Reasons for the lack of own working capital. Insufficiency of own funds. Classification of current assets

Lack of own working capital arises primarily as a result of non-fulfillment of the savings plan and, consequently, the absence of the main source of their growth, the presence of excess losses, untimely and incomplete financing by the higher organization of the costs provided for by the plan of association (enterprise) and the presence in connection with this immobilization of working capital associated with covering costs. Excessive withdrawal of part of the profits by a higher organization in the order of redistribution of savings can also be the reason for this.

For replenishment temporary shortage of working capital the borrower provides short-term loans. The totality of such operations forms an autonomous segment of the loan capital market - the money market. The average repayment term for this type of loan usually does not exceed six months. The most widely used short-term loans for stock market, in trade and services, in the mode of interbank lending. [ 7 ]

For replenishment lack of own working capital of the enterprise can get a bank loan. The loan is returned at the expense of funds received from organizational and technical measures aimed at restoring sources of financing, increasing working capital or through the use of reserve funds.

Sources of formation of working capital and financing of their growth.

According to the sources of formation, working capital is divided into own and borrowed.

The authorized capital in the working capital fund is a source of financial resources.

Main source own funds at the enterprise - profit.

Initially, when an enterprise is created, working capital is formed as part of its authorized capital (capital). They go to buy production stocks entering production for the manufacture of marketable products. Finished products are delivered to the warehouse and shipped to the consumer. Until the moment of its payment, the manufacturer feels the need for funds. The company also uses other sources of working capital - stable liabilities, accounts payable, loans from banks and other creditors.

As you grow production program the need for working capital increases, which requires appropriate financing of the increase in working capital. In this case, the source of their replenishment is the net profit of the enterprise.

The company uses stable liabilities as working capital. They are equated to their own sources, as they are constantly in the turnover of the enterprise, are used to finance it. economic activity but they don't belong to him. Sustainable liabilities include:

22. minimum carry-over debt on wages and deductions for social insurance, in Pension Fund, health insurance, employment fund;

23. minimum debt on reserves to cover future expenses and payments;

24. Debts to suppliers for unbilled deliveries and accepted settlement documents, the due date for which has not come;

25. debt of the customer for advance payments and partial payment for products;

26. debt to the budget for certain types of taxes.

When calculating the minimum wage arrears, the period in days between the date of accrual and the date of payment is determined wages. Then the one-day amount of wage arrears is calculated and multiplied by the minimum number of days during which it is listed in the company's turnover.

As part of the reserve to cover future expenses and payments, a reserve is formed for paying vacations for workers and employees and a repair fund (formed and used at the time of payment for the repair of basic production assets)

In addition to own and equivalent funds, the source of the formation of working capital can be company's accounts payable(funds that do not belong to the enterprise, but are temporarily in its circulation). If sustainable liabilities can be planned, then accounts payable are not a planned source of working capital formation. Accounts payable are divided into normal, arising in connection with the peculiarities of the settlements, and abnormal, resulting from the violation by buyers of the terms of payment of settlement documents. In the latter case, the buyer, having received inventory items from the supplier and not paying for them on time, uses funds that no longer belong to him in his turnover. Meanwhile, with the current inflation, the speed of making payments between enterprises plays an important role. The delay in payments leads to a slowdown in the turnover of working capital and contributes to the deterioration of the financial condition of the supplier.

Currently, the insolvency of enterprises has reached alarming proportions and tends to grow. The applied methods of solving this problem (mutual offset of non-payments, prepayment, bills) do not yet give the desired effect.

The company's need for working capital does not remain constant throughout the year. It can fluctuate depending on various factors: seasonality of production, uneven supply of goods and materials, untimely receipt of money for shipped products, accumulation of unsold finished products in a warehouse, etc. It is not economically feasible to form working capital only at the expense of the owners, because this reduces the ability of the enterprise to finance other costs. Bank loans or other creditors are used as borrowed sources.

Ticket number 5

1. How is the rationing of working capital in work in progress and the peculiarity of its calculation.

2. Determination of the total standard of working capital of corporations.

3. Explain the meaning, the procedure for determining the increase in the working capital ratio and its reflection in the financial plan.

How is the rationing of working capital in work in progress and the peculiarity of its calculation.

Determining the needs of the enterprise in its own working capital carried out in the process of normalization, i.e. determination of the standard of working capital.

Rationing of working capital- the process of determining the minimum, but sufficient (for the normal course of production process) the amount of working capital at the enterprise, i.e. this establishment of economically justified (planned) reserve norms and standards for the elements of working capital.

The value of the standard is not constant. The size of own working capital depends on the volume of production; conditions of supply and sale; product range; applicable forms of payment. It should be noted that this is one of the most volatile indicators of current financial activity.

Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is production cost estimate for the planned period. However, for companies with non-seasonal nature of production it is advisable to take the data of the 4th quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For businesses with seasonal nature of production- data of the quarter with the lowest volume of production, since the seasonal need for additional working capital is provided by short-term bank loans.

To determine the standard, it is taken into account average daily consumption of normalized elements in terms of money.

1. Excess (shortage) of own working capital.

ΔSOS year \u003d SOS year - Z (thousand rubles),

where: ΔSOS year - growth, surplus of working capital;

Z - stocks.

ΔSOS 2006 = 4180 - 1389 = 2791;

ΔSOS 2007 = 15226 – 9437 = 5789;

ΔSOS 2008 = 15316 - 3790 = 11526.

The company has a sufficient amount of own funds for the formation of stocks.

1. Surplus (shortage) of own and long-term borrowed sources of financing reserves.

ΔSDI year \u003d SDI year - Z (thousand rubles),

where: ΔSDI year is the surplus (shortage) of own and long-term borrowed sources of reserves financing.

ΔSDI 2006 = 4180 – 1389 = 2791;

ΔSDI 2007 = 15226 – 9437 = 5789;

ΔSDI 2008 = 15316 – 3790 = 11526.

For the entire analyzed period, the enterprise has a sufficient number of its own and long-term sources of financing reserves.

· Surplus (deficiency) of the total value of the main sources of coverage of stocks.

ΔOIZ year \u003d OIZ year - W (thousand rubles),

where: ΔOIZ year - surplus (deficiency) of the total value of the main sources of reserves coverage.

ΔOIZ 2006 = 4788 – 1389 = 3399;

ΔOIZ 2007 = 15226 – 9437 = 5789;

ΔOIZ 2008 = 15316 – 3790 = 11526.

Thus, in the analyzed period, the enterprise has enough main sources of inventory coverage, and by the end of the period this indicator increases significantly.

The dynamics of indicators of coverage with reserves by the main sources of their formation will be reflected in Fig. 2.6.

Rice. Fig. 2.6 - Dynamics of indicators of coverage by reserves by the main sources of their formation of OJSC "Vicom" in 2006 - 2008.

The given indicators of provision of reserves have the corresponding sources of financing. Based on them, it can be concluded that financial stability enterprises.

The conclusion is formed on the basis of a threefold model:

M(ΔSOS; ΔSDI; ΔOIZ)

As a result of the calculations, it can be seen that during the entire analyzed period - М(ΔSOS > 0; ΔSDI > 0; ΔOIZ > 0).

This means the following: during the analyzed period financial condition enterprises are rated as sustainable.

Table 2.4

Relative indicators of the financial stability of the enterprise (coefficients of the capital structure) (thousand rubles)

Name of indicator	What characterizes	Recom. value		Meaning
Financial Independence Ratio	Share equity in balance currency	0,6	Kfn = SK / WB (total section III balance / total balance)	Kfn 2006 = 4288 / 4902 = 0.87; Cfn 2007 = 15376 / 19792 = 0.78; Cfn 2008 = 15463 / 20838 = 0.74.
Debt ratio (financial dependency)	The ratio between borrowed and own funds	0,5-0,7	Kz \u003d ZK / SK (total of section IV + V of the balance sheet / total of section III of the balance sheet)	Kz 2006 = 614 / 4288 = 0.14; Kz 2007 = 4417 / 15376 = 0.29; Kz 2008 = 5376 / 15463 = 0.35.
Working capital ratio	The share of own working capital in current assets	> 0,1	Ko = SOS / OA (formula (1) / result of section II of the balance sheet)	Ko 2006 = 4180 / 4791 = 0.87; Ko 2007 = 15226 / 19643 = 0.78; Ko 2008 = 15316 / 206911 = 0.74.
Agility factor	The share of own working capital in equity	0,2-0,5	Km = SOS / SK (formula (1) / result of section III of the balance sheet)	Km 2006 = 4180 / 4288 = 0.97; Km 2007 = 15226 / 15376 = 0.99; Km 2008 = 15316 / 15463 = 0.99.
Financial tension ratio	The share of borrowed funds in the balance sheet currency	< 0,4	Kfnapr \u003d ZK / WB (total of Section IV + V of the balance sheet / total of the balance sheet)	Kfnapr 2006 =0.13 Kfnapr 2007 = 0.22 Kfnapr 2008 =0.26
Ratio of mobile and mobilized assets	How much is out current assets accounted for every ruble of current assets	individual	Kc \u003d OA / BOA (total of section II of the balance sheet / total of section I of the balance sheet)	Ks 2006 = 4794 / 108 = 44.39; Ks 2007 = 19643 / 150 = 130.95; Ks 2008 = 20691 / 147 = 140.76.

We will reflect the changes in financial stability indicators in the form of a diagram in fig. 2.7.

Rice. 2.7 - Indicators of the financial stability of the enterprise OJSC "Vinikom" in 2006 - 2008

Relative indicators of the financial stability of the enterprise characterize the degree of dependence of the enterprise on external creditors and investors.

The optimal value of the coefficient of financial independence is Kfn = 0.6. Kfn 2006 = 0.87; Kfn 2007 = 0.78; Kfn 2008 = 0.74. The growth of the coefficient from period to period indicates the growth of the financial independence of the enterprise.

The normal limitation of the coefficient of financial dependence is Kz 0.5-0.7. Kz 2006 = 0.14; Kz 2007 = 0.29; Kz 2008 = 0.35. As a result of the growth of the financial independence of the enterprise, the value of the coefficient, respectively, tended to decrease.

The recommended value of the ratio of own working capital is Ko ≥ 0.1. Ko 2006 = 0.87; Ko 2007 = 0.78; Co 2008 = 0.74. That is, the enterprise throughout the entire period of the study had a sufficient amount of its own working capital.

Normal limitation of the maneuverability coefficient: Km = (0.2; 0.5). Km 2006 = 0.97; Km 2007 = 0.99; Km 2008 = 0.99. Thus, we can conclude that the company has sufficient opportunities to maneuver its funds.

The recommended value of the coefficient of financial tension Kfnapr is no more than 0.4. Kfnapr 2006 = 0.13; Kfnapr 2007 = 0.22; Kfnapr 2008 = 0.26. Calculations show that the level of financial tension is growing, which indicates a decrease in the financial stability of the enterprise, however, the current situation does not cause serious concern, the recommended values ​​are observed with a significant excess.

Кс is the ratio of mobile and mobilized assets. Ks 2006 = 44.39; Ks 2007 = 130.95; Ks 2008 = 140.76. 44 rub. 39 kop. current assets accounted for 1 ruble of non-current assets in 2006. 130 rub. 95 kop. current assets accounted for 1 ruble of non-current assets at the end of 2007. 140 rub. 76 kopecks of current assets accounted for 1 ruble of non-current assets in 2008. These ratios show that the assets of the enterprise are characterized by very low immobilization.

Economic efficiency the activity of the enterprise is expressed in terms of profitability (profitability), i.e. profitability ratios show how profitable the company's activities are.

Table 2.5

Profitability ratios of the enterprise (%)

Name	Calculation formula	What characterizes
1. Profitability of product sales 1.1. Profitability products sold(rrp)	Rrp = (Pr / Crp) * 100 where: Pr - profit from the sale of goods; CRP - total cost of sales (p. 140 / p. 020 f. No. 2)	Shows how much profit from the sale of products falls on one ruble of total costs	Ррп2007 = 7879 / 27221 * 100 = 28.94; Ррп2008 = 145 / 31654 * 100 = 0.46.
1.2. Product profitability (Rizd)	Rizd = (P / Cp) * 100 where: P - profit on costing for a product or group of products; (p. 029 / p. 020 f. No. 2)	Shows the profit attributable to 1 ruble of costs per product (group of products)	Rizd2007 = 14191 / 27221 * 100 = 52.13; Rizd2008 = 8100 / 31654 * 100 = 25.59.
2. Profitability of production (Rp)	Rp \u003d (BP / (OSav + MPZav)) * 100, where: BP - accounting profit ( total profit before tax) OSav - the average cost of fixed assets for the billing period; MPZsr - the average cost of inventories for the billing period. (p. 140 f. No. 2 / (p. 120 b. + p. 210 b))	Reflects the amount of profit attributable to each ruble of production resources (tangible assets of the enterprise)	Rp2007 = 78795 / 5535 * 100 = 142.35; Rp2008 = 145 / 6782 * 100 = 2.14.
3. Return on assets (property) 3.1. Return on total assets (Ra)	Ra \u003d (BP / Asr) * 100, where: Asr - the average cost of total assets for the billing period. (p. 140 f. No. 2 / p. 300 b.)	Reflects the amount of profit attributable to each ruble of total assets	Ra2007 \u003d 7879 / 12347 * 100 \u003d 63.81; Pa2008 = 145 / 20315 * 100 = 0.71.
3.2. Return on non-current assets (Pboa)	Pboa \u003d (BP / BOAav) * 100, Where: WOAS - average annual cost non-current assets. (p. 140 f. No. 2 / p. 190 b.)	Reflects the amount of profit attributable to each ruble of non-current A.	Pvoa2007 = 7879 / 129 * 100 = 6107.75; Pvoa2008 = 145 / 148.5 * 100 = 97.64.
3.3. Return on current assets (Roa)	Roa \u003d (BP / OAcp) * 100, Where: ОАср - the average annual value of current assets (p. 140 f. No. 2 / p. 290 b.)	Shows the amount of accounting profit attributable to each ruble of current assets.	Roa2007 = 7879 / 12218.5 * 100 = 69.48; Roa2008 = 145 / 20167 * 100 = 0.72.
3.4. Profitability of pure working capital(Rchok)	Rchok \u003d (BP / CHOKav) * 100, Where: NEFav - the average cost of net working capital for the billing period (p. 140 f. No. 2 / f. (8))	Shows the amount of accounting profit attributable to each ruble of net working capital.	Rchok2007 \u003d 7879 / 15226 * 100 \u003d 51.75; Rchok2008 = 145 / 15315 * 100 = 0.95.
4. Return on equity (Rsk)	Rsk \u003d (PE / SKsr) * 100, Where: PE - net profit; SKav is the average annual cost of equity capital. (p. 190 f. No. 2 / p. 490 b.)	Shows value net profit per ruble of own capital.	Rsk2007 \u003d 5988 / 9832 * 100 \u003d 60.90; Рsk2008 = 87 / 15419.5 * 100 = 0.56.
5. Return on sales (Rsales)	Rsales = (BP / OP) * 100, Where: OP - sales volume. (p. 140 f. No. 2 / p. 010 f. No. 2)	Characterizes how much accounting profit falls on the ruble of sales.	Rsales2007= 7879 / 414129 * 100 = 19.031; Rsales2008 = 145 / 39754 * 100 = 0.36.

Now let's discuss the obtained data.

Return on sales (RRP) decreased by 2008 from 28.94% to 0.46%, which is a negative trend.

The profitability of the product also decreased: Rizd2007 = 52.13%; Rizd2008 = 25.59%.

Profitability of production also increased: Rp2007 = 14.4%; Rp2008 = 24.37%. This indicates that the cost of production has increased significantly.

The return on assets also fell significantly: to 0.71%, i.e. the profit attributable to each ruble of assets decreased.

Return on non-current assets decreased to 97.64%. Thus, the profit received from the use of non-current assets has decreased significantly, which is a negative sign.

Return on current assets also fell: Poa2007 = 69.48%; Roa2008 = 0.72%. As you can see, the profitability of current assets has fallen significantly.

The return on net working capital also fell to 0.95%.

Profitability and profitability of LLC "MONTEK" will become one of the tasks of the graduation project. Chapter 2. The basis for choosing a graduation project. Review of theory and practice on the topic of the graduation project "Profit Management at the Enterprise" Profit as the final financial results at all stages of economic development has always been of great importance for the efficient operation of enterprises and organizations. During the transition to...

Yulia Khachaturyan, CEO NIKA, RISK PLAN

Economist's Handbook No. 10 2016

The situation when a company does not have enough working capital can arise for various reasons. At one time, for example, I had to work for a company that was a general contractor in construction. Subcontractors had to pay money for the work in a timely manner, but the customer with payment for the work to the general contractor (the one that had already been completed) was often late. The lack of working capital in one company of the holding structure does not mean that the situation is the same in another company that is part of the holding (or an individual entrepreneur). However, in any case, “withdraw-bring” money from the one who has it to the one who does not have it - as a rule, a certain scheme is needed. The word "scheme" in this case has neither a positive nor a negative meaning. By scheme, we mean some kind of legal solution that allows you to transfer financial investments from one subject to another. Moreover, sometimes as a result of such actions, the taxpayer pays excessive taxes. I will bring specific example from your practice.

Example 1

Once, for examination, they brought me a loan agreement between two companies that are part of a holding structure. The borrower was the general contractor, the loan was given by an individual entrepreneur who had a store retail on ENVD. A lot of things were embarrassing in the agreement, and that among the types of activities of the IP there was no issuance of loans, and the fact that the agreement no longer resembled a loan agreement, but a loan agreement, because it was built according to the overdraft scheme, which could lead to administrative liability of the IP for illegal banking activities, and much more. As a result, I did not endorse this contract. After some time, another draft agreement was brought to me for examination: according to it, the general contractor subleased the land (which he rented from the city administration) to an individual entrepreneur, for which he transferred the actual amount of the missing working capital. There were no legal risks in this case, however, as well as tax ones. But this system work led to large tax losses within the holding, because at first the individual entrepreneur paid tax on the funds received, then, for the second time, the general contractor paid taxes on the amount of rent. A better alternative would be to combine all (or part) of the activities into activities within one company so as not to incur tax losses. But beforehand in such cases it is always necessary to carry out the corresponding calculations beforehand. What was the alternative in this case? For example, it was possible to receive free funds from individual entrepreneur, transfer them to the head-individual of a limited liability company-general contractor, so that he enters them into the Criminal Code of his company or use other methods tax-free transfer cash to a legal entity.

As a rule, when looking for a way to transfer without paying cash income tax cash, refer to the provisions of art. 251 of the Tax Code of the Russian Federation (they list income exempt from taxation for the purpose of calculating income tax) and look for the conditions under which such a transfer is possible (in addition to a contribution to the authorized capital, this can be a loan, replenishment of net assets, transfer of money within a simple partnership, etc.). e.) Of course, there are certain legal nuances in the application of each of the above methods.

There are many ways to transfer non-cash funds without paying taxes (or with a small tax) using foreign companies. However, it should be remembered that any method of transferring funds to a legal entity has its drawbacks and risks.

Take, for example, the magnification authorized capital. Firstly, it entails the need to amend the statutory documents; secondly, if according to the results of the second and subsequent years, net assets become less than the authorized capital, it will have to be reduced back, etc. Activities to replenish net assets should not look like a fiction, otherwise companies may charge additional income tax. Such cases judicial practice known. (Review dated 06/30/2015 of judicial acts issued Supreme Court of the Russian Federation on taxation issues in 2015 (letter of the Federal Tax Service of the Russian Federation dated July 17, 2015 No. SA-4-7 / [email protected]).)

In addition, in some cases, in order to replenish net assets without paying income tax, it is enough for the founder to have only 1% in the authorized capital of the company (for example, if we are talking about a Company with limited liability); in some other cases, the founder must be the owner of more than 50% of the company's property in order to contribute money without paying income tax.

There are some nuances in filling the deficit of working capital with the help of loans. Firstly, the company's lawyer must make sure that de jure a loan agreement is actually drawn up, and not a credit one. That is, the contract must be real, not consensual, it is better if there is a one-time loan, etc. If the money is transferred individual in debt to the company, then if interest is subsequently paid under this agreement for the use of funds, the funds may suspect the presence of a scheme in such actions. After all, no interest is paid on the loan insurance premiums. If the lender will be a legal entity, then in the case of payment of interest, it is necessary to remember the rules of the Tax Code of the Russian Federation for their accounting in expenses (for example, the rules for calculating size limit interest, taken into account for the purpose of calculating income tax on controlled debt). Therefore, sometimes a company in which there is a shortage of working capital is better not to give them away than to figure out how to compensate for their shortage later. However, all situations are strictly individual. For example, in the activities of the general contractor to build contractual and other legal relations with the customer so that he pays for the work on time. To withhold turnover VAT (and in fact, this is also free cash), the method of replacing relations is used: in particular, two contracts for the sale of property are replaced by agency contract. In this case, the agent participating in the settlements must pay VAT not on the entire amount received for the goods, but only on the amount agency fee(which is the difference between the selling price and the buying price of a product). However, in this case, it is also not always possible to avoid the claims of the tax authorities that the taxpayer's actions are aimed at obtaining unreasonable tax benefits. It is clear that the total amount of VAT is not saved here, however, by using the scheme, it is possible to save the amount of VAT in a certain quarter. Sometimes the solution to a difficult situation to eliminate the shortage of working capital can be more than simple.

Example 2

Recently, at one of the seminars, I was asked next question. The holding includes two legal entities. In one (the main company) there is always a shortage of working capital, in the other there is extra cash. According to the built-in system of work, the auxiliary company pays for services to third parties, and it, in turn, transfers funds (de facto - reimbursable costs plus remuneration) head company. All firms are on the basic system of taxation. Since, in accordance with the contractual relations that developed between the companies, at first the parent company transferred money to the subsidiary, and then the latter acquired third-party services, the shortage of money in the main company was constant. In order to avoid this problem, it was only necessary to revise the dates of payment for services (in the beginning, the auxiliary company pays for services to third parties) and only then (after certain interval time) the parent company transfers remuneration to the subsidiary. Thus, in each specific case, you can find your own individual solution. And then there will be no need to use unnatural-looking, and often dangerous schemes.

NIKA, RISK PLAN can help you find an extraordinary legal solution for complex problems. Learn more about her services:

Working Capital Financing

Financing of working capital by means of lending is a fairly common phenomenon that helps manufacturers not to stop the process of production of goods or services. But it is also necessary to pay attention to the calculation of the financial benefit on the loan so that production does not become unprofitable.

If an enterprise conducts an incorrect policy of management and planning of working capital, then problems of a different nature follow from this. The main problem will be the lack of working capital and the need for additional funding.

Definition 1

Working capital financing is the attraction additional capital to the company to cover the shortage of current assets.

In any case, if the company realizes that it will not be able to cover the deficit of working capital with its own stable liabilities, then the management is forced to resort to borrowed funds from the outside in order not to stop the production process.

Debt financing is a loan, it can be taken from a bank at interest or microfinance or, if there are other sources of loan, then use their services. This is not the most profitable source of working capital, since interest on loans ultimately increases the cost of production.

What is a company's working capital?

In the economy of an enterprise, it is customary to single out such a balance sheet item financial reporting, as "working capital", they are included in the balance sheet asset in the "capital and reserves" section.

Remark 1

Without working capital, the company will not be able to exist in the market, or rather, conduct current activities, ensure the process of production of goods or services.

It is customary to attribute to the working capital of the company everything that in the final form transfers its value to the final result of the production process, that is, the manufactured products.

Working capital of the company can be different, that is, they have a different classification depending on the purpose and form.

Sources of working capital

It is not always possible for an enterprise to form working capital from its own capital, it happens that a company this moment time does not have the financial capacity, or the entire working part was invested in another line of business.

In view of this, the sources of formation of working capital of an enterprise can be:

• Company's own funds;
• Borrowed funds.

So, let's consider in more detail our own working capital and the issues of their formation at the enterprise. Before starting the production of goods on the market, it is necessary to form a policy for maintaining working capital accounting. All working capital of the company must be formed depending on the internal documentation of the company, that is, they are prescribed in the company's charter. They will not indicate how much funds should be or how they should be distributed, but information on from what sources of the enterprise they are formed and in what percentage.

Sources of replenishment of the company's own working capital can be:

• Gross profit of the company, which it receives during the year;
• Depreciation of fixed assets of the enterprise, depending on the method of calculating depreciation, working capital can be replenished every month or quarter or year;
• Additional sources of income. For example, renting out space that the company does not need, etc.

In addition to its own working capital, a company can use borrowed funds, which are also divided into several categories.

Group of stable liabilities. They can also be called their own, but not completely, since in the end the company will have to give these funds away. For example, the amount of wages not issued by the company, which it has not yet paid to employees for the month, unpaid taxes and fees, unpaid sick leave, social contributions, etc. That is, until the payment of these funds to employees, the company actually has financial resources and can invest them in working capital if there is a deficit. But in any case, in the future, this money must be paid to employees and the state according to the law;

A group of borrowed funds. If the company realizes that it will not be able to cover the deficit of working capital with its own stable liabilities, then the management is forced to resort to borrowed funds from the outside in order not to stop the production process. Borrowed funds can be taken from a bank at interest or microfinance, or, if there are other sources of loans, then use their services. This is not the most profitable source of working capital, since interest on loans ultimately increases the cost of production.

Working capital problems

In questions production nature working capital periodically there are various kinds of problems. The main problems of working capital include:

• Illiterate policy of working capital planning. This problem leads to a shortage or lack of working capital in production. This is a serious problem for the enterprise, since the incorrect financial calculation of the need for funds ultimately affects the cost of the company's products, which, due to its growth, loses competitive positions in the sales market;
• The problem of incorrect calculation is the need for working capital for the enterprise. It often happens that the calculation of the need for working capital does not always correspond to the real situation on the market, prices are constantly rising due to growth and changes in inflation, which is why suppliers change the terms of delivery and sale of goods, which leads to an increase in the cost of the production process and final products as consequence, which has a negative effect on common work companies.

Thus, the problems associated with working capital have a serious impact on the work of the company, as they can change the final results of the company, or rather end products firms that are marketed.

Depending on the sources of formation, working capital of enterprises is divided into own, which are part of the material and technical base of the enterprise, borrowed and attracted.

Own funds should ensure the property and operational independence of the organization necessary to ensure effective production activities. Own working capital indicates the degree of financial stability of the enterprise, its position in the financial market.

The initial formation of own funds occurs at the time of the establishment of the enterprise and the formation of its authorized capital. The source of own working capital at this stage is the funds of the founders.

Later, as the development entrepreneurial activity, own working capital is replenished at the expense of the profit received. The profit of the enterprise in the process of its distribution is directed to cover the increase in the standard of working capital. Own working capital is provided for permanent use by enterprises during their creation to ensure the minimum (within the limits) availability of raw materials, materials, other inventories, work in progress, finished products, investments in deferred expenses and others necessary for the implementation of the production program.

Borrowed funds

Borrowed sources of working capital are mainly short-term loans and borrowings. The main directions of attracting loans for the formation of working capital: lending to seasonal stocks of raw materials, materials and costs; temporary replenishment of the lack of own working capital; implementation of settlements and mediation of payment turnover.

A bank loan is provided exclusively in cash on terms of repayment, urgency, payment on the basis of loan agreements. The provision of a bank loan can be carried out in one of the following ways: issuing a one-time loan, opening a credit line, lending to the borrower's current account and other methods.

Factoring is a kind of bank lending operations and at the same time a way of financing the current activities of an enterprise.

When concluding a financing agreement against the assignment of a monetary claim, he transfers or undertakes to transfer funds to the other party (client), while the client, in exchange for these funds, cedes or undertakes to cede to the financial agent his monetary claim against a third party (debtor) arising from provision by the client to this person of goods, performance of work or provision of services.

Commercial credit is a form of mutual financing (crediting) of organizations (enterprises). It is a special payment procedure, an obligation from contracts for the sale of goods, the provision of services, the performance of work, etc. An agreement, the execution of which is associated with the transfer of money or other things defined by generic characteristics to the ownership of another party, may provide for a loan, in including in the form of an advance payment, prepayment, deferral and installment payment for goods, works, services.

A commercial loan is provided to the enterprise by suppliers in the form of a deferral or installment payment. The buyer provides a commercial loan to the supplier in the form of an advance payment or prepayment.

Involved funds

In addition to profit as its own source of replenishment of working capital, each enterprise has funds equivalent to its own. These are additionally raised funds that do not belong to the enterprise, but are constantly in circulation. Additional attracted and equated to own funds include: accounts payable, reserves for future payments, stable liabilities.

Sustainable liabilities are funds that do not belong to the enterprise, but are constantly in circulation and are used for full legal grounds. Sustainable liabilities include:
- the minimum carry-over debt for wages, deductions to off-budget funds, which is due to a natural discrepancy between the accrual period and the date of payment of wages, transfer of mandatory payments;
- minimum debt on reserves to cover future expenses and payments;
- debts to customers for advance payments and partial payment (prepayment) for products;
- arrears to the budget for certain types of taxes, the accrual of which occurs earlier than the payment deadline.