The effectiveness of financial resource management is characterized by indicators that characterize financial position and company activity. At the same time, most methods for analyzing financial position involve calculating the following groups of indicators: financial stability, solvency, business activity, profitability. To calculate key indicators of the use of financial resources, information from such reporting forms as the enterprise balance sheet (Form No. 1), profit and loss statement (Form No. 2) is used.

Analysis of financial stability can be carried out using a system of both absolute and relative indicators. Absolute indicators of financial stability characterize the degree of provision of reserves and costs with sources of their formation. A general indicator of financial stability is the surplus or lack of sources of funds for the formation of reserves and costs.

Assessing financial stability allows you to determine the financial capabilities of an enterprise for the future. According to the degree of financial stability of the enterprise, four types of situations are possible:

1. Absolute financial stability is rare when inventories (Z) are less than the amount of own working capital (SOS):

Z< COC (1.3.1)

This ratio shows that all inventories and costs are covered by its own working capital, that is, the enterprise does not depend on external sources.

2. Normal financial stability is characterized by inequality:

SOS< З < CОС +ДО, (1.3.2)

where DO - long-term liabilities.

The ratio shows that the amount of inventories exceeds the amount of own working capital, but less than the amount of own working capital and long-term loans.

3. Unstable financial condition: reserves are formed at the expense of own working capital, long-term and short-term loans and credits:

SOS + DO< З < СОС + ДО + КО, (1.3.3)

where KO are short-term liabilities.

4. Crisis (unstable) financial condition: reserves exceed the value of the sources of their formation, i.e. total value of own funds in circulation, long-term and short-term loans:

Z > SOS + DO + KO (1.3.4)

An enterprise is considered insolvent because the condition of solvency is not met - cash, short-term financial investments and accounts receivable do not cover the organization's accounts payable.

The calculation of these indicators allows us to identify the financial situation in which the enterprise is located and obtain a qualitative description of its financial condition. In addition, to receive quantitative characteristics for the financial stability of an enterprise, the following financial ratios are used: the coefficient of concentration of equity capital (financial independence), the coefficient of financial stability, the capitalization ratio, etc.

The coefficient of concentration of equity capital (coefficient of autonomy or financial independence) (K nez) characterizes the share of the company's owners in the total amount of sources, as well as the company's dependence on external loans.

The lower the ratio, the more loans the company has, the higher the risk of insolvency. A low value of the ratio also reflects the potential danger of a cash shortage for the enterprise. The recommended value is at least 0.5 or 50%.

The financial stability ratio (Kfin ust) shows what part of the assets is financed by the capital used (equity capital and long-term liabilities).

An indicator value below 0.6 is considered alarming, which predetermines the need for a detailed analysis of the structure of equity capital and the conditions and amounts of long-term borrowing. Optimal value indicator within 0.8-0.9.

The capital concentration ratio (CCR) also serves to represent the company's capital structure.

Demonstrates what share of the enterprise's assets is financed by borrowed funds (long-term and short-term liabilities). The ratio does not provide information about the likelihood of future income or possible cash inflows. The recommended value of the indicator is no more than 0.5.

Coefficient financial leverage(KFR) - the ratio of credit and own sources of financing - another form of presenting the coefficient of financial independence.

Shows how much borrowed funds are raised for each ruble of equity. In a certain sense, the growth of this indicator in dynamics cannot be interpreted as a positive trend, since it indicates the increasing dependence of the enterprise on creditors and investors. The optimal value is no more than 1.

The financing ratio (Kfin) shows the amount of borrowed funds and gives the most general assessment of the financial stability of the enterprise. It shows the amount of borrowed funds per each ruble of equity capital invested in assets.

For example, the value of the financing ratio equal to 0.1 shows that for one ruble of the enterprise’s own funds there is one kopeck of borrowed funds. The recommended value of the indicator is not less than 1. A steady upward trend in this indicator can lead to a decrease in the degree of independence of the enterprise and, accordingly, a decrease in its financial stability.

The coefficient of security of current assets with own funds (Kosos) is calculated using the formula:

The ratio of inventory coverage with own working capital (Kozos) is calculated using the formula:

The effectiveness of the developed policy for the formation of own financial resources is assessed using the self-financing coefficient (Ks.fin) of production development.

where Ssobs.fin.sr.PP is the amount of own financial resources in planning period;

Spr.fin.res.PP - the amount of increase in financial resources in the planning period.

The critical (intermediate) liquidity ratio (K critical) is calculated using the formula:

where DZ is accounts receivable;

DS - cash;

KFV - short-term financial investments;

POA - projected current assets;

KO - short-term liabilities.

The ratio shows what part of the current debt the company can cover without taking into account inventories, that is, subject to full repayment of receivables. The range of fluctuations in the level of this indicator is from 0.5 to 1. Low values ​​indicate the need to constantly work with debtors to ensure the possibility of converting part of the working capital into cash for settlements with their suppliers.

The current liquidity (coverage) ratio (Ktek.l) shows the extent to which current assets cover short-term liabilities. Calculated using the formula:

where OA - current assets;

FBP - deferred expenses.

The value of this indicator is considered normal in the range from 1 to 2. It characterizes the extent to which all short-term liabilities are secured by current assets. An excess of current assets over short-term liabilities by more than twice is considered undesirable, since it indicates an irrational investment by the organization of its funds and their ineffective use.

The absolute liquidity ratio (Cal) is calculated using the formula:

Characterizes what part of short-term liabilities can be repaid with available cash and short-term financial investments. The recommended value of the indicator is in the range from 0.2 to 0.5. A low value indicates a decrease in the solvency of the enterprise.

By accelerating the turnover of capital, regardless of the field of activity in which it is advanced, the entrepreneur minimizes the deadening of resources and funds and receives an increasing profit on the value advanced. The acceleration of turnover is equal to the increase in the amount of advanced capital. The acceleration of turnover is influenced by many factors, including the specifics of production.

The turnover rate of working capital is the most important indicator of the intensity of use of working capital and, in turn, is determined using the following interrelated indicators: the duration of one turnover in days, the turnover ratio and the working capital load factor.

The turnover ratio (Ko) is determined by dividing the volume of product sales at wholesale prices by the average balance of working capital at the enterprise:

The coefficient characterizes the number of turnovers made by working capital for a certain period (year, quarter). An increase in the number of turnover leads either to an increase in output per 1 ruble of working capital, or to the fact that a smaller amount of working capital needs to be spent on the same volume of production.

Inventory turnover ratio (Inventory turnover ratio) is calculated using the formula:

The accounts receivable turnover ratio (RCR) is calculated using the formula:

The turnover of cash and short-term financial investments is calculated using the formula:

The duration of one turnover in days (T) is found by dividing the number of days in the period by the turnover ratio of the asset element.

The shorter the duration of turnover of working capital or larger number the circuits they perform with the same volume products sold, the less working capital is required, and the faster working capital circulate, the more efficiently they are used.

The load factor (Kz) of working capital, the inverse of the turnover ratio, characterizes the amount of working capital spent per 1 ruble. products sold is calculated using the formula:

The degree of use of an enterprise's working capital can be judged by the return on working capital (Oos) indicator, which is defined as the ratio of profit from sales (P) to working capital balances (Oo).

Size economic effect, obtained from accelerating the turnover of working capital, can be determined using the load factor of funds in circulation. The total amount of savings (overexpenditure) of working capital (±Eos) is established by multiplying the absolute change in the load factor (LKz) by the volume of sales revenue using the formula:

where DKz - the absolute change in the load factor is set as the difference between the value of the reporting period (Kz1) and the previous period (Kz0): DKz = Kz1 - Kz0.

Profitability is one of the most important indicators of production efficiency used to evaluate the performance of an enterprise. An enterprise operates profitably if the income it receives as a result of production economic activity, exceed the costs of the work.

Two types of profitability indicators can be distinguished: 1) profitability in relation to sales; 2) profitability in relation to investments. The first type includes: gross profit ratio (Rval.pr), sales profitability, production profitability and net profit ratio. The second type includes return on equity and return on assets.

This coefficient indicates the efficiency of production and economic activities, including the effectiveness of the assortment and pricing policy of the enterprise.

Return on sales (RPsales) is also called return on turnover. Characterizes the amount of profit received from each ruble of revenue.

Low profit per unit of sales indicates low demand for the company's products and high production costs.

This indicator differs from the gross profit ratio in that commercial and administrative expenses not directly related to the production of goods (performance of work, provision of services) are subtracted from the amount of gross profit.

Profitability of production (P prod) (current costs in core activities) characterizes the amount of profit from sales received per ruble of expenses for common types activities:

Net profitability - shows how much net profit is per unit of revenue:

Return on assets reflects the amount of profit per 1 ruble invested in the assets of the enterprise:

Return on current assets reflects the amount of profit per 1 ruble invested in the current assets of the enterprise:

The efficiency of using total capital (advanced capital) (Ea) is characterized by its profitability (profitability) - the ratio of the amount of net profit (loss) to the average annual amount of total capital.

Using the same methodology, the efficiency of using equity capital (Esc) is calculated:

The efficiency of using permanent capital (EPC) is calculated by the formula:

Thus, the financial resources of an organization are all the funds accumulated by the enterprise to form the assets it needs, both from its own funds and from borrowed funds. Financial resources act as a material carrier financial relations. The turnover of financial resources represents their formation and distribution with subsequent use by financing costs. Movement of financial resources commercial organizations carried out taking into account the principles and features of the organization of their finances. The financial resources of commercial organizations include the following funds, which differ in the form of movement (formation and use):

• - capital and reserves;
• - revenues from sales;
• - non-operating income;
• - borrowed and other debt funds; receipts on a non-refundable or free basis.

The total capital of the organization is divided into equity and borrowed capital. The structure of equity capital is formed by: authorized capital, reserve capital, additional capital, targeted financing and proceeds, retained earnings. Own capital consists of invested and accumulated capital. Attracting borrowed resources can provide a number of advantages; the opposite effect is also possible. .

To assess the effectiveness of financial resource management, indicators characterizing the financial position and activity of the company are used. Most methods for analyzing financial position involve calculating the following groups of indicators: financial stability, solvency, business activity, profitability. Financial reporting information is used to calculate key indicators of the use of financial resources.

LIST OF SOURCES USED ……………………………..57

APPENDIX A “Analysis of the solvency of Metur LLC for 2008-2009, thousand rubles.” …………………………………………………………...60

INTRODUCTION

The main link of the economy in market economic conditions are enterprises that act as economic entities. To carry out economic activities, obtain products, income and savings, they use certain types of resources: material, labor, financial, and cash.

Financial resources are directed to the development of production, maintenance and development of non-production facilities, consumption, and may also remain in reserve. Financial resources used for the development of the production and trade process represent capital in its monetary form.

The availability of sufficient financial resources and their effective use predetermine the good financial position of the enterprise, solvency, financial stability, and liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the enterprise as a whole.

The role of an organization's financial resources cannot be overestimated. In fact, these are funds at the disposal of the company that are accepted in the process entrepreneurial activity different forms, embodied in fixed assets, inventories, accounts receivable and other assets. And it is necessary to understand that the success of an enterprise’s commercial activities depends not only on the demand for the goods it produces, but also on how effectively its financial resources are distributed. The correct balance of assets allows you to avoid “stagnation” of resources in materials, finished products or fixed assets.

Every ruble invested in production should work as efficiently as possible. That is why the organization must be in a constant search for that “golden mean” in the balance structure that will allow it to achieve the best best results.

Speaking about the financial resources of an organization, we must not forget about the sources of their formation, among which are own and borrowed funds. Their correct ratio also has a certain significance for the financial condition of the enterprise. Excessive dependence on external (borrowed) funds makes the company less stable financially, and vice versa, if the enterprise does not attract financial resources from outside, then this is reason to assume the absence of serious investment projects. That is why the issue of the formation and use of financial resources is relevant.

Business entities are included in complex process financial and economic relations both among themselves and with the state. Enterprise finance is not an independent category. Together they form complex system redistribution of financial resources. At the same time, the state, being a participant in financial relations, receives tax payments into its budget, thereby forming a system public finance. And the well-being of the entire country depends on how efficiently the finances of enterprises are organized. All this also indicates the relevance of the topic of this course work.

The purpose of the course work is to analyze the formation and use of financial resources using the example of the limited liability company (hereinafter LLC) "Metur" and develop recommendations for improving their formation and use.

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

1) Determine the role of financial resources of organizations, their essence, composition and structure;

2) Consider the features of the formation and use of financial resources using the example of a specific enterprise;

3) Make proposals aimed at increasing the level of efficiency in the use of financial resources of Metur LLC.

The object of the study is the commercial enterprise Metur LLC.

The subject of the study is the process of formation and use of financial resources of a commercial enterprise (using the example of Metur LLC).

When writing the course work, such techniques and methods as horizontal analysis, vertical analysis, analysis of coefficients (relative indicators), and comparative analysis were used.

The problem of the formation and use of an organization's financial resources is discussed in some detail in educational and scientific literature.

Among the sources used, one can highlight the works of such authors as N.V. Kolchina, G.V. Shadrina, A.D. Sheremet et al. The work takes into account changes and new approaches to the analysis of economic activity.

Information base financial analysis were the financial statements of the enterprise for 2008, 2009, namely: balance sheet, profit and loss statement.

The first chapter discusses theoretical issues of analyzing the financial condition of a commercial enterprise. Here concepts such as “finance”, “capital” are defined, characteristics of own and borrowed funds are given, as well as the role of financial resources in ensuring the reproduction process of the enterprise

The second chapter is devoted to an analysis of the financial condition of Metur LLC for two years. Here a small description of the enterprise is given and an assessment is made of the formation and use of financial resources of Metur LLC.

In the third chapter, specific proposals are given aimed at increasing the efficiency of the use of financial resources of the enterprise under study.

1 THEORETICAL ASPECTS OF FORMATION AND USE OF FINANCIAL RESOURCES OF ENTERPRISES

An organization is a complex economic system. The main groups of functional processes that cover its activities and are the object of management include production, marketing, finance, human resources, etc. The level of management of functional subsystems has a direct impact on management efficiency economic system generally.

The viability of an organization, the success of its functioning and the stability of development are largely determined by the quality of management of one of its most important functional subsystems - the financial support system. The role of this system intensified with the transition to market relations, as economic entities gained independence in terms of planning and managing resource potential. As a result, financial resources have acquired paramount importance, since this is the only type of resource that can be transformed into any other type (for example, raw materials, fixed capital, etc.) directly and with minimum cost time.

Speaking about resources, it should be noted that they are the sources of any production. “Resources are the availability of means of labor, objects of labor, money, goods or people for use now or in the future.”

Thus, resources are the main factors of production. Factors of production are a set of those natural, material, social and spiritual forces (resources) that can be used in the process of creating goods, services and other values. In other words, factors of production are those things that have a certain influence on production itself.

Financial resources of the organization- this is the totality of its own cash income in cash and non-cash form and income from outside (attracted and borrowed), accumulated by the organization and intended to fulfill financial obligations, finance current costs and costs associated with the development of production.

It is worth highlighting the concept of “capital” - part of the financial resources invested in production and generating income upon completion of the turnover. In other words, capital– transformed form of financial resources.

The financial resources of an organization, on the one hand, are part of its capital. Capital consists of durable goods created by the economic system for the production of other goods. Another view of capital is related to its monetary form. Capital, when embodied in finances not yet invested, is a sum of money. All these definitions have a common idea, namely, capital is characterized by the ability to generate income.

There are fixed and working capital. Fixed capital is capital materialized in buildings, machines and equipment that functions in the production process for several years. Another type of capital, including raw materials, supplies, and energy resources, is consumed in one production cycle. It is called working capital. Money spent on working capital, are fully returned to the entrepreneur after the sale of products. Fixed capital costs cannot be recovered so quickly.

Page
15

Based on the analysis of the efficiency of the enterprise, the following conclusions can be drawn:

· the enterprise suffers large losses due to the non-competitiveness of its products,

· there is a crisis expenditure of enterprise funds and equity capital

· there is a steady deterioration in the efficiency of the enterprise in which attempts by management to change the situation are not visible and no signs of the existence of a financial strategy and development strategy of the enterprise are detected

Analysis of the formation and use of financial resources at the enterprise.

Analysis of the formation and use of financial resources in an enterprise is the last section of a comprehensive analysis and its goal is to establish the main sources and direction of expenditure of the enterprise's financial resources during the period under review. Such an analysis allows a more complete picture of the financial processes occurring in the enterprise.

Analysis of the expenditure and receipt of financial resources is a breakdown of the results of activities according to the following classification:

1) operational activities,

2) investment activities,

3) financial activities.

A breakdown of the items of receipt and expenditure of financial resources is presented in Table 2.12.

Form of expenditure and receipt of financial resources.

Continuation of Table 2.12

As can be seen from the form of analysis of the receipt and expenditure of financial resources, there is a crisis in the accumulation of financial resources in the enterprise.

The main indicator for assessing ability manufacturing enterprise generate financial resources is an indicator of net cash flow (cash flow) for operational activities.

In 1996-1997, net cash flow from operating activities was a negative value, the value of which doubled in 1997. From what has been said, it should be concluded that further current work of the enterprise in the production of products is impossible without serious changes in the organization of production, marketing, and cost reduction.

The total cash flow of the enterprise in 1996 amounted to -64.7 thousand UAH, which is 4% of total assets and 5% of the enterprise’s own assets. In 1997, the total negative cash flow was reduced to -8.8 thousand UAH. However, if we consider the sources of formation of financial resources, we note that in 1997 a long-term loan in the amount of 100 thousand UAH was received. Thus, the total cash flow was underestimated and actually amounted to -108.8 thousand UAH, and this is in a situation where, compared to In 1996, sales volumes fell by half.

At the end of the analysis of the financial condition, an analysis of the probability of bankruptcy according to the Altman model and “hard-to-sell assets” will be given (Table 2.13). The conclusion of Section 2 will be a generalized description of the signs of crisis development, the scale of the crisis state has been determined, the factors causing crisis development have been identified, and mechanisms for overcoming the crisis have been proposed.

Analysis of the probability of bankruptcy according to the Altman model and “hard-to-sell assets”.

Conclusions.

The Altman and “hard to sell assets” methods gave the same conclusion regarding the probability of bankruptcy - very high.

This assessment is fully consistent with the results of a comprehensive analysis of financial and economic activities carried out in the following areas:

Analysis of liquidity and solvency,

Assessment of property use,

Assessing the use of capital,

Analysis of cost and tax policy,

Property performance analysis,

Analysis of the formation and use of financial resources.

The activities of the enterprise were influenced by external and internal factors.

External factors:

¨ a nationwide decline in production, which caused the shutdown of many factories that were the main consumers of the enterprise’s products. Compared to 1995, there was a decline in production taking into account the inflation factor by 5 times and amounts to 10% of capacity.

¨ inflation, which became the reason for the outflow of working capital and necessitated the need to attract additional sources of formation of current assets. One of the sources of replenishment of working capital has become short-term accounts payable, most of which are overdue, and this in turn causes additional costs for paying accounts payable.

¨ instability and ineffectiveness of the state tax policy, in which enterprise costs are taxed at 40%; the share of tax payments in sales revenue is 62% (1997), 40% (1995-1996). The accumulation of funds in capital-intensive enterprises for the restoration of equipment is artificially reduced by the state, which introduced a reducing factor for depreciation charges.

¨ non-competitiveness of manufactured products due to the emergence and introduction on the Ukrainian market of more quality technologies, materials, new high-performance automated equipment.

¨ a fall in the effective demand of the population, which became the cause and consequence of the general deterioration of the economic situation in Ukraine, which affected sales volumes in all sectors of the national economy.

Internal:

¨ high physical and moral wear and tear of fixed assets, which affect quality characteristics manufactured products, at the cost of production, since their productivity is much lower than that of existing analogues. Equipment wear and tear of 64% leads to additional costs for Maintenance equipment.

¨ ineffective marketing strategy, which is poorly focused on finding new market segments, promoting the market, establishing incentives for consumers to purchase the products offered,

¨ high level variable costs in the cost structure (81-83%), which is explained by the high costs of paying the main production workers. The solution is production automation.

¨ insufficiently differentiated range of products offered, which is also a consequence of the ineffectiveness of the marketing and sales service.

¨ ineffective financial strategy, or rather the absence of one, so during the analysis, one is surprised by the lack of measures by the management apparatus to normalize the situation in the enterprise, which, in the author’s opinion, is caused primarily by the inability of the apparatus to analyze and predict the development of the enterprise. The consequence of this statement is the lack of qualifications of management personnel in market economic conditions.

Efficiency of use of financial resources of the enterprise Majerik LLC

Diploma

Finance and credit relations

Target thesis- conduct an analysis of the effective use of financial resources of the LLC Majerik enterprise, as well as propose measures to improve the use of financial resources. To achieve this goal, it is necessary to solve the following tasks: Consider theoretical basis management of enterprise financial resources...

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• Introduction
• 1. Theoretical aspects formation and use of financial resources of enterprises
• 1.1 The essence of financial resources and sources of their formation in modern conditions
• 1.2 Characteristics of internal and external sources of funds
• 1.3 The role of financial resources in ensuring the reproduction process of the enterprise
• 2. Analysis of the formation and use of financial resources using the example of Metur LLC
• 2.1 Composition and structure of financial resources of Metur LLC
• 2.2 Analysis of the financial stability of Metur LLC
• 2.3 Efficiency of formation and use of financial resources in the organization
• 3. Main directions for improving the formation of financial resources
• 3.1 Increasing the efficiency of using the enterprise’s financial resources
• Conclusion
• List of sources used

Introduction

The main link of the economy in market economic conditions are enterprises that act as economic entities. To carry out economic activities, obtain products, income and savings, they use certain types of resources: material, labor, financial, and cash.

Financial resources are directed to the development of production, maintenance and development of non-production facilities, consumption, and may also remain in reserve. Financial resources used for the development of the production and trade process represent capital in its monetary form.

Availability of sufficient financial resources, their efficient use, predetermine the good financial position of the enterprise - solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the enterprise as a whole.

The role of an organization's financial resources cannot be overestimated. In fact, these are funds at the disposal of the company, which take different forms in the process of business activity, embodied in fixed assets, inventories, accounts receivable and other assets. And it is necessary to understand that the success of an enterprise’s commercial activities depends not only on the demand for the goods it produces, but also on how effectively its financial resources are distributed. The correct balance of assets allows you to avoid “stagnation” of resources in materials, finished products or fixed assets.

Every ruble invested in production should work as efficiently as possible. That is why the organization must be in a constant state of search for that “golden mean” in the balance sheet structure that will allow it to achieve the best results.

Speaking about the financial resources of an organization, we must not forget about the sources of their formation, among which are own and borrowed funds. Their correct ratio also has a certain significance for the financial condition of the enterprise. Excessive dependence on external (borrowed) funds makes the company less stable financially, and vice versa, if the enterprise does not attract financial resources from outside, then this is reason to assume the absence of serious investment projects. That is why the issue of the formation and use of financial resources is relevant.

Business entities are involved in complex processes of financial and economic relations both among themselves and with the state. Enterprise finance is not an independent category. Together they form a complex system of redistribution of financial resources. At the same time, the state, being a participant in financial relations, receives tax payments into its budget, thereby forming a system of public finance. And the well-being of the entire country depends on how efficiently the finances of enterprises are organized. All this also indicates the relevance of the topic of this course work.

The purpose of the course work is to analyze the formation and use of financial resources using the example of the limited liability company (hereinafter LLC) "Metur" and develop recommendations for improving their formation and use.

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

1) Determine the role of financial resources of organizations, their essence, composition and structure;

2) Consider the features of the formation and use of financial resources using the example of a specific enterprise;

3) Make proposals aimed at increasing the level of efficiency in the use of financial resources of Metur LLC.

The object of the study is the commercial enterprise Metur LLC.

The subject of the study is the process of formation and use of financial resources of a commercial enterprise (using the example of Metur LLC).

When writing the course work, such techniques and methods as horizontal analysis, vertical analysis, analysis of coefficients (relative indicators), and comparative analysis were used.

The problem of the formation and use of an organization's financial resources is discussed in some detail in educational and scientific literature.

Among the sources used, one can highlight the works of such authors as N.V. Kolchina, G.V. Shadrina, A.D. Sheremet et al. The work takes into account changes and new approaches to the analysis of economic activity.

The information base for the financial analysis was the enterprise's financial statements for 2008, 2009, namely: balance sheet, profit and loss statement.

The first chapter discusses theoretical issues of analyzing the financial condition of a commercial enterprise. Here concepts such as “finance”, “capital” are defined, characteristics of own and borrowed funds are given, as well as the role of financial resources in ensuring the reproduction process of the enterprise.

The second chapter is devoted to an analysis of the financial condition of Metur LLC for two years. Here a small description of the enterprise is given and an assessment is made of the formation and use of financial resources of Metur LLC.

In the third chapter, specific proposals are given aimed at increasing the efficiency of the use of financial resources of the enterprise under study.

1. Theoretical aspects of the formation and use of financial resources of enterprises

1.1 The essence of financial resources and sources of their formation in modern conditions

An organization is a complex economic system. The main groups of functional processes that cover its activities and are the object of management include production, marketing, finance, human resources, etc. The level of management of functional subsystems has a direct impact on the efficiency of management of the economic system as a whole.

The viability of an organization, the success of its functioning and the stability of development are largely determined by the quality of management of one of its most important functional subsystems - the financial support system. The role of this system intensified with the transition to market relations, as economic entities gained independence in terms of planning and managing resource potential. As a result, financial resources have acquired paramount importance, since this is the only type of resource that can be transformed into any other type (for example, raw materials, fixed capital, etc.) directly and with minimal time.

Speaking about resources, it should be noted that they are the sources of any production. “Resources are the availability of means of labor, objects of labor, money, goods or people for use now or in the future.”

Thus, resources are the main factors of production. Factors of production are a set of those natural, material, social and spiritual forces (resources) that can be used in the process of creating goods, services and other values. In other words, factors of production are what have a certain impact on production itself.

Financial resources of the organization- this is the totality of its own cash income in cash and non-cash form and income from outside (raised and borrowed), accumulated by the organization and intended to fulfill financial obligations, finance current costs and costs associated with the development of production.

It is worth highlighting the concept of “capital” - part of the financial resources invested in production and generating income upon completion of the turnover. In other words, capital- transformed form of financial resources.

The financial resources of an organization, on the one hand, are part of its capital. Capital consists of durable goods created by the economic system for the production of other goods. Another view of capital is related to its monetary form. Capital, when embodied in finances not yet invested, is a sum of money. All these definitions have a common idea, namely, capital is characterized by the ability to generate income.

There are fixed and working capital. Fixed capital is capital materialized in buildings, machines and equipment that functions in the production process for several years. Another type of capital, including raw materials, supplies, energetic resources, is consumed in one production cycle. It is called working capital. Money spent on working capital is fully returned to the entrepreneur after the sale of products. Fixed capital costs cannot be recovered so quickly.

On the other hand, financial resources included in the financial support system are the basis for the existence of the entire organization, and the formation effective system financial support of an organization implies a reasonable combination of all factors of production aimed at maximizing profits.

In other words, you can use two units of labor, one unit of natural resources and 4 units of capital and get 10 units of profit, or you can select such a reasonable combination of factors for a specific production that the result will be a profit of 20 units. And this requires an effective financial support system, thanks to which financial flows in the organization will be directed exactly where they are needed in the first place, in labor, capital or natural resources.

The organization's financial support system must meet the following principles:

1) as much autonomy and independence from external sources as possible;

2) profit maximization;

3) planning of financial resources;

4) formation of financial reserves in the organization;

5) compliance with financial discipline;

6) ensuring the profitability of the financial and economic activities of the organization.

The state of financial flows becomes the most important factor determining the economic results of an organization. The financial well-being of the business entity as a whole, as well as its owners and employees, depends on how efficiently and expediently financial resources are transformed into fixed and working capital, as well as into means of stimulating personnel. Thus, in modern economic conditions, the formation of an effective financial support system in the organization and its proper management is of paramount importance for the organization.

In order for the management of the financial system to be effective and contribute to the achievement of the priority goals of a particular organization, it is necessary to carry out work aimed at its improvement. But before making any improvements or enhancements, it is necessary to assess the existing state of the process or phenomenon in question. Consequently, the issues of assessing the effectiveness of financial system management become relevant.

To solve a number of pressing problems in the field of managing an organization, a comprehensive study of its financial system is necessary, which would include both an assessment of the state of the management object, that is, financial flows and results of financial and economic activities, and an assessment of the management system, including the structure of the financial service in organizations. Research and development in this area should help improve the quality and effectiveness of financial system management, which, in turn, should be reflected in increasing the viability and efficiency of organizations.

In fact, financial resources are the funds at the disposal of the organization. But you need to understand that money itself does not bring profit. They must be invested or used in speculative transactions. Therefore, when they talk about the financial resources of an organization (production), they mainly mean the process of attracting them. Attracted financial resources are immediately converted into other types of resources (fixed or working capital, labor, etc.), or directed to other needs of the organization, as a result of which the manufacturing process in order to make a profit.

So, speaking about the financial resources of an organization, it is necessary to consider not only cash, but also other assets that, to one degree or another, can be converted into cash. It is necessary to understand that the process of converting financial resources into another type of resources has reverse stroke, that is, any resources of the organization can be converted into financial resources and used in the future for more effective way. In other words, if an organization has buildings and structures that are not used in the production process, it can sell them and receive money, which can then be used to replace old equipment.

The composition of financial resources (see Fig. 1.1) is presented in the assets of the organization’s balance sheet (Form 1 of the financial statements):

Figure 1.1 - Composition of the enterprise’s financial resources

Let us reveal in more detail the essence and content of the assets listed above, which are also the financial resources of the organization.

Intangible assets are assets that do not have a physical, tangible form: managerial, organizational, technical resources, reputation in the financial world, capitalized rights, privileges, competitive advantages, control over the distribution network, protection provided by insurance, patents and trademarks, brand names, know-how, other types intellectual property, right to use.

Fixed assets include property used for a long time as a means of production. When accepting assets for accounting as fixed assets, the following conditions must be simultaneously met:

a) use in the production of products when performing work or providing services or for the management needs of the organization;

b) use for a long time, that is, a useful life exceeding 12 months or a normal operating cycle if it exceeds 12 months;

c) the organization does not intend to subsequently resell these assets;

d) the ability to bring economic benefits (income) to the organization in the future.

The useful life is the period during which the use of an item of fixed assets brings economic benefits (income) to the organization. For certain groups of fixed assets, the useful life is determined based on the quantity of products (volume of work in physical terms) expected to be received as a result of the use of this object.

Fixed assets include funds invested in: buildings, structures, working and power machines and equipment, measuring and control instruments and devices, computer technology, vehicles, tools, production and household equipment and supplies, working, productive and breeding livestock, perennial plantings, on-farm roads and other relevant facilities.

The following are also taken into account as part of fixed assets: capital investments for radical improvement of land (drainage, irrigation and other reclamation works); capital investments in leased fixed assets; land, environmental management objects (water, subsoil and other natural resources).

Unfinished construction refers to the developer’s costs for the construction of construction projects from the beginning of construction until the objects are put into operation.

Profitable investments in material values- these are investments of an organization in part of the property, buildings, premises, equipment and other valuables that have a tangible form, provided by the organization for a fee for temporary possession (temporary possession and use) in order to generate income.

Long-term financial investments - investments of an organization in government securities, bonds and other securities of other organizations, into the authorized (share) capital of other organizations, as well as loans provided to other organizations for a period of more than 12 months.

A deferred tax asset is understood as that part of deferred income tax that should lead to a reduction in income tax payable to the budget in the next reporting period or in subsequent reporting periods. An entity recognizes deferred tax assets in the reporting period in which deductible temporary differences arise to the extent that it is probable that it will generate taxable profit in subsequent reporting periods.

An indispensable condition for an organization to carry out business activities is the availability of working capital (working capital). Working capital (current assets) are funds advanced to current production assets and circulation funds.

One of the elements of working capital is inventory.

Inventories are economic variables (indicators) that can only be measured at a specific point in time. In other words, the amount of reserves has no temporal extent. Inventories include: ; animals for growing and fattening; ; ; goods shipped; Future expenses; other inventories and costs.

Value added tax on acquired assets also applies to the assets of the organization. This is due to the specifics of its calculation and payment to the budget. When used in production or resale of material assets, the value added tax paid on them to suppliers is reimbursed from the budget by offset and remains at the disposal of the organization.

Accounts receivable are divided into short-term (payments for which are expected within 12 months) and long-term (payments for which are expected in more than 12 months). Accounts receivable arise as a result of the shipment of goods (performance of work, services) without payment, or for other reasons. The fact is that the process of selling goods is “on stream” and cannot be interrupted by demanding immediate payment for the shipped goods. As a rule, under the contract, goods are shipped with further payment within a specified period. As a result, accounts receivable are formed. The debtor is a debtor of the organization. Accounts receivable do not include the debt of participants (founders) for contributions to the authorized capital.

Cash - accumulated in cash in bank accounts or at the cash desk of an organization, various kinds income and receipts that are in constant economic circulation for organizations and are used by them for their own purposes or placed as bank resources.

Speaking about financial resources, it is also necessary to note that a normally functioning system of financial support for an organization is characterized by their constant circulation.

One of the elements of the organization management process is the analysis of the effective use of financial resources. Taking into account the constantly changing market conditions, external and internal environment, the organization’s management makes management decisions to reduce some assets and increase others. For example, in order to stay in the market, an organization can resort to a strategy of reducing production, and the funds received from this (disposal of fixed assets, sale of part of the buildings, reduction of personnel, etc.) can be used to purchase new, more productive production equipment and receive greater profits in the future.

The process of converting an organization's assets into cash is directly related to the concept of liquidity. Liquidity is the ease of implementation, sale, transformation of material or other assets into cash to cover current financial obligations.

The financial resources of an organization, on the one hand, are part of its capital, and on the other hand, they are included in the financial support system and are the basis for the existence of the entire enterprise. The formation of an effective financial support system for an organization implies a reasonable combination of all production factors aimed at maximizing profits. The financial well-being of the business entity as a whole, as well as its owners and employees, depends on how efficiently and expediently financial resources are transformed into fixed and working capital, as well as into means of stimulating personnel.

In fact, financial resources are the funds at the disposal of the organization. But you need to understand that money itself does not bring profit. They must be invested or used in speculative transactions. That is why the tangible and intangible embodiment of the financial resources of an enterprise are presented in the assets of its balance sheet (Form 1 of the financial statements).

Speaking about financial resources, it is also necessary to understand that the financial support system of an enterprise includes such required elements, as an assessment of the structure of financial resources and their effective redistribution, taking into account the constantly changing market conditions.

1.2 Characteristics of internal and external sources of funds

The organization's financial resources are generated from certain sources. Yes, you can't buy production equipment, raw materials or materials without having the funds for this.

The sources of formation of the organization's financial resources are a set of sources to satisfy the need for capital for the coming period, ensuring the development of the organization.

These sources are divided into internal (own) and external (borrowed and attracted) (see Fig. 1.2).

First of all, the organization focuses on the use of internal (own) sources of financing.

Formation authorized capital, its effective use and management is one of the main and most important tasks of the financial service of the organization. Authorized capital is the main source of the organization's own funds. Amount of authorized capital joint stock company reflects the amount of shares issued by it, and of state and municipal enterprises - the amount of authorized capital. The authorized capital is changed by the organization, as a rule, based on the results of its work for the year after amendments were made to the constituent documents.

You can increase (decrease) the authorized capital by issuing additional shares (or withdrawing a certain number of them from circulation), as well as by increasing (decreasing) the par value of old shares.

Figure 1.2 - Composition of sources of financial resources

Own funds include:

1) authorized capital;

2) additional capital;

3) retained earnings.

Additional capital includes:

1) results of revaluation of fixed assets;

2) share premium of the joint-stock company;

3) monetary and material assets received free of charge for production purposes;

4) budget allocations to finance capital investments;

5) funds to replenish working capital.

Retained profit is profit received in a certain period and not directed during its distribution for consumption by owners and staff. This part of the profit is intended for capitalization, that is, for reinvestment in production. In terms of its economic content, it is one of the forms of reserve of the organization’s own financial resources, ensuring its production development in the coming period.

To cover the need for fixed and working capital, in some cases it becomes necessary for an organization to attract borrowed capital. Such a need may arise for reasons beyond the organization's control. They may be the optionality of partners, emergency circumstances, reconstruction and technical re-equipment production, lack of sufficient start-up capital, seasonality in production, procurement, processing, supply and marketing of products and other reasons.

Thus, borrowed capital, borrowed financial resources are funds and other property raised to finance the development of an organization on a repayable basis. The main types of borrowed capital are: bank loan, financial leasing, commodity (commercial) loan, bond issue and others.

Borrowed capital is divided into:

1) short-term.

2) long-term.

Borrowed capital for a period of up to one year is classified as short-term, and borrowed capital for more than a year is classified as long-term. The question of how to finance certain assets of an organization - through short-term or long-term capital - must be discussed in each specific case. The efficiency of investing borrowed capital is determined by the degree of return on fixed or working capital.

The process of reproduction prompts the constant search for new sources of financial resources for the organization. Reproduction has two forms:

1) simple reproduction, when the cost of compensating for the depreciation of fixed assets corresponds to the amount of accrued depreciation;

2) expanded reproduction, when the cost of compensating for the depreciation of fixed assets exceeds the amount of accrued depreciation.

In modern conditions, situations arise when depreciation charges are sufficient for the expanded reproduction of fixed assets. This is most characteristically manifested when the structure of fixed assets contains a certain proportion of computer and organizational equipment. This is due to the constant reduction in prices for this equipment by several times and the simultaneous increase in its productivity.

Capital expenditures for the reproduction of fixed assets are long-term in nature and are carried out in the form of long-term investments (capital investments) for new construction, for the expansion and reconstruction of production, for technical re-equipment and for supporting the capacities of existing organizations.

Sources of the organization's own funds to finance the reproduction of fixed assets include:

Depreciation deductions;

Depreciation of intangible assets;

Profit remaining at the disposal of the organization;

Budgetary earmarks;

Funds from the issue of shares.

The Chart of Accounts does not provide for the creation of a special depreciation fund. Depreciation funds are the first source of the enterprise's own funds; they are received as part of sales proceeds to the enterprise's current account, and all expenses for various areas of capital investments are paid directly from the current account.

Through the mechanism of accelerated depreciation, organizations have the opportunity to regulate the amount and timing of financing the reproduction of funds from this source. The actual amounts of depreciation charges, entering the organization's current account along with the proceeds from sales, are included in its working capital and begin to move independently, without connection with the depreciable property. They can remain free, be used for capital investments or invested in other types of working capital. However, the fact that in the circulation of an organization’s funds the sources of funds practically do not differ does not mean that the nature of the formation of these funds does not affect the speed and efficiency of their use.

The sufficiency of sources of funds for the reproduction of fixed capital (as well as working capital) is crucial for the financial condition of the enterprise. Therefore, this controlled parameter of financial condition is always in the field of view of management.

The second source of an organization's own funds to finance the reproduction of fixed assets is depreciation on intangible assets. Intangible assets come to the organization through the following channels:

When purchased for a fee;

As a contribution to the authorized capital;

Free upon receipt.

The characteristic features of intangible assets are:

Lack of material structure;

Ability to make a profit;

Uncertainty regarding the amount of profit generated.

Depreciation on intangible assets is accrued at rates determined by the organization itself. The calculation of norms is based on initial cost and the planned period of use of intangible assets.

The actual amount of depreciation is transferred to the organization's current account along with the proceeds from the sale of products (works, services) and is in circulation.

The third source of the organization's own funds for financing the reproduction of fixed assets is the profit remaining at its disposal (net profit). Organizations independently determine the directions for using net profit in their financial plans.

The fourth source of an organization's own funds to finance the reproduction of fixed assets is budgetary targeted allocations. If an organization fulfills a targeted state order, which is provided for in the state development budget, then the latter allocates targeted funding to the enterprise.

External sources of financing the reproduction of fixed assets include:

Bank loans;

Borrowed funds (bonded loans) from other organizations;

Funding from the budget on a repayable basis;

Financing from extra-budgetary funds on a repayable basis.

Bank loans are provided to an organization on the basis of a loan agreement, the loan is provided on the terms of payment, urgency, repayment against collateral: guarantees, real estate pledge, pledge of other assets of the organization.

Many organizations, regardless of their form of ownership, are created with very limited capital. This practically does not allow them to fully carry out statutory activities at their own expense and leads to their involvement in the turnover of significant credit resources.

Not only large investment projects are credited, but also costs for current activities: reconstruction, expansion, reorganization of production facilities, purchase of leased property by the team and other events.

The source of financing for the reproduction of fixed assets is also borrowed funds from other organizations, which are provided to the organization on a reimbursable or gratuitous basis with strategic interest. Loans to organizations can also be provided by individual investors (individuals).

Other sources of financing the reproduction of fixed assets are budgetary allocations on a repayable basis from federal and local budgets, as well as from industry and intersectoral trust funds.

The issue of choosing sources of financing for capital investments must be decided taking into account many factors:

1) the cost of attracted capital;

2) the efficiency of its return;

3) the ratio of equity and borrowed capital, which determines the financial condition of the organization;

4) the degree of risk of various sources of financing;

5) economic interests of investors and lenders.

Market conditions are constantly changing, so the organization's needs for working capital are not stable.

The structure of sources of working capital also covers own and borrowed ones. As a rule, the organization's minimum need for working capital is covered from its own sources, namely, retained earnings, authorized capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills, etc.), the organization has temporary additional needs for working capital, as well as for fixed assets. In these cases, financial support for economic activity is accompanied by the attraction of borrowed sources: bank and commercial loans, loans, investment tax credit, investment contribution of the organization’s employees, bond issues. Thus, any organization has the opportunity to generate financial resources from both internal and external sources. Of course, it is more expedient for the organization itself to use internal sources and not depend on anyone, but the modern highly competitive market forces business entities to constantly improve the production process, which requires a constant injection of financial resources with limited own sources. There is only one way out - attracting them from outside in the form of short-term and long-term bank loans, temporary use of funds intended for settlements with creditors, including the budget, and the like. But at the same time, the organization’s management must control the relationship between internal and external sources of financial resources. Excessive use of external sources indicates the complete financial dependence of the organization on outsiders, and the predominance of its own indicates an ineffective financial policy and the lack of investment projects, which in the future may lead to obsolescence of production technology and a drop in demand for the manufactured product.

1.3 The role of financial resources in ensuring the reproduction process of the enterprise

An indispensable condition for the existence and development of society at a specifically identified historical stage is, as is known, to ensure the continuity of the process of production of material goods and the system of corresponding production relations between people as socio-economic forms of its actual implementation. The constant repetition of the production process on a constant (quantitatively and qualitatively) or changing scale is defined by economic science as a reproduction process. In the economic literature, two types of reproduction are distinguished: simple and expanded.

According to established scientific opinion, simple reproduction is characterized by the fact that the size of the produced product, as well as its quality, remain unchanged in each subsequent cycle. Accordingly, the factors of production do not undergo changes. The entire surplus product, if produced, is used by the producers themselves for personal consumption.

With expanded reproduction, the size of the produced product in each subsequent cycle increases, which is achieved, among other things, by improving the quality of the product. The factors of production do not remain unchanged. In order for reproduction to occur on an expanded scale, additional or better resources are needed at the beginning of each next cycle (year). Extension source or qualitative improvement Factors of production are surplus product. Consequently, with expanded reproduction, it can no longer go entirely to satisfying personal needs.

The material and technical basis of the production process at any enterprise is the main production assets. In a market economy, the initial formation of fixed assets, their functioning and expanded reproduction are carried out with the direct participation of financial resources, with the help of which funds for special purposes are formed and used, mediating the acquisition, operation and restoration of means of labor.

The initial formation of fixed assets at newly created enterprises occurs at the expense of fixed assets that are part of authorized capital. Fixed assets are funds invested in fixed assets for production and non-production purposes. At the time of acquisition of fixed assets and their acceptance on the balance sheet of the enterprise, the value of fixed assets quantitatively coincides with the value of fixed assets. Subsequently, as fixed assets participate in the production process, their value bifurcates: one part, equal to wear and tear, is transferred to finished products, the other expresses the residual value of existing fixed assets.

The worn-out part of the value of fixed assets transferred to finished products, as the latter is sold, is gradually accumulated in cash in a special depreciation fund. This fund is formed through annual depreciation charges and is used for simple and partially expanded reproduction of fixed assets. The direction of depreciation for the expanded reproduction of fixed assets is determined by the specifics of its accrual and expenditure: it is accrued throughout the entire standard service life of fixed assets, and the need for its expenditure occurs only after their actual disposal. Therefore, until the replacement of decommissioned fixed assets, accrued depreciation is temporarily free and can be used as additional source expanded reproduction. In addition, the use of depreciation for expanded reproduction is facilitated by scientific and technological progress, as a result of which some types of fixed assets can become cheaper, and more advanced and more productive machines and equipment are introduced.

The amount of the depreciation fund is calculated annually by multiplying the book value of fixed assets by the depreciation rate. Economically justified depreciation rates have great importance. They make it possible, on the one hand, to ensure full reimbursement of the cost of decommissioned fixed assets, and on the other hand, to establish the true cost of production, an integral element of which is depreciation charges. From the point of view of commercial calculation, it is equally bad to underestimate depreciation rates (because it can lead to a lack of financial resources necessary for the simple reproduction of fixed assets) and their unreasonable overestimation, causing an artificial increase in the price of products and a decrease in production profitability. Depreciation rates are periodically revised as the service life of fixed assets changes, the process of transferring their value to the manufactured product accelerates under the influence of scientific and technological progress and other factors. Fixed assets are also periodically revalued; its goal is to bring the book value of fixed assets into line with current prices and reproduction conditions.

However, it should be noted that expanded reproduction cannot be ensured only through depreciation charges, since they are intended mainly for simple reproduction. Therefore, to a large extent, capital investments are provided from national income, and primarily the enterprise’s own financial resources are reinvested in capital expenses; equity and share capital mobilized for financial market, credit resources are attracted, and in special cases specifically stipulated in government decisions - budgetary allocations and extra-budgetary funds.

In the composition of the enterprise's own financial resources used for capital investments, profit occupies an important place. IN Lately There is a tendency to increase the absolute size and share of profit in the sources of financing capital investments. There is an opinion that this trend needs to be developed, since its progressiveness lies in the fact that the sources of reproduction of fixed assets are directly linked to the results of production activities. As a result, the material interest of enterprises in achieving better production results increases, since the timeliness and completeness of the formation of financial sources of capital costs depends on them.

Along with profit, funds mobilized in production itself are also used to finance capital investments (profits and savings from construction and installation work carried out in an economic way, mobilization of internal resources, etc.), income from the sale of disposed property, and funds from social development funds.

The allocation of budget funds for capital expenditures ensures the implementation of a unified technical policy and creates financial prerequisites for regulating the structure of social reproduction and the development of priority sectors of the economy. With the transition to market economic principles, the procedure for providing budget funds for capital investments is gradually changing. Previously, budget funds were allocated in the form of direct non-repayable appropriations; now they can be obtained through targeted subsidies (investment allocations), subventions and investment tax credits.

The objective prerequisites for the targeted use of finance in the reproduction process of an organization lie in the main functions of finance - distribution, reproduction, stimulation and control.

The distribution function is implemented within the framework of the distribution of financial resources in the process of circulation of funds directly at enterprises. The entire circulation of enterprise resources is associated with the formation and distribution of funds of financial resources. This function allows you to generate financial resources and funds for special purposes that meet the development needs of the enterprise as a whole and its individual structural divisions.

The reproduction function is implemented through regulation of the reproduction process in the form of targeted management of funds of financial resources and the creation of a financial and economic environment in which it is possible for subjects to achieve designated business interests. This function is a necessary prerequisite for effective management organization cash flows, the possibility of successful use of bank loans, accounts payable, loans and other sources of financial resources.

The stimulating function of finance is of great importance for the development of the production of goods and services and the growth of profitability of enterprises. Implementation of this function through the system established by the organization for enterprises to cover production costs and distribution of profits, through the tax system, an effective system for organizing financial relationships between market entities, as well as through budget financing of the most promising, priority sectors of the economy.

The control function of finance is an important factor economic development and serves as a necessary prerequisite for increasing the efficiency of organizations and accelerating the turnover of their financial resources. By controlling the movement of financial flows, it is possible to exercise real control over the condition, dynamics and efficiency of use of the enterprise’s property.

So, the financial resources of an organization can be considered as part of its capital and as a system of its financial support. The formation of an effective financial support system for an organization implies a reasonable combination of all production factors aimed at maximizing profits. The financial well-being of the business entity as a whole, as well as its owners and employees, depends on how efficiently and expediently financial resources are transformed into fixed and working capital, as well as into means of stimulating personnel.

The organization's financial resources are generated from certain sources. The sources of formation of the organization's financial resources are a set of sources to satisfy the need for capital for the coming period, ensuring the development of the organization. These sources are divided into own (internal) and borrowed (external).

We can say that finance plays an important role in the reproduction process. Financial resources are intended, first of all, to ensure the production process. Their use can be in the form of advances and investments in production activities. The role of financial resources can be seen most clearly through their functions: distribution, reproduction, stimulation and control.

2. Analysis of the formation and use of financial resources using the example of Metur LLC

2.1 Composition and structure of financial resources of Metur LLC

The enterprise under study has the organizational and legal form of "Limited Liability Company". Full name of the enterprise: Limited Liability Company "Metur".

Metur LLC is one of the largest independent companies supplying rolled metal products to the markets of Russia and the CIS countries. The company is engaged in wholesale and retail trade in rolled metal, and is also developing a production line: processing metal and producing various profiles.

Branches and representative offices of the Company operate in almost all subjects of the federation, in 46 cities in Russia and abroad. Since 2001, the company has been a member of the Russian Union of Suppliers of Metal Products (RSPM) and, according to Forbes magazine, is one of the 200 largest companies in Russia.

The total number of employees of the Company is 2,380 people.

The company's share accounts for 5% of the metal consumption market in Russia. A total of 150,000 tons of metal products, more than 10,000 items and standard sizes, are constantly in the warehouses of the Metur company.

The company has 248,600 sq. m of warehouse space, of which 108,000 sq. m. - covered warehouse complexes; 136 industrial real estate objects; 40 land plots.

A significant part of warehouse and office premises is owned by the Company.

The Company's main suppliers are the largest metallurgical plants in Russia and the CIS countries, including: MMK, NLMK, NTMK, ZSMK, NSMMZ, Severstal, MECHEL, PNTZ, STZ, ChMZ, Mital Steel. Relative independence from suppliers allows the Company to optimize supply logistics and combine the delivery of orders to different regions into pools to minimize costs.

Financial resources are funds at the disposal of an organization. But you need to understand that money itself does not bring profit. They must be invested or used in speculative transactions. Therefore, when they talk about the financial resources of an organization, they mainly mean the process of attracting them. Attracted financial resources are immediately converted into other types of resources (fixed or working capital, labor, etc.), or directed to other needs of the organization, as a result of which the production process is activated in order to make a profit.

An analysis of the financial resources of Metur LLC is presented in Table 2.1.

Table 2.1 - Analysis of financial resources of Metur LLC for 2008-2009, thousand rubles.

Financial resources			Deviation
Non-current assets, including:
Fixed assets
Construction in progress
Deferred tax assets
Current assets, including:
	raw materials, supplies and other similar assets
	costs in work in progress
	finished products and goods for resale
	Future expenses
Total reserves
Cash

As follows from the results of the analysis, the balance sheet decreases annually. In 2009, compared to 2008, the balance sheet currency decreased by 1.5%. main reason- a decrease in the level of non-current assets, which occurred due to a decrease in the volume of unfinished construction and long-term financial investments.

As for current assets, there is also a decline in indicators for many positions. Thus, the level of funds invested in raw materials and materials has decreased, which is associated with the rationalization of production. As a consequence, there is a reduction in the level of value added tax on purchased assets. For other positions, there is an increase in indicators, but not significantly. The level of short-term accounts receivable has increased significantly.

In order to determine which financial resources predominate at the enterprise, consider their structure in the reporting year (see Table 2.2).

Table 2.2 - Structure of financial resources of Metur LLC in 2009, thousand rubles.

Financial resources	For the beginning of the year	At the end of the year	Structure, %
			For the beginning of the year	At the end of the year	Dynamics
Non-current assets, including:
Fixed assets
Construction in progress
Long-term financial investments
Deferred tax assets
Current assets, including:
	raw materials, supplies and other similar assets
	costs in work in progress
	finished products and goods for resale
	Future expenses
Value added tax on purchased assets
Accounts receivable (payments for which are expected within 12 months after the reporting date)
Cash

As can be seen in Table 2.2, the main share of financial resources falls on current assets, and this share increased by 2.59% in 2009. As for non-current assets, their share in general structure financial resources decreased accordingly in 2009 by 2.59%.

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Determining the content and studying the structure of the enterprise's financial resources. Research of financial resources of municipal enterprises. Analysis of the features of the formation and use of financial resources using the example of the Lida State Unitary Enterprise Housing and Communal Services.

thesis, added 08/29/2011


Theoretical aspects of the concept and essence of financial resources of an enterprise. Analysis of the formation and use of enterprise finances using the example of Siemens LLP. Problems of formation and ways to improve the use of financial resources at Siemens LLP.

thesis, added 02/25/2011


Theoretical information about the formation, composition and characteristics of the financial resources of an enterprise. Organizational and economic characteristics of Rassvet LLC. Optimization of the process of formation and use of financial resources using the example of Rassvet LLC.

thesis, added 11/02/2010


The essence and classification of financial resources, features of their formation, use and movement. Analysis of factors for the growth of financial resources, their impact on the financial condition of the enterprise. Most effective methods use of financial resources.

course work, added 11/10/2010


Composition, structure and dynamics of sources of capital formation of an enterprise, factors of change in their value. Distribution order balance sheet profit. Increasing the efficiency of use of financial resources in LLC Agricultural Enterprise "Mokva".