analogues or precursors 1. Placement of funds received from illegal traffic in narcotic drugs, psychotropic substances, their analogues or

LECTURE No. 12. Kidney disease in children. Acute renal failure (ARF). Chronic renal failure (CRF).

LECTURE No. 12. Kidney disease in children. Acute renal failure (ARF). Chronic renal failure (CRF). 1. Renal failure The main functions of the kidneys (excretion of metabolic products, maintaining the constancy of the water-electrolyte composition and

Coronary insufficiency, circulatory failure

STEP 3 - ACCUMULATION OF COSTS, APPEARANCE OF ACCOUNTS

As the old man K. Marx used to say - "At the heart of any big capital is a crime."

Another imperishable postulate underlies cash flow:

"MONEY - GOODS - MONEY" ". And this always assumes that MONEY is always more than MONEY per delta (margin). The size of the delta is practically equal to the profit, minus the costs.

Thus, an ideal deficit-free cash flow is obtained - i.e. cash flow, in which the outgoing cash flow is always greater than the incoming cash flow, and without attracting additional funding.

To increase the sales market, a business plan is being developed. To keep regular customers, the entrepreneur begins to provide goods on deferred payment, he has short-term receivables. There is a cash gap between the transfer of goods for sale and receipt of money after the sale by debtors. To close the gap, the entrepreneur is forced to take out loans, and non-current assets may continue to grow. VAT is reduced and adjusted for the amount frozen in marriage, illiquid assets, misgrading and receivables.

DDS:

STEP 4 - FORMATION OF DEFICIENCY OF BORED WORKING FUNDS

Postulate: "Money, like drugs, can be fast or slow, cheap or expensive."

The entrepreneur is on the needle of borrowed funds and so far enjoys it. At this stage, with each new cycle at the enterprise, absolutely all indicators increase.

Stocks in the warehouse are increasing, but the quality of the purchase and assortment decreases due to the increase in the volume of supplies.

The entrepreneur begins to provide goods on a deferral basis, including to unknown buyers. Due to competition in the market, old buyers have to cut prices. The markup ceases to cover the entrepreneur's losses from the freezing of funds in current assets: stocks, rejects, illiquid assets, misgrading, accounts receivable. Bad receivables appear due to lack of analysis and monitoring financial condition debtors.

One of the ways to solve the problem of receivables radically is Factoring... Of course, it is an effective solution to deal with the cash gap and receivables, and increases turnover. Some suggest and administration accounts receivable. But the effect of factoring will be short-lived. And it will be the same as if someone who is on heroin is also add cocaine. The short-term result will be positive because adding fast expensive factoring money to slow cheap credit money will only have an effect in the short term - 1-2 quarters maximum. But it will not solve the problem radically.

DDS:

STEP 5 - LOW WORKING FUNDS

Postulate: "When you sit down on drugs, the main thing is not to rush."

At this stage, the Enterprise is already an experienced drug addict. Sits on the needle of borrowed working capital. However, it works. The machine for moving money, goods and generating losses is running at full speed. If the market conditions change and the trade margin falls, the risk of non-repayment of loans increases to at least 50%. It all depends on who and how will behave in this situation.

Part of the funds is frozen in illiquid assets, marriage, re-grading, part of the funds are frozen in accounts receivable and bad accounts receivable. The enterprise has an increased demand for credit funds to replenish working capital due to their shortage.

In parallel with the increase in credit limits, another long-overdue internal process begins - cost reduction. Since it is easiest to cut the one who is nearby, the process begins with lowering the salaries of the staff.

This in turn leads to the formation of two parallel opposition movements in the collective. "The movement of personnel in nature" that goes to other places, often with the same money. And “The movement to rob the plundered, or the expropriation of the expropriators in the name of reimbursing their losses on salary.” In this movement, people so dashingly and with such an invention begin to rob the owner that you are simply amazed at the talent of our people. income, sometimes not tied to the profit of the enterprise, but now this is done for purely ideological reasons.

When the margin received from the sale, as well as the borrowed funds are not enough for timely settlements with suppliers and banks, there is a shortage of borrowed working capital, a liquidity crisis of the enterprise and default. Curtain!!!

Communication between the client and the bank at this stage is not a sight for the faint of heart. In places they are more reminiscent of the conversation between the Baryga and the Drug Addict. The borrower may use the following words and phrases: “We will take at any percentage!”, “Without a bazaar, you have not known me for the first day”, “It is urgent!”, “Really, how much can you give quickly?”, “How fast I can I get this money? ", and at the end -" What exactly do I need to do to get this money faster? "

An attempt to solve all the accumulated problems by obtaining new loans and refinancing old ones does not give any result.

DDS:

Diagnosis. Hospitalization and treatment in a drug addiction clinic at the place of residence is urgently required.

Methods for treating dependence on borrowed working capital.

There is no panacea, but there are solutions that can reduce the intensity of passions.

1. In various banks, the calculation of the credit limit for replenishment of working capital may be limited to 50-70% of the average monthly turnover. This mechanism does not work because there are other banks with other methods, ready to give more or on top. You can also negotiate with suppliers, also increase your credit limits. Factoring does not require collateral and turnover on the current account, but it increases the total debt burden of the company.

This conflict with the total debt burden can only be resolved by the company itself, by limiting its borrowings. Banks can limit or cut limits in fact after 1 month - after reviewing the quarterly reporting, there are no more mobile and objective methods for monitoring the financial condition of the borrower. If the borrower made erroneous decisions or suffered losses in 1 month of the reporting quarter, the bank will be able to find out and document this only 3 months after the balance is returned. Agree, 3 months is a long time for accumulating mistakes and making new ones.

2. Do not attract short-term loans to solve long-term objectivessuch as opening new retail space, construction, acquisition of fixed assets. The borrower's logic is simple - the easiest money to get is working capital, so I invest my turnover in expansion, and cover the deficit with short-term loans.

There are even more exotic options for financing long-term investments. If the borrower cannot receive an investment loan, including due to financial indicators, then he takes short-term loans and refinances them on time.

In my memory, both schemes led to technical defaults and borrowers' requirements for prolongation due to a mismatch in the financial cycle, project payback and loan repayment terms. The second way more obviously ends with a default and a liquidity crisis at the enterprise.

3. The borrower must have his own complete set financial mechanisms for solving internal problems. Budgeting helps you control and plan your income and expenses. But this is not enough. There is a need for internal directive documents of direct action on the limiting amount of marriage, illiquid assets, re-grading with its attribution to the turnover of the enterprise. Accounts receivable should be clearly regulated in terms of terms, types and amounts. Debtors' financial condition must be monitored. Often, when analyzing the borrower, banks overlook the risk of non-repayment of receivables, which can only be realistically estimated by the borrower, including involving the bank in the analysis of the debtor's balance sheet.

EPILOGUE.

Poverty and Wealth are like two different sides of the same coin. Poverty or lack of capital is the reason that pushes the entrepreneur to borrow to Wealth, and Wealth through borrowing capital and through the withdrawal of rent from circulation is the reason leading to his Dependence on loans. Is there a middle ground in this vicious circle? I think no. No choice. Only loans. Unless, of course, there is no tight pocket with oil and gas rubles or free state property. In extreme cases, there are also Colombian or Afghan investment funds, as well as Vladimirsko - Central mutual funds.

Business development always involves the reinvestment of earned money in order to increase the scale of the business, its turnover. Even if the goal is the subsequent sale of this business.

The game is always played for big stakes. And if it comes there is nothing to do about a growing market, or about increasing market share, with small or medium fixed equity capital. Therefore, the aphorism "you take someone else's and not for long, and you give - yours and forever" sounds very relevant in relation to our topic.

Yulia Khachaturyan, CEO, NIKA, RISK PLAN

"Handbook of the Economist" No. 10 2016

A situation when a company does not have enough working capital can arise for various reasons. At one time, for example, I had to work for a company that was a general contractor in construction. Money to subcontractors for work had to be paid on time, but the customer with payment for the work to the general contractor (the one that has already been completed) was often late. The lack of working capital in one company of the holding structure does not mean that the situation is the same in another company that is part of the holding (or at the individual entrepreneur). However, in any case, "withdraw-get" money from the one who has it to the one who does not have it - as a rule, a certain scheme is needed. The word "scheme" in this case does not carry either positive or negative meanings. By a scheme, we mean some kind of legal solution that allows you to transfer financial investments from one entity to another. Moreover, sometimes as a result of such actions, the taxpayer pays unnecessary taxes. I will give you a specific example from my practice.

Example 1

Once, for examination, they brought me a loan agreement between two companies that are part of a holding structure. The borrower was the general contractor, the loan was given by an individual entrepreneur who had a store retail on UTII. There was a lot of confusion in the agreement, and that among the activities of the individual entrepreneur there was no issuance of loans, and the fact that the agreement no longer resembled a loan agreement, but a loan agreement, because it was built according to an overdraft scheme, which could lead to administrative liability of the individual entrepreneur for illegal bankingand much more. As a result, I did not endorse this agreement. After a while, another draft of the contract was brought to me for examination: according to it, the general contractor subleased land (which he leased from the city administration) to an individual entrepreneur, for which he transferred the actual amount of the missing working capital to him. There were no legal risks in this case, as well as tax ones. But this system of work led to large tax losses within the holding, because at first the individual entrepreneur paid tax on the funds received, then, for the second time, the general contractor paid taxes on the amount of the rent. The best alternative would be to combine all (or part) of the activity into an activity within one company, so as not to incur tax losses. But in advance in such cases it is always necessary to carry out the appropriate calculations in advance. What was the alternative in this case? For example, you could get free funds from Individual entrepreneur, transfer them to the head-individual of a limited liability company-general contractor, in order for him to enter them into the charter of his company or use other methods of tax-free transfer of cash to a legal entity.

As a rule, when looking for a way to transfer cash without paying income tax, they turn to the norms of Art. 251 of the Tax Code of the Russian Federation (there are listed incomes exempted from taxation for the purpose of calculating income tax) and are looking for conditions under which such a transfer is possible (in addition to a contribution to the authorized capital, this can be a loan, replenishment of net assets, transfer of money within simple partnership etc.) Of course, there are certain legal nuances in the application of each of the methods described.

There are many ways to transfer non-cash funds without paying taxes (or paying a small tax) using foreign companies. However, it should be remembered that any method of transferring funds to a legal entity has its disadvantages and risks.

Take for example an increase authorized capital... First, it entails the need to amend statutory documents; secondly, if at the end of the second and subsequent years the net assets become less than the authorized capital, it will have to be reduced back, etc. Activities to replenish net assets should not look like a fiction, otherwise companies may charge additional income tax. Such cases jurisprudence are known. (Review of June 30, 2015, judgments passed The Supreme Court RF on taxation in 2015 (letter of the Federal Tax Service of the RF dated 17.07.2015 No. SA-4-7 / [email protected]).)

In addition, in some cases, in order to replenish net assets without paying income tax, the founder needs only 1% in the authorized capital of the company (for example, if we are talking about a Company with limited liability); in some other cases, the founder must own more than 50% of the company's property in order to deposit money without paying income tax.

There are also some nuances when replenishing the working capital deficit with loans. First, a company lawyer must make sure that a de jure loan agreement has been drawn up, and not a credit one. That is, the contract should be real, not consensual, it is better if there is a one-time loan, etc. If money transfers individual in the company's debt, then in the event that interest for the use of funds is subsequently paid under this agreement, the funds may suspect the presence of a scheme in such actions. After all, no interest is paid on the loan insurance premiums... If the lender is a legal entity, then in the event of interest payment, you must remember the rules of the Tax Code of the Russian Federation for accounting for them in expenses (for example, the rules for calculating the maximum amount of interest taken into account for the purpose of calculating income tax with controlled debt). Therefore, sometimes a company that has a shortage of working capital is better not to give it away than to figure out how to compensate for the shortage later. However, all situations are strictly individual. For example, in the activities of a general contractor, build contractual and other legal relations with the customer so that he pays for the work on time. To withhold turnover VAT (and in fact, this is also free money), the method of replacing relations is used: in particular, two contracts for the sale of property are replaced with an agency contract. In this case, the agent participating in the calculations must pay VAT not on the entire amount received for the goods, but only on the amount of the agent's fee (which is the difference between the sale price and the purchase price of the goods). However, in this case, it is also not always possible to avoid the claims of the tax authorities in the focus of the taxpayer's actions on obtaining an unjustified tax benefit. It is clear that the total amount of VAT is not saved here, however, due to the use of the scheme, it is possible to save the amount of VAT in a certain quarter. Sometimes the solution to a difficult situation to eliminate the shortage of working capital can be more than simple.

Example 2

Recently at one of the seminars I was asked the following question. The holding includes two legal entities... One (the main company) constantly lacks circulating funds, while the other has excess funds. According to the built-up system of work, the auxiliary company pays for services to third parties, and the parent company, in turn, transfers the funds (de facto - compensated costs plus remuneration) to it. All firms are on the main tax system. Since, in accordance with the established contractual relations between the companies, at first the parent company transferred money to the subsidiary, and then purchased third-party services, the lack of money in the main company was constant. In order to avoid this problem, it was only necessary to reconsider the dates of payment for services (at first the auxiliary company pays for the services to third parties) and only then (after a certain period of time) the parent company transfers the remuneration to the auxiliary company. Thus, in each specific case, you can find your own individual solution. And then there will be no need to use unnatural looking and often dangerous schemes.

NIKA, RISK PLAN can help you find an extraordinary legal solution to complex problems. Learn more about her services:

1. Surplus (lack) of own working capital.

ΔСОС year \u003d СОС year - W (thousand rubles),

where: ΔСОС year - growth, surplus working capital;

З - reserves.

ΔСОС 2006 \u003d 4180 - 1389 \u003d 2791;

ΔСОС 2007 \u003d 15226 - 9437 \u003d 5789;

ΔСОС 2008 \u003d 15316 - 3790 \u003d 11526.

The company has a sufficient amount of its own funds to form stocks.

1. Surplus (lack) of own and long-term borrowed sources of funding for reserves.

Δ SDI year \u003d SDI year - W (thousand rubles),

where: ΔSDI year - surplus (lack) of own and long-term borrowed sources of funding for reserves.

Δ SDI 2006 \u003d 4180 - 1389 \u003d 2791;

Δ SDI 2007 \u003d 15226 - 9437 \u003d 5789;

ΔSDI 2008 \u003d 15316 - 3790 \u003d 11526.

For the entire analyzed period, the enterprise has a sufficient number of its own and long-term sources of funding for reserves.

· Surplus (shortage) of the total value of the main sources of coverage of stocks.

ΔOIZ year \u003d OIZ year - W (thousand rubles),

where: ΔOIZ year - surplus (shortage) of the total value of the main sources of coverage of reserves.

ΔOIS 2006 \u003d 4788 - 1389 \u003d 3399;

ΔOIS 2007 \u003d 15226 - 9437 \u003d 5789;

ΔOIS 2008 \u003d 15316 - 3790 \u003d 11526.

Thus, in the analyzed period, the enterprise has enough main sources of coverage of reserves, and by the end of the period this indicator increases significantly.

The dynamics of the indicators of coverage by reserves by the main sources of their formation will be reflected in Fig. 2.6.

Figure: 2.6 - Dynamics of indicators of coverage by reserves by the main sources of their formation by JSC "Vinicom" in 2006 - 2008.

The given indicators of provision of reserves have corresponding sources of financing. Based on them, we can conclude about the type financial sustainability enterprises.

The conclusion is formed on the basis of a threefold model:

М (ΔСОС; ΔSDI; ΔOIS)

As a result of the calculations, it can be seen: during the entire analyzed period - M (ΔСОС\u003e 0; ΔSDI\u003e 0; ΔOIS\u003e 0).

This means the following: during the analyzed period, the financial condition of the enterprise is assessed as stable.

Table 2.4

Relative indicators of the financial stability of the enterprise (coefficients of the capital structure) (thousand rubles)

Changes in financial stability indicators will be reflected in the form of a diagram in Fig. 2.7.

Figure: 2.7 - Indicators of financial stability of the enterprise OJSC "Vinicom" in 2006 - 2008

The relative indicators of the financial stability of the enterprise characterize the degree of dependence of the enterprise on external creditors and investors.

The optimal value of the coefficient of financial independence is equal to Kfn \u003d 0.6. CFN 2006 \u003d 0.87; CFN 2007 \u003d 0.78; CFN 2008 \u003d 0.74. The growth of the coefficient from period to period indicates an increase in the financial independence of the enterprise.

The normal limitation of the coefficient of financial dependence is equal to Кз 0.5-0.7. Kz 2006 \u003d 0.14; Kz 2007 \u003d 0.29; Kz 2008 \u003d 0.35. As a result of the growth of the financial independence of the enterprise, the value of the coefficient, respectively, had a tendency to decrease.

The recommended value of the coefficient of provision with own circulating assets is Ko ≥ 0.1. 2006 \u003d 0.87; 2007 \u003d 0.78; 2008 \u003d 0.74. That is, the enterprise had a sufficient amount of its own circulating assets throughout the entire study period.

Normal limitation of the coefficient of maneuverability: Km \u003d (0.2; 0.5). Km 2006 \u003d 0.97; Km 2007 \u003d 0.99; Km 2008 \u003d 0.99. Thus, we can conclude that the company has sufficient opportunities to maneuver with its own funds.

The recommended value of the coefficient of financial tension Kfnapr is no more than 0.4. Kfnapr 2006 \u003d 0.13; Kfnapr 2007 \u003d 0.22; Kfnapr 2008 \u003d 0.26. Calculations show that the level of financial tension is growing, which indicates a decrease in the financial stability of the enterprise, however, the current situation does not cause serious concerns, the recommended values \u200b\u200bare observed with a significant excess.

Кс is the ratio of mobile and mobilized assets. Ks 2006 \u003d 44.39; Ks 2007 \u003d 130.95; Ks 2008 \u003d 140.76. 44 RUB 39 kopecks current assets accounted for 1 ruble of non-current assets in 2006. 130 RUB 95 kopecks current assets accounted for 1 ruble of non-current assets at the end of 2007. 140 RUB 76 kopecks of current assets accounted for 1 ruble of non-current assets in 2008. These ratios show that the assets of the enterprise are distinguished by very low immobilization.

Economic efficiency the activity of the enterprise is expressed by indicators of profitability (profitability), i.e. profitability ratios show how profitable the business is.

Table 2.5

Enterprise profitability ratios (%)

Now let's discuss the obtained data.

Return on products sold (RRP) decreased by 2008 from 28.94% to 0.46%, which is a negative trend.

Product profitability also decreased: Rizd2007 \u003d 52.13%; Rizd2008 \u003d 25.59%.

The profitability of production has also increased: Рп2007 \u003d 14.4%; Rp2008 \u003d 24.37%. This suggests that production costs have increased significantly.

The return on assets also fell significantly: to 0.71%, i.e. the profit per ruble of assets declined.

The return on non-current assets fell to 97.64%. Thus, the profit received from the use of non-current assets has decreased significantly, which is a negative sign.

The return on current assets also fell: Roa2007 \u003d 69.48%; Poa2008 \u003d 0.72%. As you can see, the profitability of current assets fell significantly.

The return on net working capital also fell to 0.95%.

Profitability and profitability of MONTEK LLC is one of the tasks graduation project... Chapter 2. The basis for the selection of the diploma project. Review of theory and practice on the topic of the diploma project "Profit Management at the Enterprise" Profit as final financial results at all stages of economic development has always been of great importance for the effective operation of enterprises and organizations. In the transition to ...

Lack of own circulating assets arises if the value of the current standard exceeds the amount of own and equivalent funds. The lack of own working capital is, as a rule, the result of a shortfall in the planned profit or its illegal, irrational use and other negative factors that have arisen in the process commercial activities organizations. The lack of its own working capital is covered by the funds of the organization itself, and first of all, part of the net profit remaining at its disposal is directed to cover the shortage.
Borrowed funds in the sources of formation of working capital in modern conditions are becoming more and more important and promising. The main form of borrowed funds are short-term bank loans. They cover the temporary additional need of the organization for funds. The attraction of borrowed funds is due to the nature of production, complex settlement and payment relations that arose during the transition to market economy, the need to fill the lack of own circulating assets and other objective reasons.
Borrowed funds in the form of loans are used more efficiently than their own working capital, since they make a faster turnover, have a strictly targeted purpose, are issued for a strictly specified period, and are accompanied by the collection of bank interest. This encourages the organization to constantly monitor the movement of borrowed funds and the effectiveness of their use. Borrowed funds are attracted not only in the form of a short-term bank loan, but also in the form of accounts payable, as well as other borrowed funds, that is, the balances of funds and reserves of the organization itself, temporarily not used for intended purpose.
The formation of accounts payable is associated, as a rule, with the unscheduled attraction of funds from other enterprises, organizations or individuals into the economic turnover of an enterprise.

50. The value and ways of accelerating the turnover of working capital;

Working capital is constantly in motion.

At every moment in time, the firm buys, produces, sells, buys again, etc. This ensures the smoothness and continuity of the production and sales process. The volume of working capital should be sufficient to produce products in the range and quantity demanded by the market, at the same time minimum, not leading to an increase in production costs due to excess stocks.

An important requirement for a successful economy is the rational use of working capital. Rational use working capital finds its manifestation in the acceleration of their turnover: the sooner the circulation takes place, the smaller the amount of working capital serves the production process.

The efficiency of using working capital is measured by indicators of their turnover. The turnover of circulating assets is understood as the duration of the sequential passage of funds through individual stages of production and circulation. The turnover of working capital is completed by crediting the proceeds to the account of the economic entity.

The turnover of working capital is not the same, which depends on the industry, the organization of production and sales of products, the allocation of working capital and other factors.

The indicators of the turnover of working capital are important for assessing the financial condition. In addition, an increase in the rate of turnover of working capital, all other things being equal, increases the attractiveness of the company in terms of investment activity.

In accordance with the stages of the circulation of working capital, three directions of accelerating their turnover can be distinguished:

1. At the stage of production stocks:

Establishment of progressive rates of consumption of raw materials, materials, fuel, energy;

Systematic check of the state of warehouse stocks;

Correct accounting and planning of resources;

Replacing expensive types of material resources with cheap ones without reducing quality.

2. At the production stage:

Improving the quality of products;

Reducing production losses;

Integrated use raw materials and production waste use;

Reducing the duration of the production cycle and increasing its continuity;

Compliance with the rhythm of work.

3. In the sphere of circulation:

Comprehensive supply of the company with raw materials and materials,

Organization marketing research,

Reduction of accounts receivable and payable,

Acceleration of product sales,

Improvement of payment methods for products.

51. Determination of the planned need for working capital under the article: "Work in progress

The production process must run continuously, and this is ensured by the presence of a constant backlog in work in progress, i.e. the presence of permanent stocks of unfinished products at different stages of its processing:

D-T ... P ...-\u003e T "-D"

For work in progress, the need for own working capital is calculated on the basis of the product of two indicators:

Stock rates in days;

The value of one-day costs for gross production.

The stock rate in days for completed production depends on two indicators:

The duration of the production cycle;

Increase in costs.

The duration of the production cycle is measured by the time from the first technological operation to the complete manufacture of the product, its acceptance established order and transfer of finished products to the warehouse.

The duration of the production cycle is determined by the following factors:

By the time of direct processing of the product, a technological stock will be created for this time

The time of transportation of semi-finished products within the workshop, between workshops, as well as the time of transportation to the warehouse - at this time - the transport stock;

By the time of accumulation of semi-finished products before the start of each next operation, a working stock is created for these purposes;

By the time the semi-finished products are in stocks to ensure the continuity of the production process, a safety stock is created for cases of some failures.

After the duration, the growth rate of costs is calculated - the need to calculate the coefficient is due to the fact that the objects of labor necessary to create products, as well as other monetary costs, are not immediately involved in production, but in parts. Depending on the intensity of the increase in costs, the need for working capital will be different.

In this regard, they allocate different types productions:

1) with a uniform increase in costs (increase equally);

2) with an uneven increase in costs;

3) with a mixed increase in costs (part grows evenly, part - unevenly).