Introduction

Conclusion

Bibliography

Applications

Introduction

The relevance of research. Accounts receivable and accounts payable are an objective inevitable consequence of the existing system of settlement relationships between an enterprise and counterparties, financial authorities, social security authorities, insurance organizations, employees, as well as other debtors and creditors. Both types of debt are the result of a gap in the time of payment and the moment of transfer of ownership of the goods, the presentation of payment documents and their payment.

Accounts receivable does not lead to negative results and a decrease in economic stability, if mutual debts are balanced, and the company manages to regulate it. Therefore, it is initially important for an enterprise to form an effective management system in the field of receivables, so that the enterprise's funds and its position in relation to consumers, partners and competitors are not irretrievably lost.

At the same time, you need to be very careful about settlements with creditors, repay their debts in a timely manner, otherwise the company may lose the trust of its suppliers, banks and other creditors, and will have penalties for settlements with counterparties.

Rational management of receivables and payables will allow the company to ensure a sufficient level of profitability and eliminate debt obligations. At the same time, the foregoing actualizes the problem of effective enterprise management, in particular, the problem of accounting, evaluation and management of receivables and payables in order to optimize its activities.

The purpose of the thesisis a study of the theoretical and methodological foundations for assessing receivables and payables to develop recommendations leading to an improvement in the economic performance of an enterprise.

In accordance with the goal, it was decided set of tasks:

explore the economic nature of receivables and payables, evaluate its role in the activities of the enterprise;

form the concept of managing receivables and payables;

explore the logical relationship between the policies for managing receivables and payables with the economic performance of the enterprise;

develop a methodology for enterprise management through optimization credit policy.

Subject of studyeconomic relations that arise in the process of improving the efficiency of enterprise management by optimizing the management of receivables and payables act.

Object of studyis the activity of the enterprise LLC "Kubaninterpraysis", which is engaged in wholesale and retail trade in branded clothing.

Methodological and informational basisstudies are the works of Russian and foreign economists, theorists and practitioners in the field of receivables and payables management.

Research considered in thesis problems are devoted to the works of such authors as H. Anderson, J. Bethge, R. Bradley, M. Brett, F. Brigham, H. Gernon, G. White, R. Campbell, R. Lewis, McCoinell, G. Muller, O Morgenstern, Toffler, M. Tracy, M. Friedman, J. Von Neumann, E. Hendriksen, R. Holt, M. Hirsch, W. Sharp, G. Schick, B. Edwards, and others. management of receivables and payables, issues of classification of receivables and payables, issues of economic modeling of the processes of managing receivables and payables within the framework of the enterprise management process.

The issues of managing receivables and payables were considered in their works by such Russian authors as M.Yu. Alekseev, A.S. Bakaev, M.P. Berezina, L.E. Basovsky, A.V. Bryzgalin, V.V. Bocharov, V.V. Burtsev, V.A. Bykov, O.B. Veretennikova, V.R. Zakharyin, V.P. Ivanitsky, V.B. Ivashkevich, A.V. Ignatieva, V.V. Kovalev, M.A. Komarov, A.I. Kovalev, A.M. Kovaleva, N.P. Kondrakov, M.M. Maksimtsov, A.N. Medvedev, V.M. Popova, V.P. Privalov, L.D. Revutsky, L.P. Khabarova, B.S. Khoreev, E.M. Chetyrkin, etc.

Research information baseincludes laws and regulations Russian Federation, data from periodicals on the problems of managing receivables and accounts payable, financial statements researched economic entity.

Work structure.The purpose and objectives of the thesis work predetermined the logic and structure of the work. The thesis consists of an introduction, three chapters of the main part, a conclusion, a list of references from 53 titles, 23 tables, 13 figures, 4 appendices, the volume of the thesis is 94 pages.

In the introductionthe relevance of the chosen topic is substantiated, the purpose of the work is formulated, the main tasks are set in accordance with it, the object and subject of research are determined.

In the first chapter -Theoretical and methodological aspects of assessing the receivables and payables of an enterprise" reveals the concept of receivables and payables, considers the classification of receivables and payables of an enterprise. The main approaches to the process of managing receivables and payables are determined. The need to manage accounts receivable and payables for the effective operation of an enterprise is substantiated.

In the second chapter -Evaluation of accounts receivable and accounts payable of an enterprise" an analysis of indicators characterizing the accounts receivable and accounts payable of an enterprise was carried out. The result of this analysis was the formation of a group of indicators that must be taken into account when conducting a qualitative and quantitative analysis of accounts receivable and payable. In accordance with the goals and objectives of the thesis, and as well as the results of the research, the concept of managing the receivables and payables of the enterprise is being formed.

In the third chapter -The main directions for improving the efficiency of managing accounts receivable and accounts payable of an enterprise" presents the developed methods for managing accounts receivable through the formation of a system of effective credit conditions, the development of standards for assessing buyers and differentiating the provision of credit was carried out, proposals for improving the organizational structure of the enterprise were identified.

In custodyconclusions are drawn and the main results of the study are presented.

accounts receivable credit

1. Theoretical and methodological aspects of assessing the accounts receivable and accounts payable of an enterprise

1.1 The concept and structure of receivables and payables

In the process of financial and economic activity, any enterprise enters into economic and financial relations with other enterprises, persons, etc. Thus, settlement relations arise. Calculations are divided into two groups:

on commodity transactions that are carried out by the enterprise if the enterprise is a supplier of finished products (works, services), a purveyor of inventory items, or a buyer;

on non-commodity transactions related to the repayment of debts to the bank, the budget, employees, extra-budgetary funds and other settlements.

In accounting, receivables are reflected as property of the organization, and accounts payable - as liabilities. However, both types of debt are inextricably linked and have a steady trend of transition from one to another. Therefore, these two types of debt must be considered in conjunction.

According to Yu.A. Babaev, accounts receivable are understood as the debt of organizations, employees and individuals this organization, which arises in the course of the economic activity of the organization, i.e. debts of buyers for purchased goods and services, accountable persons for the amounts of money issued to them under the report, etc.

Accounts receivable by their nature, depending on settlement relations, can be divided into normal, which is a consequence of the economic activity of the organization and overdue accounts receivable, which creates financial difficulties for the acquisition of inventories, payment of wages. Such accounts receivable should be the focus of attention and urgent operational action should be taken to eliminate them.

For the purposes of accounting and analysis, receivables are divided into current and long-term. Current debt must be collected within a year or a normal business cycle.

The production and commercial cycle includes: transfer of funds as an advance to suppliers, receipt and storage of goods and materials of production, storage and sale of finished products, and repayment of receivables.

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 policy of settlements with customers adopted by the enterprise, and the last factor is especially important.

From the standpoint of financial management (according to authors such as Blank I.A., Brigham Yu.F.), accounts receivable have a dual nature. On the one hand, "normal" growth in receivables indicates an increase in potential income and increased liquidity. On the other hand, not every amount of receivables is acceptable for the enterprise, since the growth of unjustified receivables can also lead to a loss of liquidity.

In countries with developed market economy accounts receivable are carried in the balance sheet at net realizable value, i.е. proceeds from the amount of cash that is expected to be received when paying off this debt.

Net realizable value means that uncollectible receipts and various discounts are taken into account when registering receivables. Uncollectible receipts on receivables are losses or expenses due to the fact that part of the receivables is not paid by buyers. At the time of the sale of products, the company does not have information about which part of the invoices will not be paid. Therefore, when assessing receivables, a certain discount is charged for these receipts.

The discount for bad receipts is calculated on the basis of the amount of outstanding receivables for previous years, taking into account changes in economic conditions. Two methods are used to estimate bad earnings:

based on the percentage of outstanding receivables to net sales;

based on their percentage of unpaid invoices or bills of exchange in their total volume.

For a more visual representation of the structure of receivables, consider Figure 1.

Figure 1 - Classification of receivables

In conditions market system any company seeks to sell its goods and services as soon as possible in order to obtain cash. However, the growth in the volume of sales of goods and services on credit increases the timing of receipt of money on settlement accounts. The following factors contribute to the increase in sales on credit:

increased competition between producers in the market;

the desire to reduce the "laying" of goods and stocks, and hence storage costs;

increase in turnover and efficiency in the use of working capital.

When goods and services are sold on credit, accounts receivable are opened in the company's books. Before opening these accounts, the credit department analyzes the creditworthiness of customers and, based on the credit rating, compiles the company's classified loan portfolio by debtor companies. The practice of market management shows that companies with a period of work in business from several months to a year and from a year to two years should be especially careful, since it is precisely such companies that make up 50-70% of the total number of companies that have failed.

On the other hand, the company itself, when buying raw materials and materials, assumes monetary obligations, which it must fulfill within a specific time frame and in a specific amount. In addition, there are financial obligations of the company to the tax authorities and personnel for the timely payment of wages. Thus, there are problems of analysis and management of receivables and payables, which are reflected in the respective accounts.

A mirror reflection of work with accounts receivable is work with accounts payable, for which it is necessary to timely and promptly required amount make cash payments to other businesses. On the one hand, the delay and "spreading" of payments over time increases the company's income and liquidity, and on the other hand, it creates problems in relations with supplier enterprises, banks and other creditors, for example, in additional payments of legal costs. Sooner or later, the bad reputation of an untimely payer will force other suppliers not only to eliminate trade discounts, but also to increase prices for the supplied raw materials, materials and goods.

Long-term liabilities include:

long-term bank loans used for long-term capital investments: for the purchase of expensive equipment, construction of buildings, modernization of production;

long-term loans reflecting long-term loans (except for bank loans) and other attracted funds for a period of more than one year, including long-term bonds issued by the enterprise and long-term promissory notes issued.

Short-term liabilities include liabilities that are covered by working capital or repaid as a result of the formation of new short-term liabilities. These obligations are repaid over a relatively short period of time (usually within a year) .

Short-term liabilities are presented in the balance sheet either at their current price, which reflects the future costs of cash to pay off these liabilities, or at the price at the date of debt redemption.

Short-term liabilities include items such as invoices and bills payable arising from the provision of a loan to an enterprise, debt certificates of a short-term loan received by a company; tax arrears, which are essentially a form of credit provided by the state to this company; wage arrears; part of long-term liabilities due in the current period.

The state of accounts payable characterizes settlement relationships with suppliers, the budget, workers and employees. When checking the amounts related to suppliers, accepted settlement documents and uninvoiced deliveries, it should be borne in mind that their value largely depends on the uniformity and volume of deliveries at the end of the reporting period, the forms and procedures used for settlements, etc. .

Each enterprise, organization in their business activities conduct settlements with external and internal counterparties: suppliers and buyers, customers and contractors, with tax authorities, with founders (participants), banks and other credit organizations, with their employees, other debtors and creditors (Figure 2).

Figure 2 - Classification of the company's debt in relation to the counterparty

As part of the obligations of any enterprise, two types of debt can be conditionally distinguished:

"urgent" (obligations to the budget, to the bank on the loan received, to the social insurance and security authorities);

"calm" (advance payments received from buyers, to suppliers and contractors).

As a summary of this paragraph of the thesis, we note that the policy of managing receivables and payables is part of the general policy of managing current assets and the marketing policy of the enterprise, aimed at expanding the volume of sales of products and consisting in optimizing the total amount of this debt and ensuring its timely collection.

At the same time, it must be borne in mind that accounts receivable, as a real asset, plays a rather important role in the field of entrepreneurial activity.

Accounts payable to a certain extent is useful for the enterprise, tk. allows you to borrow cash owned by other organizations.

The state of receivables and payables, their size and quality have a strong impact on the financial condition of the organization.

In order to manage receivables and payables, it is necessary to analyze them.

1.2 Methodology for analyzing receivables and payables

Influence on the process of managing receivables is possible when the management of the enterprise and other officials have complete and reliable information about all business processes. The formation of such information occurs during the interaction of three functions of the management of settlements with debtors: accounting, analysis and control, which makes it possible to characterize the state of receivables and payables not only from a quantitative side, but also from other positions, as well as to make effective strategic and tactical decisions.

A sharp increase in accounts receivable and its share in current assets may indicate an imprudent credit policy of the enterprise in relation to buyers, or an increase in sales, or insolvency and bankruptcy of some buyers. On the other hand, the company can reduce the shipment of products, then the accounts receivable will decrease.

Of particular importance is the analysis of receivables and payables for banks, investment funds and companies that, before granting a loan or making financial investments, carefully analyze the financial statements of customers, including accounts receivable and payable.

Effective organization of analysis and management of receivables solves the following tasks facing the enterprise:

ensuring constant and effective control over the state of debt, timely receipt of reliable and complete information on the state and dynamics of debt, necessary for making management decisions;

compliance with the allowable amounts of receivables and payables and their optimal ratio;

ensuring timely receipt of funds on accounts receivable, excluding the possibility of applying penalties and causing losses;

identification of insolvent and dishonest payers;

determination of the company's policy in the field of settlements, in particular, the provision of commodity credit, discounts and other benefits to consumers of products, the receipt of commercial loans in settlements with suppliers.

Savitskaya G.V. believes that in the process of analyzing the preparation of calculations, it is necessary to study the dynamics, composition, causes and prescription of debt formation; for the analysis of receivables, data from section II of the balance sheet asset are used, and accounts payable - from section V of the balance sheet liability and data from primary and analytical accounting.

Blank I.A. proposes at the first stage of the analysis to also evaluate the level of receivables, i.e. determine the coefficient of diversion of current assets into accounts receivable, and the level of accounts payable, i.e. determine the coefficient of diversion of current (short-term) liabilities into accounts payable.

Bernstein L.A. proposes to assess the quality of debt on the following indicators:

share of doubtful receivables in the total amount of receivables;

share of overdue receivables in the total amount of receivables;

share of overdue accounts payable in the total amount of accounts payable;

the share of overdue loans and borrowings (loans and loans not repaid on time) in the total amount of loans.

To assess the composition and structure of debts for specific buyers. wherein Strazhev The.AND. recommends studying what percentage of non-recovery of receivables falls on one or more main debtors; whether the default of one of the main debtors will affect the financial position of the enterprise. According to Bernstein L.A., it is desirable to assess the composition and structure of debts by the terms of debt formation or the terms of their possible repayment. The most common classification provides for the following grouping of current debt: up to 30 days, from 1 - up to 3 months, from 3-6 months, from 6-12 months, more than 12 months.

The analysis of debtors involves, first of all, an analysis of their solvency in order to develop individual conditions for the provision of commercial loans and conditions for factoring agreements. The level and dynamics of liquidity ratios could lead the manager to the conclusion that it was expedient to sell products only on an advance payment basis, or, conversely, that it was possible to reduce interest on commercial loans, etc.

The analysis of accounts receivable and the assessment of its real value consists in analyzing the debt by the timing of its occurrence, in identifying bad debts and forming a reserve for doubtful debts for this amount. Of particular interest is the consideration of the dynamics of receivables by the timing of their occurrence and / or by the turnover period. Such an analysis allows you to make a forecast of the receipt of funds, identify debtors in respect of which additional efforts are needed to recover debts, and evaluate the effectiveness of receivables management.

The ratio of receivables and payables characterizes the financial stability of the company and the effectiveness of financial management.

In the practice of financial activities of Russian firms, a situation often arises when it becomes unprofitable to reduce accounts receivable without changing accounts payable. Reducing accounts receivable reduces the coverage ratio. The enterprise acquires signs of insolvency and becomes vulnerable to tax authorities and creditors. Therefore, financial managers are required to solve not only the problem of reducing accounts receivable, but also balancing it with accounts payable. In this case, it is important to study the terms of a commercial loan provided to the company by suppliers of raw materials and materials.

The analysis of receivables provides for the consideration of its absolute and relative values, the assessment of their changes according to the horizontal and vertical analyzes of the balance sheet. An increase in receivables is possible but for various reasons. It can be caused by the company's imprudent credit policy towards customers, indiscriminate choice of partners, insolvency and even bankruptcy of some consumers, too high sales growth rates, difficulties in selling products, etc.

It is advisable to analyze receivables by the terms of formation (up to 1 month, from 1 to 3 months, from 3 to 6 months, from 6 months to 1 year, over 1 year). In the balance sheet, receivables are divided into two types: debt, payments for which are expected in more than 12 months. after the reporting date, and debt, payments on which are expected within 12 months. after the reporting date. Obviously, accounting for the amount of debt passing through the accounts makes sense only as long as there is a possibility of receiving it. It is reasonable to assume that this probability depends on the length of the period of repayment of receivables.

Thus, the main tasks of the analysis of receivables are:

verification of the reality and legal validity of the amounts of accounts receivable on the balance sheet of the enterprise;

verification of compliance with the rules of settlement and financial discipline;

verification of the correctness of receipt of amounts for shipped material assets and the completeness of their write-off, the availability of supporting documents when making settlement transactions and the correctness of their execution;

verification of the timeliness and correctness of the execution and presentation of claims to debtors, as well as the organization of control over the movement of these cases and verification of the organization, recovery of damages and other debts arising from settlement relationships.

External analysis of the status of settlements with debtors is based on the data of Forms No. 1 and 5, which reflect long-term and short-term receivables by type. For internal analysis, data from the analytical accounting of accounts intended to summarize information on settlements with debtors are involved.

The analysis of the state of receivables begins with the general dynamics of its volume as a whole and by articles.

Regardless of the control measures on the part of the enterprise, in order to avoid the sale of products to insolvent buyers, the accounting department maintains an appropriate journal-order or record of settlements with buyers and customers. Based on the statement, the ranking of debts by the terms of payment of invoices is carried out, which helps the enterprise determine the policy in the field of managing receivables (assets) and settlement operations.

the payment deadline has not arrived;

A justified debt is a debt that has not yet matured or is less than one month old. Unjustified debts include arrears of buyers and customers. The longer the delay, the more likely it is that the invoice will not be paid. The diversion of funds into this debt creates a real threat to the insolvency of the enterprise and weakens the liquidity of its balance sheet.

Invoices that buyers have not paid are called doubtful (bad) debts. Bad debts mean that for every ruble invested in receivables, a certain part of the funds will not be returned. The presence of doubtful receivables indicates the inadequacy of the policy of granting a deferral in settlements with buyers. To identify the reality of the collection of debts of a dubious nature, it is necessary to check the availability of acts of reconciliation of settlements or letters in which debtors acknowledge their debt, as well as the statute of limitations. For debts that are not real for collection, a reserve for doubtful debts is formed in the prescribed manner. In the presence of supporting documents, bad debts are repaid by writing them off to the losses of the enterprise as receivables for which the limitation period has expired.

When analyzing the state of settlements according to analytical accounting, it is necessary to identify the volume of hidden receivables arising from the prepayment of materials to suppliers without their shipment to the enterprise.

With a decrease in the volume of receivables, it is necessary to establish whether it has been written off for losses, whether there are supporting documents.

The next step in the analysis of receivables is to determine the structure and dynamics of changes in each item of the receivables of the enterprise.

The analysis of other debtors reflects the timeliness of payments by workers and employees for goods purchased on credit. Arrears are usually allocated in the balance sheet as a separate item. In the liabilities side of the balance sheet, the source of coverage for such debts are bank loans received to pay for goods and materials sold on credit. If, due to untimely repayment by workers and employees of the loan, their debt to the enterprise exceeds the bank loan available to the enterprise, the excess amount is considered as a receivable.

An analysis of receivables should also show how calculations are made to compensate for material damage accrued by shortages and theft of valuables, including claims filed for recovery through the court, as well as amounts awarded by the court, but not recovered. The analysis reveals whether documents are presented to the judicial and investigative authorities in a timely manner to compensate for damage.

To assess the turnover of receivables, they use, first of all, the turnover ratio of funds in the calculations (turnovers).

An important indicator that characterizes the duration of repayment of receivables (in days).

The longer the repayment period, the higher the risk of its repayment.

Of interest for analysis is the share of receivables in the total volume of working capital. The higher this indicator, the less mobile the structure of the property of the enterprise.

Based on the results of the analysis, it is necessary to identify by how much the turnover period of receivables increases the duration of the production and commercial cycle of the enterprise.

The results of the analysis allow us to reasonably suggest which items of receivables can be considered in terms of the possibility of their reduction.

Consider the procedure for calculating the main groups of indicators that are calculated in the course of the analysis:

1. Average accounts receivable:

where: DZ - accounts payable.

1. Accounts receivable turnover:

where: ODZ- turnover of receivables;

ATR

WithDZ- Average accounts receivable.

1. Receivables repayment period:

where: PPDZ- period of repayment of receivables.

It should be borne in mind that the longer the delay, the higher the risk of non-payment.

1. Share of accounts receivable in total current assets:

where: DZAct- share of accounts receivable in current assets;

Ta- current assets.

1. The share of doubtful receivables in the total volume of current assets:

where: DDZwith me- share of doubtful receivables

DZwith me- doubtful receivables

The last indicator characterizes the "quality" of receivables. The trend towards its growth indicates a decrease in liquidity.

1. Average accounts payable:

KZ - accounts payable.

1. Accounts payable turnover:

where: Okz- turnover of accounts payable;

ATR- Revenue from the sale of products;

Withkz- Average accounts payable.

1. Payable period:

where: PPKZ- period of repayment of accounts payable.

The payables repayment period shows how many turnovers during the analyzed period the company needs to pay the invoices issued to it or how many days it takes.

As a summary of this paragraph, it should be noted that receivables and payables are natural components of the enterprise's balance sheet. They arise as a result of a discrepancy between the date of occurrence of obligations and the date of payment on them. The financial condition of the enterprise is influenced both by the size of the balance sheet of receivables and payables, and the turnover period of each of them.

At the same time, this may indicate a faster turnover of accounts payable compared to the turnover of receivables. In this case, over a certain period, the debts of debtors are converted into cash at longer time intervals than the intervals when the company needs cash to pay debts to creditors on time. Accordingly, there is a lack of cash in circulation, accompanied by the need to attract additional sources of financing.

1.3 Features of management of receivables and payables of the enterprise

Working with accounts receivable, that is, the process of managing it, is an important moment in the activity of any enterprise and requires close attention of managers and managers. Determining approaches to receivables management, stages and methods is a problem that does not have an unambiguous solution, depends on the specifics of the enterprise and the personal qualities of the management.

Since the management of receivables is a component of the enterprise management system, the process of managing it can be carried out in stages. In addition, receivables management occurs over time, and it is natural that it must be represented as a certain staged system.

According to I.A. Blank, the formation of receivables management algorithms is carried out in the following stages:

analysis of accounts receivable of the enterprise;

choice of the type of credit policy of the enterprise in relation to the buyers of products;

determination of the possible amount of working capital, which is directed to receivables for commercial and consumer loans;

formation of a system of credit conditions;

formation of standards for evaluating buyers and differentiating the conditions for granting a loan;

formation of a procedure for collection of receivables;

ensuring the use of modern forms of refinancing receivables at the enterprise;

building effective systems for monitoring the movement and timely collection of receivables.

G.G. came to almost the same conclusion. Kireytsev, but supplementing I.A. Blank, he identifies several more stages: control of the financial condition of debtors; in case of non-payment of the debt or part of it, the establishment of operational communication with the debtor for the purpose of recognizing the debt; appeal to the economic court with a claim for the recovery of overdue debts; compensation for losses from the bad debt fund.

Russian experts identify four main areas of work on receivables management:

planning the amount of receivables for the company as a whole;

management of buyers' credit limits;

control of receivables;

employee motivation.

To manage receivables, an enterprise needs information about debtors and their payments: data on invoices issued to debtors that have not been paid at the moment; time of delay in payment for each of the accounts; the amount of bad and doubtful receivables, estimated on the basis of the standards established by the company; credit history of the counterparty (average overdue period, average loan amount). As a rule, such information can be obtained in the study of the accounting system.

In general, the above stages of receivables management are based on the basic management functions. Based on the definition of management, which is given in the work of a team of authors led by V. Zarubinsky, management is a function of organized systems of various nature (biological, social, technical), which ensures the preservation of their specific structure, support for the mode of activity, implementation of their programs and goals.

It is proposed to single out such stages in the process of managing receivables.

The first stage of management - planning the amount of receivables - was, is and will be one of the most important. This is due to the fact that in the process of implementing work on planning the amount of receivables, it is necessary to take into account not only the parameters of receivables that characterize its state, but also a number of external factors that can significantly affect the final results of management.

In the process of accounting for receivables, information is collected on the financial position of debtors, on which the state of receivables depends. The main difficulty at this stage is to determine the minimum amount and nomenclature of data that allow the control subject to have a clear idea of ​​the state of the control object. This circumstance is connected with two points. The first point is due to the fact that the collection and processing of accounting information requires funds, which are always limited. The second point is caused by the fact that information can be duplicated and late, and this does not contribute to making an informed decision.

The third stage of management is the control of the amount of receivables, which involves comparing actual accounting data with planned or budgeted ones. In the era of central planning, it was enough to develop planned indicators, but in market conditions, planned indicators should be formed when studying the market, which requires the development of business development plans and budgets. Due to the lack of a system of planned indicators of the enterprise, the control stage performs slightly different functions, in fact, control is reduced to comparing accounting data only for the past and current (planned) period. Therefore, an effective management process should be based on a common enterprise management system.

At the fourth stage - the analysis of receivables - the factors are investigated and highlighted, the influence of which led to the emergence of deviations in the actual parameters of the state of receivables from planned indicators.

The fifth stage is the stage of developing a number of alternative solutions or determining the optimal solution.

To form several possible solutions aimed at improving the situation in which the enterprise is located, it is enough information collected at the analysis stage. Based on this information, it is possible to create a system of restrictions regarding the corresponding objective function, as well as to rank the reasons that most affect the amount of receivables. The same cause can have multiple consequences, and the elimination of these causes is modeled to evaluate possible outcomes. Thus, several alternative solutions are developed or even an optimal solution is determined.

The sixth stage - the phase of implementation of one or more alternative solutions - at this stage, the implementation of the adopted optimal solution or several alternative solutions is carried out. At this stage, the necessary funds are determined, as well as the procedure for implementing the decision.

An important issue in the management of accounts receivable is its classification. Depending on what sign is the basis of its classification, you can use a variety of methods for managing receivables.

B.O. Zhnyakin and V.V. Krasnova offer the most complete classification of receivables on an urgent basis, namely: current, urgent, overdue, long-term and bad.

The classification of receivables can be based on the distribution of receivables depending on the target groups of debtors. At the same time, marketing approaches are used, which are based on the study of consumer behavior. Accounting for various reasons for non-payments and the real possibilities of citizens to pay the debts that have arisen is decided on the basis of accounting data on payments and debts.

One of these methods is the ABC analysis method. This method is based on the law discovered by the Italian economist V. Pareto, who says that a relatively small number of causes are responsible for most possible outcomes, at the moment this law is better known as the "20/80 rule".

This method in domestic practice and more widely abroad is used both to select objects from the general range of products that are produced by the enterprise, and within the same type of products. The ABC-analysis method is based on the distribution of a set of potential objects into groups according to the specific weight of one or another indicator. The literature provides examples of ABC analysis in terms of turnover, profit, labor intensity, material costs, and even parameters such as speed and consumer power. With regard to receivables, it can be formulated as follows: 80% of the amount of receivables can be attributed to 20% of debtors.

The number of groups during the ABC analysis can be any, but the division of the considered population into three groups (75: 20: 5) has become most widespread, which, obviously, is the reason for the name of the method, known abroad as ABC-Analysis. Group A - a small number of objects with a high level of specific gravity according to the selected indicator. Group B - the average number of objects with an average level of specific gravity for the selected indicator. Group C - a high number of objects with a small share of the selected indicator.

G.G. Kireytsev offers a ratio (75: 20: 5) to determine the degree of importance of buyers: A - buyers are those with whom the enterprise carries out approximately 75% of the turnover. This turnover is about 5% of buyers. B - buyers (20%) give, as a rule, 20% of the turnover. C - buyers (75%), turnover is approximately 5%.

This interpretation of the Pareto rule for receivables is also possible. Group A debtors are the most important debtors, those 20% that account for 80% of receivables, which deserve increased control, since the efforts will be justified here. Group B - debtors of medium importance, those that account for 15% of receivables in total and require attention only occasionally. Group C - unimportant debtors, those that account for 5% of the total receivables of the enterprise. You should not devote too much time and effort to managing debtors of this group.

The sequence of the analysis: firstly, calculate the total debt of all clients on the list; secondly - to calculate 80% of this amount; thirdly, by summing up the debts according to the list, starting from its part with the largest debts, that part of consumers who owe 80% of the total amount should be singled out. Their number is much less than the number of debtors. The selected group of citizens is the first and main target audience, given its relative small number and the main share of the debt (80%). Work with this category of debtors should be based on a personal approach. These efforts are justified by the amount of debt that will be returned. In a similar way, two more groups are distinguished: the first will be the smallest, the third will be the most numerous.

This method makes it possible to form target audiences of debtors, for whom the methods of debt collection applied will differ, which will allow choosing the most effective methods of collection for this particular category. In addition, the advantage can be attributed to the choice of a group of debtors who accumulate the largest amount and which need to be paid attention in the first place. When applying the ABC analysis method, certain difficulties arise, especially for utilities. They lie in the need to automate and computerize all relationships with debtors. At the same time, in communal enterprises, computerized accounting of payments should be kept not for houses or districts in general, as is always done, but for end consumers. The result of the analysis are lists of debtors with whom it is necessary to work.

The ABC analysis method is mainly used in the management of receivables that already exist. Credit limit management can be used to prevent the occurrence of unpredictable debt. It represents the maximum allowable amount of receivables both for the enterprise as a whole and for each counterparty, or is set for each of the commercial departments of the company, allocated according to the industry principle in proportion to the part of the proceeds for the previous period in the total sales of the enterprise and approved by the order of the general director. According to the same scheme, the limits are distributed among managers who work with buyers. Each of the managers, in turn, must distribute the credit limit received by him among the clients. As a rule, for new customers who work with the company for no more than six months, the credit limit is set in an amount that does not exceed the average monthly sales volume. For counterparties who have been working with the company for more than six months, the credit limit is set by the manager and must be approved by the management.

When calculating these indicators, the company primarily focuses on its strategy, increasing the market share requires a larger credit limit than maintaining its market share and accumulating free cash. At the same time, it is necessary to maintain sufficient liquidity of the enterprise and take into account credit risk (the risk of complete or partial loss of funds issued). In most cases, work with a new client begins on a prepaid basis. After the statistics of payments and deliveries for the counterparty has been accumulated, he can be granted a credit limit.

The use of credit limits gives advantages when working primarily with new customers - it helps to prevent the occurrence of uncontrolled receivables. Difficulties that arise in this case: mandatory automation of the process, knowledge of the counterparty, study of its credit capabilities and solvency, which involves close contact.

The considered material allows us to present the mechanism for managing receivables in the form of a diagram shown in Figure 3.

Figure 3 - Accounts receivable management system

Under the management of accounts payable is understood the use by the enterprise of the most acceptable forms and terms for it, as well as the volume of settlements with counterparties. Accounts payable management provides for a selective approach to the counterparties of the enterprise and makes it possible to:

?evaluate the benefit of the credit policy of counterparties, determine the cost of accounts payable, taking into account discounts, bonuses and deferrals, credit limits and obligations;

?make decisions on the effectiveness of work with counterparties both at the operational and strategic levels;

?increase the profitability of accounts payable and the enterprise as a whole;

?coordinate the management of accounts payable and receivable, which allows to increase the financial stability of the enterprise;

?quickly identify areas and eliminate the causes of inefficient accounts payable management;

?direct employees to solve problems of accounts payable management.

The process of control over the movement of accounts payable is carried out in stages.

The preliminary stage is the determination of the need to obtain a commercial loan or the choice of such a method of settlement with suppliers as advance payment.

Stage 1 - the conclusion of an agreement with the supplier on obtaining a commercial loan - the agreement on payment terms, discounts so that the size is maximum, and sanctions - minimum.

Stage 2 - receipt from the supplier of products to the warehouse, control of its quality and quantity. Complaints to the supplier.

Stage 3 - timely repayment of debts to the supplier.

Stage 4 - drawing up acts of mutual settlements with debtors and creditors. Conducting an inventory of receivables and payables.

Stage 5 - in case of violation of the terms of delivery, enter into operational communication with suppliers on the subject of: a) timeliness of shipment of products; b) compliance with its qualitative parameters; c) replacement with another brand or grade.

Stage 6 - in case of difficulties in paying for the purchase: a) choose the most effective form of payment; b) choose the best way to repay obligations.

Stage 7 - in the event of the disappearance of the creditor - to capitalize the unclaimed accounts payable as non-operating income.

The functions of control over the movement of accounts payable are mainly performed by the supplier, for whom, in turn, it is a receivable.

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 be applied to the enterprise

positive impact (increase in authorized capital, increase in reserve capital, etc.).

Minimization - a mechanism for managing accounts payable, in which the existing accounts payable is reduced to its reduction, up to full repayment.

Thus, in the first chapter of the thesis, the concept and structure of receivables and payables were considered, the significance and role of the analysis of these articles of financial statements were determined, and the main indicators used in the course of the analysis were considered.

2. Evaluation of receivables and payables of the enterprise

2.1 Organizational and economic characteristics of the enterprise

Kubaninterpraysis Limited Liability Company was established in accordance with the Civil Code of the Russian Federation and the Federal Law "On Limited Liability Companies".

Location of LLC "Kuban Interpraysis": Russia, Krasnodar Territory, Krasnodar, st. Sormovskaya, 1.

LLC "Kuban Interpraysis" is a full-fledged entity of economic activity and civil law, is recognized as a legal entity, owns separate property and is liable to them for its obligations.

LLC "Kuban Interpraysis" has an independent balance sheet, a round seal containing the full name in Russian, stamps, letterheads with its name, an emblem and other means of visual identification.

LLC "Kuban Interpraysis" has the right to open bank accounts on the territory of the Russian Federation and abroad, both in rubles and in foreign currency.

The Company is the owner of its property and funds and is liable for its obligations with its own property. Participants are liable for the obligations of the Company within the limits of their contributions to the authorized capital.

The Russian Federation, constituent entities of the Russian Federation and municipalities are not liable for the obligations of the Company, just as the Company is not liable for the obligations of the Russian Federation, constituent entities of the Russian Federation and municipalities.

The purpose of the Company's activities is to saturate the consumer market with goods and services and make a profit. The Company may carry out any types of activities that bring profit and are not prohibited by federal laws.

The profit of OOO "Kuban Interpraysis" is subject to taxation in the manner prescribed by the current legislation of the Russian Federation. The profit remaining after paying taxes and other payments to the budget goes to its full disposal and is used by the enterprise independently. The decision on the distribution of profits is made by the general meeting of participants.

LLC "Kuban Interpraysis" may be voluntarily reorganized in the manner prescribed by law. The reorganization of the Company may be carried out in the form of a merger, accession, division, separation and transformation.

When reorganizing, appropriate changes are made to the constituent documents of the company. The decision on the voluntary liquidation of the Company and the appointment of a liquidation commission is made by the Obidim meeting at the suggestion of the Board of Directors, the General Director or a member of the Company.

The company can also be liquidated by a court decision. The liquidation of the Company entails its termination without the transfer of rights and obligations by way of succession to other persons. The liquidation of the Company is carried out in accordance with the procedure established by the Civil Code of the Russian Federation, other legislative acts, subject to the provisions of this Charter. The General Meeting of Participants establishes, in accordance with the law, the procedure and terms for the liquidation of the Company and, in agreement with the registration authority legal entities, appoints a liquidation commission, the number of members of which, including the Chairman and the Secretary, cannot be less than three. The Company's property is sold by decision of the liquidation commission.

According to the Charter, LLC "Kuban Interpraysis" was established to carry out economic activities in order to meet public needs for its products, goods, works, services and the sale of the economic interests of participants and members of the labor collective of the company on the basis of the profit received.

To achieve the goals and objectives, Kuban Interpraysis LLC can carry out wholesale and retail trade in any kind of goods and products, including textiles, haberdashery, clothing and footwear.

The organizational structure of enterprise management is shown in Figure 4.

Figure 4 - Organizational structure of the management of LLC "Kuban Interpraysis"

Analyzing the organizational structure of the enterprise LLC "Kuban Interpraysis", we can say that its strengths are:

-high level of specialization;

-each head of his department is responsible for the quality of the work performed by him and his department, so they try to organize the work of their department so that all tasks are completed on time and with high quality;

-if necessary, the staff of functional departments is easily optimized, that is, the structure within the departments is flexible and receptive;

-existence of informal connections;

-any operational information about current indicators, conditions, etc. never lingers anywhere, i.e. any department and its employees directly provide the necessary information to the manager, as well as departments provide each other with the necessary information as quickly as possible.

Human resources are of great importance in the activities of the organization. The structure and dynamics of the number of personnel of the enterprise for 2009-2011 is shown in Figure 5.

Figure 5 - Dynamics of the average number of employees in LLC "Kuban Interpraysis"

Analyzing the data on the number of personnel, we can conclude that it remains constant during the analyzed period. In 2009-2011, the number of employees at the enterprise amounted to 20 people, of which:

people - administrative and managerial personnel;

human support workers (maintenance staff: cleaning lady, warehouse manager);

people are the main workers.

The size of the average salary at the enterprise also remains unchanged. For the purpose of material incentives for employees, a bonus system is applied for the quality of work performed, for the fulfillment and overfulfillment of production and financial plans.

For a more detailed consideration of the dynamics of the average wage, wage fund, we present the calculated data in Table 1.

Table 1 - Analysis of the dynamics of indicators characterizing the level of wages in OOO "Kuban Interpraysis" for 2009-2011

Indicator 200920102011Average number of employees, pers. 202020Average monthly salary, rub. 10812.510812.510812.5 Payroll fund, thousand rubles 2595.02595.02595.0 Labor productivity of one worker, thous./rub. 2822.553012.855628.45 Amount of work and services, thousand rubles 56451.060257.0112569.0

When analyzing the data in Table 1, it can be noted that there is a positive trend in terms of indicators characterizing the economic efficiency of labor resources, namely: the labor productivity of one employee increased by 2805.9 thousand rubles. and amounted to 5628.45 thousand rubles in 2011. in year.

Analysis of the efficiency of economic activity of Kuban Interpraysis LLC is based on the data of the enterprise's financial statements for 2009-2011 (Appendix 1-3).

Let's consider the indicators characterizing the efficiency of managing the current and non-current assets of the enterprise.

Fixed capital (non-current assets) is an investment of funds with long-term goals in real estate, bonds, stocks, mineral reserves, joint ventures, intangible assets, etc. The composition and dynamics of the fixed capital of the enterprise is presented in table 2.

Table 2 - Composition and dynamics of non-current assets of Kuban Interpraysis LLC for 2009-2011, (thousand rubles)

Funds of the enterprise200920102011Growth thousand. rub. share, %ths. rub. share, %ths. rub. share, %ths. rub. share, %2010/20092011/20102010/ 20092011/2010 Nemary assets 0000000 0 0-axle funds 36091003800100418610019138600 NEWS OF THE DOCTIONS 0000000000 OFFITIONS OF THE OF THE vent ocular venerates 360910038004100191386----------

From the data in table 2 it can be seen that the amount of non-current assets consists only of fixed assets. The cost of fixed capital in relation to 2009 in 2010 increased by 5.3%, respectively, in 2011 in relation to 2009 increased by 10.2%, which indicates the renewal of fixed assets.

To assess the structure of fixed assets, there is a division of them into an active part, indefinitely participating in the production process, and a passive part, with the help of which the normal functioning of active fixed assets is ensured. An increase in the share of the active part of fixed assets and, accordingly, a decrease in the share of the passive part are an important factor in the growth of the efficiency of production activities.

In an organization where 100% of the share in the structure of fixed capital is occupied by fixed assets, it is necessary to analyze their composition, structure and dynamics (table 3).

Table 3 - Availability, movement and structure of OPF LLC "Kuban Interpraysis" for 2009-2010 (thousand rubles)

ПоказателиНаличие на начало годаПоступилоВыбылоНаличие на конец года2009 годЗдания4952004952Сооружения480048Машины и оборудования83184642898493Транспортные средства879033846Производственный и хозяйственный инвентарь182713ИТОГО: 14215466329143522010 годЗдания4952004952Сооружения480048Машины и оборудования8493652739072Транспортные средства84641401260Производственный и хозяйственный инвентарь130013ИТОГО: 14352106673153452011 годЗдания4952004952Сооружения48000Машины и оборудования9072353189407Транспортные средства126039801658Производственный и хозяйственный инвентарь 13 0 0 13ИТОГО: 153457511816078

Analyzing the data on the dynamics and structure of fixed assets, we see that there were no changes in the structure of buildings (in 2009-2011 - 4952 thousand rubles). The composition of vehicles and machinery and equipment has grown significantly (the growth rate in 2011 compared to 2009 and 2010 was 48.9% and 6.8%, respectively).

For a generalizing characteristic of the efficiency of the use of fixed assets, indicators of capital productivity of fixed production assets, capital intensity, and relative savings of fixed assets are calculated. The dynamics of the performance indicators of the main production assets of LLC "Kuban Interpraysis" for 2009-2010 is presented in table 4.

Table 4 - Dynamics of performance indicators of the BPF of the enterprise LLC "Kuban Interpraysis" for 2009-2011 (thousand rubles)

Показатели2009 год2010 год2011 годИзменение2010/ 20092011/ 2010Выручка5917974302911081512316806Среднегодовая стоимость основных производственных фондов14283,514848,515711,5565863Фондоотдача4,145,05,80,860,8Фондоемкость0,240, 200,17-0,04-0,03Относительная экономия основных производственных фондов 2002,3 ​​2339,1 4315 336.8 1975.9

From the results obtained in Table 4, it can be seen that the return on assets during the three analyzed years increases (from 4.14 in 2009 to 5.8 in 2011) due to an increase in the company's revenue. The capital intensity indicator is decreasing (from 0.24 in 2009 to 0.17 in 2011), which indicates an increase in the efficiency of the use of fixed production assets.

Based on the data in the table, we will build a graph that reflects the efficiency of using the fixed assets of the enterprise (Figure 6)

Figure 6 - Indicators of the efficiency of the use of fixed assets of LLC "Kuban Interpraysis" for 2009-2011

Current assets occupy a large share in the total balance sheet currency. This is the most mobile part of the capital, on the state and rational use of which the results of economic activity and the financial condition of the enterprise largely depend.

The main purpose of the analysis is the timely identification and elimination of shortcomings in working capital management and finding reserves to increase the intensity and efficiency of its use. Analyzing the structure of current assets, it should be borne in mind that the stability of the financial condition largely depends on the optimal allocation of funds through the stages of the circulation process.

In the process of analysis, first of all, it is necessary to study changes in the presence and structure of current assets (table 5). The structure of current assets of Kuban Interpraysis LLC for 2011 is also shown in Figure 7.

Table 5 - Analysis of the dynamics and structure of current assets of Kuban Interpraysis LLC for 2009-2011 (thousand rubles)

Type of current assets Availability of funds, thousand rubles Структура средств, %2009 год2010 год2011 год2009 год2010 год2011 год1234567Общая сумма оборотных активов104951347717181100100100Из них: Денежные средства 78 127 85 0,7 0,9 0,5Краткосрочные финансовые вложения000000Дебиторская задолженность8286113091454879,083,984,7Налоги по приобретенным ценностям4986184,70,040,02Запасы В том числе: сырье и materials deferred expenses1633 1470 1632023 1288 7352530 1859 67115.6 14.0 1.615.0 9.6 5.414.7 10.8 3.9 Participation in the operating process: in the sphere of production in the sphere of circulation1633 88622023 114542530 146.50115 .7 85.3

Figure 7 - The structure of current assets of OOO "Kuban Interpraysis" in 2011,%

As can be seen from the data in Table 5 and Figure 7, at Kuban Interpraysis LLC, the largest share in current assets is occupied by receivables. During the three analyzed years, the share of accounts receivable increases (in 2009 - 79.0%, in 2010 - 83.9% and, accordingly, in 2011 - 84.7%). The share of cash to decrease, which indicates the irregular work of the enterprise.

In connection with the reform of enterprises and the need to stabilize economic development, the importance of analyzing the liquidity and solvency of an enterprise is increasing. The liquidity of assets is defined as their ability to turn into cash, and solvency - as the ability to timely and fully pay off their obligations.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity (Appendix 4).

To determine the liquidity of the balance sheet, the above groups should be compared. The balance is considered absolutely liquid if the following optimal ratios are met:

In the case when one or more inequalities of the system have the opposite sign compared to the optimal variant, the liquidity of the balance sheet differs from the absolute one. The liquidity assessment of the balance sheet of OOO Kuban Interpraysis for 2009 - 2011 is presented in Table 6.

Table 6 - Assessment of the liquidity of the balance sheet of OOO "Kuban Interpraysis" for 2009-2011

Analyzed period Actual ratio at the beginning of the analyzed period Actual ratio at the end of the analyzed period 2009 absolute liquidity conditions are not achieved2010 the condition of absolute liquidity is not achieved absolute liquidity conditions are not achieved2011 the condition of absolute liquidity is not achieved the condition of absolute liquidity is not achieved

According to Table 6, the assessment of the liquidity of the balance sheet for the three analyzed years showed that OOO "Kuban Interpraysis" did not reach the condition of absolute liquidity.

The analysis of the financial and economic activity of the enterprise LLC "Kuban Interpraysis" for 2009-2011 allows us to conclude that the company is in a stable financial position, but has insufficient liquidity of assets.

The management of the enterprise should take measures to prevent further deterioration of the financial condition and develop measures for more rational management of the capital of the enterprise in order to increase the efficiency of financial and economic activity.

2.2 Analysis of the receivables of the enterprise

In the current crisis conditions of management caused by the consequences of the global financial crisis of 2008-2009, in order to prevent a significant decrease in the volume of activities, Kuban Interpraysis LLC pursues an active policy of lending to its customers, which consists in providing a large number of products, payment for which can be made by bank transfer .

Regardless of the control measures on the part of the enterprise, in order to avoid the sale of products to insolvent buyers, the accounting department of Kuban Interpraysis LLC maintains a record of settlements with buyers and customers. Based on the statement, the ranking of debts by the terms of payment of invoices is carried out, which helps the company determine the credit policy.

All accounts receivable are classified into the following groups:

the payment deadline has not arrived;

delay from 1 to 30 days (up to 1 month);

delay from 31 to 90 days (from 1 to 3 months);

delay from 91 to 180 days (from 3 to 6 months);

delay from 181 to 360 days (from 6 months to 1 year);

delay of 360 days or more (more than 1 year).

According to the credit policy of the enterprise, the justified debt is the debt, the maturity of which has not come or is less than one month. Unjustified debts include arrears of buyers and customers. In order to determine the effectiveness of the credit policy of Kuban Interpraysis LLC, we will analyze the accounts receivable for the period under study.

To assess the composition and movement of receivables of Kuban Interpraysis LLC for 2009-2011, we will compile an analytical table 7.

The data given in table 7 show that for 2009-2011 the amount of receivables is increasing. In the structure of receivables, there is only short-term accounts payable, which accounts for 100% of the total debt. Its value for the analyzed period increased from 7516 thousand rubles. at the beginning of 2009 to 14548 thousand rubles. at the end of 2011.

In the total structure of receivables of Kuban Interpraysis LLC, overdue debts account for 43.3% on average over three years.

Over the analyzed period, overdue accounts receivable increased from 4125 thousand rubles. in 2009 to 6552 thousand rubles. in 2011. Consequently, the company failed to achieve the repayment of part of the overdue debts.

At the same time, it should be noted that the balance of receivables with a maturity of more than 3 months increased by 713 thousand rubles.

Table 7 - Assessment of the composition and movement of receivables

Indicators Movement of accounts receivableGrowth rate of the balance, %Balance at the beginning of the yearOccurredRepaidBalance at the end of the yearAmount, thousand rubles. Oud. weight,% amount, thousand rubles Oud. weight,% amount, thousand rubles Oud. weight,% amount, thousand rubles Oud. вес, %2009 годДебиторская задолженность, всего, в т. ч. 7516100611410053441008286100110,2Краткосрочная дебиторская задолженность7516100611410053441008286100110,2в том числе просроченная311241,4144523,64328,1412549,8132,6из нее длительностью свыше 3 месяцев112815,088514,578814,7122514,8108,62010 годДебиторская задолженность, всего, в т. ч.,5Краткосрочная дебиторская задолженность82861006445100342210011309100136,5в том числе просроченная322538,9244137,9155445,4411236,4127,5из нее длительностью свыше 3 месяцев145817,690814,12527,4211418,7145,02011 годДебиторская задолженность, всего, в т Part 8.6 Short-term accounts14548100128.6 including overdue accounts receivable554749.0258632.9158134.3655245.0118.1 of which the duration is more than 3 months322528.51874136.913425 The indicator of the quality of receivables determines the probability of receiving debt in full, which depends on the period of debt formation. Practice shows that the longer the term of receivables, the lower the probability of its receipt. Let's analyze the state of receivables by the terms of its formation (table 8).

Table 8 - Analysis of the structure and status of receivables of Kuban Interpraysis LLC for 2009-2011 (thousand rubles)

IndicatorsTotal at the end of the year weight, % including by terms of formation up to 1 month. from 1 to 3 months from 3 to 6 months 2009Дебиторская задолженность покупателей и заказчиков825699,64411629001225Прочие дебиторы300,363000Всего дебиторская задолженность8286100414629001225В процентах к общей сумме ДЗ, %100х50,0435,0014,782010Дебиторская задолженность покупателей и заказчиков1017789,99609719662114Прочие дебиторы113210,011100320Всего дебиторская задолженность11309100719719982114В процентах к общей сумме ДЗ, %100х63,6417,6718, 692011 Accounts receivable of buyers and customers1329091.35684930293412 Other debtors12588.6511471110

An analysis of the data in Table 8 shows that the main share of receivables falls on the debt of buyers and customers - in 2009 - 99.648%, or 8256 thousand rubles, in 2010 - 89.99% or 10177 thousand rubles, in 2011 - 91.35% or 13290 thousand rubles. The largest volume of receivables falls on debts with a maturity of up to 3 months. Including in 2011, 21.58% of total receivables (or 3,140 thousand rubles) are debts with a maturity of 1 to 3 months. At the same time, LLC "Kuban Interpraysis" as part of receivables in 2011 has a rather high amount of debt (3412 thousand rubles) with a long period of formation - more than 3 months, which is an overdue debt. Therefore, LLC "Kuban Interpraysis" must make every effort to collect overdue debts in the near future, since otherwise it is possible to write off overdue debts to reduce the financial results of the organization.

Depending on the specific conditions, other intervals for the occurrence of debt can be accepted. The availability of such information for a long period makes it possible to identify both general trends in settlement discipline and specific buyers, who most often fall into the number of unreliable payers. For a more detailed presentation of the calculated data, consider Figure 8.

Figure 8 - Dynamics of the structure of short-term receivables of Kuban Interpraysis LLC for 2009 - 2011 in %

The structure of receivables by terms of formation is shown in Figure 9.

Figure 9 - The structure of receivables in LLC "Kuban Interpraysis" by the terms of formation for 2009 - 2011, in%

The most important element of the analysis of accounts receivable is the assessment of its turnover. The trend of this indicator is often used in determining the validity of a discount for early payments. The higher the turnover rate, the less money invested in receivables.

The indicators of the turnover of receivables of Kuban Interpraysis LLC are presented in table 9.

Analysis of the data presented in Table 9 showed that:

the turnover ratio of funds in settlements (of all receivables) increases from 6.2 at the beginning of 2009 to 7.1 at the end of 2011. The diversion of enterprise funds into settlements and indirect lending by the enterprise (in the form of a commodity loan) to other enterprises are reduced;

there are no receivables for which payments are expected more than 12 months after the reporting date;

the turnover of accounts receivable, payments on which are expected within 12 months after the reporting date, increases. The enterprise incurs less losses from the depreciation of receivables;

accordingly, the turnover period of funds in the calculations of all accounts receivable decreases and amounts to 51.1 days at the end of 2011;

there are no accounts receivable with payments expected more than 12 months after the reporting date. Therefore, the turnover period for this type of debt is not determined;

the turnover period of accounts receivable, payments on which are expected within 12 months after the reporting date, is reduced;

the same value of indicators of coefficients and terms of turnover of funds in the calculations of all receivables and receivables, payments for which are expected within 12 months after the reporting date, are due to the fact that the analyzed enterprise has only one type of receivables.

Table 9 - Indicators of turnover of receivables of Kuban Interpraysis LLC for 2009-2011

Name of indicator 2009 2010 2011 at the beginning of the year at the end of the year change (+, -) at the beginning of the year at the end of the year change (+, -) at the beginning of the year at the end of the year change (+, -) 51.37.57.60.17.67.1-0.52. The turnover ratio of funds in the calculations (within 12 months) 6.27.51.37.57.60.17.67.1-0.53. Turnover period of funds in settlements (of all accounts receivable), days 58.148-10.14847.4-0.647.451.19.74. Accounts receivable turnover period (within 12 months), days 58.148-10.14847.4-0.647.451.19.7

Based on the data in the table, we will build a graph that reflects the turnover of the company's receivables (Figure 10)

Figure 10 - Indicators of turnover of receivables of LLC "Kuban Interpraysis" for 2009-2011

It is advisable to supplement the report on settlements with debtors with an aging register of receivables (table 10), which reflects the distribution of debt by maturity for each debtor, as well as the percentage attributable to each of the periods of delay in the context of customers and in general for the total amount of receivables. It is advisable to make this type of report at least once a month, as well as summarize the results for the quarter and for the year.

Table 10 - Register of aging receivables

ClientDistribution of debt by maturityTotal amount of debt, thousand rubles Share in the total volume, %Up to 30 days30-90 daysOver 90 daysths. rub. %ths. rub. %ths. rub. %2009КраснодарГУ893,0717614,372653,2РГОТУПС2175,271304,483474,2СГМА1143,9320116,413153,8ССХА1253,042177,4830624,986487,8ОАО "Октава"71417,3529810,28101212,3Прочие306074,34205270,7654244,24566968,7Итого411649,85290035,13122514 ,848256100%2010КраснодарГУ894,532099,892982,9РГОТУПС2203,611799,103993,9СГМА1186,0029413,914124,0ССХА1141,8723612,0036417,227147,0ОАО "Октава"61210,0464632,86125812,4Прочие515184,4869835,50124758,99709669,7Итого60971966211410177100%2011КраснодарГУ1143 ,762045,983182,4РГОТУПС1141,662989,844123,1СГМА943,1041712,225113,8ССХА2203,212367,7935510,408116,1ОАО "Октава"5477,9946815,4510157,6Прочие596887,14181960,05243671,401022376,9Итого68493029341213290100%

An analysis of the data in Table 10 allows us to conclude that the largest share in the structure of receivables among the analyzed debtors belongs to Oktava OJSC (in 2009 - 12.3%, in 2010 - 12.4%, in 2011 - 7.6 %).

2.3 Analysis of accounts payable of the enterprise

To analyze the company's accounts payable, the company's financial statements for 2009-2011, as well as analytical accounting data, are used as a source of information.

We will analyze the dynamics and structure of the company's accounts payable using table 11.

Table 11 - Analysis of the dynamics, structure of accounts payable of Kuban Interpraysis LLC for 2009-2011

Balance sheet items200920102011Deviation 2011 from 20092010ths. rub. beats weight, %ths. rub. beats weight, %ths. rub. beats weight, %ths. rub. thousand roubles. Кредиторская задолженность259461001206510015971100-99753906В том числе: поставщики и подрядчики2237386,231066288,371438890,09-79853726перед персоналом организации594,162,29326,962,71298,661,87-295,5-28,3задолженность по налогам и сборам744,652,87538,14 ,46656.414.11-88.24118.3other creditors2231.48.6538.14.46627.663.93-160489.56

When analyzing table 11, it can be noted that there is a downward trend in accounts payable, so in 2011 the amount of debt amounted to 15971 thousand rubles, which is lower than in 2009 by 9975 thousand rubles, but higher than in 2010 by 3906 thousand rubles

These changes occurred mainly due to a decrease in debt to suppliers and contractors, from 2009 to 2011 the decrease amounted to 7985 thousand rubles.

There is a decrease in the internal debt of the organization, namely, the debt to the personnel of the enterprise in 2011 amounted to 298.66 thousand rubles, which is lower than in 2009 by 295.5 thousand rubles.

There is also a decrease in debt to the budget and a decrease in the amount of debt to other creditors.

When considering the structure of accounts payable, it can be noted that the main share in the total amount of debt belongs to debts to suppliers and contractors (in 2009 - 86.23%, in 2010 - 88.37%, in 2011 - 90.09 %.

For a more detailed presentation of the data, we will use Figure 11.

Figure 11 - Dynamics and structure of accounts payable of LLC "Kuban Interpraysis" for 2009-2011

Next, we will analyze the turnover of accounts payable, since in order to make management decisions, the management of the enterprise needs to have at its disposal information how many turnovers during the analyzed period the company needs to pay the invoices issued to it or how many days it takes.

To assess the turnover of accounts payable, the following group of indicators is calculated:

Average accounts payable;

Accounts payable turnover;

The period of repayment of accounts payable.

For a more convenient consideration of the calculated indicators, we use table 12.

Table 12 - Analysis of accounts payable turnover of Kuban Interpraysis LLC for 2009-2011

Indicator 200920102011 Deviation of 2011 from 200920101. Average accounts payable2311419005.514018-9096-4987.52. Accounts payable turnover2,443,178,035,594,863. Accounts payable turnover period149.6115.145.4-104.2-69.7

When analyzing table 12, it can be noted that the amount of average accounts payable tends to decrease, so in 2011 accounts payable amounted to 14018 thousand rubles, which is lower than in 2009 by 9096 thousand rubles. These changes can be characterized positively, in addition, there is an increase in the number of turnovers made by accounts payable and, as a result, a decrease in the duration of one turnover.

The ability of an enterprise to make payments on time, finance its operations on an extended basis, withstand unforeseen shocks, and maintain its solvency in adverse circumstances is indicative of its sound financial condition, and vice versa.

If solvency is an external manifestation of the financial condition of an enterprise, then financial stability is its internal side, reflecting the balance of cash and commodity flows, income and expenses, means and sources of their formation.

A stable financial condition is achieved with equity capital adequacy, good asset quality, a sufficient level of profitability, stable income and borrowing. To provide financial stability enterprises must have a flexible capital structure, be able to organize its movements in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing.

The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities.

Using the grouping of asset and liability items given in Appendix 4, we will calculate the liquidity ratios of LLC KubanInterpraysis, the data are presented in table 13.

Table 13 - Financial and operational liquidity ratios of LLC "Kuban Interpraysis" for 2009-2011

Liquidity indicators 2009 2010 2011 at the beginning of the year at the end of the year change (+; -) at the beginning of the year at the end of the year change (+; -) at the beginning of the year at the end of the year change (+; -) .83-0.012. Absolute liquidity ratio (urgency) 0.040.01-0.030.010.020.010.020.01-0.013. The ratio of "critical evaluation" (or intermediate coverage) 1.701.51-0, 191.511.5101.511.5-0.014. Current liquidity ratio2.151.90-0.251.901.78-0.121.781.76-0.025. The coefficient of abstraction of the functioning of capital is 0.210, 20-0.10, 200.15-0.050.150.1506. Share of working capital in assets 0,720,740,020,740,780,040,780,80,027. The coefficient of provision with own working capital is 0.520.46-0.060.460.43-0.030.430.4308. The coefficient of restoration of the solvency of the enterprise0.880.860.88

The calculation of financial and operational liquidity ratios of Kuban Interpraysis LLC showed that:

in 2009-2011, the overall solvency of the enterprise is declining. It becomes a less reliable partner, the risk of economic and credit relations with the enterprise increases, but, despite the negative results, there is a tendency to improve;

absolute liquidity, the probability of payment of invoices for deliveries and the return of credit resources increases. The risk of lending is reduced;

the probability of repayment of short-term obligations decreases;

the financial stability of the enterprise increases. The probability of repayment of all current liabilities at the expense of all working capital increases;

the turnover of capital and business activity of the enterprise increases, since at the end of the analyzed period a smaller share of the functioning capital is invested in inventories and is diverted into receivables;

the share of working capital in the assets of the enterprise increases. In the context of the growth of the services provided, this is a positive trend, indicating an increase in business activity;

for the three analyzed years, all working capital formed at the expense of own funds are reduced;

Taking into account the prevailing conditions, the enterprise has not had a real opportunity to restore solvency for three years now, and this trend continues.

The analysis of accounts receivable and accounts payable of Kuban Interpraysis LLC allows us to conclude that there is an insufficiently effective policy for managing accounts receivable at the enterprise. During the three analyzed years, the share of accounts receivable increases. The management sees the solution to the problem of non-payments and reduction of receivables in the improvement of contractual relations with counterparties, and does not put before these divisions the task of finding other methods of influencing debtors. This indicates that the employees of this organizational structure show some passivity in working with debtors.

3. The main directions for improving the efficiency of managing accounts receivable and accounts payable of an enterprise

3.1 Formation of a system of effective credit conditions

The theoretical analysis of scientific research on the problem of improving the efficiency of the credit policy of an enterprise, and also, taking into account the results of the assessment of the existing system of indicators of receivables and payables of LLC KubanInterpraysis, we propose to single out the following objectives of the credit policy of LLC KubanInterpraysis: increasing the efficiency of investing funds in receivables, increase sales and return on investment.

To achieve the goals set, we propose the following main directions for improving the management of receivables of Kuban Interpraysis LLC, which are summarized and presented in Figure 12.

The key to receivables management is the timing of the credit (provided to customers) that affects sales and cash receipts. For example, providing longer credit terms is likely to increase sales.

The terms of the loan are directly related to the costs and income associated with receivables. If the terms of the loan are tight, the company will have less cash invested in receivables and losses from bad debts, but this can lead to lower sales, lower profits and a negative reaction from buyers. On the other hand, if the terms of the loan are not specific, the company may achieve higher sales and more revenue, but it also risks an increase in bad debts and high costs associated with delaying payment by low-performing buyers.

At the same time, important importance should be attached to the inflation rate, since the amount of losses of the organization as a result of an ineffective receivables management policy depends on it.

Figure 12 - A set of measures to improve the management of the credit policy of LLC "Kuban Interpraysis"

One way to manage the amount of receivables is to develop a discount policy, as a result of which the business entity also incurs certain losses.

The fair value of accounts receivable is the amount expected to be paid by the end of the discount period.

Therefore, in order to increase the economic efficiency of the provision of services by Kuban Interpraysis LLC, it is proposed to evaluate the possibility of providing a discount to the company's customers in case of early payment for the services provided.

The calculation procedure will be as follows:

The fall in the purchasing power of money over the period of repayment of receivables is characterized by the coefficient K And , reciprocal of the price index (Ic):

Ki = (9)

If the amount of receipt established by the contract is the value S, and the price dynamics is characterized by the index Iц, then the real amount of money Sp, taking into account their purchasing power at the time of payment, is:

Sp \u003d S * 1 / Ic. (ten)

According to the Ministry of Economic Development of the Russian Federation, price growth in 2011 amounted to 12%, then the price index Iц = 1.12.

Accordingly, the payment of 1000 rubles. at this moment it is equivalent to paying 1000 / 1.12 = 892.86 rubles. at the time of the conclusion of the contract. Then 1000-892.86 = 107.14 rubles. - real loss of revenue due to inflation.

Within this value, the discount from the contract price provided on condition of early payment will reduce the losses of OOO Kuban Interpraysis associated with the depreciation of money.

For Kuban Interpraysis LLC, the annual revenue from the provision of services in 2011 is 91,108 thousand rubles; 14.59% (13292.66) of revenue was received on postpaid terms. The average period of repayment of receivables from buyers and customers according to the financial statements in 2011 is 52.5 days.

Taking the monthly inflation rate equal to 1.2%, we obtain that the price index Iц = 1.012. Thus, the monthly deferred payment leads to the fact that OOO "Kuban Interpraysis" actually receives only 98.8% [(1/1.012) * 100] of the contractual cost of the services provided.

For the period of repayment of accounts receivable of buyers and customers that has developed at the enterprise of 52.5 days, the price index will average 1.0211 (1.012n , where n = 52.5/30).

Then the coefficient of falling purchasing power of money will be equal to 0.9793 (1/1.0211). In other words, with an average receivables return period of 52.5 days, the enterprise actually receives only 97.93% of the contract value, losing 20.7 rubles from every thousand rubles. (or 2.07%).

In this regard, we can say that the company actually received 13,017.50 rubles from the annual proceeds of Kuban Interpraysis LLC, realized on the terms of subsequent payment. (13292.66*0.9793). And 275.16 thousand rubles. (13292.66-13017.50) are hidden losses from inflation. Within the framework of this amount, LLC "Kuban Interpraysis" it is advisable to choose the amount of the discount from the contract price, subject to early payment under the contract.

Let's analyze what a 1.5% discount on the contract value will lead to if paid within 5 days (Table 14).

Table 14 - Analysis of the choice of payment methods with wholesale buyers (option 1)

Indicators Option 1 (payment term 5 days subject to 1.5% discount) Basic variant (payment term 52.5 days) Deviation (+; -) 2 options from 1 Monthly inflation rate, % 1.21.20 Price index Ic0.0120.0120 ,6613292.660Discount1.50-1.5Receivables repayment period552.547.5Price index for the current value of receivables1.00201.02110.0191Loss from inflation per thousand rubles 1.9920.6618.67Losses from providing a 1.5% discount from each thousand rubles of the contract price, rub. 150-15 Outcome of a price discount policy for a shorter payment term16,9920,663,67

Thus, the provision of a 1.5% discount from the contract price, subject to a reduction in the payment term from 52.5 days to 5 days, will allow Kuban Interpraysis LLC to reduce losses from inflation in the amount of 1.99 rubles. from every thousand rubles of the contract. If the obligation that arose in 2009 in the amount of 13292.66 thousand rubles. would be repaid within 5 days with a constant increase in the inflation rate, taking into account the provision of a 1.5% discount, 48,811 thousand rubles are saved. (3.67 * 13.3).

If Kuban Interpraysis LLC switches to prepayment for the services provided and at the same time increases the discount to 2%, with a revenue of 13,292.66 rubles, 8.75 thousand rubles are saved.

Calculations for this condition are presented in Table 15.

Table 15 - Analysis of the choice of payment methods with wholesale buyers (option 2)

Indicators Option 2 (advance payment subject to 2% discount) Basic variant (payment term 52.5 days) Deviation (+; -) 2 options from 1 Monthly inflation rate, % 1.21.20 Price index Ic0.0120.0120 2Receivables repayment period052.552.5Price index for the current value of receivables1.00001.02110.0211Loss from inflation per thousand rubles 0.0020.6620.66Losses from providing a 1.5% discount per thousand rubles of the contract price, rub. 200-20Outcome of a price discount policy for a shorter payment term20,0020,660,66

The released funds from receivables should be directed to the development of advertising campaigns and sales promotion activities.

In order to be able to apply the methodology for calculating the results of the policy of providing a discount from the price with a reduction in the payment term, in the practice of Kuban Interpraysis LLC, we have developed a Microsoft Excel document in which, by simply changing the terms of payment and the amount of discounts, the result of savings or loss of the enterprise is visible.

3.2 Establish standards for buyer evaluation and differentiation of credit provision

Formation economic relations must be considered from the standpoint of the economic interests of participants in the process of selling goods (works, services). The basis for the formation of credit relations with the buyer should be the debtor's reliability rating, the problem of determining which lies in the uninformative array of information about the client.

The activities of enterprises are characterized by a variety of financial processes, a plurality of indicators of financial condition, a difference in the level of their critical assessments, therefore it is advisable to determine a comprehensive assessment of the debtor's reliability using the points method. The essence of the methodology lies in the classification of clients according to the level of reliability, depending on the number of points scored, according to the actual values ​​of the selected criteria (Table 16).

The scorecard is focused on the available information about the client. A significant advantage of a comprehensive assessment is the expression of the assessment of the quality of the client's creditworthiness in a single numerical value. This is an important advantage for businesses that have to evaluate a large number of customers dispersed in different locations.

Evaluation criteria Parameter Class boundaries according to criteria 1 class 2 class 3 class 4 class 5 class 1. Credit history (refers to informal assessment methods) Average maturity of accounts receivabledays up to 3031-6061-9091-120 over 120 points80-10079-6059-3029-003. The share of receivables in total sales% up to 1010.1-1515.1-2020.1-25 over 25 points80-10079-6059-3029-004. Volume of overdue accounts receivable in total sales% 0-56-1011-1516-20 over 20 points80-10079-6059-3029-005. Class boundariesRating (points * specific weight) 80-10079-6059-3029-20Below 20Customer categoryPromisingStableUnstableUnstableUnstable

The third and fourth classes of clients are in the zone of uncertainty and it is necessary to quickly monitor the dynamics of their movement.

"New client" is not positioned by reliability classes, due to the absence of any retrospective information, therefore, careful control of payments and a detailed study of the client should take place to determine the category to which he will be assigned in the future.

Proposals for structuring the forms and methods of settlements depending on the debtor's reliability class in accordance with the classification of types of payments are formalized in the form of a preference matrix (Table 17).

Table 17 - Matrix of preferences for the choice of forms of payment, depending on the class of reliability of debtors

Types of paymentsDebtor's reliability class1 class2 class3 class4 class5 classNewPriority form of payment, the number corresponds to the priority

The result of the practical implementation of this technique is presented in the form of groups of organizations-debtors of Kuban Interpraysis LLC (table 18).

Table 18 - Grouping of debtors of OOO "Kuban Interpraysis" according to the degree of reliability

DebtorIndicatorsEvaluation of indicatorsOverall assessment1. Credit history2. Average maturity of receivables3. Share of accounts receivable in total sales4. The volume of overdue receivables in the total volume is sales vegetable weight0,250,250,250,20,3,3KNARGUBALLLS10010080808080808080808080808080808082490OAO Octava "Balls6070506060600604RARYRYARTALALALALARTARITARITS

According to the results of the ranking of clients-debtors of Kuban Interpraysis LLC, it can be concluded that Krasnodar State University belongs to the 1st class of clients, Oktava OJSC - to the 2nd class, RGOTUPS - to the 3rd class, SSHA - to the 5th class. It should be noted that the use modern methods credit policy management shows that this problem should be solved by developing and applying a whole program of using various methods, since there cannot be a universal method for all specific situations.

In general, for LLC "Kuban Interpraysis" we can recommend the following proposals for managing receivables:

To maximize cash flow, an enterprise should use a wide variety of contract models with flexible payment terms. In this case, various options are possible: from prepayment or partial prepayment to the provision of services with subsequent payment.

It is advisable to conduct a preliminary study of the solvency and reliability of the partner, his credit history.

The search for joint solutions to prevent violations of the terms of contracts in terms of payments is the most rational and civilized way to forestall overdue debts.

Thus, business partnerships and cooperation between the seller and the buyer can provide the fastest and most effective solution to problems and reduce overdue debts.

3.3 Suggestions for improving the organizational structure of the enterprise

In the course of the analysis of the organizational structure of the enterprise, it was found that LLC Kuban Interpraysis does not have a specially allocated structure for managing receivables. An internal document defining the company's credit policy has not been developed. The functions of management and control over accounts receivable are assigned to the accounting and reporting department.

In order to improve the efficiency of receivables management, we consider it necessary to create a small receivables management unit at this enterprise, consisting of the following specialists: a lawyer and a financial analyst.

The proposed organizational structure of Kuban Interpraysis LLC is shown in Figure 13.

Figure 13 - Proposed organizational structure of the management of Kuban Interpraysis LLC

In the process of improving the credit policy of the enterprise, it is necessary to strictly distribute the responsibility for managing receivables between commercial, financial and legal services. It is not uncommon for sales and collections to be handled by different departments with conflicting objectives. For example, a sales manager (commercial department) is motivated to sell as much as possible, and an accounts receivable manager (finance department) is motivated to receive cash and minimize debt levels. This leads to customer dissatisfaction and divisional conflict.

The distribution of responsibility scheme is justified, in which the commercial service is responsible for sales and receipts, the financial service undertakes information and analytical support, and the legal service provides legal support (drawing up a loan agreement, collecting debts through the court).

It is necessary not only to allocate responsibility between departments, but also to describe the actions of all employees involved in the management of receivables.

Proposed structure of the regulation management of accounts receivable for the responsibility of employees of Kuban Interpraysis LLC is presented in table 19.

One of the forms of regulation of the receivables management procedure can be a description and regulation in the form of a business process for monitoring the return of customer debts.

Most receivables management policies state that if payment is not due on time, the first step should be to find out the reasons why the buyer is not paying.

Knowing these circumstances allows you to correctly place the emphasis in determining further actions so that in some cases, when the company does not want to lose a client, stop at the formation of a payment schedule or suspension of deliveries in order to further equalize relations.

Table 19 - Regulations on debt management in Kuban Interpraysis LLC

Stage of receivables management Procedure Responsible person (department) Critical payment deadline has not come Conclusion of an agreement Senior cashier Notification of the amount and estimated repayment terms of receivables Debtors department 2-3 days before the critical payment deadline - a call with a reminder of the end of the grace period, and if necessary - reconciliation of amounts Delay of up to 7 days In case of non-payment on time - a call to clarify the reasons, formation of a payment schedule Accounting Termination of deliveries (before payment) Deputy Director Sending a warning letter about the accrual of a fine Debtors department Delay from 7 to 30 days Calculation of a fine Accounting Pre-arbitration warning Legal department Daily reminder calls Department of work with debtorsNegotiations with responsible persons Delay from 30 to 60 days Business trip of the responsible manager, taking all possible measures for pre-trial settlement Debtors departmentOfficial Claim (by registered mail) Legal DepartmentDelay more than 60 daysSubmission of a claim to the arbitration courtLegal Department

Among the main factors determining why buyers do not pay their debts, the following groups can be distinguished:

First group. Reasons of an economic nature are the most relevant in modern conditions. The buyer is in good faith, but temporarily experiences a shortage of working capital due to crisis processes in the market.

Second group. The reasons are "political". The debtor has the means, does not refuse to pay, but does not pay on time. A delay in payment may be "normal" for a given company, for example, due to a monopoly position in the market or due to a significant preponderance in economic potential, which allows the company to impose its "style" of work. This may also be due to the peculiarity of the financial strategy of the debtor, who prefers to constantly "live in debt" and thereby expand his business.

Third group. Force majeure circumstances. The action of irresistible forces. Such factors can be not only natural disasters and natural disasters, accidents and other man-made disasters, but also the intervention of competent authorities.

Fourth group. Reasons for dishonesty. For example, the debtor initially was not going to pay off. Such debtors are most often dealt with by those companies that, due to the nature of their products, are forced to work with small customers or individuals, which is relevant for Kuban Interpraysis LLC.

After the reasons are established, it is necessary to proceed to active actions, to determine which of the procedures of the regulation to focus on. Methods of influencing debtors can be most generally classified as follows:

Psychological. The simplest - constant reminders by phone (fax, mail, etc.) of various emotional coloring (depending on the situation). More complex 0 dissemination of information about payment delays to related suppliers and other interested parties or the use of various media. Many firms understand that image losses are sometimes more expensive than monetary ones. At the same time, psychological influence is very effective for conscientious debtors.

Economic. Economic methods of influence include financial sanctions (fines, penalties, forfeits) and collateral relations. The pledge is the most effective lever of influence on the debtor, as it can be sold at a reduced price. If a regular customer violates the terms of payment, the first economic sanction against him may be the suspension of further deliveries or his subsequent boycott by other suppliers. It should also be taken into account that the suspension of supplies may lead to further deterioration of the financial condition of the debtor or to its bankruptcy. Therefore, the correct application of economic sanctions should be based on knowledge of the reasons why the debtor does not pay.

Legal. Claim work, pre-trial correspondence and, finally, filing a lawsuit in court. In the event that the debtor turned out to be dishonest: he was engaged in fictitious business, forgery of documents and other criminal acts (fourth group), then the trial will be decided in your favor as soon as possible. If the debtor belongs to the first or second group (“good faith” non-payer), any legal proceedings may also be quite effective in terms of the return of funds, however, most likely, after such an impact, the company can be excluded from among its clients.

To assess the consequences of a change in the credit policy, it is advisable to use an incremental analysis, which determines the size of the increase (decrease) in the volume of sales and costs as a result of changes in certain parameters of the credit policy. With the liberalization of credit policy through the provision of large discounts, lengthening of the credit period, easing of policy on the collection of overdue debts, easing of credit standards, the company can expect an increase in sales. At the same time, this will require additional investments to purchase more raw materials, materials, labor, the costs of maintaining increased accounts receivable, the volume of bad debts, the costs associated with discounts, etc. will increase.

In the process of incremental analysis, additional incremental incomes and additional expenses are compared with each other, and if a positive incremental profit is expected, the decision to change the credit policy may be positive (provided that the possible risk is fully compensated). With an increase in net profit, the enterprise under study will have free cash and invest it in liquid reserves. The forecast of the financial results of the enterprise is given in table 20.

Table 20 - Analysis of the planned financial results of Kuban Interpraysis LLC for 2012 (thousand rubles).

Показатели2011планИзменения, (+,-),Удельный вес, %2009планВыручка от реализации товаров9110811388522777100100Себестоимость проданных товаров, продукции, работ, услуг862901043191802994,791,6Прибыль от реализации 4818956647485,38,4Прочие доходы1183652470,10,3Прочие расходы396105-2910,40,1Прибыль отчетного года 4540982652865 .08.6 Profit tax81717699520.91.6 Retained earnings (loss) of the reporting year 3723805743344.17.1

As can be seen from Table 20, Kuban Interpraysis LLC, as a result of the proposed recommendations, will be able to achieve improved results in financial and economic activities compared to 2011. This is evidenced by an increase in net profit remaining at the disposal of the enterprise by 8057 thousand rubles. Profit growth will be the result of an increase in all its components. To a greater extent, such elements as profit from the provision of services increased (by 4,748 thousand rubles). The share of prime cost in sales proceeds will decrease during the year from 94.7% to 91.6%. Changed in the direction of decreasing the share of operating expenses. The analysis of financial results given in Table 20 allows us to see the positive dynamics of indicators for 2012.

The forecast of cash flows of the enterprise is given in table 21.

Table 21 - Forecast of cash flows of Kuban Interpraysis LLC for 2012 (thousand rubles).

Indicator Plan Balance of cash accounts at the beginning of the period: 85 Proceeds from sales 113885 Repayment of receivables 8860 Cash funds used to pay for purchased goods, works, services, pay for labor, to pay dividends and to calculate taxes and fees 104594 Commercial expenses - Income tax 1769 Repayment of accounts payable 4887 Balance of cash accounts at the end period: 11580

According to Table 21, it can be seen that the forecast of the company's cash flows in the planning period assumes the presence of funds on the company's current account and in cash at the end of the planning period in the amount of 11,580 thousand rubles.

When compiling the forecast cash flows, the following assumptions were made, that is, in the planned period, the company will achieve repayment of receivables and the released funds will be used to pay off accounts payable.

When compiling forecast data, the impact of business operations on the following balance groups was taken into account:

movement of a group of receivables;

cash group movement;

the movement of the profit group of the enterprise;

movement of the accounts payable group.

To guide action to improve the financial condition, improve the structure of assets and liabilities, and balance them, we will compile the forecast balance in an aggregated form (Table 22) and make the resulting changes, which will allow us to assess the correctness of the measures taken.

Table 22 - Forecast balance sheet of the enterprise LLC "Kuban Interpraysis" in aggregate form for 2012 (thousand rubles)

ASSETValueLIABILITYValueAt the beginning of the periodAt the end of the periodAt the beginning of the periodAt the end of the period123456I. Non-current assets42154493III. Capital and reserves1155719614II. Current assets including: stocks and expenses (210+220) all other current assets17181 2548 1463320073 2805 17268 IV. Long-term liabilities9696V. Current liabilities Loans and credits All other items9743 0 97434856 0 4856BALANCE 2139624566BALANCE 2139624566

To guide action to improve the financial condition, improve the structure of assets and liabilities, and balance them, a forecast balance sheet was compiled in an aggregated form and the resulting changes were made, which will make it possible to assess the correctness of the measures taken to improve the financial condition of Kuban Interpraysis LLC.

To analyze liquidity in 2012, we calculate the following relative indicators presented in Table 23.

Table 23 - Financial and operational liquidity ratios of the enterprise LLC "KubanInterpraysis" for 2012

Solvency indicators At the end of 2012 Normative value1. General balance liquidity ratio3.13>2.02. Absolute liquidity ratio (urgency) 2.38>0.703. The coefficient of "critical evaluation" (or intermediate coverage) 3.56?1.04. Current liquidity ratio 4.13?2.05. The coefficient of abstraction of the functioning of capital 0.14-6. The share of working capital in assets 0.82-7. The coefficient of provision with own working capital 0.75>0.108. The coefficient of restoration of the solvency of the enterprise2.66>1.0

Table 23 shows that the measures taken will lead to the fact that all indicators of liquidity and solvency will increase, reaching the standard value, while in 2009-2011. these figures tended to decrease.

The value of all calculated indicators tends to increase, that is, the enterprise will be able to work more efficiently.

The analyzed enterprise "Kuban Interpraysis" LLC, against the background of the developed recommendations for improving the efficiency of the credit policy, will increase both economic indicators and financial indicators of its activities. The company will receive more profit, and, consequently, profitability indicators will increase. The structure of the balance sheet will improve, that is, the balance between assets and liabilities, having received a profit in the form of cash on the current account, the company will be able to pay off its obligations of third-party organizations, thereby reducing the amount of accounts payable. This will accelerate the turnover of cash, as more liquid assets.

With the practical implementation of the proposed measures, the level of security of the enterprise "Kuban Interpraysis" LLC with its own working capital for the formation of reserves and costs will increase, as well as the financial independence of the enterprise's activities will be ensured, and its solvency will increase.

Conclusion

The study of the theoretical and methodological foundations for assessing the receivables and payables of an enterprise carried out in the thesis work allows us to draw the following conclusions.

Accounts receivable is understood as the debt of organizations, employees and individuals of this organization, which arises in the course of the economic activity of the organization, i.e. debts of buyers for purchased goods and services, accountable persons for the amounts of money issued to them under the report, etc.

Accounts receivable by their nature, depending on settlement relations, can be divided into normal, which is a consequence of the economic activity of the organization and overdue receivables, which creates financial difficulties for the acquisition of inventories, payment of salaries. Such receivables should be kept in the spotlight and urgent action should be taken to eliminate them.

Accounts receivable is an important component of working capital. When one company sells goods to another company, it does not mean at all that the cost of the goods sold will be paid immediately.

Accounts receivable always divert funds from circulation, impede their effective use, resulting in a tense financial condition of the enterprise. Those. accounts receivable 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.

A mirror reflection of work with accounts receivable is work with accounts payable, for which it is necessary to make cash payments to other enterprises in a timely manner and in the required amount. On the one hand, the delay and "spreading" of payments over time increases the company's income and liquidity, and on the other hand, it creates problems in relations with supplier enterprises, banks and other creditors, for example, in additional payments of legal costs. Sooner or later, the bad reputation of an untimely payer will force other suppliers not only to eliminate trade discounts, but also to increase prices for the supplied raw materials, materials and goods.

Accounts payable is the debt of this organization to other organizations, employees and persons that arise in the course of various facts of economic activity.

Accounts payable is divided into short-term or long-term accounts payable (long-term and short-term liabilities).

An analysis of the state of settlements of an enterprise with debtors and creditors is very important, since an increase or decrease in debt has a great influence on the turnover of capital invested in current assets, and, consequently, on the financial condition of an enterprise.

Of particular importance is the analysis of receivables and payables for banks, investment funds and companies that, before granting a loan or making financial investments, carefully analyze the financial statements of customers, including accounts receivable and payable.

Accounts receivable and accounts payable are natural components of the company's balance sheet. They arise as a result of a discrepancy between the date of occurrence of obligations and the date of payment on them. The financial condition of the enterprise is influenced both by the size of the balance sheet of receivables and payables, and the turnover period of each of them.

The assessment of the impact of balance sheet balances of receivables and payables on the financial condition of the enterprise should be carried out taking into account the level of solvency (general liquidity ratio) and the correspondence of the frequency of conversion of receivables into cash to the frequency of repayment of accounts payable.

Evaluation of receivables and payables was carried out in the second chapter of the thesis on the materials of LLC "Kuban Interpraysis".

Analysis of the financial and economic activities of Kuban Interpraysis LLC for 2009-2011 showed that the company is in a stable financial position, but has insufficient liquidity of assets.

For three years, the analyzed company LLC "Kuban Interpraysis" increased its gross income by 38.3% due to the growth in the number of services provided. The cost of operating the enterprise increased by 18.2%, due to the growth of tariffs for the services of third-party organizations, an increase in prices for inventory items, fuel, wage growth, etc.

An analysis of financial indicators characterizing the solvency of the enterprise showed that by the end of 2011 none of the indicators had reached the standard value, moreover, all indicators in dynamics tend to decrease compared to previous periods.

The current liquidity decreased from 0.90 to 0.76 during the 3 analyzed years (at the rate of 2.0), i.е. by the end of the year, the enterprise could not pay off its current obligations in full, but only by 74%. The decrease in the value of the indicator occurred primarily due to two multidirectional factors: an increase in current assets, while the current liabilities increased simultaneously.

The coefficient of security with own working capital in terms of the formation of working capital is reduced. This situation in the formation of working capital may adversely affect the confidence of creditors in terms of repayment of debts.

All this speaks of the tense financial condition of the enterprise and its low solvency during the 3 analyzed years.

The decrease in turnover ratios was generally due to insufficient growth in the volume of services provided and large investments in the property of the enterprise, and as a result, this immediately affected the decrease in profits and the low solvency of the enterprise.

During the 3 analyzed years, the share of accounts receivable increases in 2009 - 79.0%, 2010 - 83.9% and, accordingly, 2011 - 84.7%. Accounts receivable, payments on which are expected within 12 months after the reporting date, also increases in 2009 - 770 thousand rubles, 2009 - 3023 thousand rubles, 2011 - 3239 thousand rubles. Thus, there is a negative trend. The diversion of funds (in the form of receivables) from the turnover of the enterprise is increasing. Indirect lending by means of this enterprise to non-payers is growing. The company incurs losses from the depreciation of receivables. The analysis of the ratios and terms of receivables turnover showed that the turnover of receivables, payments for which are expected within 12 months after the reporting date, increases. The diversion of enterprise funds in settlements for up to 12 months is reduced. The company does not incur losses from the depreciation of receivables. The share of cash is decreasing, which indicates the irregular work of the enterprise.

On the basis of the analysis, a plan was developed for the main directions to improve the financial condition of the enterprise OOO "Kuban Interpraysis", which can be conditionally divided into blocks:

Carrying out measures of financial recovery of Kuban Interpraysis LLC;

Improving the analysis and control of receivables

Development of credit policy.

Improving the analysis and control of receivables includes:

formation of the accounts receivable budget;

formation of the register of "aging" of accounts receivable;

monitoring the dynamics of the main indicators characterizing receivables.

We propose to form the accounts receivable budget in the context of counterparties-buyers. Drawing up such a budget allows you to predict the level of receivables for the future period and adjust it in time.

An important point in the management of receivables is the formation of a database of information on receivables and the possibility of its analysis.

The receivables aging register is formed in the context of debtors and allows you to evaluate receivables by various "age groups", determine the level and composition of "unfavorable" and / or overdue debts.

As for other types of current assets, we recommend that you evaluate accounts receivable by turnover.

The analysis of the effectiveness of the credit policy of Kuban Interpraysis LLC showed the need to include a special department for working with creditors in the organizational structure of the enterprise.

However, it should be noted that even with a sufficiently responsible and qualified approach on the part of specialists and the desire of employees of this department to reduce the time for collecting receivables, the effectiveness of their work in practice will largely, if not mainly, depend on the managers of the enterprise, on the management methods they use, from their will and ability to make the enterprise competitive in the conditions of the global financial crisis.

The analyzed enterprise "Kuban Interpraysis" LLC, against the background of the developed recommendations for improving the financial condition, will increase both economic indicators and financial indicators of its activities.

The company will receive more profit, and, consequently, profitability indicators will increase. The structure of the balance sheet will improve, that is, the balance between assets and liabilities, having received a profit in the form of cash on the current account, the company will be able to pay off its obligations of third-party organizations, thereby reducing the amount of accounts payable. This will accelerate the turnover of cash, as more liquid assets.

With the practical implementation of the proposed measures, the level of security of the enterprise "Kuban Interpraysis" LLC with its own working capital for the formation of reserves and costs will increase, as well as its financial independence of activity will be ensured, and its solvency will increase.

Thus, if LLC "Kuban Interpraysis" implements the measures proposed in this thesis, the financial condition of the enterprise will improve.

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Applications

Appendix 1

Analytical balance sheet of Kuban Interpraysis LLC for 2009 (thousand rubles)

1. Non-current assets1.1 Fixed assets37413609-13228.825.54-3.261.2 Intangible assets0000001.3 Other non-current assets000000TOTAL under section 137643635-12928.825.73-3.07 2. Current assets2.1 Запасы и затраты207621315512,3615,082,722.2 Дебиторская задолжность (платежи после 12 месяцев) 000 00 02.3 Медленнореализуемые активы207621315512,3615,803,442.4 Дебиторская задолжность (платежи до 12 месяцев) 7516828677056,7658,641,882.5 Краткосрочные финансовые вложения0000002.6 Денежные средства19278-1442,080, 55-1,532.7 Most liquid assets19278-1442,080.55-1.53TOTAL for section 297841049571171, 2074.273.07 Balance sheet total13548141305821001000 3. Capital and reserves3.1 Authorized capital101000.100.07-0.033.2 Additional and reserve capital53615257-10450.9737, 20-13.773.3 Retained earnings34643164-30021.8722.390.52TOTAL for section 388358431-40472.9459.67 4. Long-term liabilities167163-401,151,155. Short-term liabilities5.1 Заемные средства0000005.2 Кредиторская задолжность146452594699027,0639,1812,12ИТОГО по разделу 5145462553699027,0639,1812,12Всего заемных средств471347968327,0640,33-13,27Итог баланса23548341305821001000Величина собственных средств в обороте50714796-27531,9833,941,96

Annex 2

Analytical balance sheet of Kuban Interpraysis LLC for 2010 (thousand rubles)

Name of articles R. % at the beginning of the year at the end of the year change (+,-) share in the balance sheet at the beginning of the period share in the balance sheet at the end of the period change in the share in the balance sheet1345678 1. Non-current assets1.1 Fixed assets3609380019125.5421.96-3.581.2 Intangible assets0000001.3 Other non-current assets000000TOTAL for section 13635382819325.7322.12-3.61 2. Current assets2.1 Запасы и затраты21312029-10215,0811,72-3,362.2 Дебиторская задолжность (платежи после 12 месяцев) 0000002.3 Медленнореализуемые активы21312041-9015,8011,79-4,012.4 Дебиторская задолжность (платежи до 12 месяцев) 828611309302358,6465,356,712.5 Краткосрочные финансовые вложения0000002.6 Денежные funds78127490.550.28-0.272.7 Most liquid assets78127490.550.730.18TOTAL for section 21049513477298274.2777.883.61 Balance sheet total141301730531751001000 3. Capital and reserves3.1 Authorized capital101000.070.06-0.013.2 Additional and reserve capital52575249-837, 2030.33-6.873.3 Retained earnings (uncovered loss) 31644324116022.3924.992.6TOTAL under section 398431958311525.67 4. Long-term liabilities163147-161,150,85-0,35. Short-term liabilities5.1 Заемные средства0000005.2 Кредиторская задолжность25536120651203939,1843,774,59ИТОГО по разделу 53553617575203939,1843,774,59Всего заемных средств3569917722202340,3344,624,29Итог баланса341302730531751001000Величина собственных средств в обороте4796575595933,9433,26-0,68

Appendix 3

Analytical balance sheet of the enterprise Kuban Interpraysis LLC for 2011 (thousand rubles)

Name of articles R. % at the beginning of the year at the end of the year change (+,-) share in the balance sheet at the beginning of the period share in the balance sheet at the end of the period change in the share in the balance sheet1345678 1. Non-current assets1.1 Fixed assets3800418638621.9619.56-2.561.2 Intangible assets0000001.3 Other non-current assets000000TOTAL for section 13828418638622.1219.56-2.56 2. Current assets2.1 Запасы и затраты2029254851911,7211,910,122.2 Дебиторская задолжность (платежи после 12 месяцев) 00 00 0 02.3 Медленнореализуемые активы2041254850711,7911,910,122.4 Дебиторская задолжность (платежи до 12 месяцев) 1130914548323965,3567,992,642.5 Краткосрочные финансовые вложения0000002.6 Денежные средства12785-420,280,400,122.7 Наиболее ликвидные assets12785-420.730.40-0.33TOTAL for section 21347717181370477.8880.32.42 Balance sheet total173052139640911001000 3. Capital and reserves3.1 Authorized capital101000.060.05-0.013.2 Additional and reserve capital5249541917030.3325.33-53.3 Retained earnings (uncovered loss) 43246128180424.9928.64-1.35TOTAL for section 3958311557197454.50.3 4. Long-term liabilities14796-510,850,45-0,45. Short-term liabilities5.1 Заемные средства0000005.2 Кредиторская задолженность1225815971316843,7745,541,77ИТОГО по разделу 51757519743316843,7745,541,77Всего заемных средств1772219839211744,6246,01,38Итог баланса173052139640911001000Величина собственных средств в обороте57557342158733,2634,311,05

Appendix 4

Balance sheet of LLC "Kuban Interpraysis" in aggregated form for 2009-2011, thousand rubles

ASSETValueLIABILITYValueAt the beginning of the periodAt the end of the periodAt the beginning of the periodAt the end of the period2009I. Non-current assets37643635III. Capital and reserves88358431II. Current assets including: stocks and expenses (210+220) all other current assets9784 2076 770810495 2131 8364IV. Long-term liabilities 167163V. Current liabilities Loans and credits All other items Non-current assets36353828III. Capital and reserves 84319583II. Current assets including: stocks and expenses (210+220) all other current assets10495 2131 836413477 2029 11448IV. Long-term liabilities 163 147 V. Current liabilities Loans and credits All other items Non-current assets38284215III. Capital and reserves958311557II. Current assets including: stocks and costs (210+220) all other current assets13477 2029 1144817181 2548 14633IV. Long-term liabilities 147 96V. Current liabilities Loans and credits All other items

Tags: Accounts receivable and accounts payable Diploma finance, money, credit

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agricultural machinery and units, which will solve such problems as operational control over the operation of units and the implementation of production standards; automation of accounting for material costs and wages; transferring the coordinates of the position of agricultural machinery to the vehicles serving them in order to lay the shortest routes to them; introduction of a point farming system, etc.

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Kobeleva S.V., Konova O.Yu.

RECEIVABLES: ORIGIN, ANALYSIS AND MANAGEMENT

Voronezh State University of Engineering Technologies, Voronezh, Russia

Key words: accounts receivable, refinancing, management, control.

Annotation: The article discusses the causes of

receivables, as well as the factors causing the growth of its volume, the classification and sequence are presented

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analysis of debt, measures aimed at improving the efficiency of its management.

Keywords: accounts receivable, refinancing, management, optimization, control.

Abstract: The article discusses the causes of receivables, as well as factors that contribute to the growth of its volume, classification and sequence analysis of debt, measures aimed at improving the efficiency of its management.

In modern market conditions, subjects of financial and economic activity are constantly faced with the problems of the emergence and collection of receivables. This is an objective process due to the existence of risks in mutual settlements between counterparties based on the results of business transactions.

The existence of contractual relations between counterparties leads to the formation of receivables, when the moment of transfer of ownership of goods (works, services) and their payment do not coincide in time.

It is possible to single out subjective and objective reasons for the emergence of receivables, as well as factors that cause the growth of its volume (Fig. 1).

Funds that are an integral part of the receivable

the organization's debts are diverted from participation in the economic turnover, which is not a positive thing for its financial condition.

An increase in receivables can lead to the financial collapse of the organization, and therefore, the accounting service must organize proper control over its condition, which will ensure the timely collection of funds constituting receivables.

A necessary condition for ensuring the financial stability of the organization is the excess of the amount of receivables over the amount of accounts payable.

The economic practice of industrial enterprises shows that more than 80% of the total accounts receivable account for settlements with buyers for shipped products, which makes it one of the main objects of the enterprise's financial management.

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Figure 1. Causes and drivers of debt growth

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The presence of a significant amount of receivables, and its constant growth in the conditions of the financial crisis create serious problems and threats to the activities of enterprises. Therefore, at present, one of the most important tasks of financial management at enterprises is the effective management of commodity receivables, which should be aimed at optimizing its size, ensuring timely debt collection, as well as restructuring and refinancing receivables.

Effective management of accounts receivable requires an integrated and systematic approach that cannot be reduced to solving individual problems (search for the “ideal client”, betting on judicial debt collection, etc.).

The goals of creating a management system are to reduce the risks of the enterprise, as well as to optimize the actions of all personnel and save time when making management decisions.

Accounts receivable management, along with pricing, will be a key element of sales management. An increase in the profitability of an enterprise is possible both due to an increase in sales during the liberalization of lending, and due to an acceleration in the turnover of receivables, which, on the contrary, is facilitated by a tightening of credit policy.

An analysis of receivables allows us to conclude whether the company has problems with debtors, in particular, whether there is an increase in overdue debts.

We believe that one of the tools to improve the quality of receivables is to increase control.

For the effectiveness of strengthening internal control over receivables, it is advisable to develop and approve a regulation on the management and control of receivables, which should describe in detail the algorithm for working with debts, which is aimed at timely detection of overdue debts, procedures for its collection and appointment of persons responsible for their implementation.

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Figure 2. The sequence of the analysis of receivables

Measures aimed at improving the efficiency of receivables management are shown in fig. 3.

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Accounts receivable management

carrying out preliminary work with potential debtors before shipment, including determining their solvency

reflection in contracts with buyers of the conditions for granting a deferral, a system of penalties for late payment

conducting regular monitoring of the state of debt, in particular, analysis of the composition, structure, dynamics and turnover of receivables

carrying out acts of reconciliation with counterparties to confirm the debt

control over the quality of receivables, i.e. if overdue receivables are identified, which may develop into bad debts, take timely measures for pre-trial and judicial settlement of such debts

development of a claims system

control over the ratio of accounts payable and receivable

Figure 3. Accounts receivable management

These areas will make it possible to more clearly organize the accounting and analysis of receivables, which makes it possible to identify overdue receivables at an earlier date, create reserves for doubtful debts in a timely manner, and improve the quality of receivables management in the organization.

It is also advisable to regulate the processes of using software tools for the operational information exchange of data.

Territory of science. 2015. No. 2

It is necessary to strive to minimize the receivables of each buyer and other debtors, which will reduce the need for borrowed sources of financing and have a positive impact on the liquidity of the organization.

The main goal of receivables management is a comprehensive development of measures aimed at improving the current or the formation of a new lending policy for its customers, and as a result, increasing profits. A competent and accurate analysis will allow you to assess how effectively the company invests its funds in lending to customers.

The development of market relations leads to the emergence of a number of new forms of settlements with debtors, for example, refinancing of receivables (implementation of an accelerated transfer to other forms of current assets, such as cash and highly liquid short-term securities).

Thus, any work related to receivables requires a detailed development of a decision-making procedure that allows you to evaluate and compare benefits and risks.

Bibliography

1 Kobeleva S. V., Konova O. Yu. Organizational structures of innovative entrepreneurship // Economics. Innovation. Quality management, 2014. - No. 1 (6). - S. 24-27.

2 Kobeleva S. V., Konova O. Yu. Innovations in the oil and fat industry // Economics. Innovation. Quality Management, -2014. - No. 2 (7). - S. 29-34.

3 Konova O.Yu., Kobeleva S.V. Features of the application of managerial analysis at public catering enterprises // Economics. Innovation. Quality management, 2014. - No. 4 (9). - S. 152.

4. Shatalov M.A. Improving the methodology for analyzing the effectiveness of the use of fixed assets of an enterprise// Territory of science. 2014. No. 2. P. 66.

Conclusion

Thus, based on the above material, the following conclusions can be drawn.

In the process of economic activity, enterprises and organizations have contractual relations with various legal entities and individuals in the implementation of commodity transactions, the performance of work and the provision of services.

Settlements with debtors and creditors are reflected by each party to the agreement in their financial statements in amounts arising from accounting records and recognized by it as correct. In this case, any organization can act as both a debtor and a creditor.

Currently, in the face of a decrease in the level of settlement discipline, the system of "non-payments" leads to an increase in receivables, including overdue ones. This situation makes it necessary to control the amount of receivables and its movement (occurrence and repayment).

The condition for ensuring the financial stability of the organization is the excess of the amount of receivables over the amount of accounts payable.

Accounts receivable - represents the property claims of the organization to legal entities and individuals who are its debtors.

Accounts receivable can be considered in three senses: firstly, as a means of paying off accounts payable, secondly, as part of the products sold to customers but not yet paid for, and, thirdly, as one of the elements of current assets financed by own funds. or borrowed funds.

In case of purchase by the organization of goods, products, as well as acceptance of works and services from other legal entities and individuals, it has accounts payable. The organization's payables include tax debts to the budget, including the unified social tax to social insurance and security agencies and health insurance funds, as well as other legal entities and individuals for obligations arising in accordance with the current legislation or the terms of contracts.

To account for receivables, the system of accounting accounts provides for several accounts: “Settlements with buyers and customers”, “Settlements with accountable persons”, “Settlements with various debtors and creditors”, etc.

To account for accounts payable, the accounts “Settlements with suppliers and contractors”, “Settlements with personnel for wages”, “Settlements with personnel for other operations”, “Settlements with various debtors and creditors”, etc. are used.

Bibliography

1. Alborov R.A. Principles and bases of accounting. - M. : KNORUS, 2006. - 344 p.

2. Androsov A. M., Vikulova E. V. Fundamentals of accounting. Tutorial for independent study. - M.: Androsov Publishing House, 2005. - 1024 p.

3. Babaev Yu. A. Accounting. - M.: UNITI-DANA, 2006. - 527 p.

4. Getman VG Financial accounting. - M.: Finance and statistics, 2006. - 816 p.

5. Gorbulin V.D., Fokina O.N. Accounts receivable and accounts payable. Features of accounting and tax accounting. - M.: GrossMedia Ferlag, 2009. - 160 p.

6. Divinsky B.D. Accounts receivable: reflection in accounting and reporting//Counselor of the accountant. - 2008. - No. 11. - Access mode: .

7. Karelin A. Accounts payable in non-state security enterprises. - Access mode: .

8. Kiryanova ZV Theory of accounting. - M.: Finance and statistics, 2005. - 256 p.

9. Kozlova E. P. Accounting in organizations. - M.: Finance and statistics, 2005. - 752 p.

10. Liferenko G.N. Financial analysis of the enterprise. - M: Publishing house "Exam", 2005. - 160 p.

11. Lytneva N. A., Malyavkina L. I., Fedorova T. V. Accounting: Textbook. - M.: FORUM: INFRA-M, 2006.-- 496 p.

12. Lyubushin N.P., Zharinov V.V., Borodina N.V. Theory of accounting. - M.: UNITI-DANA, 2006. - 312 p.

13. Sanin K.V., Sanin M.K. Accounting: Textbook. - St. Petersburg: St. Petersburg GUITMO, 2005. - 400 p.

14. Terekhova VA Financial accounting: a short course. - St. Petersburg: Peter, 2005. - 368 p.:

15. Filina FN Accounts receivable and accounts payable. Acute taxation issues. - M.: GrossMedia, ROSBUH, 2008. - 152 p.

Course work

Methods of managing accounts receivable of an enterprise on the example of Ritm LLC

Introduction

Theoretical foundations of receivables

1 The concept and essence of receivables

2 Accounts receivable management principles

3 Accounts receivable management methods

The company's receivables management policy on the example of Ritm LLC

1 a brief description of Ritm LLC

2 Analysis of the state of receivables of the company

3 Ways to Improve Accounts Receivable Management

Conclusion

Bibliography

debt management accounts receivable

Introduction

The relevance of the topic of the course work is due to the fact that the dynamics of changes in receivables, its composition, structure and quality, as well as the intensity of its increase or decrease, have a great influence on capital turnover, and, consequently, on the solvency of the enterprise.

The organization may experience a shortage of its own financial resources if the receivables turnover period is high and increases in dynamics. In this case, as a rule, companies resort to attracting short-term loans to replenish working capital or delay payments to their creditors. Such a situation can disrupt trusting relationships with suppliers, there are financial sanctions for delaying payments and other consequences that negatively affect the business of the enterprise, i.е. the solvency of an economic entity and its business reputation depend on how quickly the funds invested in receivables turn into real money.

The purpose of the course work is to analyze the management of receivables on the example of the enterprise LLC "Ritm" and develop proposals for the effective management of receivables. The purpose of the course work determined its tasks:

· Consider theoretical aspects of receivables management;

· Investigate the organization of accounts receivable management in Ritm LLC and evaluate its effectiveness.

· Analyze the composition, structure and dynamics of accounts receivable of the analyzed organization.

· Assess the impact of receivables on the solvency of Ritm LLC.

The object of the study is the Ritm Limited Liability Company, whose activities are associated with debts of debtors to creditors.

The subject of the research is the process of accounting and management of receivables in Ritm LLC.

The information base of the course work is represented by the regulatory legal acts of the Russian Federation on settlements with debtors, special economic literature, periodicals on accounting, auditing and economic analysis of receivables.

Course work consists of their introduction, three chapters, a list of references and applications.

When working on the project, methods such as: methods of scientific abstraction will be used; method of analysis and synthesis; graphic method.

Structurally, the work consists of an introduction, three chapters, a conclusion, a list of references and applications.

In the introduction, the object and subject of the study are defined, the relevance of the chosen topic is formulated, the goal and objectives are formulated.

The first chapter of the course work presents the theoretical and methodological aspects of the management of receivables.

In the second chapter of the course work, an analysis of the receivables of Ritm LLC was carried out, recommendations were given for the effective management of receivables.

The final stage of the work is the conclusions arising from the study of this topic.

The practical significance of the work lies in the development and scientific substantiation of recommendations for the management of receivables in business development.

1. Theoretical foundations of receivables

1.1 The concept and essence of receivables

Each organization in the course of its business activities makes settlements with internal and external counterparties: buyers and suppliers, customers and contractors, with tax authorities, with founders, banks, with its employees, and other debtors.

Accounts receivable is understood as the debt of organizations, employees and individuals to this organization (debt of buyers for purchased products, accountable persons for funds issued to them in accountability, etc.). Organizations and persons who owe this organization are called debtors.

According to the economic content, receivables are presented in the balance sheet, which allows us to classify the debts of debtors:

by the sources of their formation;

by types of obligations;

By the nature of the debt

in relation to the creditor.

Accounts receivable are divided into two types depending on the maturity:

· short-term debt - with a maturity within 12 months after the reporting date;

· long-term debt - with a maturity of more than 12 months after the reporting date.

In addition, the risk of non-repayment of receivables correlates with the maturity of receivables.

The increase in risk requires closer monitoring and control over the timely and full repayment of receivables.

To ensure control over the repayment and return of receivables, as well as to analyze the level of liquidity and solvency of the enterprise, receivables are divided according to the timeliness of repayment.

The reliability of the amount of receivables largely depends on the correctness of determining the moment and the grounds for its occurrence.

Data on receivables are reflected in the financial statements. New requirements for the disclosure of information on the status, movement and maturity of debt came into force starting from the reporting for 9 months of 2012. Accounts receivable are reflected in the explanations in tabular form in subsections 5.1, 5.2, 8.6.1, 8.6.2. The breakdown is given in such a way that it is possible to check the limit values ​​of assets accepted for the placement of insurance reserves. Prior to the entry into force of the new reporting forms, the decoding of receivables was given in the appendix to the balance sheet - in the form of N 5-insurer, and its characteristics - in the explanatory note.

In order to generate information on the state of receivables, taking into account legally established requirements, the insurer must detail the accounting in such a way as to ensure the completeness and reliability of reporting data.

1.2 Principles of receivables management

The analysis of receivables is part of the overall current asset management policy aimed at expanding the volume of sales of goods, and consists in optimizing the total amount of this debt and ensuring its timely repayment.

As the main sources of information for the analysis of receivables, the data of the balance sheet and explanations to it, as well as analytical accounting data are used.

Particular attention should be paid to doubtful receivables, i.e. debts that may not be collected by the organization. The presence of doubtful (unjustified) debt indicates that this organization has problems in the system of settlements with buyers and customers. The growth trend of doubtful receivables indicates a decrease in the liquidity of the balance sheet, which worsens the financial condition of the organization.

Consider the indicators used to analyze the structure, quality, turnover of receivables.

Accounts receivable turnover ratio:

Revenue / Average receivables.

It shows how many times the receivables turned around during the reporting period. An increase in this ratio, as a rule, means a decrease in sales on credit; a decrease means an increase in commercial credit granted.

Average amount of accounts receivable for the period:

where and - receivables at the beginning and at the end of the period, respectively.

Accounts receivable turnover in days, i.e. the duration of one turnover of receivables:

A decrease in the maturity of receivables is positively assessed, and vice versa.

The analysis evaluates the turnover of both all receivables (long-term and short-term) and short-term receivables with a maturity of 12 months. In addition, the debt of individual debtors is analyzed.

During the analysis it is necessary to determine:

receivables mobility ratio:

Amount of accounts receivable / Amount of current assets.

It shows the share of receivables in the amount of current assets. This ratio should be compared in dynamics over a number of reporting periods;

the share of receivables in the structure of the organization's funds:

Amount of accounts receivable / Balance currency;

growth rate of receivables:

where and - accounts receivable for the reporting period and for the previous period, respectively. This indicator should be compared with the growth rate of the balance sheet. If the growth rate of receivables outpaces the growth rate of the balance sheet, this indicates a negative trend in the financial stability of the organization;

share of overdue receivables in the total amount of receivables:

Amount of overdue accounts receivable / Amount of accounts receivable.

Since receivables are essentially free credit to buyers, they should, where possible, be balanced by the same free credit to suppliers. Therefore, accounts receivable should be considered in conjunction with accounts payable. Ideally, there should not be large discrepancies between them, since due to the receipt of receivables, accounts payable should be repaid. The analysis of receivables is also complemented by the analysis of accounts payable.

In the process of analysis, it is necessary to determine the ratio of receivables and payables:

Amount of accounts receivable / Amount of accounts payable.

This coefficient is considered normal when it is equal to 2, i.e. the amount of accounts payable is approximately 2 times secured by accounts receivable. If the ratio of receivables and payables is less than 2, this means that the conversion of the liquid part of current assets into cash is slowing down.

The amount of receivables, which is part of the property of the enterprise, plays an important role in ensuring the liquidity and financial stability of the organization. The presence of receivables indicates a temporary diversion of funds from the turnover of this enterprise. A prolonged slowdown in payments (or no refund at all) by buyers can lead to a decrease in business activity and a cash gap.

The criteria for evaluating business activity are: turnover ratios (capital productivity) and indicators of the period of turnover of funds.

If the receivables turnover period is high and increases in dynamics, then the organization may experience a shortage of its own financial resources. In this case, as a rule, companies resort to attracting short-term loans to replenish working capital or delay payments to their creditors. In such a situation, trusting relationships with suppliers may be violated, financial sanctions may arise for late payments and other consequences that adversely affect the business of the enterprise, i.е. the solvency of an economic entity and its business reputation depend on how quickly the funds invested in receivables turn into real money. In this regard, all commercial organizations exercise control and management of receivables. Control over receivables primarily includes ranking them by maturity, and one of the directions for managing receivables is related to the creation of reserves for their impairment. The fact is that, according to the Order of the Ministry of Finance of Russia dated December 24, 2010 N 186n, organizations starting from 2011 are required to create reserves for doubtful debts in the event that accounts receivable are recognized as doubtful. If organizations do not assess receivables for impairment and do not form these reserves, then they violate the law, which can lead to negative financial consequences during the audit.

) analysis of the dynamics, movement and structure of receivables.

Here you need to evaluate the dynamics of receivables, compare the pace of sales and debt, and analyze the structure of debt. The growth of accounts receivable can be considered justified if it occurs as a result of sales volume, but the growth rate should not exceed the growth rate of sales;

) analysis of the quality of receivables. It is necessary to assess the quality of receivables by assessing the change in the share of overdue and doubtful receivables;

) assessment of receivables turnover.

Thus, the methodology for analyzing receivables includes horizontal and vertical analysis. It also involves assessing the composition and movement of receivables based on the compilation of analytical tables and the calculation of indicators of receivables turnover. It is important to calculate the share of receivables in the volume of current assets and the share of doubtful debts in the composition of receivables.

1.3 Accounts receivable management methods

Conducting an inventory of property and liabilities obliges the Regulation on accounting. During the audit, the existence, condition and valuation of the property and liabilities of the company are documented. The inventory is carried out on the basis of the order of the head (clause 26 of the Regulations).

Accounts receivable with an expired limitation period, as well as other debts that are uncollectible, are written off for each obligation. The basis for this is the data of the audit, a written justification (accounting certificate) and an order or order of the head of the company. Bad debts are charged to the allowance for doubtful debts or, if no reserve was created in the previous year, to financial results. For a non-profit organization, uncollectible debt increases costs.

Writing off a debt at a loss due to the insolvency of the debtor does not cancel the debt. It just needs to be taken out of the balance sheet and taken into account there for five years from the date of write-off. With this requirement, the legislator provided a kind of insurance in case the debtor still finds a way to pay off.

Accounts receivable for which the limitation period has expired, other debts that are unrealistic to collect, are included in expenses in the amount in which the debt was reflected in the accounting records (clause 14.3 PBU 10/99 "Organization's expenses", approved by Order of the Ministry of Finance of Russia dated May 6, 1999, No. 33n). Money written off at a loss should be reflected in the off-balance account 007 "Debt of insolvent debtors written off at a loss" for another five years:

Analytical accounting on account 007 is maintained for each debtor whose debt is written off at a loss, and all debts written off at a loss.

The Tax Code allows unpaid receivables to be taken into account as part of income tax expenses, but only if it is recognized as uncollectible, that is, unrealistic to collect (clause 2, clause 2, article 265 of the Tax Code). These are situations where:

the statute of limitations has expired on the debt;

the debtor company is liquidated;

the obligation to pay is terminated due to the impossibility of execution in accordance with civil law or on the basis of an act of a state body;

the impossibility of collecting the debt is confirmed by the decision of the bailiff on the completion of enforcement proceedings in the event of: the return of the writ of execution to the recoverer due to the impossibility of establishing his location or the location of his property or obtaining information about the funds belonging to him or due to the lack of property on which he can be levied and all measures to find which were ineffective.

In turn, the allowance for doubtful debts allows the taxpayer to deliberately take care of reducing the income tax base by the amount of losses from bad debts, accumulating the corresponding amounts to cover potential damage.

On September 1, 2013, the Federal Law of May 7, 2013 No. 100-FZ came into force, which amended the Civil Code. The provisions on the limitation period are defined as follows (Article 196 "General limitation period" (as amended by Federal Law No. 100-FZ of May 7, 2013)):

The general limitation period is three years from the date determined in accordance with Art. 200 of this Code.

The limitation period may not exceed ten years from the date of violation of the right for the protection of which this period is established.

Article 200 of the Civil Code helps to determine the beginning of the limitation period. As now, it is the day when the person knew or should have known about the violation of his right. For obligations with a certain performance period, the limitation period begins at the end of this period.

From September 1, these postulates were supplemented by the requirement that the limitation period, in any case, cannot exceed 10 years from the date the obligation arose. For the purpose of taxation of profits, bad debts are written off as non-operating expenses (clause 2, clause 2, article 265 of the Tax Code of the Russian Federation). In tax accounting, as well as in accounting, for doubtful debt associated with the sale of goods (works, services), adherents of the accrual method can form a reserve. The rules for it are established by Art. 266 of the Tax Code. The amount of the reserve is included in non-operating expenses for the last day of the reporting period (paragraphs 7 of paragraph 1 of article 265, paragraphs 1, 3 of article 266 of the Tax Code of the Russian Federation).

The Ministry of Finance allows the entire amount of bad debts, including VAT, to be written off from the reserve. The same with the formation of a reserve for doubtful debts. The company has the right to take into account the amount of doubtful debts in the amounts presented by the seller to the buyer, including VAT (Letter of the Ministry of Finance of Russia dated 03.08.2010 N 03-03-06/1/517).

In order to take into account in expenses the amount of an unrealistic debt to be collected, the limitation period for which has expired, it is imperative to find a “primary account” in order to confirm the date and amount of the debt. This is due to the condition of paragraph 1 of Art. 252 of the Tax Code, according to which only documented expenses can be included in the expenses. The expiration of the limitation period will be confirmed by the results of the inventory, the accounting statement and the order of the head to write off bad debts.

Suppose, on September 2, 2013, based on the results of the inventory, the accountant discovered that 10 years have passed since the day the accounts receivable were recorded. The firm did not go to court to recover the debt. The debtor also did not take actions to recognize the debt. The statute of limitations has expired and can no longer be renewed. Then the accountant, on the basis of the order of the head, can issue an accounting statement and calmly write off the debt as uncollectible after September 1, 2013.

On what date should the expense be recognized? There are several points of view on this issue.

Some believe that the expense can be reflected on any day after the expiration of the limitation period. Others believe that the expense should be fixed clearly on the expiration date of this period. Recently, the Ministry of Finance of Russia, in its Letter of January 28, 2013 N 03-03-06 / 1/38, clarified the position of the financial department on this issue: the date for recognizing non-operating expenses for profit tax purposes is set by clause 7 of Art. 272 NK. Thus, expenses in the form of bad debts for which the limitation period has expired are accounted for as non-operating expenses on the last day of the reporting period in which the limitation period expires.

According to Art. 266 of the Tax Code of the Russian Federation (TC RF), the amount of the allowance for doubtful debts depends on the period of occurrence of buyers' debts (advance payments to suppliers are not taken into account), which is clearly reflected in Table. 1. For example, a debt term of less than 45 days does not imply the formation of a reserve. If the default period ranges from 45 to 90 days, then the amount of the reserve will correspond to 50% of the amount of doubtful debts.

Thus, the main way for debtors to repay their obligations is to fulfill them. It is as a result of performance that the purpose for which the obligation was established is achieved. The most common form of non-cash payments used by debtors to pay off their debts is payment orders.

Table 1 - The amount of deductions to the reserve for doubtful debts for tax purposes

The considered aspects confirm the need to allocate the organization's accounts receivable into an independent management object. The need to generate information for the purposes of managing receivables is obvious. The main supplier of such information is accounting (financial) accounting, accounting and operational reporting, as well as analytical interpretation of reporting data by financial analysis methods and other methods in the organization's management system.

Having considered the theoretical aspects of receivables, we will conduct a practical study of receivables management using the example of Ritm LLC.

2. The company's receivables management policy on the example of Ritm LLC

2.1 Brief description of Ritm LLC

Ritm LLC is a Japanese company that supplies equipment for the oil, chemical, energy industries, and also manufactures turnkey plants for large enterprises and plants in this industry. is a dynamically developing company representing the products of the largest industrial enterprises of the CIS countries on the Russian market. Today the company offers a wide range of equipment for the oil, chemical and energy industries. The main activity of the company is aimed at promoting and selling equipment for enterprises in the energy sector on the Russian market. To this end, Ritm LLC offers the following products: oil-immersed transformers for a wide range of purposes, controlled and uncontrolled electric reactors, steam and hydraulic turbines, oil pumping equipment, etc.

Potential clients include the following companies:

generating companies (thermal, nuclear, hydro- and pumped-storage power plants, as well as thermal power plants);

transmission grid companies (backbone grids);

distribution grid companies and power supply companies;

enterprises of the oil and gas industry.

All necessary documents are provided for the products sold: a certificate of origin and a certificate of conformity, certified by the seal of the manufacturer. In its work, Ritm LLC is focused on an integrated and systematic approach to solving customer problems, namely:

providing customers with the most favorable conditions work;

focus on meeting the interests and needs of our customers;

individual approach to work with each client;

full complete set of the customer with cable and wire products;

the shortest possible delivery times;

providing competent technical advice;

flexible approach in the system of payment and discounts;

providing clients with the necessary specialized literature.

The main problem of the enterprise is the lack of support from the parent company. The company is on self-sufficiency and self-sufficiency, as well as large cash gaps due to untimely receipt of payment from customers and a lot of overdue receivables.

A necessary condition for writing off accounts receivable with an expired limitation period and other debts that are unrealistic to collect is an inventory (paragraph 77 of the Accounting Regulations). The organization conducts an inventory of the debts of individual debtors in order to identify debts with an expired limitation period for their subsequent write-off. However, Mechta LLC does not conduct an inventory of settlements with counterparties before compiling annual financial statements (clause 27 of the Accounting Regulations), as a result of which bad debts subject to write-off could also be identified.

Thus, during the inventory of accounts receivable, carried out as of 01.09.2012 on the basis of the order of the head, it turned out that the organization's balance sheet includes accounts receivable from Nefteprovod CJSC for the total amount of 825,876.77 rubles arising under a supply agreement, including including 168,476.58 rubles. - debt not confirmed by the debtor, 657,400.19 rubles. - Debt, the limitation period for which has expired. The organization writes off unclaimed and unconfirmed receivables in accordance with the order of the head. There was no allowance for doubtful debts.

The reflection in the accounting of Ritm LLC of the write-off of the receivables of the buyer CJSC Nefteprovod is given in Table. 2.

Table 2 - Entries on the accounts of accounting for the write-off of receivables

	Reason for recording	Corresponding accounts		Amount, rub.
Unclaimed receivables written off			62, subaccount 1 "Settlements with buyers and customers (in rubles)"
Written-off debt reflected in the off-balance account	Order of the head, act of inventory	007 "Debt of insolvent debtors written off at a loss"
Accounts receivable written off from net profit	Order of the head, act of inventory	91, sub-account 2 "Other expenses"	62, subaccount 1 "Settlements with buyers and customers (in rubles)"

Since no reserve for doubtful debts is created in Ritm LLC, accounts receivable for which the limitation period has expired cannot be written off against the said reserve and are included in financial results. The procedure for creating and using a reserve for doubtful debts should be considered, since starting from 2011, according to the requirements of the Accounting Regulations, an organization is obliged to create a reserve for doubtful debts for accounting purposes in the event that receivables are recognized as doubtful. There is no such requirement for tax purposes. The creation of a reserve must be stipulated in the accounting policy of the organization.

2.2 Analysis of the state of the company's receivables

The analysis will be carried out in the following stages:

· analysis of absolute and relative indicators of the status, structure and movement of receivables;

· Analysis of the state of receivables by terms of formation, assessment of the share of overdue receivables;

· calculation of indicators of turnover, the share of receivables in the total volume of current assets, assessment of the ratio of the growth rate of receivables to the rate of sales proceeds;

· Analysis of the ratio of receivables and payables.

To assess the composition, structure and dynamics of the accounts receivable of Ritm LLC, we will compile an analytical table (Table 4).

Table 4 shows that Ritm LLC does not have long-term receivables, all receivables are short-term.

Table 3 - Composition of accounts receivable of Ritm LLC for 2010 - 2011

Receivables
including:
Calculations for taxes and fees
Settlements with personnel for other operations
Settlements on contributions to the authorized (share) capital
Completed stages of work in progress
Reserves for future expenses

The data in Table 4 show that accounts receivable in 2011 decreased compared to 2010 by 0.41% and amounted to 234,087 thousand rubles, which is 974 thousand rubles. less than in 2010. To the greatest extent, this was due to an increase in buyers' debts. Thus, in 2011, compared to 2010, the amount of receivables from buyers increased by 1,262 thousand rubles, or 0.54%. Advances given to suppliers and contractors have a positive downward trend. Thus, in 2011 compared to 2010, the amount of advances decreased by 31.63% and amounted to 227 thousand rubles, or 0.10% of the total, while in 2010 this figure was 332 thousand rubles. rub. (0.14% of the total).

Table 4 - Analysis of the composition, structure and dynamics of receivables

Indicator	At the end of 2010		At the end of 2011		At the end of 2012		Growth rate, %		Absolute deviation, thousand rubles
							2011 to 2010		2011 to 2010	2012 to 2011
Long-term accounts receivable
Short-term accounts receivable
Including:
Settlements with suppliers and contractors
Settlements with buyers and customers
Calculations for taxes and fees
Settlements for social insurance and security
Calculations with accountable persons
Settlements with different debtors and creditors
Future spending

In 2012, there is a significant increase in accounts receivable compared to 2011 - by 38.66%; it amounted to 324,583 thousand rubles, which is 90,496 thousand rubles. more than in 2011. This is mainly due to an increase in buyers' debts: in 2012, compared to 2011, the amount of buyers' receivables increased by 83,261 thousand rubles, or by 35.68%.

Advances paid to suppliers and contractors have a negative upward trend: in 2012, compared to 2011, the amount of advances increased by 164.76% and amounted to 601 thousand rubles, or 0.19% of the total, while in 2011 this figure was 227 thousand rubles. (0.10% of the total).

Thus, in all three analyzed periods, the largest share in the total amount of receivables is the debt of buyers and customers (at the end of 2010, the share of this debt in the total amounted to 99.81%, at the end of 2011 - 99.69%, at the end of 2012 - 97.54%). The share of other components is insignificant.

In connection with the foregoing, special attention should be paid to accounts receivable arising from settlements with buyers. To do this, it is necessary to study the composition, structure and dynamics of this debt (Table 5).

Table 5 - Analysis of the composition, structure and dynamics of buyers' debt

Indicator	At the end of 2009		At the end of 2010		At the end of 2011		Growth rate, %
						2011 to 2010	2012 to 2011
Settlements with buyers and customers
Including:
JSC "Optovik-M"
LLC "Company Opt-Service"
OOO "Successful purchase"
LLC "Trading house "Sbyt"
Other buyers

A significant part of the buyers' debt is formed by settlements with the four largest of them: Optovik-M CJSC, Opt-Service Company LLC, Successful Purchase LLC, Trade House Sbyt LLC. The debt of the remaining numerous buyers has a lower specific weight in the total value and combined in the column "Other buyers".

So, according to the data for the end of 2010 - 2012. The largest share in the total debt of buyers and customers is the debt of CJSC Optovik-M. Its receivables in 2011 decreased compared to 2010 by 20.91% and amounted to 71,410 thousand rubles, and in 2012 compared to 2010 increased by 84.23% and reached 131,558 thousand . rub. For a more in-depth analysis, we will compile a summary table in which receivables are classified by the terms of formation (Table 5). Regular compilation of such a table allows you to provide a clear picture of the status of settlements with debtors and identify overdue receivables.

Table 6 - Analysis of accounts receivable of buyers by terms of formation for 2012

Name of the debtor	At the end of 2012		Including by terms of formation, thousand rubles.				Delay from the contract, days
			0 to 30 days	31 to 60 days	61 to 180 days	Over 181 days
JSC "Optovik-M"
LLC "Company Opt-Service"
OOO "Successful purchase"
LLC "Trading house "Sbyt"
Other buyers
Indebtedness of buyers and customers, total
In % of the total debt of buyers

The data in table 6 show that the bulk of receivables is arrears in the interval up to 30 days. It accounts for 35.03%, or 110,922.94 thousand rubles. from the entire amount of debt buyers.

The share of debts with a period of formation from 31 to 60 days (34.39%) and debts from 61 to 180 days (26.69%) is large. This debt may not be overdue, but may be with individual debtors within the contractual terms of payment, which differ in different contracts.

At the same time, 3.89% of the debt, or 12,316.52 thousand rubles, can be classified as doubtful, since Ritm LLC does not practice granting a payment deferral of more than 180 days. It follows from this that funds have been diverted from the turnover of the organization for more than six months.

It is worth, for example, to pay attention to the overdue accounts receivable of the buyer LLC Opt-Service Company, which amounts to 22,437.01 thousand rubles. (15,549.09 + 6,887.92), for debts of other buyers.

Since doubtful receivables tend to become uncollectible over time, and bad debts are subject to write-off and recognition of the corresponding losses, the early identification of doubtful receivables helps to prevent large future losses associated with late payment.

As can be seen from Table. 7, overdue receivables tend to increase both in terms of amount and share in the total debt of buyers. An increase in the indicator in dynamics indicates that the risk of non-repayment of debts is growing.

Therefore, the company needs to pay more attention to overdue receivables, namely: to identify such debts in a timely manner and take all necessary measures to collect them.

Table 7 - The share of overdue receivables in the debt of buyers

The analysis of receivables of Ritm LLC allows us to draw the following conclusions:

the main share of receivables - the debts of buyers. In 2010, 2011, 2012 this share amounted to 99.81, 99.69 and 97.54%, respectively, of the total amount of receivables;

at least 72% of buyers' debt in the total amount of such debt in 2010 - 2012. was the debt of four main buyers: CJSC Optovik-M, LLC Opt-Service Company, LLC Successful Purchase, LLC Trade House Sbyt;

accounts receivable in 2012 increased compared to 2011 by 38.66%, while the amount of revenue increased by 24.47%, accounts receivable in 2011 decreased compared to 2010 by 0.41%, and the amount of revenue increased by 29.32%. An increase in receivables is justified if accompanied by a corresponding increase in revenue;

the share of overdue receivables in the organization is growing annually, which indicates a violation by buyers of payment discipline and inattention on the part of the organization to this group of buyers;

advances issued to suppliers and contractors have a negative upward trend: for example, in 2012, compared to 2011, the amount of advances increased by 164.76% and reached 601 thousand rubles, while in 2011 this figure decreased by 31.63% compared to 2010 and amounted to 227 thousand rubles;

the duration of one turnover of receivables has a positive downward trend. Due to the acceleration of the turnover of receivables in the organization, there is a relative saving of funds, which in 2012 amounted to 12,638.58 thousand rubles, and in 2011 - 66,619.78 thousand rubles;

short-term accounts payable are fully covered by short-term accounts receivable, which is a positive factor that indicates the potential ability of the organization to pay off its creditors without attracting additional sources of financing.

2.3 Ways to improve receivables management

To increase the effectiveness of control over receivables, it is necessary to approve an internal regulation on the control and management of receivables, where it is necessary to prescribe the procedure for working with receivables, aimed at the timely identification of overdue debts, procedures for collecting overdue debts and those responsible for their implementation.

For more effective management of receivables, it is necessary to:

carry out preliminary work with potential debtors before shipment, including the determination of their solvency. Such work, especially concerning new buyers, should be carried out by the legal service of the organization in terms of checking the constituent documents of the counterparty, and can also be carried out by the financial department in terms of analyzing the solvency indicators of the counterparty according to its financial statements;

when concluding contracts, carefully negotiate with buyers the conditions for granting a deferral, a system of penalties for late payment;

conduct regular monitoring of the state of debt, in particular, analysis of the composition, structure, dynamics and turnover of receivables;

regularly conduct acts of reconciliation with counterparties to confirm the debt (this condition, as well as the procedure and frequency of reconciliations can be prescribed in the contract). Carrying out regular reconciliations with buyers is especially important for the organization in connection with a large assortment of goods, a large number of shipments, and the provision of deferred payment;

strengthen control over the quality of receivables, i.е. if overdue receivables are identified, which may develop into bad debts, take timely measures for pre-trial and judicial settlement of such debts;

establish a system for filing claims;

control the ratio of accounts payable to accounts receivable.

A significant excess of accounts payable makes it possible to attract additional sources of financing.

These measures imply a clearer organization of accounting and analysis of receivables, which, in turn, should lead to the identification of overdue receivables at an earlier date, the timely formation of reserves for doubtful debts and, as a result, to improve the quality of receivables management in the organization.

Considering that the most important indicator of receivables is their turnover, and, as can be seen from the calculations, the duration of one turnover of receivables is gradually decreasing, it is recommended to continue to pursue a policy of receivables management aimed at reducing the duration of turnover, for example, to increase the number of contracts concluded on the terms of 100 % prepayment, reduce the deferred payment provided to the minimum possible value, develop a system of price discounts when making immediate payments for purchased products.

Thus, it is necessary to strive to minimize the receivables of each buyer and other debtors, which will reduce the need for borrowed sources of financing and will positively affect the liquidity of the organization.

The main goal of receivables management is to develop measures to improve the current or the formation of a new customer lending policy aimed at increasing profits. The analysis allows you to assess how effectively the company invests its funds in lending to customers.

The development of market relations leads to the emergence of a number of new forms of settlement with debtors, for example, refinancing of receivables (accelerated transfer to other forms of current assets of the organization: cash and highly liquid short-term securities).

The factoring implementation mechanism is as follows. The supplier, having assigned the receivables to the financial agent, receives from the latter 60 - 90% of the debt amount, and the remaining 40 - 10% is deposited on a special account as compensation for the risk. Only after the supplier's debtors pay for the products supplied by him, the financial agent returns the remaining amount minus the cost of factoring services.

In this way, the deferred payment turns into a delivery with immediate payment, which frees the supplier from the additional costs associated with the management of receivables.

Conclusion

In accordance with the goal and objectives of the study, the following main results were obtained:

First, the methodological approaches available in the literature to the concept and principles of receivables management are identified.

Secondly, in the course work, an analysis was also made of the internal control system for settlements with debtors and it was revealed that LLC Ritm In 2012, there was a significant increase in receivables compared to 2011 - by 38.66%; it amounted to 324,583 thousand rubles, which is 90,496 thousand rubles. more than in 2011. This is mainly due to an increase in buyers' debts: in 2012, compared to 2011, the amount of buyers' receivables increased by 83,261 thousand rubles, or by 35.68%.

The analysis of receivables allows us to conclude that the company has certain problems with debtors, in particular, there is an increase in overdue debts. It is safe to say that the main tool for improving the quality of receivables is the strengthening of control.

To increase the effectiveness of control over receivables, it is necessary to approve an internal regulation on the control and management of receivables, where it is necessary to prescribe the procedure for working with receivables, aimed at the timely identification of overdue debts, procedures for collecting overdue debts and those responsible for their implementation.

One of the main forms of refinancing accounts receivable, which can be recommended by Ritm LLC, is the sale of debts (factoring).

Bibliography

1. The Civil Code of the Russian Federation part one dated November 30, 1994 No. 51-FZ, part two dated January 26, 1996 No. 14-FZ, part three dated November 26, 2001 No. 146-FZ and part four dated December 18 2006 No. 230-FZ [Electronic resource] - SPS "Garant", 2013.

.Tax Code of the Russian Federation part one dated July 31, 1998 No. 146-FZ and part two dated August 5, 2000 No. 117-FZ (as amended on July 22, 23, October 13, 2008) [Electronic resource]. - "Garant" system. 2013.

.Ageyeva E. The right choice of debtors [Text] // "Consultant". 2013.

.Bakaev A.S. Explanatory Dictionary of Accounting [Text]. - M.: "Accounting", 2010.

.Baryshnikova E.V. Accounting for receivables and payables in "1C: Accounting 7.7" [Text] // "BUH.1C". 2011. - No. 12.

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.Guseva T. A. Analysis and diagnostics of the financial and economic activity of the enterprise [Electronic resource]: Textbook. - Taganrog : TSURE Publishing House. 2010. - 264 p.

graduate work

1. REVIEW OF LITERATURE ON THE TOPIC ANALYSIS OF THE STATE OF RECEIVABLES AND PAYABLES

An enterprise is considered financially stable, which, at its own expense, covers the funds invested in assets, does not allow unjustified receivables and payables, and pays its obligations on time. The main thing in financial activity, I.T. Balabanov, are the correct organization and use of working capital. Therefore, in the process of analyzing the financial issues of rational use of working capital pays the main attention.

Financial stability is a complex concept that means such a state of the financial resources of an enterprise, their distribution and use, which guarantees and ensures the development of an enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk.

In this regard, the analysis of receivables and payables is an important part of the financial analysis at the enterprise and allows you to identify not only indicators of the current (at a given point in time) and prospective solvency of the enterprise, but also factors affecting their dynamics, as well as assess quantitative and qualitative trends in change the financial condition of the enterprise in the future, as: arrears in payments can significantly deform the structure of the working capital of the enterprise. So, if accounts receivable prevail in the composition of current assets, then the enterprise either has to attract a bank loan at high rates, or stop waiting for the payment of debts due to it, and if accounts payable prevail in the structure of the formation of sources of current assets, the enterprise is often forced to resort to various monetary forms of payment (barter, etc.), subject to various kinds of penalties.

According to Levkovich O.A., accounts receivable are understood as the debt of organizations, employees and individuals of this organization, which arises in the course of the economic activity of the organization, i.e. debts of buyers for purchased goods and services, accountable persons for the amounts of money issued to them under the report, etc.

Accounts receivable, depending on the settlement relationship, can be divided into normal, which is a consequence of the economic activity of the organization and overdue receivables, which creates financial difficulties for the acquisition of inventories, payment of wages. Such receivables should be kept in the spotlight and urgent action should be taken to eliminate them.

For the purposes of accounting and analysis, receivables are divided into current and long-term. Current debt must be collected within a year or a normal business cycle.

The production and commercial cycle includes: transfer of funds as an advance to suppliers, receipt and storage of goods and materials of production, storage and sale of finished products, and repayment of receivables. 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 policy of settlements with customers adopted by the enterprise, and the last factor is especially important.

In his book Management of the financial security of the enterprise Blank IA, he believes that receivables have a dual nature. On the one hand, the “normal” growth of receivables indicates an increase in potential income and increased liquidity. On the other hand, not every amount of receivables is acceptable for the enterprise, since the growth of unjustified receivables can also lead to a loss of liquidity.

Accounts receivable is the amount of debt due to the enterprise from other legal entities or individuals. The emergence of receivables in the system of cashless payments is an objective process of economic activity of the enterprise.

Accounts receivable is an important component of working capital. When one company sells goods to another company, it does not mean at all that the cost of the goods sold will be paid immediately.

Accounts receivable are part of the circulation funds of the enterprise and represent the obligations of debtors to the enterprise to pay money for the provision of goods or services. Determining the causes of receivables reveals the complexity of the problem behind its simple definition.

In economics, there is no single approach to determining the nature and value of receivables. Some domestic and foreign economists, for example Efimova O.V. and Rodriguez R.J., consider receivables and payables as a tool for managing the organization's working capital. In their view, receivables represent the investment of funds and the expansion of sales on credit in order to increase the volume of sales and equity. From the position of the organization's marketing policy, a number of authors, for example, Brigham Y. and Gapensky L., interpret receivables as a tool to stimulate demand. Under the influence of market competition, enterprises seek to attract as many buyers as possible by providing them with a deferred payment for purchased goods, which brings benefits in the form of increased sales. In this case, receivables are expected and planned within the framework of the credit policy of enterprises.

To reduce accounts receivable E.S. Bialiatskaya suggests paying attention to measures, among which the following can be noted:

Revision of the structure and range of products, refusal to produce those goods that are not in demand;

Development of marketing analysis of supply and demand, sales markets for manufactured products; the use of advertising;

Promotion of manufactured products to new markets through the development of after-sales service;

Carrying out continuous work to improve the competitiveness of manufactured products;

Increase in the turnover of current assets, stocks, cash, as well as receivables;

Improving the efficiency of accounts receivable management using control over it, reviewing the terms and conditions of settlements in relation to non-payers, as well as the use of assignment-claim agreements, the sale of debts to third parties, etc.

The practical application of these measures will reduce the level of receivables, which will have a positive impact on the financial condition of the enterprise.

I. Savenok believes that there should be a certain balance between accounts receivable and accounts payable, since if accounts receivable exceeds accounts payable, funds are diverted from circulation, and otherwise, funds from their partners are attracted to make a profit.

The need for the most efficient use of assets, equity, constant involvement in the turnover of additional financial resources requires the improvement and development of new forms of relationships between business entities.

Accounts receivable is one of the most important components of current assets. It arises as a result of the sale of goods and services, payment for which is carried out after a certain time. The volume of receivables and its structure largely depend on the volume of sales of products, the forms of payment used, the credit policy of the enterprise and the organization of collection of debts for goods and services sold.

Accounts receivable includes different types of funds in the calculations, which are the property of the enterprise and only for a certain time (until maturity) are diverted from cash circulation.

O. Puzankevich considers the main goal of receivables management to be the optimization of its value and the acceleration of the turnover cycle of these funds in order to improve the solvency of the enterprise. Achieving this goal involves:

Choosing a rational strategy for providing commercial loans;

Justification of the economic feasibility of the forms of payment used for the sold products, taking into account the estimated costs associated with financing debt and making a profit;

Constant control and effective measures to collect payments.

One of the main problems of accounting for settlements with different debtors and creditors is the presence of the risk associated with the possible insolvency of the buyer.

O. Puzankevich advises, when granting a commercial loan, to proceed from sound decisions that relate to:

Evaluation of the activities and creditworthiness of the buyer, customer;

Justification of the expediency of selling products provided on credit;

Determining the conditions for issuing a loan (amount, repayment period, benefits, etc.);

Establish effective methods for collecting receivables.

The creditworthiness of an enterprise is determined on the basis of the balance of assets and liabilities, income statement, cash flow statement and other accounting and reporting data.

When determining creditworthiness, the following are evaluated:

Financial results of the enterprise for a number of years (profit, losses, profitability, liquidity);

Structure of property and capital;

The degree of debt and indicators of financial independence;

Efficiency of use of all elements of production.

In addition to the listed positions, the prospects for the development of the purchasing enterprise and the possibility of improving the most important financial indicators are taken into account. When evaluating the creditworthiness of joint-stock companies, one should pay attention not only to the achieved profit, but also to its use for the payment of dividends and development, as well as the modernization of production potential.

AT modern world the practice of selling overdue receivables is becoming widespread, which makes it possible to avoid the laborious and expensive collection of the corresponding debt. In these cases, the risk of obtaining a debt is assumed by the one who acquired it and immediately repaid the corresponding amount. In all cases, it is lower than the purchased debt. This enables the lender to reduce the level of debt, improve its liquidity and financial condition.

According to the general recognition of the leaders and specialists of Belarusian companies, the problem of managing receivables is greatly complicated by the imperfection of the regulatory and legislative framework in terms of debt assessment.

As a result of a study of the legislation governing the accounting of receivables and payables, N.V. Kozharskaya revealed the problems of their assessment, which do not allow the management of Belarusian organizations to present transparent reports to counterparties, on the one hand, and to have a real information base for debt management, on the other hand.

According to Shcherbatyuk S.Yu., one of the most important issues of accounting practice is the correct classification of receivables. So, in the balance sheet of organizations of the Republic of Belarus, this debt is displayed in two groups:

Payments on it are expected more than 12 months after the reporting date;

Payments are expected within 12 months after the reporting date.

S.Yu. Shcherbatyuk notes that, according to A. Krupnova, when writing off receivables and payables, the limitation periods play an important role, however, there are no uniform limitation periods in civil law, which is why there are these periods after which it is necessary to write off accounts receivable and accounts payable debt.

In the practice of financial activities of business entities, there are often cases when an organization does not fulfill its obligations in relation to another person, as a result of which it becomes a debtor, that is, it has accounts payable.

T. Rybakova notes that improper performance of obligations can be caused by various reasons. For example, the organization does not have free cash in order to pay suppliers for purchased goods (works, services). Or the trading company was unable to ship the goods to the buyer who transferred the advance. Accounts payable will be recorded either until the date of its repayment by the organization (collection by the counterparty), or until the date of its deregistration.

V. Volchkov believes that the main thing is to determine the level of receivables at which they will not threaten the financial stability of the enterprise, and the maximum allowable volumes of overdue accounts payable.

Providing payment deferrals requires building a well-thought-out system, otherwise receivables can turn into a big problem.

N.F. Korsun believes that receivables and payables are important parts of the accounting of any enterprise, so measures are needed to manage them.

Accounts payable management, according to N.F. Korsun is as follows:

Postponement and installment payments for the repayment of accounts payable;

Transfer of short-term liabilities into long-term ones;

Re-registration of accounts payable in the form of a loan;

Offset of mutual payment claims (mutual offset) - for settlements for inventory items for own production and consumption and for production services;

Carrying out restructuring of debts on payments to the budget, on bank loans and loans, to suppliers and contractors.

In order to form sources for covering losses from writing off overdue receivables, organizations are allowed to create reserves for doubtful debts.

One approach is to determine the amount of possible losses due to non-payment of receivables at the reporting date (the amount of the reserve will be equal to the amount of receivables outstanding by the end of the reporting period).

Another approach is based on the accumulation of information on unpaid receivables for each year of the existence of the organization and the calculation of the average percentage of losses (losses) due to non-payment of receivables. As well as an approach to creating a reserve for doubtful debts, based on the analytical accounting of receivables depending on the time of delay in payment and the application of a certain average percentage to each group of debts.

By creating a provision for doubtful or delinquent debts, an entity can increase tax deductible expenses by reducing the delinquent receivables accordingly before the statute of limitations expires.

Based on the above articles, we can conclude that the proper management of receivables and payables, their assessment, reflection in accounting, as well as write-offs are significant links in the accounting system of any enterprise.

liquidity accounts receivable accounts payable