Development of proposals for optimizing the financial condition of the enterprise. The main measures to improve the financial condition of the enterprise

The analysis of MVT LLC showed that the company is in an unstable financial situation, the reasons for which are:

1) a decrease in revenue from the sale of products, as a result of which an increase in the strength of the impact of the operating leverage;

2) lack of own working capital;

3) increase in the asset turnover period;

4) decrease in profitability indicators;

5) high dependence on borrowed capital.

Thus, the enterprise under study needs to seriously work on improving the composition and structure of sources of funds: strive to increase equity, limit the growth of accounts payable, improve its quality, learn to use the benefits of loans and borrowings.

As of the dates under consideration, the enterprise turned out to be completely insolvent; the balance sheet cannot be called liquid. And it is almost impossible to restore the lost solvency, as evidenced by the above calculations and the dynamics of indicators.

In most cases, the enterprise does not use the prepayment system, the funds are received, in the best case, after the shipment of the goods, in the worst case, receivables arise, including overdue ones.

There is also arrears in wages and payments to the budget, which causes other expenses: fines, penalties, forfeits, legal costs.

The main "weak" places in the financial position of the enterprise are:

– low profitability of sales (or high level of expenses),

– unsatisfactory indicator of absolute liquidity of assets.

To improve the financial condition, it is necessary to carry out the following activities:

1. Increase sales profit. In this regard, the company needs to increase production and sales by attracting new customers, providing a system of discounts.

2. To ensure an uninterrupted production process and sales of products, inventories must be optimal.

Inventory management is a complex set of activities in which the tasks of a financial manager are intertwined with the tasks of production management and marketing.

The principal formula that determines the required amount of financial resources advanced for the formation of inventories has the form (see formula 20):

PSz = SR × Nz - KZ, (26)

where FSz is the amount of financial resources advanced into reserves,

SR - the average daily amount of expenses in the amount,

Nz - the standard of storage of stocks, in days (in the absence of developed standards, the indicator of the average duration of the turnover of stocks in days can be used),

KZ - the average amount of accounts payable for settlements for purchased inventory items (this element is included in the calculation, as a rule, only for inventories; when selling finished products, it includes only with the established practice of prepayment for it).

The calculation is carried out for each type of reserves. Summing up the calculation results allows you to get the total need for financial resources advanced for the formation of reserves, i.e. determine the size of current assets serving this stage of the production and commercial cycle.

Minimization of current inventory maintenance costs is an optimization problem that is solved in the process of their normalization.

The calculation of the optimal size of the delivery lot, at which the total current costs of inventory maintenance are minimized, is carried out according to formula 21:

where ORpl is the optimal size of the delivery lot,

Zg - the required volume of purchases of goods (raw materials and materials) per year (quarter),

TK1 - the amount of current costs for placing an order, delivery of goods and their acceptance per one supplied batch,

ТЗ2 - the size of the current costs of storing a unit of stock.

The calculation of the optimal order size is presented in table 31.

Table 31. Calculation of the optimal order size

Index	Meaning
Materials required for implementation per quarter
The cost of each order, thousand rubles
The cost of storing a unit of goods, thousand rubles.
Optimal lot size
Number of orders per quarter

The main purpose of these measures is the release of part of the financial resources, "dragging" in excess reserves.

The amount of released financial resources in this case is determined by formula 19:

FSv = Zn – Zf = (ZDn – Zdf) × SR, (28)

where CSF is the amount of released financial resources in the process of normalizing stocks,

Зн - the standard of reserves in the amount,

Zf - actual reserves in the amount,

ZDn - stock standard in days,

ZDf - actual stocks in days,

SR - the average daily volume of spending stocks in the amount.

Thus, per year we need reserves in the amount of: 4 × 832 × 4 = 13312 tr.

In fact, for this period, the reserves amounted to 17697 thousand rubles.

Consequently, when optimizing a batch of orders, we will get a release of funds in the amount of 4385 thousand rubles, which indicates an increase in the cost of their storage and use. Therefore, it is advisable to reduce stocks by 4385 thousand rubles. by selling them at market value (4,300 thousand rubles).

Duration of inventory turnover in 2009: Pz=360/(76211/17697)=84 days.

If we reduce stocks by 4385 thousand rubles, then the duration of the turnover will be: Пз=360/(76211/13312)=63 days.

Consequently, the duration of inventory turnover will be reduced by 21 days and as a result: ±E=76211/360×(-21)= -10.08 thousand rubles.

3. To collect debt in order to accelerate the turnover of funds, it is necessary:

- create incentives for the company's customers to pay their bills faster by providing special discounts;

– create a client assessment system that would summarize all the risks associated with it. The total dependency on such a partner would include its accounts receivable, goods in stock ready for shipment, products in production destined for that customer. Establish formal credit limits for each client, which will be determined by the general relationship with this client, the need for funds and an assessment of the financial situation of a particular client.

4. To increase cash flow and reduce receivables, use a prepayment system.

5. Set off accounts receivable and payable. This will lead to a decrease in the value of current assets, which in turn will lead to an increase in the value of the ratio of own working capital.

6. Take into account possible risks in the process of production and sale of products. To do this, it is necessary to determine probable losses, for example, a decrease in sales volumes, a decrease in the sale price of products, an increase in the purchase price, and loss of goods in the circulation process.

7. Carry out activities aimed at reducing excess balances of raw materials and materials that will allow the company to increase cash and reduce accounts payable to suppliers.

At the same time, work should be carried out to increase the competitiveness of manufactured products, primarily by improving their quality, reducing the number of defects and reducing the cost of production and sale of products.

The most important problem of the deterioration of the financial condition of MVT LLC is a large receivables.

In order to reduce the risks of untimely return of funds and the occurrence of losses, it is proposed to conclude an insurance contract for receivables. Due to the delay in payment, the seller loses part of the money as a result of inflation, therefore, when determining the seller's gain, it is necessary to take into account the amount of losses from inflation.

If the amount to be received by the contract is S, and the price dynamics is characterized by the index Iц, then the real amount of money, taking into account their purchasing power at the time of payment, will be S:I. According to the data of the Ministry of Economic Development and Trade of the Russian Federation for 2009, inflation in the consumer market was 8.8%.

Prices for 2009 increased by 8.8%, then Ic = 1.088. Accordingly, the payment of 1000 rubles. at this point is equivalent to the payment of 919 RUB. in real dimension. Consequently, the real loss of revenue due to inflation will be 81 rubles. Let's determine the amount of losses from inflation (see Table 32).

Table 32. Accounts receivable

		Delayed in days	The amount of losses from inflation, rub. (gr. 2×0.11/360×gr. 3)

As can be seen from Table 32, the amount of receivables from unreliable clients amounted to 8,993,722 rubles, and the amount of losses from inflation was 1,066,804 rubles.

Accounts receivable insurance involves insuring the risk of losses from late return of funds by the buyer or his bankruptcy.

In order to insure its receivables, the company must insure all buyers who purchase products on a deferred payment basis. But this does not mean that all of them will be insured.

An insurance company, before offering specific insurance conditions (insurance premium, deductible), will analyze the credit risks of the company's counterparties, select those with whom it is permissible to work on a deferred payment basis, and set a credit limit for each of them.

After paying the insurance indemnity, the company retains the right to claim for the obligations (accounts receivable) of the buyer in the amount of the franchise established in the franchise agreement.

Let us assume that the deductible in the insurance contract is set at 15%, the insurance premium is 9% of the insured sales volume and we will make calculations in table 33.

Table 33. Calculation of insurance indemnity and deductible for insurance of receivables

	Amount of overdue debts, rub.	Payment to the insurance company (column 2 × 9/100), rub.	Amount of paid insurance indemnity (column 2 × 85/100), rub.	Franchise size (gr. 2 × 15/100), rub.

As can be seen from table 33, products worth 8,993,722 rubles were shipped to MVT customers. The obligations of the buyers were not repaid. At the end of the waiting period, the insurance company would have paid 7,644,661 rubles. insurance compensation. Debt in the amount of 1349060 RUB. would remain outstanding, and the enterprise has the right to demand this money from the buyer.

The calculation of the company's gain from insurance of receivables is shown in table 34.

Table 34

	Amount of overdue debts, rub.	The amount of paid insurance compensation, rub.	The amount of losses from inflation, rub.	Payment to the insurance company, rub.	Franchise size, rub.	Enterprise profit, rub. (group 3 + group 4 - group 5 - group 6), rub.

As can be seen from the table 34, the gain of the enterprise in the case of insurance of receivables of unreliable debtors will be 6552974 rubles.

The use of accounts receivable insurance will increase the financial independence of MVT LLC, it will be much easier for the enterprise to obtain more favorable conditions for bank loans. In this case, the insured receivables can serve as a pledge for the bank.

The main disadvantage of receivables insurance is the rather high cost of this service compared to similar offers in foreign markets. The insurance premium can range from 0.9 to 9% of the insured sales volume with installment payment. This is due to the fact that Russian insurance companies, when determining the amount of the premium, take into account the country risk of Russia in the cost of insurance.

8. It is necessary to develop such a sales plan that would have the maximum profitability for the forecast year.

As the target function, we use marginal profit, which is of paramount importance, i.e. the faster the turnover, the more important the contribution margin is, which maximizes the profit from sales. That is, maximizing turnover allows you to maximize profits.

Target function:

MVT LLC manufactures the following products:

- solution;

- foundation blocks.

The consumption of resources for the production of marketable products of each type is presented in table 35.

The objective function is a mathematical notation of the optimality criterion, i.e. expression to be maximized.

Table 35. Consumption of resources for the production of marketable products

	Designation
Concrete M 100
Concrete M 150
Concrete M 200
Concrete M 250
Concrete M 300
Concrete M 350
Concrete M 400
Solution M 75
Solution M 100
Solution M 150
Solution M 200
FBS 24–3–6
FBS 24–4–6
FBS 24–5–6
FBS 24–6–6

The target function looks like:

F(x)=1500X1.1+1650X1.2+1890X1.3+2080X1.4+2250X1.5+2380X1.6+2700X1.7+1700X2.1+1950X2.2+2360X2.3+2400X2.4+930X3 .1+1390X3.2+1820X3.3+2350X3.4→max.

Restriction system:

1) for cement

0.26X1.1+0.265X1.2+0.31X1.3+0.34X1.4+0.4X1.5+0.42X1.6+0.48X1.7+0.27X2.1+0.34X2. 2+0.38X2.3+0.44X2.4+0.0934X3.1+0.125X3.2+0.156X3.3+0.175X3.4<=17000;

2) on gravel

0.5X1.2+0.5X1.3+0.55X1.4+0.55X1.5+0.55X1.6+0.55X1.7+0.162X3.1+0.217X3.2+0.2716X3. 3+0.326X3.4<=13000;

1.95X1.1+1.3X1.2+1.3X1.3+1.35X1.4+1.3X1.5+1.3X1.6+1.2X1.7+0.65X3.1+0.869X3 .2+1.086X3.3+1.304X3.4<=35000;

4) along the sand

1.45X2.1+1.4X2.2+1.4X2.3+1.35X2.4<=15000

5) for plasticizers

0.00708X1.1+0.00504X1.2+0.0049X1.3+0.00612X1.4+0.0077X1.5+0.00879X1.6+0.008X1.7+0.00337X2.1+0.00422X2 .2+0.00506X2.3+0.0059X2.4<=192

This linear programming problem is solved using the search for solutions. Solution Finder is an Excel add-in that allows you to solve optimization problems.

To solve the problem, the following solution is made:

1) the initial data of the task are entered into the created form - a table in MS Excel;

2) dependency is introduced

F(x)=1500X1.1+1650X1.2+1890X1.3+2080X1.4+2250X1.5+2380X1.6+2700X1.7+1700X2.1+1950X2.2+2360X2.3+2400X2.4+930X3 .1+1390X3.2+1820X3.3+2350X3.4→max;

3) dependencies for constraints are introduced;

4) restrictions on resources are introduced (see Fig. 2);

5) parameters are introduced for solving the linear programming problem.

Introduction of conditions for solving the problem

After a short time, the Solution Search Results dialog box will appear and the original table with filled cells B3:P3 and cell Q4 with the maximum value of the objective function (see Fig. 3).

Solution Search Result

The resulting solution means that due to the production of concrete M 400 in the amount of 15805.6 m3, mortar M 200 in the amount of 11111.1 m3, FBS 12295 units, you can get additional profit in the amount of 98236 thousand rubles, while ASG, sand and plasticizers will be used in full, and out of 17,000 tons of cement, 14,781 tons will be used, and out of 13,000 tons of gravel, 12,701 tons will be used. in its implementation.

Table 36. The state of the main economic indicators for the optimization of the range, thousand rubles.

Index	Before events	After events	Absolute. change	Growth rate, %
Revenues from sales
Cost price
Profit from sales
Return on sales, %

As a result of the calculations, it can be seen that the proposed measures to optimize the assortment are of practical importance, since the growth rates for performance indicators, such as profit, revenue are above 100%.

Measures to prevent the bankruptcy of an enterprise are associated with the effective management of its finances and production, the correct definition of strategic goals and tactics and implementation.

The implementation of financial recovery measures is possible only with the appropriate management of the enterprise. Managing an enterprise in a crisis is currently called "anti-crisis management" by many authors.

Anti-crisis management is an enterprise management system that has a complex and systematic character, which is aimed at preventing and eliminating adverse events for the enterprise.

For the financial condition of the enterprise, measures can be taken to improve the financial condition and prevent the threat of bankruptcy:

1. Direct free funds for the financial activities of enterprises. Enterprises are not actually engaged in financial activities, which under certain circumstances (availability of qualified personnel, etc.) could bring additional revenue (profit).

2. In order to find additional funds, develop and implement procedures for saving current costs.

3. The main part of the property of the enterprise is represented by non-current assets (it takes 77% of the total value of the property). To solve the financial condition of the enterprise, we can recommend in the context of managing the main production assets:

Application of the accelerated depreciation method, which will bring the cost of the OPF in line with real market prices;

Write-off / sale of obsolete, worn out, broken equipment;

Reducing the cost of maintaining premises, inventory and equipment;

The implementation of unused (obsolete, worn out, etc.) equipment will give additional income to the enterprise, in addition, a decrease in the share of fixed production assets compared to current assets will increase the value of liquidity ratios.

4. The initial cost of manufactured products and services is reduced. This requires the introduction of the latest resource-saving technologies, the introduction of the latest high-tech and more economical materials, the revision of costing items to clarify the cost.

Conclusion

Based on the results of my work, the following conclusions can be drawn.

I have considered various points of view of domestic economists on the concept of insolvency (bankruptcy) of an enterprise. In modern Russian legislation, the concepts of "insolvency" and "bankruptcy" are equivalent. Meanwhile, there is an opinion that bankruptcy is an insolvency associated with the guilty behavior of the debtor, aimed at causing harm to creditors.

Thus, insolvency (bankruptcy) is the inability of the debtor recognized by the arbitration court to fully satisfy the requests of creditors for monetary obligations and (or) to make an obligation in accordance with the payment of indispensable payments [Article 1: 1].

In this course work, the individuality of the warning and the procedure for conducting bankruptcy procedures of an enterprise, its stage and the individuality of satisfying the requirements of creditors, the monitoring mechanism aimed at ensuring the safety of the property of the debtor's enterprise, methods of financial recovery, the principles of external management, the organization of bankruptcy proceedings, establishing the order of distribution of the bankruptcy mass in connection with the impossibility of satisfying all the requirements presented to the debtor, as well as the procedure for amicable agreement.

The main purpose of the Law on Insolvency (Bankruptcy) is to embody the balance of interests of creditors and the debtor in the process of proceedings on its insolvency. The acquisition of this goal is extremely difficult due to the nature of insolvency, when, on the one hand, the debtor has few funds to satisfy the claims of all creditors, which gives rise to a natural desire to divide the available funds as early as possible, and on the other hand, in some cases it is necessary to expand the functioning of the enterprise - debtor, if it rises to contribute to his way out of a crisis situation.

The system of protective financial mechanisms at the risk of bankruptcy depends on the scale of the crisis situation. With a small financial decline, it is enough to restore the current financial situation, balance and synchronize revenue and cash flow. A deep financial crisis requires the perfect application of all internal and external financial stabilization devices. A complete financial catastrophe implies a search for effective forms of reorganization, all this can reach the liquidation of the enterprise.

To reduce the risk of bankruptcy of an enterprise, first of all, it is necessary to reduce the amount of damages received as much as possible, ideally, to come to the result of “profit”. Reduce the amount of accounts payable by the method of offsetting payments to the budget, because VAT amounts are quite important. In addition to this, attention should be paid to the formation of a larger amount of absolutely liquid assets (cash and short-term financial investments). The company does not conduct financial work, however, the amounts of temporarily free funds (net working capital) are quite important and are not used in any way. It can be recommended to pay attention to additional financial investments in order to receive additional income.

A set of local measures aimed at improving the financial condition of the enterprise includes measures to improve management efficiency and ensure sustainable implementation, and accelerate the turnover of working capital.

The purpose of the implementation of local measures of financial recovery is to ensure the sustainable financial position of the enterprise, which is manifested in the stability of receipts from sales, increasing the profitability of products. This set of measures reflects the essence of anti-crisis management at the enterprise.

The first block of activities includes the following activities:
1. By reducing the cost, which includes:
- reduction of overhead costs by simplifying the management structure and bringing the number of managerial personnel in accordance with the objective production need
- improving the work of the supply service of the enterprise, the maximum possible reduction of intermediary structures, which will make it possible to reduce the cost of consumed raw materials and materials and supply the enterprise with more technologically and cost-effective types of it.
- strengthening control over the quality of services provided, eliminating their repeated provision
- reduction of equipment maintenance costs and reduction of property tax
- Leasing of unused space and fixed assets can be used as a source of cost reduction, as well as additional income. This event may become especially relevant for wholesale and retail trade enterprises.
- introduction of personal responsibility for the use of material resources, as well as tasks to reduce costs for all departments and services of the enterprise.
- tax optimization
- choice of accounting policy of the enterprise
- minimization of utility bills

2. To improve the efficiency of personnel management through:
- bringing the professional and qualitative level of the personnel in line with the innovative processes of the enterprise
- labor productivity management
- staff planning and marketing, recruitment and accounting management
- management of labor relations, staff development, ensuring normal working conditions
- management of personnel behavior motivation

3. On the reorganization of management structures through structural adjustment in order to ensure the effective distribution of the use of all the resources of the enterprise, which consists in creating a complex of business units based on the division, connection, liquidation of existing and organization of new structural units, joining other enterprises to the enterprise, etc.

The second block of measures aimed at ensuring sustainable implementation and accelerating the turnover of working capital includes the following activities:

1. Search for new types of products or increase the competitiveness of already produced ones. Carrying out a complex of marketing activities in order to promote or search for a promising market niche. This includes the following management actions:
- development of the marketing service at the enterprise
- identification of their advantages and disadvantages, as well as the advantages and disadvantages of competitors
- identifying emerging changes in the market, finding ways to respond to the influence of external factors
- analysis of internal information about orders and sales, product relevance, product returns, market capacity
- study of buyers in terms of the needs of the population, work with external sources of information
- development of recommendations for establishing a "price fork" for products, participation in the development and implementation of a flexible pricing policy of the sales department.

These management measures make it possible to identify those types of products that are in demand on the market, to notice a decrease in prices or an increase in demand for these products in a timely manner, and on the basis of this information, adjust their production program, find out the reasons for changes in demand, make appropriate changes in products, go to if necessary, to launch new products. Holding such events will also allow you to constantly monitor the activities of competitors and, if necessary, take the necessary measures to increase the competitiveness of your products, improve their sales, which will always be one step ahead of your competitors.
This inevitably leads to a decrease in stocks of finished products in the warehouse, an acceleration of the turnover of the company's working capital and, together with an increase in sales proceeds, to an improvement in its financial condition.

2. Collection of receivables involves the following management actions:
- increase in the share of prepayment for products sold
- to intensify the work of the legal service to recover the overdue part of the debt
Carrying out such activities will allow the company to increase the share of cash, accelerate the turnover of the company's working capital, which will certainly affect its financial condition.

3. Replacement of worn-out equipment or replacement of assets for new products, includes activities for the acquisition of more versatile equipment, which will allow the enterprise to diversify if necessary

4. Choosing the right marketing policy.
- the use in the process of selling products of information about the most favorable regions for sales, obtained in the marketing department as a result of ongoing research.
- establishing direct links with consumers of products and minimizing intermediary services
-opening own stores
Carrying out such events will significantly reduce the prices of manufactured products, since there will be no multiple mark-ups made by intermediary organizations, such a price reduction cannot but affect the competitiveness of manufactured products. The sale of products in regions that are marked as having increased demand will also increase sales.

Based on the analysis of the financial activities of Lesnoye LLC, the following conclusions can be drawn:

• - analysis of the balance sheet assets structure showed that non-current assets, namely fixed assets, at the beginning of the reporting period amounted to 17,935 rubles, and at the end of the reporting period, 16,845 rubles, that is, decreased by 1,090 rubles. Current assets for the analyzed period increased by 142,088 rubles. The growth rate was 40.22%. The value added tax increased by 4018 rubles, that is, by 36.38%. Short-term receivables increased by 34,038 rubles. The growth rate was 121.06%. There was also an increase in cash by 67,379 rubles. After the dynamics of changes in assets was considered, it is possible to single out articles that speak of certain shortcomings in the work of the enterprise:
• *the presence of amounts of "bad" debts in the items: “Accounts receivable (payments for which are expected more than 12 months after the reporting date)” (line 230) and “Accounts receivable (payments for which are expected within 12 months after the reporting date)” (line 240).

Lesnoye LLC has no long-term accounts receivable, which reduces the share of slow-moving assets. But the company has a short-term receivables in the amount of 195632 thousand rubles. rubles at the end of the reporting year. Despite the fact that receivables are short-term, their presence in such an amount characterizes the immobilization (diversion) of the company's working capital from the production and economic turnover.

• - analysis of the structure of liabilities showed that capital and reserves increased by 58,198 rubles over the analyzed period. The growth rate was 22.9%. This increase was due to an increase in retained earnings. The authorized capital remained unchanged during the analyzed period. Short-term liabilities increased by 82,800 rubles due to an increase in accounts payable by 82,800 rubles. The largest debt is owed to suppliers and contractors (which increased by 28,806 rubles) on unpaid settlement documents on time, and unshipped products on account of received advances. This indicates financial difficulties.
• -calculation of indicators of financial stability of Lesnoye LLC for 2006 allows us to conclude that the enterprise is in a stable position and there is no probability of bankruptcy. At the same time, during the reporting period, there is a significant increase in certain financial indicators, which is assessed positively: the dynamics of the capitalization ratio indicates sufficient financial stability of the organization, since for this it is necessary that this coefficient be ≤1.5. According to our calculations, it can be seen that the capitalization ratio in 2005 equal to 0.46, and in 2006. is equal to 0.64, which does not exceed 1.5. The value of this indicator is influenced by the following factors: high turnover, stable demand for products sold, well-established supply and distribution channels, low level of fixed costs. In 2005 the part of current assets financed from own sources was 0.7, and in 2006 - 0.6. The share of own funds in the total amount of funding sources in 2005 amounted to 0.69, and in 2006. 0.61. At the end of the analyzed period, this ratio decreased by 0.08. The value of the financial independence ratio is above the critical point (0.4) both in 2005 and in 2006. This indicates a favorable financial situation of the enterprise.
• - analysis of the liquidity of the balance sheet showed that there was a change in the current liquidity ratio in the direction of decrease, which negatively affects the activity of the enterprise of the limited liability company "Lesnoye". According to the calculations of the intermediate (quick) liquidity ratio, it can be seen that this ratio has changed upward by 0.02. This suggests that Lesnoye Limited Liability Company has increased its short-term liabilities, which can be immediately repaid out of cash, short-term securities, and settlement proceeds. When calculating the absolute liquidity ratio, it can be seen that this ratio at the beginning of the analyzed period is 0.76, and at the end of 0.78 This indicates that part of the current short-term debt that the organization can repay in the near future at the expense of cash and equivalent him financial investments increased by 0.02. According to the calculations of net current assets, it can be seen that there was a decrease in net current assets by 0.54. This decrease in assets adversely affects the activities of the enterprise. Thus, the analysis of the balance sheet of Lesnoye Limited Liability Company showed that the structure of assets corresponds to trading activities, while the enterprise is successfully and dynamically developing. The growth in 2006 of the value of equity capital allows the company to meet its obligations in a timely manner, thereby increasing the degree of liquidity and business activity, which leads to strengthening the financial stability of the organization.
• -analysis of business activity showed that all indicators of business activity at the end of the analyzed period increased. The ratio of total capital turnover (resource return) increased by 2.43 turnover. As of the end of 2006, the rate of turnover of all current assets of Lesnoye Limited Liability Company increased by 2.37 turnovers and amounted to 11.69 turnovers. At the beginning of the analyzed period, the return on assets was equal to 183.7 turnover, at the end of the analyzed period 343.85 turnover, that is, the return on assets changed by 160.15 turnovers. The rate of equity capital turnover in 2005 was 12.96 turnovers, and in 2006 it was 18.54 turnovers. For the entire analyzed period, there was an increase in the coefficient by 5.58 turnovers.
• -profitability analysis showed that in 2006 the values ​​of profitability indicators increased, which should rather be considered as a positive trend. In 2005, 1.3% of the profit came from a unit of products sold. In 2006 this figure increased by 01% and amounted to 1.4%. 0.7% of net profit accounted for a unit of revenue in 2005. During the year, there was an increase in net profit by 0.3%. By the end of 2006, this profit was 1%. This suggests that the demand for products has increased slightly. When we talk about the analysis of economic profitability, we can do the following about the fact that in 2006. the use of all property of Lesnoye Limited Liability Company became 4.9% more efficient. When analyzing the return on equity, it can be seen that by the end of the reporting period, the use of the equity of Lesnoye Limited Liability Company became more efficient by 9.1% and amounted to 18.6%. The dynamics of this indicator allows us to conclude that the investment of own funds in production gave a fairly good result. The use of capital invested in the activities of Lesnoye Limited Liability Company for a long period has become more efficient, since in 2005 this figure was 9.5%, by the end of 2006 it amounted to 18.6, that is, there was an increase of 9.1%.

Further, we can consider methods for managing receivables and payables, since it is the presence of these “bad” amounts that to some extent give financial difficulty. The key to receivables management is the timing of the credit (provided to customers) that affects sales and cash receipts. For example, providing longer credit terms is likely to increase sales. The terms of the loan are directly related to the costs and income associated with receivables. If the terms of the loan are tight, the company will have less cash invested in receivables and losses from bad debts, but this can lead to lower sales, lower profits and a negative reaction from buyers. On the other hand, if the terms of the loan are not specific, the company may achieve higher sales and more revenue, but it also risks an increase in bad debts and high costs associated with slow payment by low-performing buyers. The timing of receivables should be liberalized when you want to get rid of excess inventory or obsolete products. There are many ways to maximize the return on receivables and minimize possible losses: billing, reselling the right to collect debts, and assessing the financial situation of clients.

Invoicing. To expedite collection of payments, invoices can be sent to customers while their order is still being processed in the warehouse. You can also bill for services at intervals if the work is completed within a certain period, or you can charge fees upfront, which is preferable to making payments after the work is completed. In any case, you must draw up large sums of money immediately.

Buyer evaluation process. Before granting a loan, it is necessary to carefully analyze the financial statements of the buyer and obtain rating information from financial advisory firms. High-risk receivables should be avoided, such as in the case of buyers in a financially unstable industry or region. The business also needs to be wary of clients that have been in business for less than one year (about 50 percent of businesses fail within the first two years). Typically, consumer receivables carry a greater risk of default than corporate receivables. You should modify credit limits and expedite the demand for payments based on changes in the financial situation of the buyer. This can be done by withholding products or suspending services until payments are made and by requiring collateral to support questionable accounts (the value of the collateral must equal or exceed the account balance). If necessary, use the assistance of a collection agency to collect funds from recalcitrant buyers.

It is necessary to categorize receivables by due dates (arrange them by time elapsed from the date of invoicing) to identify buyers who are late in payment, and impose interest on late payments. Once current, aged receivables have been compared with prior years' receivables, industry regulations, and competitor performance, a bad debt loss statement can be prepared showing accumulated losses by customer, terms of sale, and amount, and organized by business unit. , production line, and type of customer (for example, industries).

Insurance protection. You can resort to credit insurance, this measure against unforeseen losses of bad debt. When deciding whether to purchase such protection, one must evaluate the expected average bad debt losses, the company's financial ability to withstand these losses, and the cost of insurance.

Factoring. It is possible to resell the rights to collect receivables if this results in net savings. However, in a factoring transaction, confidential information may be disclosed.

In general, accounts receivable management includes:

• 1) analysis of debtors;
• 2) analysis of the real value of existing receivables;
• 3) control over the ratio of receivables and payables;
• 4) development of a policy of advance payments and provision of commercial loans;
• 5) assessment and implementation of factoring.

The analysis of debtors involves, first of all, an analysis of their solvency in order to develop individual conditions for the provision of commercial loans and conditions for factoring agreements. The level and dynamics of liquidity ratios can lead the manager to conclude that it is advisable to sell products only with prepayment, or vice versa - about the possibility of reducing interest on commercial loans, etc.

The analysis of accounts receivable and the assessment of its real value consists in analyzing the debt by the timing of its occurrence, identifying bad debts and forming a reserve for doubtful debts for this amount.

Of particular interest is the analysis of the dynamics of receivables by the timing of their occurrence and/or by the turnover period. A detailed analysis allows you to make a forecast of the receipt of funds, identify debtors in respect of which additional efforts are needed to recover debts, and evaluate the effectiveness of receivables management.

The ratio of receivables and payables is a characteristic of the financial stability of the company and the effectiveness of financial management. In the practice of financial activities of Russian firms, a situation often arises that makes it unprofitable to reduce accounts receivable without changing accounts payable (liabilities). A decrease in receivables reduces the coverage (liquidity) ratio, the company acquires signs of insolvency and becomes vulnerable to government agencies and creditors.

The following main factors influence the level of receivables:

• - assessment and classification of buyers depending on the type of product, the volume of purchases, the solvency of customers, the history of credit relations and the proposed terms of payment;
• - control of settlements with debtors, assessment of the real state of accounts receivable;
• - analysis and planning of cash flows, taking into account the coefficients of collection.

To determine the investment in receivables, a calculation is used that takes into account the annual volume of sales on credit and the period of non-payment of receivables.

Making a generalization, we can conclude that the basis of receivables management is two approaches:

• 1) comparison of the additional profit associated with a particular scheme of spontaneous financing, with the costs and losses arising from a change in the policy of product sales;
• 2) comparison and optimization of the amount and terms of receivables and payables. These comparisons are based on the level of creditworthiness, payment deferral time, discount strategy, income and expenses for collection.

All of the above made it possible to give the following recommendations to improve the efficiency of the activity of Lesnoye Limited Liability Company:

• - regular marketing research of the market, supply and demand for products for industrial purposes and consumer goods;
• - promotion of products through the use of advertising;
• - holding exhibitions and fairs that help increase sales;
• - expanding the circle of consumers of products in order to reduce the risk of non-payment by one or more large buyers;
• - provide discounts for wholesale and regular customers;
• - control over the ratio of accounts payable and accounts receivable and analysis of the composition of accounts receivable and accounts payable.

The proposals for the work of the enterprise are: the search for cheap credit resources, the competent distribution of profits, the increase in the income side of assets. It is necessary to observe the principle of "financial condition of the timing": the receipt and use of funds must occur within the specified time frame. In general, based on the analysis, conclusions were drawn that testify to the problems associated primarily with the current operational financial management at Lesnoye LLC. Financial management in the enterprise is given too little role. This is due to the fact that the company exists relatively recently, the forms of intra-company reports have not yet been worked out. In essence, financial management occurs at the level of the accounting service and the head of the enterprise. Therefore, it is necessary to organize a financial management service and take a number of measures to improve the financial condition in accordance with these recommendations.

3.5 Suggestions for improving the financial condition

To identify the real financial position of the enterprise, it is necessary to analyze the indicators of the probability of bankruptcy.

Let us analyze the indicators of the probability of bankruptcy of the enterprise under consideration on the basis of various methods.

Table 17

Analysis of indicators of the probability of bankruptcy of Marikommunenergo LLC for the period from 2005 to 2009.

Index	standard	2005	2006	2007	2008	2009
1	2	3	4	5	6	7
Current liquidity ratio	>2	0,85	0,83	0,83	0,85	0,83
The coefficient of security of current assets with own working capital	>0,1	-0,16	-0,19	-0,19	-0,17	-0,2
Solvency recovery ratio	-	-	0,41	0,42	0,43	0,41

Judging by the data in Table 17, there is no possibility of restoring the company's solvency in the next 6 months.

Table 18 presents an analysis of the probability of bankruptcy of Marikommunenergo LLC for 2005-2009. according to the method of R.S. Saifulin and G.G. Kadykov.

Table 18

Analysis of indicators of the probability of bankruptcy of Marikommunenergo LLC for the period from 2005 to 2009. according to the method of R.S. Saifulin and G.G. Kadykova

Index	Calculation formula	2005	2006	2007	2008	2009
1	2	3	4	5	6	7
SOS security ratio (X 1)		0,85	0,83	0,83	0,85	0,83
Current liquidity ratio (X 2)		-0,16	-0,19	-0,19	-0,17	-0,20
Asset turnover (X 3)		1,59	0,01	1,59	0,01	4,01
Profitability (X 4)		0,00	0,00	0,01	0,00	0,01
Return on equity (X 5)		0,46	-0,05	3,38	2,53	6,56
Z		2,28	1,59	5,15	4,22	8,51

From the indicators calculated in Table 18, it follows that over the last two years of the period under review, Z > 1, therefore, the probability of bankruptcy of Marikommunenergo LLC is low, the increase in Z from 2.28 to 8.51 is positive.

Thus, we can conclude that the probability of bankruptcy of Marikommunenergo LLC is present, but the changes taking place at the enterprise make it possible to reduce the risk of bankruptcy to a minimum.

Based on the results obtained during the study, it is necessary to develop proposals related to improving the financial condition of the enterprise.

Taking into account the identified shortcomings of Marikommunenergo LLC, recommendations can be made that would further improve its financial position.

At this enterprise, the main share in the sources of asset formation is occupied by borrowed capital. Thus, during the period under review, its share in the overall structure of sources of formation was more than 98%. The value of the share of equity capital is very small. Therefore, it is necessary to increase the cost of equity capital. This can be achieved by increasing the authorized capital, as well as increasing the amount of profit received, while the net profit of the reporting period at the present stage of the enterprise's development is used to invest in the production process. It is also necessary to create a reserve capital to attract the attention of investors.

The amount of borrowed capital, in turn, must be reduced and minimized, while optimizing its structure. This can be achieved by timely, systematic repayment of previous debts on short-term credits and loans and refusal to attract new earthly sources. But at the same time, it is necessary to increase the share of long-term borrowed capital in the cost of borrowed capital by reducing significant amounts of accounts payable and attracting long-term capital.

It is also necessary to pay attention to the placement of the capital of the enterprise, that is, to optimize the structure of assets in order to increase the efficiency of the enterprise.

It is necessary to pay attention to the fact that non-current assets occupy a less significant place in the value of property, which is a negative trend. The largest part of the value of non-current assets falls on fixed assets (100% in 2007-2009). Thus, it is necessary to pay attention to the renewal of the material and technical base, including fixed assets, to increase the profitability of the production process and equip it with modern types of equipment that increase the productivity of the enterprise's employees and make it possible to identify reserves to reduce costs.

The structure of current assets is also not optimal.

The structure of current assets is dominated by value added tax on acquired valuables and receivables.

With this structure, LLC "Marikommunenergo" is recommended to develop a program of measures for the management of current assets.

The amount of released working capital of the enterprise must be directed to the implementation of measures to overcome the financial crisis of the company.

Analyzing the provision of reserves with sources of their formation, a lack of own working capital, own working capital and long-term borrowed sources was revealed, while these negative values ​​were obtained due to the too low value of equity capital, therefore Marikommunenergo LLC needs to pay attention to this particular source of capital formation. This is also evidenced by the coefficients of autonomy and financial dependence obtained during the calculations.

When analyzing liquidity, it was revealed that throughout the entire period under review, the balance sheet of this enterprise is not considered absolutely liquid. Non-fulfillment of the first and second inequalities entails non-fulfillment of the fourth one, which is of a balancing nature and its non-fulfillment indicates non-compliance with the minimum condition for financial stability - the organization has its own working capital.

In each reporting period, the organization has a lack of funds to fulfill its obligations, which in most cases increases by the end of the year. The exception is slow-moving assets that the organization has in excess.

The solvency of the organization in question, based on the calculated liquidity ratios, can be assessed as low, that is, the organization is not always able to fully and within the specified time to pay off its obligations that have arisen.

The value of the quick liquidity ratio in LLC "Marikommunenergo" does not meet the standard value, while it may turn out to be insufficient, since a large share of liquid funds is accounts receivable (with a part being long-term), some of which is difficult to collect in a timely manner.

Therefore, the company needs to develop an effective policy for working with debtors. So, in the contract for the provision of services, it is necessary to clearly stipulate the terms for the performance of work and the repayment of debts by customers to the enterprise in question.

In the course of the work, it was revealed that the balance sheet of the Marikommunenergo LLC enterprise is illiquid throughout the analyzed period, and the enterprise's activity can be characterized as unstable.

At this stage, it is advisable to consider ways to increase the profit of the enterprise and optimize work with creditors.

To increase profitability for Marikommunenergo LLC, it is possible to offer measures to search for internal reserves associated with increasing the profitability of production and achieving break-even work:

More complete use of the production capacity of the enterprise,

Improving the quality and competitiveness of products,

Rational use of material, labor and financial resources,

Reduction of unproductive expenses and losses.

At the same time, the main attention should be paid to the issues of resource conservation - the introduction of progressive norms, standards and resource-saving technologies, the organization of effective accounting and control over the use of resources, the study and implementation of best practices in the implementation of the savings regime, material and moral incentives for employees to increase resource savings and reduce unproductive costs and losses.

Ways to increase the profit of Marikommunenergo LLC:

Increasing sales volumes;

Expansion of the range of products offered;

Price increase;

Reducing the cost of production;

Search for new more profitable markets;

Implementation in a more optimal time frame.

For the period from 2005 to 2009 Marikommunenergo LLC is in a crisis situation, the company is on the verge of bankruptcy, since cash, securities and receivables do not cover its accounts payable and overdue loans. Quite low financial results, as well as the state of equity and borrowed capital, also testify to the crisis.

The state of the enterprise is characterized by the presence of regular non-payments, overdue debts to suppliers, the presence of arrears in the budgets.

To stabilize the activities of a limited liability company, it is necessary:

To increase the share of sources of own funds in current assets by increasing the authorized capital of the enterprise;

In addition, to attract borrowed funds to overcome the crisis, while borrowed funds must be attracted on a long-term basis;

Optimize inventory structure by disposing of slow-moving or unused stocks in production and increasing permanently used materials to avoid downtime in production activities;

Develop a program of measures to improve the liquidity of current assets, which will include the regulation of working capital, the management of receivables, as well as cash flows at the enterprise.

The dynamics of turnover indicators characterizes the activities of Marikommunenergo LLC positively. The only negative change was the decrease in the change in the cash turnover indicator, the change of which has a negative value, which is associated with a significant growth rate of the company's cash during the period under review. But this fact is more positive than negative.

Strengthen the marketing service in order to identify new niches in the market for the work performed by the enterprise.

CONCLUSION

For the implementation of effective activities, enterprises need to analyze the financial condition.

Under the financial condition refers to the ability of the enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition can be stable, unstable and crisis. The ability of the enterprise to make payments in a timely manner, to finance its activities on an expanded basis, indicates its good financial condition.

The financial condition of the enterprise depends on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. And vice versa, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency.

A stable financial position, in turn, has a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

The main purpose of the analysis is to timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

In the course of the study, theoretical aspects were considered on issues related to the concept and methods of financial analysis of an enterprise; the financial and economic situation of the activities of Marikommunenergo LLC was determined; the features of the organization of accounting at the enterprise under consideration are revealed; an analysis of the financial condition of Marikommunenergo LLC was carried out and measures were developed to improve its financial stability.

In the course of the study, it was revealed that over the analyzed period, the profit indicator by 2009 increased significantly. The indicator of output of products, works (services) has a similar trend of change, an increase of which occurred almost 6 times over the period under review (from 17,312 thousand rubles to 99,457 thousand rubles). Accordingly, the cost of goods sold, works (services) also increases. At the same time, the positive fact is that the revenue growth rate (574.50%) is significantly lower than the cost growth rate (569.63%), which indicates positive aspects in the enterprise's cost management.

The organization has a low performance for the study period, which is also confirmed by the net profit indicator, but this indicator has a positive trend.

The average number of employees of the enterprise is increasing every year. Thus, the total change in this indicator was 18 people. (from 67 people to 85 people), and the overall growth rate is 26.87%.

When considering the sources of formation, it was revealed that at this enterprise, the main share in the sources of asset formation is occupied by borrowed capital. Thus, during the period under review, its share in the overall structure of sources of formation was more than 98%. The value of the share of equity capital is very small. Therefore, it is necessary to increase the cost of equity capital. This can be achieved by increasing the authorized capital, as well as increasing the amount of profit received, while the net profit of the reporting period at the present stage of the enterprise's development is used to invest in the production process. It is also necessary to create a reserve capital to attract the attention of investors.

Throughout the analyzed period, the organization had an unstable financial situation, which can be characterized as a crisis, when cash, short-term financial investments and receivables do not cover accounts payable and overdue loans. It is characterized by the presence of irregular payments. The organization constantly lacks its own working capital.

It is necessary to pay attention to the fact that non-current assets occupy a less significant place in the value of property, which is a negative trend. The largest part of the value of non-current assets falls on fixed assets (100% in 2007-2009). At the same time, it is necessary to pay attention to the renewal of the material and technical base, including fixed assets to increase the profitability of the production process and equip it with modern types of equipment that increase the productivity of the enterprise's employees and allow identifying reserves to reduce costs.

The structure of current assets is dominated by receivables.

For the three financial years under consideration, the balance of this enterprise is not considered absolutely liquid. The current situation at the enterprise indicates that the minimum condition for financial stability is not observed - the organization has its own working capital.

In each reporting period, the organization has a lack of funds to fulfill its obligations, which in most cases increases by the end of the year. The exception is slow-moving assets.

Thus, the solvency of this organization on the basis of the calculated coefficients can be assessed as low, that is, the organization is not always able to fully and within the specified time to pay off its obligations that have arisen.

Taking into account the identified shortcomings of Marikommunenergo LLC, recommendations can be made that would further improve its financial position:

It is necessary to control the status of settlements with buyers on deferred payments (overdue) debts;

It is necessary to optimize the amount of stocks to reduce the turnover time of slow-moving assets;

Monitor the ratio of accounts receivable and accounts payable: a significant excess of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing;

It is necessary to revise the composition of debtors: it is necessary to abandon stable non-payers and start looking for solvent debtors;

If possible, target a larger number of consumers in order to reduce the risk of non-payment by one or more large buyers, it is worth reviewing contracts and finding better partners;

Increasing the share of own funds in current assets due to the growth of retained earnings;

Strengthen the marketing service in order to identify new niches in the market for the services provided by the enterprise and the work performed.

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