Sources of working capital financing. Sources of capital financing

Working capital is required for economic activity enterprises in the short term and is directed to:

Procurement of raw materials, materials and components;

investment in finished products;

Covering the difference between accounts receivable and accounts payable;

· short-term financial investments (shares, bills, etc.).

Short-term financing is often used to finance working capital. Requirements for working capital are differentiated depending on the industry of the enterprise. Almost always, working capital is subject to seasonal or cyclical fluctuations, so its size and composition depends on the working capital management strategy, as well as the company's product portfolio. Short-term financing has the following characteristics:

provided for a period of less than one year;

· requirements for financial security are softer (collateral in the form of inventories or debts of buyers);

· has flexibility - can be repaid ahead of schedule;

· short-term loans are risky for the enterprise - rescheduling is not guaranteed;

The cost of rescheduling a loan can be high.

Sources of working capital financing

Division of sources of working capital into own and borrowed carried out under the following conditions. Due to internal sources, the main need of the enterprise for resources is covered, ensuring the continuity of production and the sale of products and services. Due to external sources, an additional need for the formation of seasonal stocks of raw materials, materials, components, finished products, covering production costs is covered.

Figure 2.

The enterprise can provide internal financing from available working capital through better management, namely:

• reduce receivables (adjust relationships with buyers and customers, ensure or improve control over accounts payable, make efforts to collect overdue receivables);

· provide longer credit to suppliers;

Reduce the level of inventories (make economical purchases of raw materials, produce products not in stock, but on order).

The sources of internal financing include profits, funds from the consumption fund and reserves.

Sources of external funding

There are various sources of external financing for working capital.

The most widespread are:

· Russian banks - short-term credit, factoring, operations with bills of exchange;

Leasing companies - rent of property;

· investment funds - operations with bills of exchange, factoring;

· enterprises - commodity credit, tolling, bill settlements, mutual settlements;

· the state - mutual offsets, deferment of tax payments.

Shareholders - payments on dividends.

Forms of short-term external financing

Short-term bank loans

Short-term loans are provided to enterprises on a paid basis. To do this, loan agreements are concluded with banks, which reflect the conditions for the intended use of credit resources, their security, urgency and payment.

Commercial banks provide short-term loans for a period of less than one year under:

on the security of property and valuables of the client;

under the guarantee or guarantee of a third-party legal entity or individual.

There are blank loans that are provided to first-class borrowers without a guarantee or guarantee. As security for the repayment of a loan, banks accept the client's property owned by him, with the exception of property, the sale of which is prohibited. When lending secured by property, not only its book value is taken into account, but also the market or liquid value, which takes into account the possibility of quick sale of goods, valuable papers, currencies, etc. Short-term bank financing can be divided into overdraft funds and short-term bank loans.

Overdraft characteristics:

the cost depends on the actual amount and term of the overdraft;

· Funding amounts may exceed existing collateral;

flexibility, ease of prolongation of the contract.

Characteristics of a short-term loan:

less flexible than an overdraft;

more expensive.

The cost of an overdraft depends on the amount of funds at the disposal of the borrower at any given time, and the cost of a bank loan remains constant throughout the entire period of the loan agreement. Therefore, an overdraft is economically advantageous compared to a short-term loan, but it is available only to a limited circle of highly reliable and stable enterprises. To obtain short-term loans, the borrower provides the bank with the following documents characterizing its solvency:

· financial statements (balance sheet, income statement), on the basis of which indicators of profitability, liquidity, turnover and other financial ratios are determined.

· a feasibility study or business plan that would reveal the essence of economic activity and confirm the efficiency of resource use.

· a marketing plan, which assesses the level of risk in terms of the feasibility of the enterprise credited event or project as a whole.

Trade credit

This credit is provided in commodity form by suppliers in the form of a deferment payment for goods sold in the ordinary course of business. This form of credit is one of the most common in Russia. Trade credit appears to be free at first glance, but it contains the supplier's costs associated with investing in receivables. The supplier, as a rule, includes these costs in the price, which depends on market conditions and mutual agreements of the parties. In cases of payment for goods after the fact or in advance, as a rule, the supplier provides significant discounts, therefore, before accepting a trade credit, it is necessary to determine the size of this discount and compare this financing option with other forms.

Tolling - work on "tolling raw materials". This is a way for the processor to receive raw materials at no cost to the processor, and then return the final product to the supplier. The supplier rewards the processor for the work. The reward may be in the form Money or in the form of finished products. An enterprise-processor can resort to tolling if it currently does not have other means for financing and ways to purchase raw materials and wants to continue production activities, as well as load production capacities, making non-tolling operations more profitable.

Promissory note - a written promissory note of the form established by law, issued by the borrower (drawer) to the creditor (promissory note holder), giving the latter the right to require the borrower to pay the amount specified in the bill by a certain date. Traditionally, bills of exchange are issued to formalize a trade credit and are used as a cash equivalent for current settlements in case of a shortage of "live" funds. In addition to issuing its own bills, an enterprise can use bank bills for settlements with suppliers. An enterprise, carrying out operations with bank bills, can receive the following benefits:

· An enterprise that has received a loan in the form of a bank bill can remove the problem of solvency, because the bill of a stable bank is more liquid than the bill of the enterprise itself;

· bank bills contribute not only to solving the problems of non-payment of the enterprise, but also to increase working capital.

The investor's benefit from the purchase of promissory notes consists of:

· Savings on tax payments: tax on income received on a bill of exchange is 15%;

· liquidity of investments, due to the urgency of the bill, as well as the presence of the bill market, where the sale of bills or their accounting in the bank is possible;

the ability to pay their own obligations;

Possibility to mortgage them and get a loan.

Factoring

Sale of receivables of the company to financial an institution known as a factor company. The transaction of selling accounts receivable at a reduced price to a specialized company - a factor - or a financial institution in order to receive funds. When selling goods on credit, the seller can receive immediate payment from the factoring bank with a discount of 15-50%, depending on the creditworthiness of the buyer and the quality of the goods. The main advantage of factoring is to ensure the turnover and liquidity of funds.

Mutual settlements

Mutual settlements - monetary obligations between enterprises, repaid supply of goods or services involving two or more parties. Despite the fact that mutual settlements are not monetary transactions, any acceptance of goods from one party to another is tantamount to a short-term loan.

As well as mutual settlements, barter implies the repayment of cash obligations between enterprises to supply or exchange goods. In Russia, barter transactions are one of the main sources of financing. The volume of barter transactions in Russia accounts for more than half of sales among the largest enterprises in the country.

Short term leasing

Short term leases can reduce investment by investing in equipment needed by the enterprise for a limited period. Optimal financing of working capital depends on the quality of management, which should ensure the availability of the necessary amount of working capital. The required amount of working capital is understood as their size, which would be minimal, but quite sufficient to ensure normal economic activity in a particular period of time.

Current Asset Financing Strategies

In the theory of financial management, it is customary to distinguish various strategies for financing current assets, depending on the attitude of the manager to the choice of sources of coverage. There are 4 models of behavior: ideal, aggressive, conservative, compromise. The choice of one or another model of the financing strategy comes down to the allocation of an appropriate share of capital, i.e. long term funding sources.

The ideal model is built based on the essence of the categories "current assets" and "short-term liabilities". The model means that current assets are equal in size to short-term liabilities, i.e. net working capital is zero. AT real life such a model is practically not found, because. a company always needs some amount of cash to maintain current expenses. From the standpoint of liquidity, this model is the most risky, because the enterprise may be faced with the need to sell part of fixed assets to cover current accounts payable. The essence of this strategy is that long-term capital is used as a source of coverage for non-current assets, i.e. numerically coincides with their size.

The aggressive model means that long-term capital serves as a source of coverage for non-current assets and the minimum that is necessary to carry out business activities. From a liquidity standpoint, this model is also risky, as in real life, it is impossible to confine oneself to a minimum of current assets. Since permanent sources of financing in this case are only enough to cover the minimum of current assets. With this model, there is a relatively high current profit (since the costs of maintaining current activities are minimal) and a high risk of losses from not receiving possible income with an increase in demand for products.

The conservative model assumes that part of current assets is covered by long-term liabilities.

The compromise model is considered the most realistic. Current assets are financed from long-term sources.

The company needs sources of funds to finance its activities. An enterprise can increase its capital in various ways. The main sources of funds for enterprises are their own sources (funds of shareholders and other owners, reinvested profits), borrowed funds (bank loans, bonded loans, etc.), temporarily attracted funds (accounts payable).
Equity, as well as loans and borrowings, form the most stable part of a company's funding sources. This is a relatively constant capital of the company. Temporarily attracted funds are formed in the company. as a rule, as a result of the time lag between the receipt of inventory items and their payment.
Own and borrowed sources differ in a number of parameters. The differences between own and borrowed sources are presented in Table. 6.1.
Table 6.1
Comparative analysis sources

Equity capital is characterized by the following main positive features:
1. Ease of attraction, since decisions related to increasing equity capital (especially through internal sources of its formation) are made by the owners and managers of the enterprise without the need to obtain the consent of other business entities.
2. Higher ability to generate profits in all areas of activity, tk. when using it, the payment of loan interest in all its forms is not required.
3. Ensuring the financial sustainability of the development of the enterprise, its solvency in the long term, and, accordingly, reducing the risk of bankruptcy.
However, it has the following disadvantages.
1. The limited volume of attraction, and therefore the possibility of a significant expansion of the operating and investment activities of the enterprise during periods of favorable market conditions and at certain stages of it life cycle.
2. Higher cost. due to lack of tax shield
3. The unused opportunity of the effect of financial leverage - the increase in the return on equity ratio by attracting borrowed funds, since without such attraction it is impossible to ensure that the financial profitability ratio of the enterprise's activities exceeds the economic one.
Thus, an enterprise that uses only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (because it cannot ensure the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial opportunities increase in return on invested capital.
Borrowed capital is characterized by the following positive features:
1. Sufficiently wide opportunities for attracting, especially with a high credit rating of the enterprise, the presence of collateral or guarantee of the guarantor.
2. Ensuring the growth of the financial potential of enterprises, if necessary, a significant expansion of its assets and an increase in the growth rate of the volume of its economic activity.
3. Lower cost in comparison with own capital due to the effect of the "tax shield" (withdrawal of the cost of its maintenance from the taxable base when paying income tax).
4. The ability to generate an increase in financial profitability (return on equity ratio).
At the same time, the use of borrowed capital has the following disadvantages.
1. The use of this capital generates the most dangerous financial risks in the economic activity of the enterprise - the risk of a decrease in financial stability and loss of solvency. The level of these risks increases in proportion to the increase in the share of the use of borrowed capital.
2. Assets formed at the expense of borrowed capital generate a lower (ceteris paribus) rate of return, which is reduced by the amount of loan interest paid in all its forms (interest on a bank loan; leasing rate; coupon interest on bonds; bill interest on commodity credit, etc.)
3. High dependence of the cost of borrowed capital on fluctuations in the financial market. In some cases, with a decrease in the average loan interest rate in the market, the use of previously received loans (especially on a long-term basis) becomes unprofitable for the enterprise due to the availability of cheaper loans. alternative sources credit resources.
4. The complexity of the attraction procedure (especially in large amounts), since the provision of credit funds depends on the decision of other economic entities (lenders), in some cases it requires appropriate third-party guarantees or collateral (at the same time, guarantees from insurance companies, banks or other economic entities are provided, usually for a fee).
Thus, an enterprise using borrowed capital has a higher financial potential for its development (due to the formation of an additional volume of assets) and the possibility of increasing the financial profitability of activities, however, it generates financial risk and the threat of bankruptcy to a greater extent (increasing as the share of borrowed funds increases). in the total capital employed.
Attracting one or another source is associated with certain costs for the enterprise:
shareholders need to pay dividends;
banks and other creditors - interest on loans and bonds.
The financial manager will seek to make such a financial decision in order to minimize the cost of capital, that is, from the available sources of funds, to make such a combination that the income paid by the company as a payment for capital is minimal and, thus, financial resources would cost the company as cheaply as possible.

Working capital includes three components, the management of which will allow timely assessment, and, if necessary, optimize the working capital of the enterprise: accounts payable, accounts receivable and inventory. And by involving employees from all departments in working capital management, you can significantly improve the situation with cash flow.

Working capital includes three components that require proper management.

• Accounts payable. Cash to be paid to suppliers for goods and services received. The frequency of payments determines the rate of cash outflow from the company.
• Inventory. Ownership of raw materials, work in progress and finished goods. The volume of inventories determines the amount of associated cash.
• Accounts receivable. Cash to be paid by customers for goods and services received. The frequency of receipts determines the rate of cash inflow into the company.

There is no consensus among economists about whether cash should be included in working capital or not. Since cash is not "turned around" in the company's business, it is usually not included in working capital, and therefore its definition is limited to the three components above.

From fig. 1 where shown working capital cycle, you can see that cash enters the cycle when the supplier is paid and exits when the customer pays. The company's goal is to minimize the amount of time that cash is tied up in this cycle, because the longer it is there, the more cash it needs to raise from investors.

The ideal situation for working capital management- the presence of the so-called negative working capital. It occurs when cash is received from customers before it is paid out to suppliers, whereby working capital becomes a source of cash rather than an investment. Food retailers, in particular, have negative working capital: their customers pay for purchases in cash (or cash equivalents), so they have no accounts receivable, their inventories are low, since most of them are perishable products, and they make payments to suppliers no more than once a month, after receiving funds from customers.

Yes, minimize working capital This can be done by reducing inventory, ensuring prompt cash flow from customers and reducing the frequency of payments to suppliers, but this requires setting credit limits for customers, entering appropriate contractual terms, knowing the procedure for purchasing customers, promptly invoicing, etc. Than the more steps are taken in this direction, the more the cash situation will improve. This chapter deals with wide range steps that can help minimize working capital, as well as improve the quality of customer service. There are three stages here:

• from purchase to payment - the steps from the moment an order is placed with the supplier until the goods or services are received and the supplier's invoice is paid;
• inventory management - the transformation, storage and movement of goods from the moment raw materials are received to the provision of the finished product to the end consumer;
• from order to cash - the steps from the moment an order is received from a customer to the provision of goods or services and the receipt of cash from the customer.

Rice. 1. Working capital cycle

Just because cash goes through the entire working capital cycle in just a few weeks or months does not mean that the total investment in working capital is just as short-term. Inventory levels can fluctuate constantly, as goods and materials are bought and sold every day, but there is an average volume - residual (or reserve) stocks that are steadily maintained. These residual

Inventory is essentially a permanent investment that can be financed with a long-term loan.

A typical graph of changes in the volume of inventories is shown in fig. 2. Daily sales volume ranges from 0 to 30 units. Inventories are purchased once a week - in such a way that not only stocks already sold are replaced, but also those that can be sold next week. The total inventory volume ranges from 20 units (immediately before replenishment) to 110 units (immediately after replenishment), and the average volume is about 70 units. This average volume needs to be maintained and funded throughout the year.

Rice. 2. Graph of changes in inventory

Reducing inventories, that is, reducing their average volume, will give a decrease in the amount of associated cash, but at the same time there is a risk that one day the inventory of a particular product will run out and the company will not be able to make sales. However, the savings from reduced inventory funding can be far greater than the lost profits from a few lost sales. Therefore, it is necessary to find a reasonable balance between increasing sales and reducing inventory.

The same can be said about the average value of receivables and payables. While they change daily, net inventory plus accounts receivable minus accounts payable is a long-term investment. Accordingly, the average net working capital balance should be financed with a long-term loan, interest rate which is lower than in the short term. However, short-term failures that sometimes happen - especially for companies whose business is seasonal - are better covered with short-term loans, because long-term interest costs will be higher.

If for one reason or another it is difficult for a company to attract financing, it is possible to reduce working capital using such methods as inventory management carried out by suppliers, factoring and others, which are discussed below.

If top management wants to expand the company's operations (by increasing daily sales volume), this will inevitably lead to an increase in working capital - due to the fact that it will be necessary to increase the amount of inventory in order to minimize the likelihood that any product will be in the right moment will not be available, and to finance the net increase in receivables less payables. Therefore, as a company grows, the amount of cash tied up in working capital increases and any restrictions on business financing may negative impact on growth rates. The reverse is also true: downsizing will reduce working capital, freeing up cash.

If the expansion process is carefully planned and controlled, the financing of additional working capital can be planned. However, if growth occurs unexpectedly, the company may not have the cash needed to finance additional working capital. In the absence of the necessary cash flow, the only way to finance an increase in inventory is to defer payments to suppliers. Naturally, the accounts payable at the same time is growing rapidly. Investments are needed to finance the increase in working capital and ensure that the company meets its obligations to suppliers on time.

We have also compiled a regulation for you that will allow you to optimize the working capital of the holding.

Working capital is necessary for the economic activity of the enterprise in the short term and is directed to: purchase of raw materials, materials and components; investment in finished products; covering the difference between accounts receivable and accounts payable; short-term financial investments (shares, bills, etc.). Short-term financing is often used to finance working capital. Almost always, working capital is subject to seasonal or cyclical fluctuations, so its size and composition depends on the working capital management strategy, as well as the company's product portfolio. Short-term financing has the following characteristics: provided for a period of less than one year; requirements for financial security are softer (collateral in the form of inventories or debts of buyers); has flexibility - can be repaid ahead of schedule; short-term loans are risky for the enterprise - rescheduling is not guaranteed; the cost of rescheduling a loan can be high.

Sources of working capital financing. The division of sources of working capital into own and borrowed is carried out on the following conditions. Due to internal sources, the main need of the enterprise for resources is covered, ensuring the continuity of production and the sale of products and services. Due to external sources, an additional need for the formation of seasonal stocks of raw materials, materials, components, finished products, covering production costs is covered. Sources of internal financing: The enterprise can secure internal financing from available working capital through better management, namely: reduce receivables (adjust relationships with buyers and customers, maintain or improve control of accounts payable, make efforts to collect overdue receivables); secure longer-term supplier credit; reduce the level of inventories (make economical purchases of raw materials, produce products not in stock, but on order). The sources of internal financing include profits, funds from the consumption fund and reserves.

Sources of External Funding: There are various sources of external financing for working capital. The most widespread are: Russian banks - short-term credit, factoring, operations with bills of exchange; leasing companies - lease of property; investment funds - operations with bills of exchange, factoring; enterprises - commodity credit, tolling, bill settlements, mutual settlements; the state - mutual offsets, deferment of tax payments. shareholders - settlements on dividends.

Forms of short-term external financing: 1Short-term loans provided to businesses for a fee. To do this, loan agreements are concluded with banks, which reflect the conditions for the intended use of credit resources, their security, urgency and payment. Short-term bank financing can be divided into overdraft funds and short-term bank loans. Overdraft characteristics: the cost depends on the actual amount and term of the overdraft; funding amounts may exceed existing collateral; flexibility, ease of prolongation of the contract. Characteristics of a short-term loan: less flexible than an overdraft; more costly. The cost of an overdraft depends on the amount of funds at the disposal of the borrower at any given time, and the cost of a bank loan remains constant throughout the entire period of the loan agreement. Therefore, an overdraft is economically advantageous compared to a short-term loan, but it is available only to a limited circle of highly reliable and stable enterprises.

Trade credit. This credit is provided in the form of goods by suppliers in the form of a deferment of payment for goods sold in the ordinary course of business. This form of credit is one of the most common in Russia. Trade credit appears to be free at first glance, but it contains the supplier's costs associated with investing in receivables. The supplier, as a rule, includes these costs in the price, which depends on market conditions and mutual agreements of the parties.

Tolling- work on "tolling raw materials". This is a way for the processor to receive raw materials at no cost to the processor, and then return the final product to the supplier. The supplier rewards the processor for the work. The reward may be in the form of cash or in the form of finished products. An enterprise-processor can resort to tolling if it currently does not have other means for financing and ways to purchase raw materials and wants to continue production activities, as well as load production capacities, making non-tolling operations more profitable.

bill of exchange- a written promissory note of the form established by law, issued by the borrower (drawer) to the creditor (bill holder), giving the latter the right to require the borrower to pay the amount specified in the bill by a certain date. Traditionally, bills of exchange are issued to formalize a trade credit and are used as a cash equivalent for current settlements in case of a shortage of "live" funds.

Factoring The sale of a company's receivables to a financial institution, known as a factoring company. The transaction of selling accounts receivable at a reduced price to a specialized company - a factor - or a financial institution in order to receive funds.

When selling goods on credit, the seller can receive immediate payment from the factoring bank with a discount of 15-50%, depending on the creditworthiness of the buyer and the quality of the goods. The main advantage of factoring is to ensure the turnover and liquidity of funds.

Mutual settlements- monetary obligations between enterprises, repaid by the supply of goods or services with the participation of two or more parties.

Barter As well as mutual settlements, barter implies the repayment of monetary obligations between enterprises by the supply or exchange of goods. In Russia, barter transactions are one of the main sources of financing. The volume of barter transactions in Russia accounts for more than half of sales among the largest enterprises in the country.

Short term leasing Short-term leases can reduce investment by investing in equipment that a business needs for a limited time.

Optimal financing of working capital depends on the quality of management, which should ensure the availability of the necessary amount of working capital. The required amount of working capital is understood as their size, which would be minimal, but quite sufficient to ensure normal economic activity in a particular period of time.

Similar information.

According to the sources of financing of working capital (in most cases), the effectiveness of its use is calculated. The main task of the managing organization, as you know, is to establish the "golden mean", the optimal balance between attracted capital and own capital, which is due to the peculiarities of the financial turnover of a particular entity. In the course of financial management, not only the rights of enterprises are ensured, but also their responsibility for the rationality and efficiency of the use of finances increases.

The balance between borrowed and own money ensures a continuous circulation of capital, which, in turn, ensures:

Types of funding sources for working finance

There are three types of such sources (as indicated in the figure):

• borrowed;
• involved;
• own.

Let's take a closer look at each of them.

Equity

It is this capital that plays a key role in the turnover of funds, since each organization that operates on the principle of commercial calculation is required to have a minimum operational / financial independence, otherwise the profitability of doing business will be at risk. Moreover, the organization must be held accountable for all decisions made.

Financing of working capital is carried out at the stage of formation of the enterprise, i.e. when creating the statutory fund. In this case, the sources may be:

• investments from the founders;
• funds received from the sale of shares;
• money from other organizations that take part in the implementation of joint projects;
• money from the state budget.

All this, combined with capital, is transferred to the authorized capital of the enterprise and form the initial working capital.

Note! The need for working capital can change in the course of development in one direction or another (when compared with the initial volume), and the authorized capital often does not change for several years.

Part of the investment is directed to the purchase of production material necessary for the provision of services or the production of products. Working capital is the only source of funds to cover production costs until the first proceeds from the sale of manufactured products are received.

Further, working capital issued as an advance to restart the production cycle can be replenished with money invested in enterprises, and more importantly, with proceeds, sales of shares on the stock exchange and additional funds raised.

Own funds can be:

• net profit;
• enterprise reserves that are not used for their intended purpose (at least temporarily);
• income that was not distributed in previous years.

At the subsequent stages of activity, corporatization develops, which allows you to spend profits at your own discretion (of course, in addition to the share that will go to taxes, mandatory payments and other areas provided for by applicable laws).

Sources that are equated to their own are based on a stable liability - capital that is in the permanent circulation of the organization, but does not belong to it. In other words, such capital is not own, but is used to increase working capital.

There are several types of funds that are equated with your own. It can be:

• minimum carry-over debt for wages;
• consumer fund balances;
• reserve funds for future payments;
• the use of funds intended for the payment of taxes before the end of the reporting period;
• carryover budget debt;
• credit funds received as an advance payment for manufactured products;
• debt to buyers for the returned container.

Note! The money raised additionally can be used to cover the increase in their working capital (the difference between their volume at the end / beginning of the year).

Debt by wages formed in cases where the date of payment does not coincide with the date of enrollment. There is even a special formula for this, which looks like this:

(L x F) / 90 = M₃

Here M₃ is the minimum debt, D is the number of days from the first day of the month to the date of enrollment, and F is the payment fund for the fourth quarter of the next year.

Example

It is necessary to determine the growth of a sustainable liability, provided that it is used to create a current asset. W / P is charged monthly on the 15th, and the fund for the fourth quarter is 240 million rubles. The minimum debt is 32 million. When calculating, you must perform the following steps.

Step 1. The number of days from the beginning of the month to the date of issuance of the salary is calculated (14 days).

Step 2 The daily salary is calculated (240 / 90 = 2.666 million).

Step 3 The carryover debt is determined (2.666 x 14 = 37.333 million).

Step 4 The growth of the sustainable liability will be approx. 5.3 million (37.333 - 32).

Carrying debt arises due to the fact that the deadlines for the payment of taxes provided for by law may not coincide with the actual date of enrollment. Conversely, a debt to customers for returnable packaging is formed if finished products shipped in the same returnable container. Usually, suppliers involved in the sale of such products receive a kind of pledge from customers in the form of containers. If the products are regularly shipped in this way, then the enterprises form a permanent balance of the pledge. And if you consider that collateral is constantly returned to customers, then it turns out that suppliers need to calculate the minimum collateral included in the additional capital raised.

Note! With regard to advance debt, it can only be planned in the service and heavy industries. At the same time, production programs, estimated terms and terms of delivery of goods are taken into account.

If the amount of the current standard is greater than working capital, then its main (capital) minus appears - the planned income is not received or is not received in full, because it was used irrationally due to a number of factors (for example, misuse, other nuances that arose in the course of the activity). This minus can be covered only at the expense of the enterprise itself, which allowed such a state of the budget.

AT last years the use of loans for working capital is becoming increasingly popular. Loans are able to cover the temporary need of the enterprise in money. There are many reasons for borrowing, the following are just some of the more common ones:

• loans of any type;
• mediation of financial turnover;
• investment loans;
• crediting of raw stocks;
• replenishment of a temporary shortage of funds;
• loans for seasonal production costs.

Characteristically, loans can be obtained not only from banks, but also from other financial companies, including state ones.

Such capital is attracted to enterprises under a specially drawn up contract. If the money is invested by the employees themselves, then a certain percentage may be provided. Another attraction tool is accounts payable, which is formed in clearly defined terms of payment and without fail legally. If the deadlines are violated, then the enterprise has the right to use the funds of other objects (to the detriment of the interests of the latter, of course).

Note! The appearance of debt indicates that financial discipline has been violated, and special service the enterprise has taken measures to reduce it (debt).

As a conclusion

A competent ratio of own, credit and borrowed working capital funds is extremely important. important point on the way to strengthening the financial position of the enterprise. At the same time, the main task of financial managers working at the enterprise should be to ensure the normal financial functioning of the entity with minimal working capital.