Introduction…………………………………………………………………………..

1. Forms of borrowed funds……………………………………………………..

2. Ensuring the balance of cash flows at the enterprise “Prestige” LLC………………………………………………………………………….

2.1. General characteristics of the activities of Prestige LLC………………..

2.2. Analysis and evaluation of cash flows based on the financial statements of Prestige LLC………………………………..….

2.3. Calculation of the effect of the financial leverage of Prestige LLC………………..

2.4.Formation of balanced cash flows through additional attraction of borrowed funds…………………………....

Conclusion…………………………………………………………………........

Bibliography……………………………………………………………...

Introduction

Currently, many enterprises finance their activities with both their own and borrowed funds.

First of all, borrowed funds are needed to finance growing enterprises, when the growth rate of own sources lags behind the growth rate of the enterprise, to modernize production, develop new types of products, expand its market share, acquire another business, etc. Inflation and lack of own working capital force most enterprises to borrow money to finance working capital. The advantage of financing from debt sources is the reluctance of owners to increase the number of shareholders, shareholders, as well as the relatively lower cost of a loan compared to the cost of equity capital, which is expressed in the effect of financial leverage.

Borrowed capital is a set of borrowed funds that bring profit to the enterprise.

The purpose of managing financial and cash flows is to ensure the circulation of enterprise funds, which is a condition for its normal functioning, which determines the relevance and significance of the topic of this work for modern enterprises in various fields and activities.

Cash analysis and cash flow management is one of the most important activities of a financial manager. It includes the calculation of the time of circulation of funds (financial cycle), analysis of cash flow, its forecasting, determination of the optimal level of funds, budgeting of funds.

The purpose of this work is to analyze the management of the company's cash flow, to ensure the balance of cash flows by attracting borrowed capital.

To achieve this goal, it is necessary to solve the following tasks:

Perform an analysis of the organization's cash flow;

· Calculate financial ratios;

1. Forms of borrowings

The sources of formation of financial resources of the enterprise are own, borrowed and attracted funds. In accordance with this, funds of own, borrowed and borrowed funds are allocated.

Debt funds include loans (banking and commercial (commodity)), leasing, factoring and other special purpose funds.

1.1. Loan types

Bank credit is the main form of credit. This means that it is banks that most often provide their loans to entities in need of temporary financial assistance. This is a monetary form of a loan that occurs when transferring funds to debt on terms of urgency, repayment, payment. The circulation of funds allows you to mobilize temporarily released funds and at the same time redistribute them in favor of those who need them. This issuance is undertaken by the bank, as free cash is deposited in bank accounts, and the bank has information on how these resources can be used.

A bank loan is a movement of loan capital provided by banks for a loan for a fee for temporary use. It expresses the economic relations between creditors (banks) and lending entities (borrowers), which can be both legal entities and individuals.

A bank loan can operate within a national framework and in the form of an international loan. It is provided with the conclusion of a loan agreement for each borrower individually, so that the degree of risk of a loan transaction is minimal. A loan agreement is a legal document that regulates the relationship between the bank and the borrower when issuing a loan, defining the mutual rights and obligations of the parties.

A bank loan can be direct or indirect. Direct credit relations (borrowing bank) are predominant. More limited use of indirect bank lending, ie. granting a loan to a borrower through an intermediary, for example, a trade organization, pawnshops, etc.

Within the form of a loan, types of loans are distinguished, which are formed depending on the characteristics of the object, the target direction of the loan, its term, the security of repayment and other features. So, for example, taking into account the terms of issuance, the following types of loans are distinguished: short-term, medium-term, long-term; taking into account their direction by sectors of the economy: credit investments in industry, agriculture, trade, construction, etc.; by objects, loans are distinguished into costs associated with the creation and increase of current and non-current (long-term) assets; consumer needs of the population. Depending on the form of provision, there are one-time loans and loans issued under a credit line. From the point of view of the granting technique, it is possible to distinguish consortial, bill of exchange, pawnshop, acceptance, cash, non-cash, credit cards, etc. loans. According to the methods of repayment, loans are urgent, deferred, overdue, long-term repaid.

Table 1

Leasing classification

sign	Type of leasing
By composition of participants	DirectIndirectGroup
By type of property	real estate
According to the contract	Regular (Main) General Subleasing
By way of acquiring property	StandardReturnableManufacturer (Supplier)RenewableTurret
According to the degree of payback, the conditions for depreciation of the leasing object	OperationalFinancial
By volume of service	"Clean"Full servicePartial service"Wet"
By type of funding	At the expense of the lessor's sourcesWith the attraction of a loanSeparate
By area of ​​operation	DomesticInternational

A commercial loan characterizes a credit transaction between a seller (lender) and a buyer (borrower). A loan is provided in a commodity form in the form of a deferred payment for the sale of goods (services), when the acquired values ​​arrive before they are paid for. The difference in time from the moment of delivery to the time of payment may be different. It is established in the supply contract or regulated by national regulations.

Commercial loans can be turned into movable property ( working capital ) before the due date for payment of this debt. The debt due to the enterprise from its customer is issued in the form of a bill of exchange for an amount corresponding to the present value of the debt obligation. The buyer issues a bill of exchange with the obligation to make payment on time and pay interest, the amount of which is included in the price of the goods and the amount of the bill.

Drawer - a person who transfers the bill to the holder of the bill and undertakes to pay the amount of money on the bill for which the bill was issued. Bill holder - the owner of the bill, who has the right to receive the amount of money specified in it. Depending on the entity making the payment of money on the bill, there are promissory notes and bills of exchange.

The most important aspect of the financial activity of enterprises is the formation and use of various monetary funds. Through them, economic activity is provided with the necessary funds, as well as expanded reproduction, financing of innovations, economic incentives, settlements with the budget, banks.

The monetary funds of the enterprise are reflected in its financial statements, primarily in the asset and liability balance. The balance sheet asset is the property of the enterprise, subdivided into non-current and current assets. Liabilities of the balance sheet are funds grouped according to the sources at the expense of which the property is formed. Liabilities balance is divided into three groups of sources: capital and reserves, long-term liabilities, short-term liabilities.

Enterprise funds can be divided into five groups:

• 1) own funds:
  • - authorized capital,
  • - revaluation of non-current assets,
  • - Extra capital,
  • - Reserve capital,
  • - savings fund
  • - retained earnings,
  • - others;
• 2) funds of borrowed funds:
  • - bank loans,
  • - loans of legal entities and individuals ,
  • - commercial credit,
  • - factoring,
  • - leasing,
  • - creditors,
  • - others;
• 3) funds of attracted funds:
  • - consumption funds,
  • - dividend payments,
  • - revenue of the future periods,
• 4) funds formed from several sources:
  • - non-current assets (sources - borrowed and own),
  • - current assets (sources - own funds, credit, accounts payable, attracted),
  • - investment fund (sources - profit, depreciation fund, borrowed funds),
  • - Monetary Fund (sources - own and borrowed funds),
  • - others;
• 5) operating cash funds:
  • - to pay wages ,
  • - to pay dividends,
  • - for payments to the budget,
  • - others.

The first group of cash funds of the enterprise - funds of own funds. They play a decisive role in the activities of the enterprise, since the requirements for their volume and organization are strictly defined. When organizing an enterprise, it must have an authorized fund, or authorized capital, from which fixed assets and working capital are formed. The organization of the authorized capital, its effective use , management is one of the main and most important tasks of the financial service of the enterprise. The authorized capital is the main source of the company's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and of a state and municipal enterprise - the amount of the authorized fund. The authorized capital is changed by the enterprise, as a rule, according to the results of its work for the year after the introduction of changes in the constituent documents.

The authorized capital of an enterprise determines the minimum amount of its property that guarantees the interests of its creditors. The authorized capital of joint-stock companies is called fictitious capital, since the value of shares, which determines the size of the authorized captain, is subject to constant fluctuations in the stock market. The authorized capital acts as the first monetary fund, reflected in section. 3 liabilities of the company's balance sheet.

The next type of own funds of the enterprise is the revaluation of non-current assets. This item appeared in the balance sheet from January 1, 2011 in accordance with the order of the Ministry of Finance of Russia dated July 2, 2010 No. 66i "On Forms of Accounting Statements of Organizations". Previously, the results of the revaluation of non-current assets were reflected in the accounts of additional capital, and in the new financial statements - as a separate line in the same section "Capital and reserves". This decision was made in accordance with the standards of the IFRS system, which instead of the profit and loss statement provides for a statement of comprehensive income1, which includes not only profit and loss, but also all transactions of a revaluation nature, i.e. revaluation of securities and non-current assets. Revaluation operations of securities bring profit and loss, and revaluation of non-current assets (fixed assets and intangible assets) increases or decreases own capital . Profit and income from the revaluation of non-current assets constitute the total income of the enterprise.

The next cash fund of the enterprise's own funds is additional capital, which includes share premium of a joint-stock company (income from the sale of shares at a price in excess of the nominal value, minus the costs of their sale), etc.

Additional capital accumulates funds received by the enterprise during the year through the above channels. It is quite natural to annually increase the authorized capital at the expense of additional, but many enterprises do not do this.

The reserve fund is formed from deductions from profits in the amount determined by the charter or legislation.

Such concepts as net assets are closely related to the company's own funds. In world practice, they are also called share capital. Net assets are real own funds at the moment.

The amount of net assets is determined in accordance with Order No. Yun, 03-5/pz of January 29, 2003 of the Ministry of Finance of Russia and the Federal Securities Commission of Russia "On approval of the procedure for assessing the value of net assets of joint-stock companies":

where NA - net assets; A - the total value of the enterprise's balance sheet asset, including the value of deferred tax assets; А|ШЧ - assets subtracted when calculating net assets; at present - this is the debt of participants (founders) for contributions to the authorized capital; P4 - long-term liabilities of the company's balance sheet liabilities, including the amount of deferred tax liabilities; П5vych - short-term liabilities of the company's balance sheet liabilities, deducted when calculating net assets:

• - credits and loans;
• - accounts payable;
• - indebtedness to participants (founders) for the payment of income;
• - reserves for future expenses;
• - others, including reserves in connection with contingent liabilities and termination of operations.

There is a relationship between the net assets of the enterprise and its authorized capital, which is valid starting from the second year of operation.

If NA < UK (authorized capital), the company is obliged to reduce its authorized capital to the amount of net assets, i.e. actually up to the amount of own funds. So, if NA \u003d 500 thousand rubles, and UK \u003d 600 thousand rubles, then the enterprise is obliged to reduce the authorized capital by 100 thousand rubles.

If NA < UK (minimum), then the enterprise is obliged to make a decision on its liquidation, since the current situation is contrary to the law.

where RF - reserve fund; PA - the excess of the liquidation value of the placed preferred shares , then the joint-stock company does not have the right to make a decision on the payment of dividends. It also has no right to do so if the value of net assets may turn out to be less than the specified value after the payment of dividends.

From December 31, 2009, in accordance with Federal Law No. 352 of December 27, 2009 "On Amendments to Certain Legislative Acts of the Russian Federation with regard to Revision of Restrictions for Business Companies in the Formation of Authorized Capital, Revision of Methods for Protecting Creditors' Rights in the Event of a Decrease in Authorized Capital, changes requirements for business entities in the event of a discrepancy between the authorized capital of the value of net assets, revision of restrictions related to the issue of bonds by business entities", the procedure has changed regarding the situation when net assets are less than the authorized capital. The specified law provides a list of measures that enterprises are required to carry out before it comes to reducing the authorized capital or liquidating the enterprise.

The second group of monetary funds of the enterprise - funds of borrowed funds. In a market economy, no enterprise can do without borrowed funds. Borrowed funds in normal economic conditions help to increase the efficiency of production, increase the profitability of own funds.

Credit in the West is often called financial leverage.

Example. Suppose the working capital of the enterprise is 5 million rubles, of which 3 million rubles. - own funds, and 2 million rubles. - borrowed. Profit for the year amounted to 1 million rubles. As a result, the profitability of working capital as a whole amounted to 20% (1: 5 x 100%), and equity - 33.3% (1: 3 x 100%). Thus, using borrowed funds in its turnover, the enterprise thereby uses a smaller amount of its own funds, as a result of which their profitability increases, i.e. returns from every ruble.

This is the effect of financial leverage (EFF), which can be measured using the following formula:

where EFR is the effect of financial leverage; Rcc - return on equity, measured as a percentage as the ratio of net profit to equity; PSF - interest rate for a loan actually offered by the lender when issuing a loan; (SL: SS) - the capital structure of the enterprise, showing the ratio of borrowed funds (SL) to own funds (SS) in the turnover of the enterprise, i.e. amount of financial leverage.

If the difference (Rss - Psf) is positive, then the enterprise, through the use of cheaper borrowed funds, will increase the profitability of its own; if it is equal to a bullet, there will be no effect; if negative, there will be a loss when using the loan. In addition, from the point of view of mathematics, it may seem that the more borrowed funds in the turnover of an enterprise, the greater the effect. But there is a certain limit of borrowed funds, above which the risk increases sharply, and as a result, the bank either stops issuing a loan or raises the interest rate for it, which affects the effect in the direction of its decrease.

There are three indicators of the capital structure of an enterprise, each of which in its own way reflects the amount of financial leverage:

1) the ratio of borrowed and own funds (Ka / s):

where PZ, P4 and P5 - Sec. 3, 4 and 5 liabilities of the balance.

Its maximum value is one. When calculating this coefficient, each enterprise must take into account its individual characteristics;

2) autonomy coefficient (Ka), reflecting the independence of the enterprise from borrowed sources:

where II is the total amount of liabilities, i.e. all funds in circulation of the enterprise.

The minimum value of this coefficient is 0.5. This means that the company must have at least 50% of its own funds;

3) coefficient of financial leverage (Kfr):

This coefficient has no minimum or maximum values, since its role is to show the influence of the return on equity of the capital structure as one of the main factors.

Return on equity (Rcc) is determined by the formula

where PE is the net profit of the enterprise; PZsr - sec. 3 liabilities of balance, arithmetic mean value.

The modified formula, the so-called DuPont formula, shows the factors that affect the return on equity:

where B - sales revenue for the period; Asr - average value of assets; ПЗср - arithmetic mean value of section. 3 passive balance; (PE: B x 100) - profitability

sales, %; (B: Asr) - turnover of funds, times; (Аср: ПЗср) - coefficient of financial leverage or capital structure.

Thus, in order to increase efficiency, profitability, return on equity, an enterprise should use borrowed funds not only when there are not enough own funds, but also when they are sufficient, i.e. as financial leverage if it is profitable.

Accounts payable as an economic category that expresses the financial relationship between the creditor and the debtor is inherently ambiguous.

Accounts payable are of two types:

• 1) urgent, i.e. formed in accordance with an agreement or on the basis of legislation - advances from customers, advance payment, commercial credit;
• 2) overdue, i.e. debts not paid on time to enterprises and organizations, budgets, employees of enterprises, etc.

Accounts payable are, in essence, attracted funds of the enterprise, i.e. neither own nor borrowed.

When determining the financial structure of the capital of an enterprise, all liabilities of its balance sheet are divided into two parts:

• 1) own funds: Sec. 3 liabilities of the balance sheet "Capital and reserves";
• 2) borrowed funds: Sec. 4 liabilities of the balance sheet "Long-term liabilities" and sec. 5 "Current liabilities", including accounts payable.

In this situation, accounts payable acts as borrowed funds.

And finally, accounts payable perform the most important role as a source of working capital of the enterprise. Almost any of them determines the financial strategy based on the structure of three sources: own funds - loans - accounts payable.

The third group of monetary funds of the enterprise - funds of borrowed funds. Such funds are of a dual nature: on the one hand, these funds are in the turnover of the enterprise, on the other hand, they belong to its owners and employees (dividends and consumption fund).

In addition, these funds are targeted and are not permanent, as they are spent during the year. Funds of borrowed funds include those in sec. 5 liabilities of the balance sheet deferred income, reserves for future expenses, etc.

The fourth group of monetary funds of the enterprise (formed from several sources) are fundamental monetary funds, which include a number of previously considered funds. Non-current and current assets are two components of the entire property of the enterprise. Funds for their formation have different sources.

The investment fund is intended for the development of production. It concentrates:

• o depreciation fund intended for simple reproduction of fixed assets;
• o an accumulation fund formed from deductions from profits and intended for the development of production;
• o borrowed and borrowed sources.

The role of this fund is obvious. The enterprise should be able and obliged to ensure an increase in working capital and financing of capital investments at the expense of its own profits and other sources. The investment fund is a source of increasing the authorized capital of the enterprise, since investments in the development of production increase the property of the enterprise.

The currency fund is formed at enterprises that receive foreign exchange earnings from export operations and buy foreign currency for import operations. This fund does not have an independent purpose. It stands out insofar as currency transactions have their own characteristics. For these purposes, enterprises in commercial banks licensed by the Bank of Russia to conduct foreign exchange transactions open foreign currency accounts.

Operational cash funds of the enterprise, which form the fifth group of cash funds, are created by it periodically. So, twice a month the company forms a fund for the payment of wages. To ensure the timely payment of wages, enterprises accumulate the necessary funds on the account, and in their absence apply to the bank for a loan to pay wages. Of no small importance is the determination of the optimal terms for the payment of wages and the number of days required for this.

Periodically, enterprises organize a fund for payments to the budgets of various taxes. Their late payments are subject to penalties.

In addition to those listed at the enterprise, a number of other funds of funds are created: for repaying bank loans, mastering new equipment, research work, deductions from a higher organization.

The cash funds of the enterprise are reflected in its financial statements, primarily in the asset and liability balance

An enterprise is an independent economic entity with the rights of a legal entity that produces products, goods, services, performs work, and engages in various types of economic activity, the purpose of which is to meet public needs, generate profits and increase capital.
An enterprise can carry out any of the activities or all types at the same time.
In the process of entrepreneurial activity , enterprises and organizations have economic ties with their counterparties: suppliers and buyers, partners in joint activities, associations and associations, financial and credit systems, as a result of which financial relations arise related to the organization of production and sales of products, the performance of work , provision of services, formation of financial resources, implementation of investment activities.
The financial relations of enterprises can be grouped into 4 groups:

relations with other enterprises and organizations;
Relationships within the company
· within the associations of the enterprise (with a higher organization, within the holding);
· with the financial and credit system (budgets and non-budgetary funds, bank, stock exchange).

An important aspect of the financial activity of the company is the formation and use of various monetary funds in the process of carrying out production and economic activities.
With their help, economic activity is provided with the necessary funds, as well as expanded reproduction; financing of scientific and technological progress; development and implementation of new technology; economic, stimulation; settlements with the budget, banks. The funds generated by enterprises can be divided into five groups:

1. Equity funds:
· authorized capital;
· Extra capital;
· Reserve capital;
accumulation fund;
Others.
2. Loan funds:
· bank loans;
Loans of legal entities and individuals;
commercial credit (with deferred payment);
factoring;
· leasing;
· accounts payable;
Others.
3. Funds of borrowed funds:
· consumption funds;
· settlements on dividends and other debts to participants (founders) for the payment of income;
· revenue of the future periods;
Reserves for future expenses and payments;
Others.
4. Operational cash funds:
· to pay wages;
for the payment of dividends;
· for payments to the budget and off-budget funds;
· to repay loans and borrowings;
Others.
5. Funds formed from various sources:
· working capital;
investment;
currency;
Others.
Equity funds play a decisive role in the activities of the enterprise, since the requirements for their volume and organization are quite unambiguous.

Authorized capital is the amount of funds initially invested by the owners to ensure the organization's statutory activities;
the authorized capital determines the minimum amount of property of a legal entity that guarantees the interests of its creditors. To calculate the minimum authorized capital, the minimum wage is applied. The minimum amount of the authorized capital can also be specified in a fixed amount of money.

The minimum amount of the authorized capital (fund) is:
· for a limited liability - 10,000 rubles.
for a closed joint stock company - 100 minimum wages
for an open joint stock company - 1000 minimum wages
for a state enterprise - 5000 minimum wages
for a municipal unitary enterprise - 1000 minimum wages

A contribution to the authorized capital may be cash, securities, various material assets or property rights having a monetary value. For state registration, at least half of the authorized capital must be paid. For a joint stock company, state registration is allowed without payment of the authorized capital, and at least 50% of the authorized capital must be paid within three months from the date of state registration, and full payment must take place within one year from the date of state registration.

If the amount of the property contribution is more than 20,000 rubles, then an independent appraiser's opinion on the value of the transferred property is required. In other cases, the property is valued at the contractual value.

The founders do not have the right to change the type of transferred property, its value or the procedure for transfer without changing the constituent documents. When leaving the company, the participant (founder) is reimbursed for his share in the authorized capital, no later than 6 months after the end of the financial year. The right of participants in a limited liability company to withdraw must be enshrined in the charter, otherwise withdrawal is not allowed.

Additional capital is a balance sheet liability item consisting of the following elements:

· the results of the revaluation of fixed assets;
share premium of the enterprise (income from the sale of shares in excess of their nominal value, minus the costs of their sale);
· gratuitously received monetary and material values ​​for production purposes;
· Appropriations from the budget for the financing of capital investments.

It can be used to pay off the amount of a decrease in the value of property revealed as a result of its revaluation, to pay off losses resulting from the gratuitous transfer of property to other enterprises and persons, to increase the authorized capital, to pay off a loss identified as a result of the operation of the enterprise for the reporting period.

Reserve capital - the amount of property of the enterprise, which is intended for placement of undistributed profits in it, to cover losses, redeem bonds and buy back shares of the enterprise, as well as for other purposes. The source of its formation are deductions from profits remaining at the disposal of the enterprise. The value of the reserve capital must be at least 15%, but not more than 25% of the authorized capital, while the amount of deductions must not exceed 50% of taxable profit.

The presence of a reserve fund is the most important condition for ensuring the sustainable financial condition of the enterprise. The reserve funds of funds also include reserves for securing investments in securities, a redemption fund, a deferred fund, and others created in joint-stock companies for the redemption of bonds and the redemption of shares.
Accumulation fund , part of the national income used to expand the reproduction process: the growth of fixed assets, material circulating assets and reserves.
The source of the accumulation fund is the surplus product. Materially, the accumulation fund is realized in the growth of national wealth. According to the natural-material content, the accumulation fund is: the means of production (buildings, structures, machinery, equipment, materials, raw materials, fuel) used for production accumulation; consumer items that ensure the growth of fixed assets in the non-productive sector (housing, schools, hospitals, stadiums) and the accumulation of stocks of subsistence necessary to ensure the consumption of workers newly involved in production; an increase in reserve and insurance funds, consisting of means of production and consumer goods, designed to prevent interruptions in the reproduction process. 2. Funds of borrowed funds
In a market economy, no enterprise can do without borrowed funds.
The variety of funds makes it possible to use them in various situations: · in order to increase the profitability of own funds;
In case of insufficiency of own funds;
· in the formation of the variable part of current assets;
when covering individual costs that are uneven in certain periods of time;
· as a source of investment;
in some other cases.

Borrowed funds in normal economic conditions contribute to increasing the efficiency of production.

Borrowed funds - part of the working capital received by the enterprise in the form of a short-term bank loan.
Their presence is due to the fact that own funds cover only the minimum need of the enterprise necessary for the normal implementation of its activities. Additional demand arising from overfulfillment of the production plan, delays in dispatching finished products, uneven production progress or supply of raw materials is temporary and may be covered by short-term bank loans. Credit - a loan in cash or in kind, provided by one legal or natural person - the creditor, another person - the borrower. Leasing is also referred to as borrowed funds.
Leasing - the use by a legal or natural person of means of labor that do not belong to him instead of acquiring them in his own property; a form of lending for durable goods. Factoring is a type of intermediary activity in which an intermediary firm (factoring company) for a certain fee receives from the enterprise the right to collect and credit to its account the amounts of money due to it from buyers (the right to collect receivables).
At the same time, the intermediary lends to the client's working capital and assumes its credit and currency risks. 3. Funds raised

They include: consumption fund, dividend payments, deferred income, reserves for future expenses and payments. These are miscellaneous funds. They are of a dual nature. On the one hand, these funds are in the turnover of the enterprise, and on the other hand, they belong to its employees (dividends and consumption fund). Their duality is confirmed by such facts that, firstly, in the balance sheet of the enterprise they are in section V of liabilities, i.e. among short-term liabilities, and secondly, in some calculations they are excluded from the obligations of the enterprise.

The consumption fund is a cash fund formed from the net profit of the firm.
It is intended mainly to meet the material needs of the company's employees, to pay dividends (in joint-stock companies), to pay in some cases fines, penalties for violations due to the fault of the company. 4. Operational cash funds

Operational cash funds of the company, which form the fourth group of cash funds, are created periodically.
This group includes the following funds: for the payment of wages, for the payment of dividends, for payments to the budget, etc. A fund for the payment of wages is formed twice or once a month. Usually once a year (less often than once a quarter) a fund must be formed to pay dividends to shareholders on shares. Periodically, the company organizes a fund for payments to the budget of various deductions.5. Funds formed from various sources. Revolving production assets serve the sphere of production.
They constitute the material basis of production and are necessary to ensure the production process, the formation of value. The currency fund is formed at enterprises that receive foreign exchange earnings from export operations or buy foreign currency for import operations. For these purposes, enterprises open a foreign currency account in institutions of authorized banks.

The most important aspect of the financial activity of enterprises is the formation and use of various monetary funds. Through them, economic activity is provided with the necessary funds, as well as expanded reproduction, financing of scientific and technological progress, development and implementation of new technology, economic incentives, settlements with the budget, banks.

The funds of enterprises can be divided into five groups:

1. Own funds:

· authorized capital;

· Extra capital;

· Reserve capital;

· savings fund;

Targeted funding and revenues;

Others.

2. Loan funds:

bank loans;

in commercial loans;

factoring;

· leasing;

creditors;

Others.

3. Funds of attracted funds:

consumption fund;

· Dividend calculations;

· revenue of the future periods;

reserves for future expenses and payments.

4. Operational cash funds:

for the payment of wages;

for the payment of dividends;

· for payments to budgets and off-budget funds;

· to repay loans and borrowings;

Others.

5. Funds formed from various sources:

working capital;

· investment;

currency;

Others.

The first group of cash funds of the enterprise is the funds of own funds. They play a decisive role in its activities, since the requirements for their volume and organization are quite unambiguous.

The authorized capital (UK) of an enterprise determines the minimum amount of the enterprise's property that guarantees the interests of its creditors. Thus, the authorized capital is the main source of own funds. Its minimum size is determined in accordance with the statutory minimum wage in the country. The minimum amount of the authorized capital of an open joint-stock company is equal to a thousand times the minimum wage, and a closed joint-stock company - a hundred times the amount.

The size of the authorized capital of a joint-stock company is determined by the nominal value of shares acquired by shareholders and issued by the company.

A joint stock company has the right to issue ordinary shares of a single par value and one or more types of preferred shares. At the same time, the nominal value of preferred shares cannot be more than 25% of the authorized capital.

All shares of the company are nominal.

Shares issued by a JSC and acquired by shareholders are referred to as outstanding shares.

The shares that the company has the right to place in addition to the placed shares, the number and par value of which are determined by the charter, are called authorized shares. A joint-stock company is not obliged to define declared shares in the charter. An obligatory condition for the placement of additional shares of each category (type) is the definition in the charter of the rights granted by the placed shares of the company of each category (type). If the company's charter provides for declared shares, in this case additional shares may be placed only within the limits of the number of declared shares. When placing additional shares, the joint-stock company determines the number of additional ordinary shares, the terms and conditions for their placement.

The authorized capital of a joint-stock company may be increased or decreased based on the results of the year's work. This is possible based on the decision of the meeting of shareholders or the board of directors (as defined in the charter) and only after the appropriate re-registration of the enterprise. There are three options for increasing or decreasing the authorized capital of a joint-stock company:

1) increase (decrease) in the par value of one share;

2) increase (decrease) in the number of issued shares;

3) the exchange of bonds issued by the joint-stock company for shares in case of an increase in the authorized capital and, accordingly, the exchange of shares for bonds in case of its decrease.

After the authorized capital, the cash fund of the enterprise's own funds is additional capital , which includes:

· the results of the revaluation of fixed assets, i.е. their reassessment;

share premium of a joint-stock company (income from the sale of shares in excess of their nominal value, minus the costs of their sale);

· gratuitously received monetary and material values ​​for production purposes;

· appropriations from the budget for the financing of capital investments;

Receipts for replenishment of working capital.

Additional capital accumulates funds received by the enterprise during the year through the above channels. The main channel here is the results of the revaluation of fixed assets.

It is quite natural to increase the authorized capital annually at the expense of additional capital. But, many businesses don't.

The reserve capital is formed from deductions from profits in the amount determined by the charter, but not less than 15% of the authorized capital. At least 5% of net profit must be deducted to the reserve fund annually until the reserve capital reaches the amount established by the charter. The reserve capital of the enterprise is intended to cover its losses, and in joint-stock companies also to redeem the company's bonds and buy back their shares in the absence of other funds.

The reserve fund of the enterprise should be used in accordance with world practice in two directions:

1) with a lack of working capital, it goes to the formation of inventories, work in progress and finished products;

2) with sufficient working capital, it is directed to short-term financial investments.

The accumulation fund is intended for the development of production and is formed at the expense of the profit remaining at the disposal of the enterprise, i.e. his net income.

The enterprise should be able and obliged to ensure an increase in working capital and financing of capital investments at the expense of its own profits and other sources. This should always be taken into account by the enterprise when distributing net profit and deciding how much of it should be directed to the payment of dividends and to the development of production.

The accumulation fund is a source of increasing the authorized capital of the enterprise, since investments in the development of production increase the property of the enterprise. Consequently, the net assets and the book value of the shares of the joint-stock company increase, and with an increase in the authorized capital, their nominal value also increases. Thus, if a joint-stock company prefers to direct most of its profits to development instead of paying dividends, then the shareholders will not lose anything.

It should also be borne in mind that an increase in funds for development contributes to an increase in the volume of sales of an enterprise and an increase in its profits. That is why, in world practice, about half of the joint-stock companies do not pay dividends, but attract shareholders by constantly increasing the value of their shares. In addition, newly created joint-stock companies, as a rule, do not pay dividends in the first five years.

The Fund "Target financing and receipts" concentrates funds received from the budget, sectoral and intersectoral funds for special purposes, from other organizations, individuals for the implementation of targeted activities

The second group of monetary funds is the funds of borrowed funds. In a market economy, no enterprise can do without borrowed funds, since their use helps to increase the efficiency of their own funds, to meet certain needs of the enterprise. Borrowed funds are financial leverage, which increases the profitability of the enterprise.

Borrowed funds are used in various situations in the following cases:

In order to increase the profitability of own funds;

In case of insufficiency of own funds;

· in the formation of the variable part of current assets;

when covering individual costs that are uneven in certain periods of time;

· as a source of investment;

in some other cases.

The third group of monetary funds is the funds of borrowed funds. These funds are of a dual nature, since, on the one hand, these funds are in the turnover of the enterprise, and on the other hand, they belong to its employees (dividends and the consumption fund). Their duality is confirmed by the fact that, firstly, in the balance sheet of the enterprise they are in section VI of the liability, i.e. among short-term liabilities, and secondly, in some calculations they are excluded from the obligations of the enterprise.

The consumption fund is a monetary fund formed from net profit and intended mainly to meet the material needs of the enterprise's employees, to pay dividends (in joint-stock companies), in some cases to pay fines, penalties for violations due to the fault of the enterprise. When forming the consumption fund, an enterprise must take into account one very important pattern: the growth rate of balance sheet profit must be higher than the growth rate of the consumption fund, including wages.

Operational cash funds of the enterprise, which form the fourth group of cash funds, are created periodically.

Twice or once a month, the enterprise forms a fund for the payment of wages. Its basis is the wage fund. To ensure the timely payment of wages, enterprises solve a number of tasks. For this purpose, the necessary funds are accumulated on the account, and in the absence of funds, enterprises apply to the bank for a loan to pay wages.

Usually once a year (less than once a quarter) a fund for the payment of dividends to shareholders on shares should be formed.

Periodically, the enterprise organizes a fund for payments to the budget of various taxes. Late payments to the budget by the enterprise entail penalties.

The fifth group of monetary funds of enterprises should include funds formed from various sources.

The working capital fund is the most important monetary fund that determines the financial condition of the enterprise and, ultimately, its financial results. The sources of its formation are own, borrowed, borrowed funds, as well as accounts payable.

The non-current assets fund is formed from own and borrowed sources.

The investment fund is intended for the modernization and expansion of production, which requires constant development. It comes from the following sources:

¨ depreciation fund, which is a target cash fund intended for simple reproduction of non-current assets;

¨ an accumulation fund formed from deductions from profits;

¨ borrowed and borrowed sources.

The currency fund is formed at enterprises that receive foreign exchange earnings from export operations and buy foreign currency for import operations. This fund does not have an independent target value. It stands out insofar as currency transactions have their own characteristics. Therefore, in order to conduct foreign exchange transactions, enterprises open foreign currency accounts in commercial banks licensed by the Central Bank.

INVESTMENT POLICY OF THE ENTERPRISE