Essence, composition, structure of the enterprise's financial resources. Financial resources of enterprises, their composition and characteristics Concept and composition of financial resources of an enterprise

Financial resources - This is a set of funds of funds at the disposal of business entities, the state, households, i.e. This is money that serves financial relationships. They are formed in the process of material production, where new value is created and GDP and income generation arise. Therefore, the volume of financial resources depends on the size of GDP and income tax.

The subjects of financial resources are: households; enterprises, associations, companies, etc., i.e. Legal entities that own decentralized financial resources (monetary relations that mediate the circulation of funds of enterprises and households); the state in the form of various budgets and WBFs.

The relationship between them is determined by market relations. The more independence an individual has. and legal entities, the greater the opportunity for them to generate financial resources. In turn, this ensures an increase in the flow of financial resources to the state. The optimal relationship between them is determined by the state on the basis of scientifically based calculations embedded in the country’s social and economic forecasts.

Objects financial resources are financial relations, as a result of which target funds are formed.

They are concentrated in two blocks: decentralized financial resources , which are created at the micro level. At enterprises, there is a process of isolating specific forms of primary income (profit, wages) from the gross income; there is a process of capital accumulation in the form of a depreciation fund, proceeds from retired property, etc. In the household, specific target funds are also being separated (for consumption, recreation , durable goods); centralized financial resources created at the macro level, which include budget revenues of all levels and the WBF.

Financial resources include: 1. own funds: a) at the level of enterprises and households - profit, wages, household income; b) at the state level - income from state-owned enterprises, privatization, as well as from foreign affairs; 2. mobilized on the market: a) at the level of enterprises and households - sale and purchase of securities, bank loan; b) at the state level - issue of securities and money, state credit; 3. funds received through redistribution: a) at the level of enterprises and households - interest and dividends on securities issued by other owners; b) at the state level - mandatory payments (taxes, fees, duties).

Financial resources, their formation and use are reflected in the consolidated financial balance sheet of the Russian Federation.

The consolidated financial balance of the Russian Federation includes financial resources from three sources: 1. resources used by the enterprises themselves (profit, depreciation); 2. funds accumulated by the budget system; 3. WBF funds, primarily social ones.

Financial resources of the enterprise - these are funds at the disposal of the enterprise, securities, funds available on assets, credit funds and other income and receipts.

Finance in an enterprise performs two important functions- distribution and control. Distributive function is to provide each economic entity with the financial resources it needs. Independent enterprises of various forms of ownership, territorial authorities, and private individuals can act as subjects of financing. The distribution process carried out with the help of finance is associated with the tax system, civil legislation and legislation on banks and securities and other regulatory documents approved at the federal, territorial and local levels of government. Control function finance is to signal the emerging proportions in the distribution of funds. Financial information contained in the accounting, statistical and operational reports of industrial enterprises helps to implement the control function. Analysis of financial indicators makes it possible to characterize all the main aspects of the enterprise, evaluate the results achieved and, if necessary, develop a set of measures aimed at eliminating negative factors.

The main sources of funds used to finance business enterprises are: the enterprise’s own funds (profit, depreciation, etc.); credit resources of investment banks; budget allocations; financial resources of various types of commercial structures (investment companies, commercial banks, insurance companies, etc.); foreign investment; private savings of individuals; other investments.

The fundamental production financial and economic task is to ensure the financial balance of the enterprise, i.e. the balance of income must be equal to the balance of expenses in order to ensure reproductive processes.

Financial documents show the financial condition of an enterprise as of a certain date, as well as the results of its activities for a certain period. Based on these documents, one can judge the financial capabilities of the enterprise, the profitability (unprofitability) of economic activities, and development prospects.

The main financial documents are: balance sheet; profit report; cash flow statement.

The main link of the economy in market conditions of economic management is enterprises as economic entities. They carry out production, research and commercial activities, as a result of which they produce the corresponding types of products, sell them, receive, distribute income, and form appropriate funds of financial resources.

To carry out such activities, enterprises use certain types of resources: material, labor, financial, and cash. Material resources are the basis of the production process. their formation is carried out, as a rule, from various sources: the enterprise’s own capital, borrowed and attracted financial resources (Fig. 5).

At the same time, own funds are funds of enterprises that are constantly in circulation and the final period of use of which has not been established. They are formed at the expense of equity capital, that is, that part of the enterprise’s assets that remains after the fulfillment of its obligations.

Borrowed funds are those funds that an enterprise receives for a certain period of time, for a fee and on the terms of repayment. They are formed mainly through short- and long-term bank loans.

Raised funds are funds that do not belong to enterprises, but as a result of the current settlement system are constantly in their circulation. They are formed from all types of accounts payable of the enterprise.

All types of these sources take part both in the formation of the enterprise’s assets and in the implementation of its economic and production activities in order to obtain appropriate income and profit.

Consequently, financial resources should be understood as the total amount of own, borrowed and attracted capital, which is used by enterprises to form their assets and carry out production and economic activities in order to make a profit.

The following main components of an enterprise’s financial resources can be identified:

♦ profit;

♦ depreciation charges;

♦ working capital;

♦ budgetary allocations;

♦ receipts from trust funds;

♦ receipts from centralized corporate funds;

♦ loans.

Let us briefly characterize these types of financial resources and the source of their formation.

Profit is the monetary expression of financial resources that are created by enterprises of any form of ownership and belong to them after the distribution of income from economic activities. Profit is the most important financial category at the level of business structures, which reflects the positive financial result of the enterprise’s economic activity, characterizes production efficiency and ultimately indicates the volume and quality of products produced, the state of labor productivity, and the level of cost. At the same time, profit influences the strengthening of commercial calculations and the intensification of production under any form of ownership. Profit is also not only a source of meeting the intra-economic needs of enterprises, but also a source of formation of state budgetary resources.

Depreciation charges are a type of targeted financial resources that reflect the transfer of part of the cost of used fixed assets to finished products and are the financial resources of the enterprise for their reconstruction.

Working capital is part of the financial resources of an enterprise that are constantly in economic circulation. These include funds and their equivalents (short-term highly liquid financial investments), not limited in use, as well as other assets of the enterprise (raw materials, finished products, etc.), which are intended for sale or consumption during the operating cycle or in within twelve months from the balance sheet date.

Budget allocations always have a certain order of use and can be provided to the enterprise in the form of:

Budget investments - allocation of funds in the form of capital investments for the development of production in priority areas that affect the efficiency of the country’s economy as a whole;

Budget loans - provided to enterprises in the public sector of the economy for temporary needs in case of financial difficulties. They are carried out, as a rule, on a repayable basis for approved projects for the use of funds; may be interest-free or with a low interest rate;

State subsidies - the allocation of funds to compensate for losses of enterprises when unprofitability is a consequence of market conditions or state policy;

State subsidies - the allocation of funds from the budget to business entities to solve specific tasks within the boundaries of special state development programs.

Receipts from centralized corporate funds characterize the intracorporate redistribution of financial resources on the basis of the balance of relationships.

Loans are financial resources that are temporarily provided for the use and disposal of an enterprise to cover temporary and seasonal production needs.

Credit exists in two forms:

Commercial (commodity) loan is the purchase of goods or services with deferred payment;

Bank loan is a loan from a bank or other institutions in cash at a certain interest rate.

The composition of financial resources and their volumes depend on the type and size of the enterprise, the type of its activity, and production volumes. At the same time, the volume of financial resources is closely related to production volumes and the effective operation of the enterprise. The greater the production volume and the higher the efficiency of the enterprise, the greater the volume of its own financial resources, and vice versa.

The presence of a sufficient amount of financial resources and their effective use determine the satisfactory financial condition of the enterprise: solvency, financial stability, liquidity and profitability. Taking this into account, the most important task of enterprises is to find reserves for increasing their own financial resources and their best use in order to increase the efficiency of the enterprise.

To carry out production, research and commercial activities, enterprises use certain types of resources: material, labor, financial, and cash. Material resources composition provide the basis for the production process. Their formation is carried out, as a rule, from various sources: the enterprise’s own capital, borrowed and attracted financial resources (Figure 818.1).

Wherein own funds- These are funds of enterprises that are constantly in circulation and the final period of use of which is not established. They are formed at the expense of own capital, i.e. that part of the enterprise's assets after fulfilling its obligations.

. Borrowed funds- these are those that the enterprise receives for a certain period for a fee and on the terms of return. They are formed mainly through short-term and long-term bank loans

. Involved funds- these are funds that are not the property of the enterprise, but due to the current payment system are constantly in their circulation. They are formed from all types of accounts payable of the enterprise

All types of the above sources are involved both in the formation of the enterprise’s assets and in the implementation of its production and economic activities in order to obtain appropriate income and profit

So, in financial resourcesone should understand the total amount of own, borrowed and attracted capital, which is used by enterprises to form their assets and carry out production and economic activities in order to generate income.

There are the following main components of financial resources enterprises:

Profit;

Depreciation deductions;

Working capital;

Budgetary allocations;

Income from trust funds;

Receipts from centralized corporate funds;

Loans

Let us briefly describe these types of financial resources and the sources of their formation.

. Profit- this is the monetary expression of financial resources created by enterprises of any form of ownership and belongs to them after the distribution of income from economic activities. Profit is the most financial category at the level of business structures, reflecting the positive financial result of the enterprise’s economic activity, characterizing production efficiency and, ultimately, determining the volume and quality of products, the state of labor productivity, and the level of cost. At the same time, profit influences the strengthening of commercial calculations and the intensification of production under any form of ownership. Profit is also not only a source of meeting the intra-economic needs of enterprises, but also a source of formation of budgetary resources of the state.

. Depreciation deductions- this is a type of targeted financial resources that reflect the transfer of part of the cost of used fixed assets to finished products and are the financial resources of the enterprise for their reproduction

. Working capital- part of the financial resources that are constantly in economic circulation. These include funds and their equivalents (short-term highly liquid financial investments), which are not limited in use, as well as other assets of the enterprise (raw materials, materials, finished products, etc.), which are intended for sale or consumption during the operating cycle or during twelve months from the balance sheet date.

. Budget allocations always have a strictly defined procedure for use and can be provided to the enterprise in the form:

- budget investments- allocation of funds in the form of capital investments for the development of production in priority areas that affect the efficiency of the country’s economy as a whole;

- budget loans- are provided to enterprises in the public sector of the economy for temporary needs in case of financial difficulties. They are carried out, as a rule, on a return basis for approved projects of use in; may be interest-free or have a low interest rate;

- government subsidies- allocation of funds to compensate for losses of enterprises when unprofitability is a consequence of market conditions or state policy;

- government subsidies- allocation of funds from the budget to business entities to solve specific problems within the framework of special state development programs

Receipts from centralized corporate funds characterize the intracorporate redistribution of financial resources based on the balance of relationships

. Loans- financial resources temporarily provided for the use and disposal of an enterprise to cover temporary and seasonal production needs

Credit exists in two forms:

- commercial (commodity) loan- this is the purchase of goods or services with deferred payment;

- Bank loan- a loan from a bank or other institutions in cash at a certain interest rate

The composition of financial resources and their volumes depend on the type and size of the enterprise, the type of its activity, and production volumes. The greater the production volume and the higher the efficiency of the enterprise, the greater the volume of its own financial resources, and vice versa.

The presence of a sufficient amount of financial resources and their effective use determine the satisfactory financial condition of the enterprise: solvency, financial stability, liquidity and profitability. Taking this into account, the most important task of enterprises is to find reserves for increasing their own financial resources and their better use to improve the efficiency of the enterprise.

LECTURE 3

TOPIC: FINANCIAL RESOURCES AND SOURCES OF THEIR FORMATION

Plan

Own capital of the enterprise

Formation of authorized capital

Borrowed capital as a source of formation of financial resources of an enterprise

Methods for managing the process of using financial resources

Essence, composition, structure of the enterprise’s financial resources

Management of an enterprise's financial resources is a set of targeted methods, operations, levers, and methods of influencing various types of finance to achieve a certain result.

The financial resources of a company are part of the funds in the form of income and external receipts intended to fulfill financial obligations and meet the costs of ensuring expanded reproduction.

Financial resources and capital are the main objects of study of a firm's finances. In a regulated market, the concept of “capital” is more often used, which is a real object for the financier and which he can constantly influence in order to obtain new income for the company. In this capacity, capital for a practicing financier is an objective factor of production. Thus, capital is part of the financial resources used by the company in turnover and generating income from this turnover. In this sense, capital acts as a transformed form of financial resources.

In this interpretation, the fundamental difference between the financial resources and the capital of the company is that at any point in time the financial resources are greater than or equal to the capital of the company. In this case, equality means that the company has no financial obligations and all available financial resources are put into circulation. However, this does not mean that the closer the amount of capital approaches the size of financial resources, the more efficiently the company operates.

In real life, equality of financial resources and capital does not exist for a working company. Financial statements are structured in such a way that the difference between financial resources and capital cannot be detected. The fact is that standard reporting does not present financial resources as such, but their converted forms - liabilities and capital.

In practical activities, people, as a rule, encounter not essential categories, but their transformed forms, therefore, for practical reasons, standard financial statements reflect them.

From the definition of financial resources it follows that by origin they are divided into internal (own) and external (brought). In turn, internal ones in real form are presented in standard reporting in the form of net profit and depreciation, and in converted form - in the form of obligations to the company's employees, net profit is part of the company's income, which is formed after deducting mandatory payments - taxes - from the total amount of income , fees, fines, penalties, penalties, part of interest and other obligatory payments. Net profit is at the disposal of the company and is distributed according to decisions of its governing bodies.

External or attracted financial resources are also divided into two groups: own and borrowed. This division is determined by the form of capital in which it is invested by external participants in the development of a given company: as entrepreneurial or as loan capital. Accordingly, the result of investments of entrepreneurial capital is the formation of attracted own financial resources, the result of investments of loan capital is borrowed funds.

They also highlight attracted sources, which are external sources of replenishment of the enterprise’s own capital.

Equity capital is characterized by ease of attraction, provides a more stable financial condition and reduces the risk of bankruptcy. The need for equity capital is due to the self-financing requirements of enterprises. Own capital is the basis for the independence of an enterprise. The peculiarity of equity capital is that it is invested on a long-term basis and is subject to the greatest risk. The greater the share of own funds in the total amount of capital and the less - borrowed funds, the more firmly protected from losses of creditors, and therefore, the risk of loss is reduced.

However, it must be taken into account that equity capital is limited in size. In addition, financing the activities of an enterprise only from its own funds is not always beneficial for it, especially when production is seasonal. Then, in certain periods, large funds will accumulate in bank accounts, and in others there will be a shortage of them. It should also be borne in mind that if prices for financial resources are low, and the enterprise can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can control larger cash flows, expand the scale of activity, and increase return on equity (shareholder's) capital. As a rule, a company takes out a loan to strengthen its position in the market.

At the same time, it should be taken into account that in proportion to the increase in the share of borrowed capital, the risk of a decrease in the financial stability and solvency of the enterprise increases, and the return on total assets decreases due to the interest paid on the loan. The disadvantages of this source of financing also include the complexity of the attraction procedure, the high dependence of loan interest on financial market conditions and, in connection with this, an increase in the risk of reducing the solvency of the enterprise.

The financial position of an enterprise largely depends on the ratio of equity and borrowed capital.

Thus, financial resources are used to finance investments, as well as advance working capital funds, i.e. all business expenses.

Let's consider the enterprise's use of financial resources in some areas, the main ones being:

Ø payments to the financial and banking system (tax payments, payments to the budget, payment of interest to banks for using loans, repayment of previously taken loans, insurance payments);

Ø investing own funds in capital costs (reinvestment) associated with the expansion of production and its technical renewal, the transition to new advanced technologies, the use of know-how;

Ø investing in securities purchased on the market: shares and bonds of other companies, in government loans;

Ø formation of monetary funds of an incentive and social nature;

Ø charitable purposes, sponsorship.

Entrepreneurial capital is capital invested (invested) in various companies with the aim of generating profit and rights to manage the company.

Loan capital is money capital lent on the terms of repayment and payment. Unlike entrepreneurial capital, loan capital is not invested in the company, but is transferred to it for temporary use in order to receive interest. This type of business is carried out by specialized financial institutions (banks, credit unions, insurance companies, pension funds, investment funds, etc.).

In real life, entrepreneurial and loan capital are closely related. The modern market economy is very diversified, i.e. dispersed both by type of activity and in space. Diversification today is one of the most important factors in ensuring the stability and sustainability of the market economy and its financial system. But deepening diversification inevitably leads to the complication of financial flows and capital, the expansion of the use of special instruments in financial practice, which significantly complicates the financial work of the company.

All financial resources of the company, both internal and external, depending on the time during which they are at the disposal of the company, are divided into short-term (up to one year) and long-term (over one year). This division is quite arbitrary, and the scale of time intervals depends on the financial legislation of a particular country, the rules of financial reporting, and national traditions.

In real life, the capital of a company cannot remain in cash form for any long time, since it must earn new income. Being in cash form in the form of cash balances in the company's cash register or on its bank account, they do not bring income to the company or almost none. The transformation of capital from a monetary form into a productive form is called financing.

It is customary to distinguish between two forms of financing: external and internal. This division is due to the strict connection between the forms of financial resources and capital of the company with the financing process. Characteristics of types of financing are presented in Table 1.1.

Table 2.1 Structure of enterprise financing sources

Types of financing	External funding	Internal financing
Equity Financing	1. Financing based on deposits and equity participation (for example, issuing shares, attracting new shareholders)	2. Financing from after-tax profits (self-financing in the narrow sense)
Debt financing	3. Credit financing (for example, based on loans, advances, bank loans, supplier loans)	4. Borrowed capital formed on the basis of income from sales - contributions to reserve funds (for pensions, for compensation for damage to nature by mining, for paying taxes)
Mixed financing based on equity and debt capital	5. Issue of bonds that can be exchanged for shares, option loans, loans on the basis of granting the right to participate in profits, issue of preferred shares	6. Special positions containing part of reserves (i.e., deductions that are not yet taxable)

2. Own capital of the organization

Own attracted financial resources are the basic part of all financial resources of the company, which is based at the time of creation of the company and is at its disposal throughout its life. This part of the financial resources is usually called the authorized capital or authorized capital of the company. Depending on the organizational and legal form of the company, its authorized capital is formed through the issue and subsequent sale of shares (ordinary, preferred or a combination thereof), investments in the authorized capital of shares, interests, etc. During the life of the company, its authorized capital can be divided, decreased and increased, including due to part of the internal financial resources of the company.

The structure of the enterprise's equity capital is presented in Figure 1.1.

Sources of own financial resources are:

Authorized capital (funds from the sale of shares and share contributions of participants);

Reserves accumulated by the enterprise;

Other contributions from legal entities and individuals (targeted financing, donations, charitable contributions, etc.).

Figure 2.1 - Structure of the enterprise’s equity capital

When creating an enterprise, the source of acquisition of fixed assets, intangible assets, and working capital is the authorized capital. Due to it, the necessary conditions for carrying out entrepreneurial activities are created. The authorized capital represents the amount of funds provided by the owners to ensure the authorized activities of the enterprise.

For a state enterprise - the valuation of property assigned by the state to the enterprise with the right of full economic management;

For a limited liability partnership – the sum of the owners’ shares;

For a joint stock company – the total nominal value of shares of all types;

For a production cooperative - valuation of property provided by participants for conducting activities;

For a rental enterprise - the amount of deposits of the enterprise's employees;

For an enterprise of a different form, allocated to an independent balance sheet, - the valuation of the property assigned by its owner to the enterprise with the right of full economic management.

When creating an enterprise, contributions to its authorized capital can include cash, tangible and intangible assets. At the moment of transfer of assets in the form of a contribution to the authorized capital, ownership of them passes to the business entity, i.e. investors lose proprietary rights to these objects. Thus, in the event of liquidation of an enterprise or withdrawal of a participant from a company or partnership, he has the right only to compensation for his share within the residual property, but not to the return of objects transferred to him at one time in the form of a contribution to the authorized capital. The authorized capital, therefore, reflects the amount of the enterprise's obligations to investors.

The authorized capital is formed during the initial investment of funds. Its value is announced upon registration of the enterprise, and any adjustments to the size of the authorized capital (additional issue of shares, reduction in the par value of shares, making additional contributions, admitting a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner provided for by current legislation and constituent documents.

The formation of the authorized capital may be accompanied by the formation of an additional source of funds - share premium. This source arises when, during the initial issue, shares are sold at a price above their par value. Upon receipt of these amounts, they are credited to additional capital.

In the process of producing products, performing work, or providing services, a new value is created, which is determined by the amount of revenue from sales.

Sales revenue is the main source of reimbursement of funds spent on the production of products (works, services), the formation of funds of funds, its timely receipt ensures the continuity of the circulation of funds and the uninterrupted process of the enterprise. Late receipt of revenue leads to interruptions in business, decreased profits, violation of contractual obligations, and penalties.

The use of proceeds reflects the initial stage of distribution processes. From the revenue received, the enterprise reimburses material costs for raw materials, supplies, fuel, electricity, other items of labor, as well as services provided to the enterprise. Further distribution of revenue is associated with the formation of depreciation charges as a source of reproduction of fixed assets and intangible assets. The remaining portion of the proceeds is gross income or newly created value, which is used to pay for labor and generate profit for the enterprise, as well as for contributions to extra-budgetary funds, taxes (except for profit tax), and other obligatory payments.

The receipt of proceeds from sales indicates the completion of the circulation of funds. Before revenues are received, production and distribution costs are financed from sources of working capital. The result of the circulation of funds invested in activities is the reimbursement of costs and the creation of their own sources of financing: depreciation charges and profits.

Profit and depreciation are the result of the circulation of funds invested in production and relate to the enterprise’s own financial resources, which they manage independently. Optimal use of depreciation charges and profits for their intended purpose makes it possible to resume production on an expanded basis.

The purpose of depreciation is to ensure the reproduction of fixed production assets and intangible assets. Depreciation in its economic essence is the process of gradual transfer of the value of fixed assets and intangible assets (as well as low-value and wear-and-tear items) as they are worn out into manufactured products, converted into cash during the sales process and the accumulation of resources for the subsequent reproduction of assets that are depreciated. This is a targeted source of financing the investment process.

Profit as an economic category is net income created by surplus labor. Profit is an economic indicator that characterizes the financial results of business activities. In addition, through profit the principle of material interest in the process of its distribution and use, as well as the principle of material responsibility, is realized. Finally, the profit remaining at the disposal of the enterprise is a multi-purpose source of financing its needs, but the main directions of its use can be defined as accumulation and consumption. The proportions of profit distribution between accumulation and consumption determine the development prospects of the enterprise.

Profit is a source of financing needs of different economic content. When distributing it, the interests of both society as a whole, represented by the state, and the entrepreneurial interests of enterprises and their counterparties, and the interests of individual workers, intersect. Unlike depreciation charges, profit does not remain entirely at the disposal of the enterprise; a significant part of it in the form of taxes goes to the budget, which determines another area of ​​financial relations that arise between the enterprise and the state regarding the distribution of the generated net income. The distribution of the remaining part of the profit after this is the prerogative of the enterprise.

Depreciation charges and part of the profit allocated for accumulation constitute the enterprise’s monetary resources used for its production and scientific and technical development, the formation of financial assets - the acquisition of securities, contributions to the authorized capital of other enterprises, etc. The other part of the profit used for accumulation is directed to the social development of the enterprise. Part of the profit is used for consumption, as a result of which financial relations arise between the enterprise and persons, both employed and not employed in the enterprise.

The distribution of profits can be made through the formation of special funds - an accumulation fund, a consumption fund, reserve funds (see Figure 1.1) - or by directly spending net profit for specific purposes. In the first case, the enterprise additionally draws up estimates for spending consumption and accumulation funds as an annex to the financial plan. In the second case, the distribution of profits is reflected in the financial plan.

The accumulation fund is used for research, design, engineering and technological work, development and development of new types of products, technological processes, costs associated with technological re-equipment and reconstruction, repayment of long-term loans and payment of interest on them, payment of interest on short-term loans in excess of amounts attributable to the cost of production, increase in working capital, costs of environmental protection measures, contributions as contributions of founders to the creation of authorized capital of other enterprises, contributions to unions, associations, concerns, if the enterprise is part of them, etc.

The consumption fund is used for social development and social needs. It finances the costs of operating social facilities that are on the balance sheet of the enterprise, the construction of non-production facilities, the holding of recreational and cultural events, the payment of some special bonuses, the provision of material assistance, an additional payment to pensions, compensation for the increase in the cost of food in canteens and buffets, etc.

Profit is the main source of formation of the reserve fund. This capital is intended to compensate for unexpected losses and possible losses from business activities, i.e. is insurance in nature. The procedure for the formation of reserve capital is determined by regulatory documents regulating the activities of an enterprise of this type, as well as its statutory documents.

In modern economic conditions, the distribution and use of depreciation and profit at enterprises is not always accompanied by the creation of separate monetary funds. A depreciation fund as such is not formed, and the decision on the distribution of profits to special-purpose funds is left within the competence of the enterprise, but this does not change the essence of distribution processes reflecting the use of the enterprise's financial resources.

Additional capital as a source of funds for an enterprise is formed, as a rule, as a result of the revaluation of fixed assets and other material assets. Regulatory documents prohibit its use for consumption purposes.

A specific source of funds are funds for social purposes and targeted financing: gratuitously received values, as well as non-refundable and repayable government appropriations for financing non-productive activities related to the maintenance of social, cultural and communal facilities, for financing costs that are fully financed by the budget and etc.

Since the finances of an enterprise as a relationship are part of the economic relations that arise in the process of economic activity, the principles of their organization are determined by the fundamentals of the economic activity of enterprises. Based on this, the principles of financial organization can be formulated as follows: independence in the field of financial activities, self-financing, interest in the results of financial and economic activities, responsibility for their results, control over the financial and economic activities of the enterprise.

Self-financing is a prerequisite for successful economic activity of enterprises in a market economy. This principle is based on the full recovery of the costs of producing products and expanding the production and technical base of the enterprise; it means that each enterprise covers its current and capital costs from its own sources. The principle of self-financing cannot yet be ensured at enterprises that produce products necessary for consumers with high production costs and do not provide a sufficient level of profitability for various objective reasons. These include housing and communal services enterprises, passenger transport, agricultural and other enterprises that receive allocations from the budget. The same is typical for defense enterprises, whose economic activities cannot be considered entrepreneurial and are financed from funds received from the sale of products.

And etc.); regional finance(budgets and extra-budgetary funds of various administrative-territorial entities); finance of enterprises, organizations, firms. The finances of firms and enterprises occupy a decisive position in the structure of the country’s financial system, since it is at the enterprise level that the predominant mass of the state’s financial resources is formed.

General concept of financial resources

Cash income accumulated by their owners for subsequent spending, as well as funds raised as loans, amount to financial resources, which divided into own and attracted(credit). For budgets of all levels, financial resources are mobilized income and borrowed loans. For enterprises, this is equity capital, profit, loans received and securities placed on the market. For workers, a financial resource is income in the form of wages, as well as loans (for example, bank, consumer and pawnshop).

Own financial resources are at the complete disposal of their owner, and credit cards are attracted for a period and are subject to return along with interest payments for their use.

Sources credit resources These are the temporarily free funds of enterprises, the population, and in some cases the state. The purchase and sale of these resources is concentrated in the financial market. It consists of two parts: the loan capital market and the securities market. Its main function is to provide business entities with additional funds at a certain percentage.

Enterprise finance is part of the national financial system

Enterprise finance- an integral part of the whole.

The finances of business units depend on the government's economic policy. The main areas of state regulation of the financial activities of enterprises include: pricing, tax system, money circulation, credit, forms of payments and settlements, organization of circulation (), state licensing of economic activities, foreign economic relations, budget financing (Fig. 55).

Control function

The control function of an organization’s finances is to monitor the financial condition and effectiveness check her activities. For example, control over allows you to determine the degree of effectiveness of the organization’s economic activities. Along with this, an organization’s finances can influence the degree of efficiency of its economic activities through the so-called ruble control which is carried out within the organization, in its relationships with other participants in business transactions, a higher organization, the state and other participants in the financial system. Within the enterprise, the ruble controls the quality and quantity of labor, use, etc. Ruble control in relationships with other participants in business transactions is carried out subject to compliance with contractual obligations. The economic activities of the enterprise are controlled by the ruble in the process of fulfilling obligations to the budget.

The control function is implemented in two ways through:

• financial indicators in statistical and operational reporting;
• financial impact, which is carried out using economic levers and incentives (taxes, benefits, subsidies, etc.).

Maintenance function

The function of servicing the organization's income flow is the second function that reveals the content of the enterprise's finances. Since the movement of enterprise income is associated with the renewal of consumed resources, this function is often called reproductive. The presence of this function is due to the need to ensure continuous flow of income in the process of economic activity of the enterprise. The effectiveness of the process of servicing an organization’s finances for the movement of its income depends on the correspondence of the flows and cash resources that support the organization’s economic activities. In many ways, this compliance determines the ability to timely and fully fulfill its obligations to other subjects of financial relations.

Distribution, servicing and control functions reveal the content of the organization’s finances in the process of movement of each of the three forms of its income - primary, secondary and final.

The financial functions of an organization are interconnected and interdependent. Maintaining the flow of income is impossible without its distribution, and ensuring compliance between the flows of material and financial resources is achieved through the control function of the organization.

As part of the financial relations of enterprises The following groups of financial relations of enterprises are distinguished:

• with counterparties regarding the generation of income and use of funds;
• with enterprises regarding the distribution of finances; in a non-fund form (payment and receipt of fines for violation of contractual obligations, making various share contributions, participation in the distribution of profits from joint activities, purchasing securities of other enterprises and the state, receiving dividends on them, etc.);
• with consumers of products in accordance with contracts;
• with insurance organizations regarding various types of compulsory and voluntary insurance;
• with the banking system regarding settlement and cash services in connection with the receipt and repayment of loans, the payment of interest, as well as the provision of free funds to banks for temporary use for a fee;
• with the state regarding the formation and use of budgetary and extra-budgetary funds;
• vertical and horizontal relationships with higher management structures regarding intra-industry redistribution of financial resources.

These groups of monetary relations constitute the overall content of enterprise finance. Company finances represent monetary relations associated with the formation and distribution of monetary income and savings among business entities, and their use, fulfillment of obligations to the banking system, financing of current costs and costs of expanded reproduction, social security and material incentives for workers.

Financial resources of the enterprise and their structure

Financial resources enterprises are his and.

Formation and replenishment financial resources(main And working capital) is an important financial issue. Primary the formation of these capitals occurs at the time of establishment of the enterprise, when it is formed.

Authorized (share) capital- property of the enterprise created through the contributions of the founders.

Financial resources— these are the funds remaining at the disposal of the enterprise after the implementation of current costs to cover material costs and wages.

Main source formation of financial resources- This .

Sources of formation of the enterprise's financial resources: profit; proceeds from the sale of disposed property; depreciation; increase in sustainable liabilities; loans; targeted revenues; share contributions. In addition, an enterprise can mobilize financial resources in various sectors: sale of shares, bonds; dividends, interest; loans; income from other financial transactions; income from the payment of insurance premiums, etc. (Fig. 57).

Rice. 57. Grouping of financial resources of an enterprise

Significant financial resources of an enterprise can be mobilized for financial market.

The main direction of use of financial resources is investing in expanded reproduction.

The use of financial resources is carried out in the following areas:

• investing in capital investments to expand production;
• investing in securities;
• payments to the budget, banking system, contributions to extra-budgetary funds;
• formation of monetary funds and reserves.

The main source of funds for an enterprise is its profit (Fig. 58). Profit is part of the gross income of an enterprise.

Rice. 58. Enterprise profit and formation of value added tax

Gross income of the enterprise— revenue from the sale of products minus costs.

Important component gross profit - profit from the sale of fixed assets (Fig. 59).

Rice. 59. Profit from the sale of fixed assets and other property

Another component gross profit - profit from non-operating activities (renting out property, income from securities, etc.).

Among the main sources of financing for the expanded reproduction of fixed assets is depreciation. This is the process of transferring the value of fixed assets and intangible assets to production and sold products as they wear out. Accumulated depreciation amounts should be used for long-term investing.

Depreciation- the main source of self-financing at enterprises.

Has a strong impact on corporate finances tax system. The three elements of the tax system are most important for the finances of an enterprise: tax rates; the tax base; deadlines for paying taxes to the budget.

Enterprise financial management

The formation and use of financial resources is impossible without a financial management system for enterprises.

Financial management (financial management) is an activity aimed at achieving the strategic and tactical goals of the functioning of a given enterprise.

Enterprise financial management includes:

• organization and management of the enterprise’s relations in the financial sector with other enterprises, banks, insurance companies, budgets of all levels, as well as financial relations within the enterprise;
• formation of financial resources and their optimization;
• placement of capital and management of the process of its functioning;
• analysis and management of cash flows in the enterprise.

Basic functions of a financial manager:

• financial planning, enterprise budgeting, pricing policy formation, sales forecasting;
• formation of the capital structure and calculation of its price;
• capital management (working with securities; control and regulation of monetary transactions; investment analysis; management of fixed and working capital);
• financial risk analysis;
• property protection;
• assessment and consultation.