The concept and types of cash flows. Types of cash flows of an organization: the importance of their analysis and management Cash flows by type of activity with examples

One of the areas of enterprise financial management is effective management streams Money. Full score financial condition enterprise is impossible without the analysis of cash flows. Currently, most enterprises (more than 80%) have a lack of working capital. At the same time, many of them operate at a profit. One of the tasks of cash flow management is to identify the relationship between these flows and profit, i.e. whether the income generated is the result of effective cash flows or is it the result of some other factors.

When analyzing the financial condition of an enterprise, it is necessary to clearly understand that the profit for the reporting period and the funds received by the enterprise during the period are not the same.

What is the difference between cash flow and profit?

Revenue- accounting income from the sale of products or services for a given period, reflecting both monetary and non-monetary forms of income.

Profit- the difference between accounting income from sales and accrued expenses for products sold.

cash flow- the difference between all the funds received and paid by the enterprise for a certain period of time.

Profit is an increase in the company's cash over a period, which characterizes the effectiveness of enterprise management. The presence of profit does not mean that the enterprise has free cash available for the share of use.

There are such concepts as "cash flow" and "cash flow".

Under cash flow refers to all gross cash receipts and payments of the enterprise.

cash flow is associated with a specific period of time and represents the difference between all the funds received and paid out by enterprises during this period.

The movement of money is the fundamental principle, as a result of which finances arise, i.e. financial relations, cash funds, cash flows.

Cash flow management involves:

Analysis of these streams,

cash flow accounting,

Development of a cash flow plan.

In world practice, cash flow is denoted by the concept "cash flow" (cash flow), although the literal translation (from English) of this term is cash flow. A cash flow in which outflows exceed inflows is called a “negative cash flow”, otherwise it is a “positive cash flow”.

Since the main activity of the company is the main source of profit, it should also be the main source of cash.

Since, in the event of a successful business, an enterprise seeks to expand and modernize its production facilities, investment activity in general leads to a temporary cash outflow.

Financial activities are designed to increase the funds at the disposal of the company for financial support of the main and investment activities.

As already noted, cash flows are associated with cash inflows and outflows:

Receipt (inflow) of funds	Kind of activity	Cash withdrawal (outflow)
Revenue from sales of products Receipt of receivables Receipt from sales material assets, barter advances buyers	Primary activity	Payments to suppliers wages Payments to the budget and extra-budgetary funds Payments of interest on a loan Payments on the consumption fund Repayment of accounts payable
Sale of fixed assets, intangible assets, construction in progress Income from the sale of long-term financial investments Dividends, interest on long-term financial investments	Investment activities	Capital investments for production development Long-term financial investments
Short-term loans and borrowings Long-term loans and borrowings Proceeds from the sale and payment of promissory notes Proceeds from the issuance of shares Target financing	Financial activities	Repayment of short-term credits and loans Repayment of long-term credits and loans Payment of dividends Payment of promissory notes

The need to divide the activities of the enterprise into three of its types is explained by the role of each and their relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, while investment and financial activities are designed to contribute, on the one hand, to the development of the main activity, on the other hand, to provide it with additional funds.

Cash flow analysis associated with the clarification of the causes that influenced:

Increased cash flow;

Reduction of their inflow;

Increase their outflow;

Reducing their outflow.

This can be done both for a long period (several years) and for a short one (quarter, year). Such an analysis will be of undoubted interest if it is done for a period reflecting some stage in the activity of the enterprise, for example, from the moment of creation joint-stock company, release start new products, completion of reconstruction, etc.

There are two methods for calculating cash flow:

direct and indirect.

The differences between these methods follow from the principles of calculations.

At direct method :

Calculation of flows is carried out on the basis of accounting accounts of the enterprise;

The calculation basis for the direct method is the proceeds from the sale of products;

Cash flow is defined as the difference between all the inflows of funds in the enterprise for three types of activities and their outflows;

The balance of funds at the end of the period is defined as their balance at the beginning, taking into account their flow for a given period.

As a result, the company receives answers to questions about cash inflows and outflows and their sufficiency to ensure all payments.

at indirect method:

- the calculation is carried out on the basis of indicators of the balance sheet of the enterprise (Form-1) and the statement of financial results (Form-2);

The basis for the calculation is retained earnings, depreciation, as well as changes in the assets and liabilities of the enterprise. Here, an increase in assets reduces the company's cash, and an increase in liabilities - increases, and vice versa;

Shows the relationship of various activities of the enterprise, as well as the impact on profits of changes in the assets and liabilities of the enterprise.

Types and forms of payments

Carrying out business activities, the company is faced with the need to produce cash settlements both within the enterprise itself and outside it. Internal settlements are related to the payment of wages and accountable amounts to employees, dividends to shareholders, etc. External settlements are due to financial relationships regarding the supply of products, the performance of work, the provision of services, the purchase of raw materials and materials, the payment of taxes, contributions to extra-budgetary funds, the receipt and repayment of a loan and etc.

All calculations of the enterprise can be divided into groups:

1. Payments for commodity transactions - operations related to the movement of goods, settlements with suppliers and contractors, buyers and customers, commission agents and consignors.

2. Settlements for non-commodity transactions - transactions not caused by the movement of goods and associated only with the movement of funds - settlements with the budget and extra-budgetary funds, founders, shareholders, accountable persons, principals and attorneys, credit organizations

Settlements for commodity transactions are carried out by the following types of payments:

payment orders;

Planned payments:

Payment requests-orders;

Letters of credit;

Settlement checks;

Set-off of mutual requirements;

bills;

Oncoming movement of goods (barter transactions).

For non-commodity transactions, settlements are carried out only with the help of payment orders.

Cash flow management is one of the main activities of the company. Cash flow management includes the calculation of the time of circulation of funds (financial cycle), cash flow analysis, its forecasting, determining the optimal level of cash, budgeting cash, etc.

Cash flow management of any commercial organization is an important part of the overall management system of its financial activities.

Cash flow management allows you to solve various problems of financial management and is subordinate to its main goal.

The main goal of cash flow management is to ensure the financial balance of the enterprise in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

Cash flow management involves the analysis of these flows, cash flow accounting, development of a cash flow plan. In world practice, cash flows are referred to as "cash flow".

Enterprise cash flow management process

Cash flow management process The enterprise is based on certain principles, the main of which are:

1. The principle of informative reliability. Like every control system, cash flow management should be provided with the necessary information base. The source of information for the analysis of cash flows, first of all, is the cash flow statement (previously form 4 of the balance sheet), the balance sheet itself, the income statement and appendices to the balance sheet.

2. The principle of ensuring balance. Enterprise cash flow management deals with many types and varieties of enterprise cash flows. Their subordination to the common goals and objectives of management requires balancing the cash flows of the enterprise by types, volumes, time intervals and other essential characteristics. The implementation of this principle is connected with the optimization of the company's cash flows in the process of managing them.

3. The principle of ensuring efficiency. Cash flows are characterized by a significant unevenness in the receipt and expenditure of funds in the context of individual time intervals, which leads to the formation of volumes of temporarily free cash. In essence, these temporarily free cash balances are in the nature of non-productive assets (until they are used in the economic process), which lose their value over time, from inflation and for other reasons. The implementation of the principle of efficiency in the process of managing cash flows is to ensure their effective use by making financial investments of the enterprise.

4. The principle of providing liquidity. High unevenness certain types cash flows generates a temporary shortage of funds, which adversely affects the level of its solvency. Therefore, in the process of managing cash flows, it is necessary to ensure a sufficient level of their liquidity throughout the entire period under review. The implementation of this principle is ensured by appropriate synchronization of positive and negative cash flows in the context of each time interval of the period under consideration.

Taking into account the considered principles, a specific process of managing the cash flows of an enterprise is organized.

Cash flow management system

If the object of management is the cash flows of the enterprise associated with the implementation of various economic and financial transactions, then the subject of management is the financial service, the composition and number of which depends on the size, structure of the enterprise, the number of operations, activities and other factors:

in small businesses Chief Accountant often combines the functions of the head of finance and planning departments;

in the middle ones, accounting, the department of financial planning and operational management stand out;

v large companies the structure of the financial service is expanding significantly - under the general leadership financial director there are accounting departments, departments of financial planning and operational management, as well as an analytical department, a department valuable papers and currencies.

As for elements of the cash flow management system, then they should include financial methods and tools, regulatory, information and software:

• among financial methods that have a direct impact on the organization, dynamics and structure of the enterprise's cash flows, we can distinguish a system of settlements with debtors and creditors; relationships with founders (shareholders), contractors, government bodies; lending; financing; fund formation; investment; insurance; taxation; factoring, etc.;
• financial instruments combine money, loans, taxes, forms of payment, investments, prices, bills and other instruments stock market, depreciation rates, dividends, deposits and other instruments, the composition of which is determined by the peculiarities of the organization of finance at the enterprise;
• legal support of the enterprise consists of a system of state laws and regulations, established norms and standards, the charter of an economic entity, internal orders and orders, and a contractual framework.

V modern conditions a necessary condition for the success of a business is the timely receipt of information and prompt response to it, therefore, an important element in managing the cash flows of an enterprise is intracompany reporting.

Thus, the cash flow management system at an enterprise is a set of methods, tools and specific techniques for a purposeful, continuous impact on the cash flow by the financial service of an enterprise in order to achieve the goal.

Enterprise cash flow planning

One of the stages of cash flow management is the planning stage. Cash flow planning helps the professional determine the sources of funds and evaluate their use, as well as identify the expected cash flows, and therefore the growth prospects of the organization and its future financial needs.

The main task of drawing up a cash flow plan is to check the reality of the sources of funds and the validity of expenses, the synchronism of their occurrence, to determine the possible need for borrowed funds. The cash flow plan can be drawn up in a direct or indirect way.

TRIBUTIES	OUTFLOWS
Primary activity
Revenue from product sales	Payments to suppliers
Receipt of accounts receivable	Salary payment
Proceeds from the sale of material assets, barter	Payments to the budget and off-budget funds
Buyers advances	Payments % for a loan
	Consumption fund payments
	Repayment of accounts payable
Investment activities
Sale of fixed assets, intangible assets, construction in progress	Capital investments for the development of production
Proceeds from the sale long-term financial investments	Long-term financial investments
Dividends, % of financial investments
Financial activities
Short-term credits and loans	Repayment of short-term loans, loans
Long-term credits and loans	Repayment of long-term loans, loans
Proceeds from the sale and payment of promissory notes	Payment of dividends
Proceeds from the issue of shares	Payment of bills
Special-purpose financing

The need to divide cash flows into three types is explained by the role of each and their relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, while investment and financial activities are designed to contribute to the development of the main activity and provide it with additional funds.

The cash flow plan is drawn up for various time intervals (year, quarter, month, decade), for the short term it is drawn up in the form of a payment calendar.

Payment schedule is a production plan financial activities, in which all sources of cash receipts and expenses for a certain period of time are calendar-related. It fully covers the cash flow of the enterprise; makes it possible to link receipts of funds and payments in cash and non-cash form; allows to ensure constant solvency and liquidity.

In the process of compiling a payment calendar, the following tasks are solved:

• organization of accounting for the temporary docking of cash receipts and future expenses of the organization;
• formation of an information base on the movement of cash inflows and outflows;
• daily accounting of changes in the information base;
• analysis of non-payments and organization of measures to eliminate their causes;
• calculation of the need for short-term financing;
• calculation of temporarily free funds of the organization;
• analysis of the financial market from the position of the most reliable and profitable placement of temporarily free funds.

The payment calendar is compiled on the basis of a real information base on cash flows, which includes: contracts with counterparties; acts of reconciliation of settlements with counterparties; invoices for products; invoices; bank documents on receipt of funds to accounts; money orders; product shipment schedules; payroll schedules; status of settlements with debtors and creditors; by law deadlines payments on financial obligations to the budget and off-budget funds; internal orders.

To effectively draw up a payment calendar, it is necessary to control information about the balance of funds in bank accounts, funds spent, average balances per day, the state of the organization's marketable securities, planned receipts and payments for the coming period.

Balancing and synchronization of cash flows

The result of developing a cash flow plan can be both a deficit and an excess of cash. Therefore, at the final stage of cash flow management, they are optimized by balancing in volume and time, synchronizing their formation in time, and optimizing the cash balance on the current account.

Both deficit and excess cash flow have a negative impact on the activities of the enterprise. The negative consequences of a deficit cash flow are manifested in a decrease in the liquidity and solvency of an enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in paying wages, an increase in the duration of the financial cycle, and, ultimately, in a decrease in profitability of use equity and company assets.

The negative consequences of excess cash flow are manifested in the loss of the real value of temporarily unused funds from inflation, the loss of potential income from the unused part of monetary assets in the field of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

According to I. N. Yakovleva, the volume of scarce cash flow should be balanced by:

1. attracting additional equity or long-term debt capital;
2. improving work with current assets;
3. getting rid of non-core non-current assets;
4. reduction of the enterprise's investment program;
5. cost reduction.

The amount of excess cash flow should be balanced by:

1. increasing the investment activity of the enterprise;
2. expansion or diversification of activities;
3. early repayment of long-term loans.

In the process of optimizing cash flows over time, two main methods are used - leveling and synchronization. Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method eliminates, to a certain extent, seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

Synchronization of cash flows is based on the covariance of their positive and negative types. In the process of synchronization, an increase in the level of correlation between these two types of cash flows should be ensured. The results of this method of optimizing cash flows over time are evaluated using the correlation coefficient, which should tend to the value “+1” during the optimization process.

The tightness of the correlation increases due to the acceleration or deceleration of the payment turnover.

The payment turnover is accelerated due to the following measures:

1. increasing the amount of discounts to debtors;
2. shortening the period of commodity credit provided to buyers;
3. tightening credit policy on the issue of debt collection;
4. tightening the procedure for assessing the creditworthiness of debtors in order to reduce the percentage of insolvent buyers of the organization;
5. use of modern financial instruments, such as factoring, accounting of bills, forfeiting;
6. use of such types of short-term loans as overdraft and line of credit.

The slowdown in the payment turnover can be carried out due to:

1. increasing the term of trade credit provided by suppliers;
2. acquisition of long-term assets through leasing, as well as outsourcing of strategically less significant areas of the organization's activities;
3. converting short-term loans into long-term ones;
4. reduction of cash settlements with suppliers.

Calculation of the optimal cash balance

Cash as a type of current assets is characterized by some features:

1. routine - cash is used to pay off current financial obligations, so there is always a time gap between incoming and outgoing cash flows. As a result, the company is forced to constantly accumulate free cash on a bank account;
2. precaution - the activity of the enterprise is not strictly regulated, therefore, cash is necessary to cover unforeseen payments. For these purposes, it is advisable to create an insurance cash reserve;
3. speculative - funds are needed for speculative reasons, since there is always a small probability that an opportunity for profitable investment will suddenly appear.

However, cash itself is a non-profitable asset, so the main goal of the cash flow management policy is to maintain them at the minimum required level, sufficient for the effective financial and economic activities of the organization, including:

• timely payment of suppliers' invoices, allowing you to take advantage of the discounts they provide on the price of the goods;
• maintaining a constant creditworthiness;
• payment of unforeseen expenses arising in the course of economic activity enterprises.

As noted above, if there is a large amount of money on the current account, the enterprise incurs the costs of missed opportunities (refusal to participate in any investment project). With a minimum supply of cash, there are costs to replenish this stock, the so-called maintenance costs (sales expenses due to the purchase and sale of securities, or interest and other costs associated with raising a loan to replenish the balance of funds). Therefore, when solving the problem of optimizing the balance of money on the current account, it is advisable to take into account two mutually exclusive circumstances: maintaining current solvency and obtaining additional profit from investing free cash.

There are several basic methods for calculating the optimal cash balance: mathematical models of Baumol-Tobin, Miller-Orr, Stone, etc.

An important step in cash flow management is the analysis of coefficients calculated on the basis of cash flow indicators. Analysts have proposed quite a lot of coefficients that reveal the relationship of cash flows with balance sheet and income statement items and characterize the financial stability, solvency and profitability of companies. Many of these ratios are similar to those calculated using profit or revenue figures.

The efficiency of the enterprise depends entirely on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans of the enterprise, maintaining solvency and financial stability, more rational use its assets and sources of financing, as well as minimizing the cost of financing business activities.

Main role in cash flow management is given to ensuring their balance in terms of types, volumes, time intervals and other essential characteristics.

The importance and importance of cash flow management in an enterprise can hardly be overestimated, since not only the stability of the enterprise in a specific period of time, but also the ability to further develop, achieve financial success in the long term depends on its quality and efficiency.

Literature:

1. Bertones M. Knight R. Cash flow management - St. Petersburg: Peter, 2004.
2. Bykova E.V. Cash flow measures in valuation financial stability enterprises. // Finance. - №2, 2000.
3. Efimova O.V. How to analyze the financial position of the company. - M.: UNITI, .2005.
4. Kovalev V.V. Management of cash flows, profit and profitability: a training manual - M .: TK Welby, Publishing House Prospekt, 2007.
5. Romanovsky M.V., Vostroknutova A.I. Corporate finance: Textbook for universities - St. Petersburg: St. Petersburg, 2011.

Purpose and objectives of cash flow management

Topic 8. Cash flow management of the organization

The implementation of all types of financial and business operations of the organization is accompanied by the movement of funds - their receipt or expenditure. This continuous process is defined by the concept cash flow.

Cash flow- a set of time-distributed cash inflows and outflows.

Management Goal cash flows - Ensuring the financial balance of the organization in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

Tasks of cash flow management:

formation of a sufficient amount of funds of the organization in accordance with the needs of its economic activity;

optimization of the distribution of the volume of generated financial resources of the organization in the areas of economic activity;

provision high level financial stability and solvency of the organization;

· maximizing the growth of net cash flow, ensuring the specified pace of development of the organization;

· minimization of losses in the value of funds in the process of their economic use.

There are the following types of cash flows.

· By type of activity allocate cash flows from current (operating), financial and investment activities.

· Direction of cash flow allocate a positive cash flow characterizing the totality of cash receipts and a negative cash flow characterizing the totality of payments.

· By calculation method allocate gross cash flow, representing the totality of receipts and expenditures of funds and net cash flow, representing the difference between positive and negative cash flows.

· According to the degree of continuity single out regular ones, i.e. providing for equal intervals between payments and irregular (discrete).

· By volume sufficiency allocate excess cash flow, representing the excess of cash inflows over their outflows and deficit cash flow, in which cash receipts are lower than the organization's needs for spending them.

The organization's cash flows in all forms and types, and, accordingly, the total cash flow are the most important independent object of financial management.

The system of key indicators characterizing the cash flow includes:

the volume of cash receipts;

the amount of money spent;

the volume of net cash flow;

the amount of cash balances at the beginning and end of the period under review;

check amount of funds;

· Distribution of the total amount of cash flows of certain types for certain intervals of the period under review. The number and duration of such intervals are determined by the specific tasks of analyzing or planning cash flows;

· assessment of factors of internal and external nature, influencing the formation of cash flows of the organization.

Cash flow is carried out in three types of activities:

current (main, operational) activity;

· investment activities;

· financial activities.

Current (main, operating) activities- the activity of the organization, pursuing the extraction of profit as the main goal, or not having the extraction of profit as such in accordance with the subject and objectives of the activity, i.e., the production of industrial, agricultural products, the implementation construction works selling goods, providing services Catering, harvesting agricultural products, leasing property, etc.

Inflows from current activities:

receipt of proceeds from the sale of products (works, services);

Receipts from the resale of goods received by barter;

Receipts from the repayment of receivables;

advances received from buyers and customers.

Outflows from current activities:

payment for purchased goods, works, services;

Issuance of advances for the purchase of goods, works, services;

payment of accounts payable for goods, works, services;

· salary;

payment of dividends, interest;

· payment according to calculations on taxes and fees.

Investment activities- activities of the organization related to the acquisition of land, buildings, other real estate, equipment, intangible assets and other non-current assets, as well as their sale; with the implementation of own construction, expenses for research, development and technological development; with financial investments.

Inflows from investment activities:

receipt of proceeds from the sale of non-current assets;

receipt of proceeds from the sale of securities and other financial investments;

income from the repayment of loans granted to other organizations;

receiving dividends and interest.

Outflows from investment activities:

payment for acquired non-current assets;

payment of acquired financial investments;

· issuance of advances for the acquisition of non-current assets and financial investments;

granting loans to other organizations;

· Contributions to authorized (share) capitals of other organizations.

Financial activities- the activity of the organization, as a result of which the value and composition of the organization's own capital, borrowed funds change.

Cash inflows from financing activities:

Receipt from the issue of equity securities;

income from loans and credits provided by other organizations.

Outflows from financial activities:

repayment of loans and credits;

Repayment of financial lease obligations.

The cash flows generated by the current activities of the organization often go into the sphere of investment activities, where they can be used to develop production. However, they can also be directed to the sphere of financial activity for the payment of dividends to shareholders. Current activities are quite often supported by financial and investment activities, which ensures additional capital inflow and the organization's survival in a crisis situation. In this case, the organization ceases to finance capital investments and suspends the payment of dividends to shareholders.

The cash flow from current activities is characterized by the following features:

current activity is the main component of all economic activity of the organization, therefore, the cash flow generated by it should occupy the largest share in the total cash flow of the organization;

forms and methods of current activities depend on industry characteristics, therefore, in different organizations, cash flow cycles of current activities can vary significantly;

· Operations that determine the current activity are distinguished, as a rule, by regularity, which makes the monetary cycle quite clear;

· current activity is focused mainly on the commodity market, so its cash flow is associated with the state of the commodity market and its individual segments. For example, a shortage of inventories in the market can increase the outflow of money, and overstocking finished products can reduce their influx;

current activities, and hence its cash flow, are inherent in operational risks that can disrupt the cash cycle.

Fixed assets are not included in the cash flow cycle of current activities, since they are part of investing activities, but it is impossible to exclude them from the cash flow cycle. This is explained by the fact that current activities, as a rule, cannot exist without fixed assets, and in addition, part of the costs of investment activities is reimbursed through current activities through depreciation of fixed assets.

Thus, the current and investment activities of the organization are closely related. The cash flow cycle from investing activities is the period of time during which cash invested in non-current assets will return to the organization in the form of accumulated depreciation, interest or proceeds from the sale of these assets.

The cash flow from investing activities is characterized by the following features:

· the investment activity of the organization is subordinate in relation to the current activities, so the inflow and outflow of funds from investment activities should be determined by the pace of development of current activities;

Forms and methods of investment activity are much less dependent on the industry characteristics of the organization than current activities, therefore, in different organizations, the cycles of cash flows of investment activities are usually almost identical;

· the inflow of funds from investment activities in time is usually significantly distant from the outflow, i.e. the cycle is characterized by a long time lag;

investment activity has various forms (acquisition, construction, long-term financial investments, etc.) and different directions of cash flow in certain periods of time (as a rule, initially outflow prevails, significantly exceeding inflow, and then vice versa), which makes it difficult to represent its cash flow cycle flow in a fairly clear pattern;

· investment activity is associated with both commodity and financial markets, the fluctuations of which often do not coincide and can affect the investment cash flow in different ways. For example, an increase in demand for commodity market may give the entity an additional cash flow from the disposal of property, plant and equipment, but this will generally result in a decrease financial resources in the financial market, which is accompanied by an increase in their value (percentage), which, in turn, can lead to an increase in the organization's cash outflow;

The cash flow of investment activities is affected by specific types of risks inherent in investment activities, united by the concept investment risks, which are more likely to occur than operational ones.

The cash flow cycle of financial activity is the period of time during which money invested in profitable objects will be returned to the organization with interest.

The cash flow from financing activities is characterized by the following features:

financial activity is subordinate in relation to the current and investment activities, therefore, the cash flow of financial activities should not be formed to the detriment of the current and investment activities of the organization;

the volume of cash flow of financial activities should depend on the availability of temporarily free cash, so the cash flow of financial activities may not exist for every organization and not constantly;

financial activity is directly related to the financial market and depends on its state. A developed and stable financial market can stimulate the financial activity of the organization, therefore, provide an increase in the cash flow of this activity, and vice versa;

· financial activities are characterized by specific types of risks, defined as financial risks, which are characterized by a special danger, therefore, they can significantly affect the cash flow.

The cash flows of the organization are closely related to all three types of its activities. Money constantly "flows" from one activity to another. The cash flow of current activities, as a rule, should fuel investment and financing activities. If there is a reverse direction of cash flows, then this indicates an unfavorable financial position organizations.

Efficiently organized cash flows of the company are the most important symptom of its "financial health", a prerequisite for ensuring sustainable growth and achieving high final results of economic activity in general. Knowledge and practical use of modern principles, mechanisms and methods for organizing and effectively managing cash flows make it possible to ensure the company's transition to a new quality economic development in market conditions.

Cash flows represent a set of receipts and payments of cash in the process of operating, investing and financial activities of the company. Cash flows from core activities are associated with current operations for receipt of sales proceeds, payment of supplier invoices, receipt of short-term loans and borrowings, payment of wages, settlements with the budget. Cash flows (outflows) in the process of investment activity, as a rule, are directed to the acquisition of fixed assets, intangible assets.

Cash flows from financial activities are receipts and payments of cash associated with raising additional equity or share capital, obtaining long-term and short-term loans and borrowings, paying dividends and interest on deposits of owners in cash, and some other cash flows associated with the implementation of external financing of economic activity of the organization.

Information about the cash flows associated with financing activities makes it possible to predict the future amount of cash to which the providers of capital of the enterprise will be entitled.

The directions of the outflow and inflow of funds from financial activities are presented in Table. one.

Table 1. Main directions of cash inflow and outflow from financial activities

The company's cash flow management is an important part of the overall financial management system. Effective cash flow management requires the formation of a special cash flow policy as part of the company's overall financial strategy. The implementation process of this policy is developed in accordance with the following main stages:

• analysis of the company's cash flows in the previous period;
• study of factors influencing the formation of the company's cash flows;
• substantiation of the type of cash flow management policy of the company;
• the choice of directions and methods for optimizing the company's cash flows, ensuring the implementation of the chosen policy for managing them;
• planning the company's cash flows in the context of their individual types;
• ensuring effective control over the implementation of the chosen cash flow management policy of the company.

The main purpose of cash flow analysis is to determine the causes of the shortage (excess) of funds, sources of their receipt and directions of spending to control the current solvency of the company.

In practice, direct and indirect methods are used to determine cash flows. The difference between them lies in the different sequence of procedures by which the amount of cash flow is determined.

Analysis of funds by the direct method makes it possible to assess the liquidity of the enterprise, since it reveals in detail the cash flow in the accounts and allows you to draw operational conclusions regarding the sufficiency of funds for payments on current obligations, for investment activities and additional costs.

The direct method is based on the calculation of the inflow (revenue from the sale of products, works and services, advances received, etc.) and outflow (payment of supplier invoices, return of short-term loans and borrowings, etc.) of funds, that is, the initial element is revenue.

The indirect method is based on the analysis of balance sheet and income statement items, accounting for cash flow transactions, and consistent adjustment net profit, that is, the initial element is profit. This method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in cash. The indirect method is based on studying the form of the Profit and Loss Statement from the bottom up, which is why it is sometimes called the "bottom". The direct method is called the "upper" method, since the "Profit and Loss Statement" is analyzed from top to bottom.

Net cash flows from financing activities are calculated using the direct method only.

The direct method has a simpler calculation procedure that is understandable to domestic accountants and economists. It is directly related to accounting registers (General Ledger, order journals, analytical accounting data, etc.), and is convenient for calculating indicators for controlling the receipt and expenditure of funds. At the same time, the excess of receipts over payments both for the company as a whole and for types of activity means an inflow of funds, and the excess of payments over receipts means their outflow.

Cash flow analysis allows us to explain with a certain degree of accuracy the discrepancy between the amount of cash flow that took place at the enterprise in the reporting period and the profit received during this period.

The source of information for the analysis is form No. 1 “Balance sheet of the enterprise” and form No. 4 “Cash flow statement”, the content of which can be summarized in the following model:

d 0 + Δ +d - Δ -d \u003d d 1, (1)

where d 0 , d 1 - cash balances of the enterprise at the beginning and end of the reporting period;

Δ +d - receipt of funds for the period;

Δ -d - disposal (expenditure) of funds for the period.

Cash flow can be associated with various aspects of the enterprise, therefore, in the form No. 4, cash receipts and expenditures are presented in the context of current, investment and financial activities.

Reflect this structure cash flows in the respective models:

Δ +d = Δ +d current + Δ +d inv + Δ +d fin, (2)

Δ -d = Δ -d current + Δ -d inv + Δ -d fin, (3)

where Δ +d current, Δ -d current - receipt and expenditure of funds from current activities;

Δ +d inv, Δ -d inv - receipt and expenditure of funds from investment activities;

Δ +d fin, Δ -d fin - receipt and expenditure of funds from financial activities.

For a more in-depth analysis of the cash flow from the financial activities of the company, changes are required that are advisable to be introduced into Form No. 4 “Cash Flow Statement”. This report can be prepared monthly or quarterly. An example of such a form is presented in Table. 2.

Table 2. Analytical report on cash flows from the financial activities of the company

	Indicator	Sources and directions of use of funds	Cash inflow	Cash outflow
	External use of funds, including:	Settlement: line 2 + line 3
	Reducing the amount of borrowed capital
	Decrease in equity
	Dividends paid by company owners
	Surplus (deficit) of funds	Settlement
	External financing of the company, including:	Settlement
	Equity Growth
	Debt growth
	Gross cash flow from ordinary financial activities	Settlement
	Net cash flow from ordinary financing activities	Settlement: VP - VO
	Net cash flow from extraordinary financial activities
	Non-cash adjusting items for financial activities: a) currency revaluation; b) other
Total net cash flow from financing activities		Settlement

Notes.

+, (-) - the digital value of the positive and negative cash flow, respectively;
NPV, CHODS - net inflow (outflow) of funds;
VP, VO - gross inflow (outflow).

Optimization of cash flows from the company's financial activities is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

An important component of the cash flow statement is information on the involvement in economic turnover and withdrawal from it of funds supplied by owners and third parties.

In table. 3 provides a description of the main items of receipt and expenditure of funds in the context of accounting accounts of financial and economic activities attributable to the external economic environment, that is, borrowings and their repayment.

Table 3. Cash flows from financial activities

Admission			Sent
Proceeds from additional issue of own shares			Redemption of own shares
Proceeds from the issue of own bonds			Redemption of own bonds
Getting a bank loan			Bank loan repayment
Additional cash contributions of the participant, owner and repayment of debt on contributions to the authorized capital			Dividend payments
Advances received			Advances paid
Financial aid			Financial assistance provided
Income target financing
Funds received free of charge

To calculate the optimal cash balance on the current account, models are used that allow estimating the total amount of cash and cash equivalents, the share that should be kept on the current account, the share that should be held in the form of marketable securities, as well as assessing the moments of cash transformation and marketable assets.

If an organization has a large cash reserve that exceeds the amount of forecast payments, then it suffers certain losses, since it does not use them to purchase government securities that generate income in the form of interest. Government securities are discless, so an alternative to free cash in bank accounts is to invest excess funds in liquid securities, that is, assets that are close to absolutely liquid.

Thus, the company's typical cash policy is as follows: the company must maintain an optimal level of free cash, which is supplemented by some amount of cash invested in liquid securities or time deposits.

To determine the optimal level of funds in Western practice, the Baumol and Miller-Orr models are used.

Baumol's model assumes that an enterprise starts operating with the maximum and appropriate level of funds for it, and then gradually spends them over a certain period. As soon as the cash reserve is depleted, that is, it becomes equal to zero or reaches the level of safety, the enterprise sells its short-term securities and replenishes the cash reserve to the original amount. This model is only suitable for companies whose cash income is stable and predictable.

where Q is the replenishment amount;

V is the projected need for funds in the period (month, quarter, year);

C is the cost of converting cash into securities;

r - acceptable income for the enterprise on short-term financial investments.

The logic of the Miller-Orr model is as follows: the cash balance on the current account changes randomly until it reaches a certain upper limit. As soon as this happens, the company begins to buy securities in order to return the stock of cash to some normal state, called the point of return.

If the stock of cash reaches the lower limit, then in this case the company sells its securities and receives cash, bringing their stock to the normal limit.

So, if for a month you need 1 million rubles. provided that the money is in a bank deposit account at 6% per annum, or 0.5% per month, and the costs of withdrawing money from the account and converting it are 100 rubles, then the optimal amount of replenishment funds will be 630 thousand rubles. ((2 × 1,000,000 × 100) / 0.005).

The average amount of funds on the current account is 20 thousand rubles. Total transactions for the transformation of securities into cash will amount to 1.59 (1,000,000 / 630,000).

Thus, the company's cash management policy is as follows: if the funds in the current account are depleted, the company must sell some of its liquid securities in the amount of approximately 630 thousand rubles. The maximum amount of funds on the current account will be 630 thousand rubles, the average reserve of funds is about 300 thousand rubles. (Q/2).

A simplified calculation method can be applied in Russian practice as follows. For example, for the reporting period, the average daily cash balances on the current account and on hand are calculated. Then the average daily payments and receipts are calculated. The difference between balances and payments, or receipts and payments, constitutes excess cash that can be deposited in a deposit account or invested in marketable securities.

Thus, the existing methods for determining cash flow complement each other and give a real idea of ​​the cash flow in the company for the billing period.

In the process of studying the factors influencing the formation of cash flows, they should be divided into external and internal factors. So, for example, to external factors include: the stock market situation, the availability of financial credit, the possibility of attracting funds from gratuitous targeted financing, etc.

In the system of internal factors, the main role is played by the life cycle of the company, the duration of the operating cycle, the seasonality of production and sales of products (services), the urgency of investment programs, the depreciation policy of the company, the financial mentality of owners and managers.

The most important and difficult stage of managing the company's cash flows is their optimization. Optimization of cash flows from the company's financial activities is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

The most important task solved in the process of this cash flow management is the identification of reserves that reduce the company's dependence on external sources of raising funds. TO external sources financing include an increase in the amount of equity capital (primarily authorized) and borrowed capital (primarily total amount credits and loans).

Methods for optimizing the scarce cash flow involve the following activities:

• v short term it is necessary to accelerate the attraction of funds and slow down their payments;
• in the long run - an increase in the volume of positive cash flow and a decrease in the volume of negative cash flow.

Methods for balancing the deficit cash flow from financial activities are aimed at ensuring the growth of positive and reducing the volume of negative cash flow. The growth of positive cash flow can be achieved through the following activities:

• attraction of strategic investors in order to increase the volume of own capital;
• additional issue of shares;
• attracting long-term financial loans;
• sale of a part (or the entire volume) of financial investment instruments.

Reducing the amount of negative cash flow can be achieved by refusing financial investment.

Ways to optimize excess cash flow are mainly associated with the intensification of the investment activity of the enterprise, aimed at early repayment of long-term bank loans, active formation of a portfolio of financial investments.

Synchronization of cash flows should be aimed at eliminating seasonal and cyclical differences in the formation of both positive and negative cash flows, as well as at optimizing average cash balances.

The results of cash flow optimization should be reflected in the compilation financial plan enterprises for the year, broken down by quarters and months.

The main purpose of developing a plan and the receipt and expenditure of funds is to forecast the company's cash flows in the context of certain types of economic activity and ensure constant solvency at all stages of the planning period. Such a planning document is a payment calendar.

In the system of operational management of cash flows for the financial activities of the company, the following types of payment calendar can be developed:

1. Calendar (budget) of the issue of shares. This type of payment calendar has two varieties: if it was developed before the sale of shares on the primary securities market, then it includes only one section - “Schedule of payments to ensure the preparation of the issue of shares”; if it is developed for the period of the ongoing sale of shares, then it contains indicators of two sections - "Schedule of receipt of funds from the issue of shares" and "Schedule of payments to ensure the sale of shares."

2. Calendar (budget) of bond issue. The development of such a planning document is of a periodic nature. The principles of its development are similar to those used for the payment calendar for the issue of shares.

3. Calendar of amortization of debt on financial loans. This type of payment calendar contains only one section - "Principal Debt Amortization Schedule". The indicators of this operational financial plan are differentiated in the context of each loan to be repaid. The amounts of payments and the timing of their implementation are set in the payment calendar in accordance with the conditions loan agreements concluded with commercial banks and other financial institutions.

The decision to attract a loan is made subject to the greater economic feasibility of this method of external financing compared to other available methods of covering the cash gap (increase in advance payments from buyers, change in the terms of a commercial loan, increase in sustainable liabilities). Currently, banks offer various loan products: overdraft, term loans, credit lines, bank guarantees, letters of credit, etc. To eliminate short-term cash gaps, it is preferable to use an overdraft, but with the constant use of borrowed capital, the choice of types of loan products should be based on taking into account the effect of financial and operating levers.

Thus, the effective management of cash flows from the financial activities of the company requires the formation of a special policy for this management as part of the overall financial strategy of the company.