Financial planning as a management element. Financial planning as an essential element of the financial management system. The essence of financial planning processes

The movement of financial resources is fixed in the corresponding plans, which form a unified financial planning system. The system of financial plans includes:

1. long-term financial plans;
2. consolidated financial balances compiled at the national and territorial levels;
3. financial plans of commercial organizations;
4. financial plans (estimates) of budgetary organizations.

Long-term financial planning determines the most important indicators, proportions and rates of expanded reproduction, which is the main form of realizing the goals of the state. It is carried out at all levels of government in order to: ensure coordination of economic and social development and financial policy; forecasting the volume of financial resources required to support planned activities; forecasting the financial consequences of reforms and programs; determining the possibility of implementing various measures in the field of finance.

The long-term financial plan, developed on the basis of forecast indicators for the economic and social development of the state, contains data on the budget’s capabilities for mobilizing revenues and financing budget expenditure items. This plan is drawn up for three years: of which the first year is the year for which the budget is drawn up; the next two years are a planning period during which the real results of the declared economic policy are monitored.

The long-term financial plan is adjusted annually taking into account the indicators of the updated medium-term forecast of socio-economic development of the Russian Federation, its constituent entities, and municipalities; in this case, the planning period is shifted forward by one year.

Long-term planning includes the development of the state's financial strategy and forecasting of financial activities. Within the framework of strategic planning, long-term development guidelines and goals of the state, a long-term course of action to achieve the goal and allocate resources are determined.

Financial strategy involves determining long-term goals for financial activities and choosing the most effective ways to achieve them. Based on the financial strategy, the state’s financial policy is determined in specific areas of financial activity, tax, emission, etc.

The basis of long-term planning is forecasting. Unlike planning, the task of forecasting is not the implementation of the developed forecasts in practice, since they represent only a prediction of possible changes. Forecasting involves the development of alternative financial indicators and parameters, the use of which, given the emerging (but pre-predicted) trends in the market situation, allows us to determine one of the options for the development of the state’s financial system. A forecast is a probabilistic idea of future events based on observations, theoretical generalizations, assumptions and limitations. Financial forecasting is, first of all, the substantiation of the indicators of financial plans, the prediction of the financial situation for a particular period of time. In theory and practice, there are medium-term (5 - 10 years) and long-term (more than 10 years) financial forecasting. The basis of forecasting is the generalization and analysis of available information with subsequent modeling of possible options for the development of situations and financial indicators. Forecasting methods and methods must be dynamic enough to take these changes into account in a timely manner.

The consolidated financial balance is the balance of financial resources created and used in the state or in a certain territory.

The consolidated financial balance covers funds from all budgets, extra-budgetary trust funds and enterprises located in the relevant territory. Drawing up a consolidated financial balance sheet is a preparatory stage in developing a targeted financial plan, i.e. budget. The consolidated financial balance of the state makes it possible to link material and financial proportions in the national economy, to coordinate the indicators of all parts of the financial and credit system; ensure that the forecast of economic and social development of the state is balanced, and determine sources of financing for the activities outlined in this forecast; identify reserves of additional financial resources; carry out forecast financial calculations; develop financial policy directions.

The consolidated financial balance of the state is developed by the Ministry of Economic Development and Trade of the Russian Federation with the participation of the Ministry of Finance of the Russian Federation on the basis of macroeconomic indicators. The table shows the main indicators of the consolidated financial balance compiled at the national level.

Table 1

Indicators of the consolidated financial balance compiled at the national level



1. Profit	1. Costs of public investment, including repayment of accounts payable (except military construction)
2. Value added tax and excise taxes	2. Expenses for the reproduction of the mineral resource base
3. Personal income tax	3. Government subsidies
4. Property taxes	4. Expenses of enterprises from the profits remaining at their disposal after paying tax, as well as from depreciation
5. Funds for the formation of a social insurance fund, a pension fund, a medical insurance fund and an employment fund	5. Expenses for social and cultural events financed from the budget, as well as extra-budgetary funds (without capital investments)
6. Funds from other budgetary trust funds	6. Expenditures on science from the budget
7. Deduction for the reproduction of the mineral resource base	7. Expenses from other budgetary trust funds
8. Depreciation charges	8. Defense spending
9. Income from state property or activities, including income from the sale of state property	9. Expenses for the maintenance of law enforcement agencies, courts and the prosecutor’s office (without capital investments)
10. Taxes on foreign trade, foreign economic transactions and income from foreign economic activities	10. Expenses for the maintenance of public authorities (without capital investments)
11. Other income	11. Expenses for foreign economic activity
12. Income for the formation of reserve funds
13. Other expenses
Total income:	Total expenses:

If consolidated financial planning at the national level is based on the methodology developed in our country and many years of experience, then the compilation of a consolidated financial balance of territories began relatively recently. The need to develop territorial consolidated balances is due to a number of factors: Lukasevich I.Ya. Financial management: textbook / I.Ya. Lukasiewicz. - M.: Eksmo, 2012. - P.328.

1. Development of programs that provide for the unification of efforts of territorial authorities and enterprises located on their territory for economic and social development;
2. Significant financial costs for the implementation of such programs. To provide financial resources for the activities planned by these programs, coordination and concentration of funds from the budget system, funds from departments and enterprises are necessary. This, in turn, requires the development of a consolidated financial balance sheet in the region (i.e., on the territory of a region, district, city);
3. The need to bring together different types of financial plans: financial plans of economic enterprises and organizations, territorial budgets, extra-budgetary funds, etc., reflecting individual aspects and stages of distribution and redistribution of national income created and used in a given territory. This allows you to have a complete picture of the formation and use of all financial resources of the administrative-territorial unit.

The main task of the territorial consolidated financial balance is to determine the volume of financial resources created, received and used in the region (both centralized, accumulated and redistributed by territorial budgets, and decentralized, i.e. resources of enterprises, organizations and extra-budgetary funds). Drawing up a territorial consolidated financial balance allows you to: achieve unity in the economic and social development of the territory; more accurately determine the volume of financial resources available in the region and necessary to implement the activities provided for by the territorial program; balance the material and financial resources used in the region; improve the quality of budget planning; coordinate the use of financial resources, both territorial bodies and enterprises located in the region; concentrate financial resources on the most important areas of economic and social development of the territory in each specific period; find intraregional reserves to finance the activities planned by territorial programs; make the most effective use of funds allocated by the state for the development of production, social and industrial infrastructure in the region; exercise effective control over the mobilization and use of financial resources; more actively influence the formation of all sections of the territorial program; achieve a combination of territorial and departmental interests.

Financial planning in commercial organizations. Intra-company financial planning, the goal is to provide optimal opportunities for successful business activities, obtain the funds necessary for this, achieve the competitiveness and profitability of the enterprise, as well as planning the income and expenses of the enterprise, the movement of its funds.

Based on these goals, intra-company financial planning is a multifaceted work consisting of a number of interrelated stages:

1. Analysis of the financial situation and problems consists of studying actual data for the previous period. This makes it possible to identify problems.
2. Forecasting future conditions is necessary to determine the external and internal environment in which the enterprise’s activities will take place.
3. Setting financial objectives consists of determining for the planned period the parameters for generating income, profit, maximum expenditures and the main directions for using funds.
4. Selection of the optimal option - based on an analysis of trends and the current financial condition, several options for the situations in which the enterprise may find itself and optimal options for the development of the enterprise’s finances are considered.
5. Drawing up a financial plan - drawn up in the form of a balance of its income and expenses.
6. Adjustment, coordination and specification of the financial plan - linking the indicators of the financial plan with production and other plans in establishing specific deadlines for their achievement
7. Implementation of the financial plan is the process of the current production, commercial and financial activities of the enterprise, affecting its final financial results.
8. Analysis and control - determination of the actual final financial results of the enterprise, comparison with planned indicators, identifying the causes and consequences of deviations from planned indicators, in preparing measures to eliminate negative phenomena. Lukasevich I.Ya. Financial management: textbook / I.Ya. Lukasiewicz. - M.: Eksmo, 2012. - P.331.

Financial planning in public sector sectors. Financial planning in organizations based on a budget is based on drawing up various estimates. Based on natural indicators (number of persons served, area of premises, etc.) and financial standards, budgetary cost estimates are drawn up. They can be: individual (for a separate institution or for a separate event); general (for a group of similar institutions or events); cost estimates for centralized activities (developed by departments to finance activities carried out centrally); summary estimates (estimates for the department as a whole). The approved estimates of budgetary institutions are their financial plans for a certain period of time.

1. Financial policy, financial management, financial planning and forecasting, financial control

Financial policy and financial management. The state, in the process of its functioning, carries out political activities in various spheres of public life. The object of this activity is the economy as a whole, as well as its individual components: price, money circulation, finance, credit, currency relations, etc.

1) development of a general concept of financial policy, determination of its main directions, goals, main tasks;

2) management of the financial activities of the state and other economic entities.

The basis of financial policy is:

1) strategic directions that determine the long-term and medium-term prospects for the use of finances and provide for the solution of main tasks arising from the peculiarities of the functioning of the economy and social sphere of the country;

2) the state’s choice of current tactical goals and objectives for the use of financial relations. They are related to the main problems facing the state in the field of mobilization and effective use of financial resources, regulation of economic and social processes and stimulation of advanced areas of development of productive forces, individual territories and sectors of the economy. The financial mechanism is the most dynamic part of financial policy. Its changes occur in connection with the solution of various tactical tasks, and therefore the financial mechanism is sensitive to all the features of the current situation in the economy and social sphere of the country.

Financial management involves government activities related to the practical use of the financial mechanism. This activity is carried out by special organizational structures.

Management includes a number of functional elements: forecasting, planning, operational management, regulation and control. These elements ensure the implementation of financial policy measures in the current activities of government bodies, legal entities and citizens.

Financial policy is an integral part of the economic policy of the state. It specifies the main directions of development of the national economy; the total volume of financial resources, their sources and areas of use are determined; A mechanism for regulating and stimulating socio-economic processes using financial methods is being developed.

When developing financial policy, one should proceed from the specific features of the historical development of society. It must take into account:

1) the specifics of the domestic and international situation;

2) real economic non-financial capabilities of the country.

Taking into account current features should be supplemented by studying the experience of using the economic and financial mechanism, new development trends, as well as world experience.

The development of the state is associated with changes in financial policy. The use of financial policy is associated with the characteristics of the current stage of development of the economy and social sphere, the interests of ruling parties and social groups and the prevailing theoretical concepts that influence the economic and political course of the state.

Financial planning

Financial planning is a product of financial research that science deals with. Planning as an element of management is the best means of financial policy. It allows you to smoothly and imperceptibly make major economic changes. The object of financial planning is the financial activities of business entities and the state, and the final result is the preparation of financial plans, ranging from estimates of an individual institution to the consolidated financial balance of the state.

Each plan defines income and expenses for a certain period, connections with parts of the financial and credit systems. Financial planning objectives are determined by financial policy. This is a determination of the amount of funds and their sources necessary to fulfill planned targets; identifying reserves for income growth and cost savings; establishing optimal proportions in the distribution of funds between centralized and decentralized funds, etc.

Financial planning methods:

1) automatic. This method is a primitive method and is usually used when time is short;

2) statistical (expenses for previous years are added up and divided by the number of previous years);

3) zero base (all positions must be calculated from the very beginning. The method takes into account real needs and links them with capabilities). A market economy is based on the sphere of exchange, through which the sale of goods and services is carried out and the recognition of socially necessary costs incurred in their production and sale.

The dominant and determining method of communication in the process of production and sale of goods and services is the market with its own mechanism, including money, price, the law of value, the law of supply and demand. This nature of the market mechanism determines the functioning of the predictive method in it for determining the results of production and exchange, but with elements of planning.

The financial plan is a systemic set of measures to materially mediate the functioning of the state. It is drawn up for a period of 1 to 5 years and is included in the budget. In form, a financial plan is a statement of goals, figures and organizational proposals for the planned period. In an enterprise, planning is based on taking into account the law of value, while planning acts as an economic category.

The most important planning principle is the principle of continuity, which applies in the sense that the planner makes adjustments to the plan annually. The flexibility of plans must ensure their viability, and financial technology has come up with the principle of a “rolling budget.” This principle applies to most expenditures, especially when calculating government appropriations. In these budgets (compiled for 5 years) there are certain concepts in the form of numbers by year:

1) the figure for the second year is fixed;

2) the figure for the third year is relatively firm;

3) the figure for the fourth year is preliminary;

4) the figure for the fifth year is approximate.

Planning methods:

1) extrapolation;

2) normative;

3) mathematical modeling;

4) balance sheet.

Financial forecasting

The main tasks of financial forecasting are to establish the volume of financial resources in the coming period, the sources of their formation and the ways of their most effective use. Developing a forecast makes it possible to answer the question: what awaits the enterprise in the foreseeable future - strengthening or loss of solvency.

In world practice, various economic and mathematical methods are used to predict the sustainability of an enterprise, select its financial strategy, and determine the risk of bankruptcy. In our country, a two-factor system is provided for predicting the possible bankruptcy of enterprises. The purpose of the analysis is to substantiate the decision to recognize the structure of the balance sheet of the enterprise as unsatisfactory, and the enterprise itself as insolvent. An unsatisfactory balance sheet structure is characterized by such a state of property and debt rights of the debtor enterprise in which, due to the insufficient degree of liquidity of its assets, timely fulfillment of obligations to banks, suppliers and creditors cannot be ensured.

In accordance with the methodology, the analysis of the degree of satisfaction of the structure of the enterprise’s balance sheet is carried out on the basis of the following indicators:

1) current liquidity (coverage) ratio (Kp);

2) (equity ratio (Kc).

The basis for recognizing the balance sheet structure as unsatisfactory and the enterprise as insolvent is the presence of one of the situations: 1) the current liquidity (coverage) ratio at the end of the reporting period is less than 200%;

2) the equity ratio at the end of the reporting period is less than 10%.

If an enterprise does not ensure sustainable growth rates of key indicators of economic activity, then to restore solvency it is forced to resort to emergency measures:

1) for the sale of part of the real estate;

2) to increase the authorized capital through additional issue of shares;

3) to obtain long-term loans or loans to supplement working capital;

4) to targeted financing and the receipt of funds from the budget, from industry extra-budgetary funds. A solvent enterprise is one in which the amount of current assets (inventories, cash, receivables and other assets) is greater than or equal to its external debt (liabilities).

The external debt of an enterprise is determined according to data from sections II and III of the liabilities side of the balance sheet. This includes short-, medium- and long-term loans, as well as accounts payable.

Comparing current assets with external liabilities, we conclude that the company is solvent. However, it is necessary to take into account that the presence of inventories at an enterprise does not determine real solvency, because in a market economy, inventories of work in progress, finished goods and other inventory assets in the event of bankruptcy of an enterprise may turn out to be unrealizable for repaying external debts (some of them are illiquid, but on the balance sheet they are listed as reserves).

FINANCIAL CONTROL

Financial control is:

1) control of legislative and executive authorities of all levels over the financial activities of all economic entities using special methods;

2) cost control, carried out in all spheres of social production and accompanying the entire process of movement of funds and the stage of understanding financial results. Classification of types of financial control:

1) by time:

a) preliminary;

b) current;

c) subsequent;

2) by subjects of control:

a) presidential;

b) bodies of representative power and local self-government;

c) executive authorities;

d) financial and credit authorities;

e) departmental;

f) on-farm;

g) audit;

3) by areas of financial activity: budget, tax, currency, credit, insurance, investment, control over the money supply;

4) according to the form of conduct: mandatory; initiative;

5) by methods of conducting: inspections, surveys, supervision, analysis of financial activities, observation, audits.

The main financial control bodies under the representative authorities - the Federation Council and the State Duma - are:

1) State Duma Committee on Budget, Taxes, Banking and Finance and its subcommittees;

2) Accounts Chamber of the Russian Federation.

The Board of the Accounts Chamber, in addition to the Chairman and his deputies, includes 12 auditors (6 from each chamber of the Federal Assembly);

3) current work is carried out by inspectors of the Accounts Chamber created in the constituent entities of the Russian Federation. The scope of powers of the Accounts Chamber is control over federal property, federal funds, state internal and external debt, the activities of the Central Bank, the effectiveness of the use of foreign loans, as well as the issuance of credits and loans by the state.

The main forms of control are thematic inspections and audits.

Measures of influence: prescription; mandatory order; suspension of all account transactions.

Presidential control is exercised by issuing decrees, signing laws, appointing the Minister of Finance of the Russian Federation, and presenting to the State Duma a candidate for the post of chairman of the Central Bank.

The Government of the Russian Federation controls the process of development and execution of the federal budget, the implementation of a unified policy in the field of finance, money and credit, and the activities of ministries and departments.

There is a Control and Supervisory Council under the government.

The Ministry of Finance and all its structural divisions exercise financial control on duty: through the development of the federal budget, control of the receipt and expenditure of budgetary funds and state extra-budgetary funds, control of the directions and use of public investments, methodological management of the organization of accounting.

Operational financial control within the Ministry of Finance is carried out by the Control and Audit Department (KRU) and the federal treasury authorities.

The Federal Treasury includes the Main Directorate, the treasuries of the constituent entities of the Russian Federation, cities, districts and districts in cities.

Financial planning- this is planning of all income and areas of spending money to ensure the development of the organization. The main goals of this process are to establish a correspondence between the availability of the organization’s financial resources and the need for them, to select effective sources for the formation of financial resources and profitable options for their use.

In the process of financial planning, the optimal proportion between financial and material resources is established. Financial planning in organizations is interconnected with the planning of economic activities and is based on the indicators of the production plan (production volume, sales, production cost estimates, capital investment plan, etc.). In the process of drawing up a draft financial plan, a critical approach is taken to the indicators of the production plan, on-farm reserves not taken into account in them are identified and used, and ways to more effectively use the production capacity of the enterprise, more rationally spend material resources, improve product quality, expand the range, etc. At the same time, financial planning is intended to determine optimal proportions in the sphere of financial relations, i.e., to ensure a rational relationship between the volume, rate of growth of production and the financial resources of the enterprise, between budgetary, own and credit resources aimed at expanding production.

Financial planning is carried out through the preparation of financial plans of different contents and purposes, depending on the objectives and objects of planning. Based on this, financial plans should be divided into long-term, current and operational.

The long-term financial plan determines the key financial parameters of the organization’s development and develops strategic changes in the movement of its financial flows. In the current financial plan, all sections of the organization’s development plan are linked to financial indicators, the impact of financial flows on production and sales, and the organization’s competitiveness in the current period are determined. The operational financial plan includes short-term tactical actions - the preparation and execution of a payment and tax calendar, a cash plan for a month, a decade, a week.

Financial planning objectives:

identifying reserves for increasing the organization’s income and ways to mobilize them;
efficient use of financial resources, determination of the most rational directions for the development of the organization, ensuring the greatest profit in the planned period;
linking financial resources with the indicators of the organization’s production plan;
ensuring optimal financial relationships with the budget, banks and other financial institutions.

Objects financial planning are:

movement of financial resources;
financial relations arising during the formation, distribution and use of financial resources;
cost proportions formed as a result of the distribution of financial resources.

Principles of financial planning for an organization

Prioritization. Financial planning is associated with the real-life complexity of planned objects and processes. When financial planning, it is important to highlight the most significant connections and dependencies, combine them into modules that take into account the areas of the organization’s financial activities and are structural elements of a single plan. This approach allows you to break down the financial planning process into separate planned calculations and simplify the process of developing and implementing a plan, as well as monitoring its implementation.

Forecasting the state of both the external and internal, economic, financial environment of the organization is carried out through a systematic analysis of the main factors. The quality of the forecast also determines the quality of the financial plan.

Ensuring financial security. Financial planning must consider the financial risks associated with financial decisions, as well as opportunities to eliminate or reduce risks.

Optimization. In accordance with this principle, financial planning must ensure the selection of acceptable and best alternatives for the use of financial resources from the point of view of restrictions.

Coordination and integration. When financial planning, one should take into account the integration of various areas of the organization's activities.

Ordering. With the help of financial planning, a uniform procedure for all employees of the organization is created.

Control. Financial planning allows you to establish an effective control system over production and economic activities and analyze the work of all departments of the organization.

Documentation. Financial planning provides a documented representation of the process of financial and economic activities of the organization.

In the practice of financial planning, three planning methods should be distinguished. With the first method of planning, it is carried out from the bottom up, from the lowest levels of the hierarchy to the highest. Lower structural units themselves draw up a detailed financial plan for their work and are subsequently integrated at the upper levels, ultimately forming the financial plan of the organization.

In the second method, financial planning is carried out from top to bottom. In this case, the financial planning process is carried out based on the organization's plan by detailing its indicators from top to bottom in the hierarchy. At the same time, structural divisions must transform the financial plans of higher levels that come to them into the plans of their divisions.

The third method is counter planning, which is a synthesis of the first and second methods of financial planning. This method involves developing a financial plan in two stages. At the first stage (from top to bottom), current financial planning is carried out for the main goals. At the second stage (from bottom to top), a final financial plan is drawn up according to a system of detailed indicators. At the same time, the most successful solutions are included in the final financial plans by agreement of various levels.

The essence of financial planning processes

Financial planning is the process of determining future actions for the formation and use of [[Financial resources/financial resources]], during which quantitative and qualitative targets related to the financial activities of the enterprise are adopted and the ways of most effectively achieving them are determined.

Financial planning goals:

providing the reproduction process with financial resources that are appropriate both in volume and structure;
determination of the planning object;
development of systems highlighting operational, administrative and strategic plans;
calculation of necessary financial resources;
calculating the volumes and structure of internal and external financing, identifying reserves and determining the volume of additional financing;
forecast of income and expenses of the enterprise.

Financial planning is closely related to and relies on the marketing, production and other plans of the enterprise, and is subject to the overall strategy of the enterprise.

Planning is necessary to:

to understand where, when and for whom the company is going to produce and sell products;
to know what resources and when the company will need to achieve its goals;
to achieve efficient use of attracted resources;
to anticipate unfavorable situations, analyze possible risks and provide specific measures to reduce them.

Financial planning tasks

An important task in the field of financial management of an enterprise is the task of budgeting, or the formation of a comprehensive financial plan.

Gives a clear understanding and the ability to analyze various options for achieving set goals, followed by choosing the optimal ones according to given criteria: profit, cash flows, balance sheet structure, etc. Determines the indicators that will be used in assessing activities. Discusses possible changes in plans related to the new situation. Adjusts plans, taking into account the proposed amendments.

Depending on the tasks set, the following types of budgets are distinguished, which are classified according to timing: short-term (year, quarter); long-term, associated with capital investments (compiled for a longer period).

Stages of financial planning

Key steps in the financial planning process:

Analysis of the company's financial position.
Drawing up forecast estimates and budgets.
Determining the company's overall need for financial resources.
Forecasting the structure of funding sources.
Development of an effective control and management system.
Development of a procedure for adjusting drawn up plans

Financial forecasting

Calculation of the need for additional external financing

The basis of financial planning is financial forecasting, i.e., assessing the possible financial consequences of decisions made and external factors affecting the company's performance. The starting point of financial forecasting is the forecast of sales and related expenses; The end point and goal is to calculate the needs for additional financing.

The main task of financial forecasting consists of identifying additional financing needs that arise as a result of an increase in the volume of sales of goods or provision of services.

Forecasting additional financial needs

Expanding the activities of an enterprise (increasing sales volumes) inevitably leads to the need to increase its assets ( and ). Corresponding to this increase in assets, additional sources of financing should appear. Some of these sources (for example, accrued liabilities) increase in accordance with the increase in sales volumes of the enterprise. The difference between the increase in assets and liabilities is the need for additional financing.

Thus, the need for external financing will be greater, the greater the existing assets, the rate of revenue growth and the rate of distribution of net profit for dividends, and the less, the greater the short-term liabilities and net profitability of products sold.

In the decision-making process on additional funding, OSnew stages of forecasting funding needs:

drawing up a sales forecast based on statistical methods using economic and mathematical models, as well as on the basis of expert assessments;
forecasting variable costs;
drawing up a forecast for financing fixed and current assets required to achieve the required sales volume;
calculating external financing needs and finding appropriate sources.

Calculation of the need for external financing is carried out using the percentage of sales method.

This method is based on the following assumptions:

variable costs, current assets and current liabilities increase in proportion to the increase in sales volume;
change in fixed costs
associated with the maximum value and actual degree of capacity utilization;
the percentage increase in the value of fixed assets is calculated for a given percentage of increase in turnover in accordance with the technological conditions of the business and taking into account the available underutilized fixed assets at the beginning of the forecast period, the degree of material
and obsolescence of available means of production, etc.;
long-term liabilities and share capital are assumed unchanged in the forecast;
retained earnings are projected taking into account the rate of distribution of net profit for dividends and net profitability of products sold: the projected net profit is added to the retained earnings of the base period and dividends are subtracted.

If an enterprise does not have the ability or desire to attract additional sources of funds, possible ways to solve the problem are to reduce the rate of distribution of profit on dividends and increase the net return on sales.

Having made the necessary adjustments, they calculate how many liabilities are not enough to cover the necessary assets. This will be the required amount of additional external financing.

This methodology corresponds to the following formula for calculating the need for additional financing:

Additional funding= A f α - P f α- P p B f (1 + α) (1 - ∂) ,

A f - variable assets of the balance sheet;
α is the projected sales growth rate;
P f - variable liabilities of the balance sheet;
R p - pure;
V f - revenue of the reporting period;
∂ is the rate of distribution of net profit for dividends.

The formula shows that the greater the need for external financing, the greater the current assets and the rate of revenue growth and the rate of distribution of net profit for dividends, and the less, the greater the greater the current liabilities and the net profitability of products sold.

The formula provides accurate data on the required volumes of external financing in the case when the enterprise operates at full capacity utilization and the percentage increase in the cost of fixed assets coincides with the percentage increase in production volumes and sales of products.

This formula can also include future planned values of return on sales and the rate of distribution of profit on dividends.

The purpose of express methods of financial forecasting— calculation of the volume of additional financing (or the amount of funds requiring placement) when implementing a planned change in the volume of activity.

Having calculated all this, they find out how many liabilities are not enough to cover the necessary assets. This will be the need for additional external financing. This amount can also be calculated using the formula

EFN = (A/S) DS - (L/S) DS - (PM) (PS) (1 - d),

A/S - variable assets of the balance sheet, expressed as a percentage of sales;
DS — revenue growth rate or change in sales volumes;
L/S - variable liabilities of the reporting balance, expressed as a percentage of sales;
PM - actual sales profitability (actual net profit / actual revenue);
PS - planned sales volume or forecast revenue;
d is the share of dividends paid (actual dividends / actual net profit).

To make it easier to study the material, we divide the article into topics:

The objectives of financial planning are:

Providing the trading process with the necessary;
- establishment with the budget, banks and other counterparties;
- identifying areas of the most profitable financial investments;
- increasing the profitability of financial and economic activities;
- control over the formation and expenditure of funds.

A financial plan is an integral part of an enterprise's business plan. When developing a business plan, it is intended to proceed from the fact that determining the funds necessary to finance the development of the enterprise involves evaluating this plan as an investment project. This means that the enterprises provided for in the plan must be justified.

A business plan distinguishes between two types of financial planning: strategic and tactical.

A strategic (long-term) financial plan is a form of implementation of the goals and objectives of an enterprise, investment strategy and expected savings. The basis of strategic financial planning, which is one of the trade secrets of an enterprise, is determining the need for capital to carry out business activities. A tactical financial plan is the annual balance of income and expenses of an enterprise. In conditions of inflation, financial plans are drawn up for the quarter and adjusted taking into account the inflation index.

The purpose of drawing up a financial plan is to link the enterprise’s income with the necessary expenses. If income exceeds expenses, the excess amount is sent to the reserve fund; when expenses exceed income, the amount of lack of financial resources is determined.

An enterprise can raise additional funds by issuing securities, obtaining credits or borrowings, sponsorship contributions, etc.

In the financial plan, a specific link is made between each type of investment or fund and the source of their financing. For this purpose, a check table (chessboard) is compiled, in the vertical columns of which the directions for using financial resources are given, and in the horizontal columns - the sources of financing, which corresponds to the expenditure and income parts of the balance sheet. The chess table allows you to identify the target nature of the use of resources and balance income and expenses by item.

The main income items of the financial plan are profit, bank loans and other income and receipts; The main items of expenditure are tax deductions, expenses for capital investments, funds for repaying bank loans and interest on them and growth, contributions to trust funds and other expenses and deductions.

In practice, financial plans specify strategic plans. In turn, tactical plans are detailed through operational planning, which is the development of operational financial plans: cash plan, credit plan, payment calendar, etc.

The cash plan reflects the cash flow of the enterprise during a certain period (usually a quarter). It is poor cash management that is the main cause of financial and economic difficulties, therefore drawing up cash plans and monitoring their implementation are important for increasing the solvency of the enterprise.

Credit plan - a plan for the receipt of borrowed funds and a debt repayment schedule. Typically in the form of a credit rate.

Payment calendars, the time horizon of which ranges from 5 to 30 days, reflect operational data on the movement and balance of funds for enterprises.

Ultimately, financial planning is aimed at ensuring the rational and efficient use of the financial resources available to the enterprise.

Financial planning at the enterprise

Let's focus on financial, which plays a primary role. The management of the enterprise is obliged to know what tasks in the field of economic activity it can plan for the next period. Persons interested in the activities of the company have certain requirements for the results of its work. When planning certain types of activities, it is necessary to know what economic resources are required to complete the assigned tasks. This applies, for example, to planning in the field of raising capital (purchase of loans, increase, etc.) and determining the volume of investments.

As the budgeted plans are implemented, it is necessary to record the actual results of the company's activities. By comparing actual indicators with planned ones, it is possible to carry out so-called budgetary control. In this sense, the main attention is paid to indicators that deviate from the planned ones, and the reasons for these deviations are analyzed. Thus, information about all aspects of the company’s activities is replenished. Budgetary control allows, for example, to find out that in some areas of the company's activities, the plans are being implemented unsatisfactorily. One can, of course, imagine a situation where it turns out that the budget itself was drawn up on the basis of unrealistic starting points. In both cases, management is interested in obtaining information about this in order to take the necessary actions, i.e. change the way plans are carried out or revise the provisions on which the budget is based.

The budget is a program of action (plan) expressed in monetary terms in the field of production, procurement of raw materials or goods, sales of manufactured products, etc.

The action program must ensure temporal and functional coordination (coordination) of individual activities. sales depends, for example, on the expected price of the supplier and production conditions; quantity of products - from the expected sales volume; the value of the selling price depends on the volume of purchases of raw materials and supplies required by the production and sales program, etc.

When developing a budget for the next period, decisions should be made in advance, before the start of activities during this period. In this case, there is a greater likelihood that planners will have enough time to put forward and analyze alternative proposals than in a situation where a decision is made at the very last moment. In other words, in the last example, the firm largely risks taking the path of least resistance.

Approval by the management of the company of the budget (plan) of a division serves as a signal that in the future operational decisions are made at the level of this division (decentralized), if they do not go beyond the boundaries established by the budget. If budgets are not developed at the departmental level, the company's management is unlikely to be inclined to decentralize the process of making operational decisions.

The organization of work on intra-company planning depends on the size of the enterprise. In small firms there is no division of management functions in the proper sense of the word, and managers have the opportunity to independently delve into all the problems. In large enterprises, budgeting work should be done in a decentralized manner. After all, it is at the department level that the personnel with the greatest experience in the field of production, procurement, sales, operational management, etc. are concentrated. Therefore, it is in the divisions that proposals are put forward regarding those actions that would be advisable to take in the future.

Departmental budgets are not developed in isolation from each other. When calculating, for example, planned sales indicators, and therefore the amount of coverage, it is necessary to know the production conditions and planned selling prices. To ensure an effective coordination system, many enterprises develop instructions for drawing up budgets, which contain a time plan, as well as the distribution of duties and responsibilities when calculating budget indicators.

Typically, there are two schemes for organizing work on drawing up budgets (plans): the top-down method and the bottom-up method. According to the first method, work on drawing up budgets begins “from the top”, i.e. The company's management determines goals and objectives, in particular profit targets. Then these indicators, in increasingly more detailed form as they move to lower levels of the enterprise structure, are included in the plans of divisions. The second method does the opposite. For example, individual sales divisions begin calculating sales indicators, and only then the head of the company’s sales department brings these indicators into a single budget, which can subsequently become an integral part of the overall budget of the enterprise. In practice, it is not practical to use only one of these methods. Planning and budgeting is an ongoing process in which the budgets of various departments must be constantly coordinated.

The firm must plan and control in two main economic areas. We are talking about the profitability (profitability) of its work and financial position. Therefore, the profit budget and financial plan are central elements of intra-company planning.

The natural basis for forming a profit budget for a future period is the profit statement. The income statement reflects the economic results of activities in the past period. This kind of information is, of course, of great importance in forecasting the economic results of actions planned for the future period.

Even if the same actions are planned for the coming year as were carried out in the reporting year, the amount of income in the next year will be different from the amount of income reflected in the report for the last year. The fact is that changes in the external conditions of the company's activities occur all the time.

Macroeconomic factors may, for example, change due to inflation, changes in foreign exchange relations and income policies. It can be assumed that he will introduce amendments to economic legislation. The structure of demand in certain market segments may change due to changes in the population structure.

The particular importance of the quality of financial planning in enterprises is increasing. The financial plan of an enterprise is interconnected with other aspects of planning the economic activities of the enterprise. These include plans for: sales of products, raw materials, production, advertising, capital investments, research and development, attraction and return of borrowed funds (loans and other sources), distribution of income, as well as expense estimates.

The direct basis of the financial plan is forecast calculations for the sale of products to consumers or sales plans based on orders, forecasts of demand for products and goods, levels of sales prices for them and other market factors. Based on sales indicators, production volumes, costs of manufacturing products, carrying out work and providing services, as well as profit and other indicators are calculated.

The purpose of the enterprise’s financial plan is, on the one hand, a forecast of the medium-term financial outlook, and on the other, the determination of the current income and expenses of the enterprise. The financial plan is drawn up by the enterprise for a year with distribution by quarters, as well as for 3-5 years - by year. It reflects income and expenses by item and proportions in the distribution of funds.

It should be noted that within the framework of the annual and quarterly financial plans, the influence of intra-month deviations from plans in the activities of the enterprise, which affect the financial condition of enterprises during the month, does not appear, which more often happens during the first 15-20 days of the month, when enterprises usually experience disruptions in due to shortfalls in material and technical resources relative to the contractual deadlines.

Financial planning at enterprises largely depends on the quality of forecasts of the main indicators of their production activities, market conditions, the state of money circulation and the ruble exchange rate. Therefore, in the current conditions, an underestimation of the need for financial resources and changes in the financial condition of enterprises is possible, and therefore it is necessary to provide financial reserves.

The composition of the indicators of the financial planned balance or the balance of income and expenses is determined by the sources of funds, on the one hand, and the costs and expenses incurred in the course of financial and economic activities, on the other hand. Along with this, the planned balance of income and expenses reflects financial relations with the banking and insurance systems and transactions for the acquisition and issue of securities.

In addition to the balance of income and expenses, the financial plan contains calculations of a number of fundamental indicators:

Profits from industrial activities;
- depreciation charges for restoration;
- receipts of funds through long-term and medium-term lending;
- interest on loans to banks, financial results from other activities, etc.

The composition of indicators for the planned balance of income and expenses of an enterprise is a specific system that allows, within each planning period, to determine:

Sources of costs (expenses), their relationships;
- extent and directions of use, distribution of sources;
- balancing them with costs or expenses.

Thus, the remaining part of the profit after taxes is used for the needs of the enterprise, including:

Creation of a financial reserve;
- financing and increase in working capital;
- interest payments to banks for the credit resources they provide;
- payments to owners of securities issued and sold by the enterprise to its employees;
- expenses for the economic maintenance of socio-cultural and social facilities, for other purposes.

Financing of capital investment costs is carried out through depreciation charges for the complete restoration of fixed assets, involvement in the investment process of excess reserves of equipment, machinery and materials, profits allocated to, as well as through attracting share capital, funds from the placement of targeted loans and from other sources etc.

Financial planning methods

The quality of financial plans largely depends on the planning methods used.

Planning method - methods and techniques for calculating indicators.

In terms of financial planning, there are six methods for justifying planned values.

The “double” content of financial planning (planning assets and liabilities and receipts and payments) reflects the fact that there are two objects of financing: assets and operations.

Sources of financing assets are liabilities, i.e. obligations. arising from the enterprise as a subject to the owners of the resources used by the enterprise in its activities. These obligations can be debt [i.e. borrowed], subject to return upon expiration of the period of their provision, and equity [perpetual], forming the obligations of the enterprise to its legal owners [shareholders. participants]).

Sources of financing operations are liquid assets that can be used as means of payment (in normal sources of financing operations are cash and commercial funds).

Financial stability

In the fourth section, the calendar for the payment of wages to workers and employees is filled out, which indicates the amount of payments to the enterprise in cash on time (the specific date of each month). In accordance with the agreement on settlement and cash services, the bank issues these amounts to the enterprise for a fee established in the agreement.

The need for a short-term loan is calculated if the company experiences such a need. In this case, the necessary documents are submitted to the bank and a credit service agreement is concluded with it. However, this must be preceded by a reasonable calculation of the size of the loan, as well as the amount that, taking into account interest, must be returned to the bank.

Current financial planning

Current planning of an organization's financial activities is based on the developed financial strategy and financial policies for individual aspects of financial activities. This type of financial planning consists in developing specific types of current financial plans (budgets), which enable the organization to determine for the coming period all sources of financing its development, form the structure of income and costs, ensure constant solvency, and also determine the structure of assets and capital at the end of the planned period.

The current financial plan is prepared for a period of one year, broken down by quarter, since such a period of time complies with the legal requirements for the reporting period. Current planning is considered as an integral part of the long-term plan and represents a specification of its indicators. Recently, organizations are increasingly using a system of activities of structural divisions and the organization as a whole, which is being implemented in order to strictly save financial resources, reduce unproductive expenses, greater flexibility in management and control, as well as to increase the accuracy of planned indicators, compliance with the requirements of laws and contracts .

The main advantages of implementing budget planning principles are:

Rational use of the organization’s funds through timely planning of business transactions, financial and material flows;
more accurate indicators of cost and profit volumes than in long-term financial planning;
Greater financial interest of employees in the successful implementation of planned targets;
implementation of a strict economy regime of the organization’s financial resources, etc.

Budgeting is based on certain principles:

Principle of goal coordination;
the principle of responsibility for their formation and execution;
principle of flexibility.

A budget is a coordinated financial document that reflects revenues and expenses for a specific area of activity. The budgeting process is a technology of financial planning, accounting, analysis and control of the activities of the enterprise as a whole and its individual structural divisions, which is based on the development of budgets according to certain rules.

Budgeting is necessary for planning financial and economic activities, coordinating the activities of various divisions of the enterprise, stimulating managers at all levels in achieving relevant goals, monitoring current activities, and assessing the implementation of the plan by various divisions (responsibility centers).

Budgeting technology includes the formation and consolidation of enterprise budgets. For this purpose, the financial structure of the enterprise is developed, which is a set of divisions (responsibility centers). For each of them, corresponding budgets are formed separately - operating, investment, financial. Operating budgets include:

1. sales budget;
2. production budget;
3. inventory budget;
4. budget for direct labor costs;
5. budget for direct material costs;
6. production budget;
7. budget;
8. budget for management expenses.

Investment budgets include: a) real investment budget; b) financial investment budget.

The financial budget consists of: a) a cash flow budget; b) budget of income and expenses; c) balance sheet.

In turn, the main (consolidated) budget is a consolidated financial plan, which is developed on the basis of budgets of various types or structural divisions of the enterprise. The main budget acts as a link between the various plans of the organization and is expressed in the formation of financial budgets that bring together all its other plans (budgets) in a valuation.

The development of budget planning technology in an organization is carried out in the following sequence:

2. Absorption costing - a method of accounting for full costs, in which all direct and indirect - general production costs are included in direct production costs when calculating profit and income tax.

In the practice of tax calculations in the country, the second method is adopted. To illustrate, consider an example with the following data: 15 products were manufactured and 10 units were sold. at a price equal to 20 thousand rubles; the cost of materials and wages for production workers is 5,000 rubles. for one product; General production expenses during the sales period are equal to 60 thousand rubles. administrative expenses amounted to 50 thousand rubles. So, according to the direct costing method, the profit is equal to

20,000 X 10 - 5000 X 10 - 60,000 - 50,000 = 40,000 rubles; according to the absorption costing method, the profit is equal to

20,000 x 10 - (5000 + 60,000/15) x 10 - 50,000 = 60,000 rub.

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