Are you here: Holidays

Federal Agency for Education

Perm Institute (branch) of the state educational institution

higher professional education "Russian State Trade and Economic University"

Department of Management

abstract

in the discipline "Financial management"

on the topic "Essence, tasks and methods of financial planning"

completed by a 5th year student

full-time department

Faculty of Management

group MP-52

Shaymuratova D.T.

Head Zagoruiko I.Yu.

Introduction …………………………………………………………………………..3

Chapter 1

Chapter 2. Methods for planning financial indicators …………………..12

2.1. Normative method, calculation and analytical method, estimate…………...13

2.2. Balance method, method of optimizing planned decisions, economic and mathematical modeling…………………………………………………..18

2.3. Methods for implementing long-term financial planning ....21

Conclusion…………………………………………………………………………26

References………………………………………………………….......28

Introduction

In modern conditions of market relations, there is an objective need for financial planning. Without financial planning, it is impossible to achieve real results in the market. Financial planning is directly related to the planning of the production activities of the enterprise. All financial indicators are based on indicators of production volume, product range, production cost. Planning financial indicators allows you to find the internal reserves of the enterprise, to comply with the savings mode. Obtaining the planned profit and other financial indicators is possible only if the planned norms of labor and material resources are observed. The volume of financial resources calculated on the basis of financial plans eliminates excessive stocks of material resources, unproductive expenses, and unplanned financial investments. Thanks to financial planning, the necessary conditions are created for the efficient use of production capacities and the improvement of product quality.

The relevance of the topic "The Essence, Tasks and Methods of Financial Planning" is obvious in the current conditions of Russian reality. This is connected, first of all, with the transition from the command model of the economy, in which planning was carried out centrally, to market relations. The modern market makes serious demands on the enterprise. The complexity and high mobility of the processes taking place on it create new prerequisites for a more serious application of planning. The main factors of the growing role of planning in modern conditions are:

Increasing the size of the company and the complexity of the forms of its activities;

High instability of external conditions and factors;

New style of personnel management;

Strengthening centrifugal forces in economic organization;

The possibilities of planning in the economic organization of an enterprise are limited by a number of objective and subjective reasons. The most important of them are:

Uncertainty of the external (market) environment;

Possibility of merger or acquisition by another company;

Possibility of monopoly setting the selling price of products;

Contractual relations;

In a market economy, entrepreneurs cannot achieve sustainable success if they do not clearly and effectively plan their activities, constantly collect and accumulate information about the state of target markets, the position of competitors on them, and about their own prospects and opportunities.

The purpose of this work is to consider what the essence and objectives of financial planning are, as well as to describe the methods of financial planning.

Within the framework of this goal, the following tasks are set:

Consider the essence and content of financial planning;

Describe the methods of financial planning and their role in enterprise management.

The object of research is the system of financial planning.

Chapter 1. The essence of financial planning in the enterprise

To manage means to foresee, i.e. predict, plan. Therefore, the most important element of entrepreneurial economic activity and enterprise management is planning, including financial planning.

Financial planning is the planning of all income and directions of spending the enterprise's funds to ensure its development. Financial planning is carried out by drawing up financial plans of different content and purpose, depending on the tasks and objects of planning.

Financial planning is an important element of the corporate planning process. Every manager, regardless of his functional interests, should be familiar with the mechanics and meaning of the implementation and control of financial plans, at least as far as his activities are concerned.

The main tasks of financial planning:

Ensuring the normal reproduction process with the necessary sources of funding. At the same time, targeted sources of financing, their formation and use are of great importance;

Respect for the interests of shareholders and other investors. A business plan containing such a rationale for an investment project is the main document for investors that stimulates capital investment;

Guarantee of fulfillment of the enterprise's obligations to the budget and off-budget funds, banks and other creditors. The optimal capital structure for a given enterprise brings maximum profit and maximizes payments to the budget under given parameters;

Identification of reserves and mobilization of resources for the effective use of profits and other income, including non-operating ones;

Ruble control over the financial condition, solvency and creditworthiness of the enterprise.

The purpose of financial planning is to link income with necessary expenses. When income exceeds expenses, the excess amount is sent to the reserve fund. When expenses exceed income, the amount of the lack of financial resources is replenished by issuing securities, obtaining loans, receiving charitable contributions, etc.

The management of any enterprise, regardless of its type and size, must know what tasks in the field of economic activity it can plan for the next period. Groups of persons interested in the activities of the enterprise impose certain minimum requirements for the results of its work. In addition, when planning certain types of activities, it is necessary to know what economic resources are required to complete the tasks. This applies, for example, to planning in the field of raising capital (purchasing loans, increasing share capital, etc.) and determining the volume of investments.

As the plans laid down in the budget are implemented, it is necessary to record the actual results of the enterprise. Comparing the actual figures with the planned ones, it is possible to carry out the so-called budgetary control. In this sense, the focus is on indicators that deviate from the planned ones, and the reasons for these deviations are analyzed. Thus, information about all aspects of the enterprise's activities is replenished. Budgetary control makes it possible, for example, to find out that in some areas of the enterprise's activities the planned plans are being fulfilled unsatisfactorily. But one can, of course, also assume a situation where it turns out that the budget itself was drawn up on the basis of unrealistic assumptions. In both cases, management is interested in being informed about this in order to take the necessary action, i.e. change the way plans are carried out or revise the provisions on which the budget is based. When developing a financial plan for the next period, it is necessary to make decisions in advance, before the start of activities in this period. In this case, there is a greater likelihood that the planners will have enough time to put forward and analyze alternative proposals than in the situation where the decision is made at the very last moment. Short and long term planning

As a rule, a distinction is made between short-term and long-term planning. The significance of some of the decisions that are made extends over the very long term. This applies, for example, to decisions in areas such as the acquisition of fixed capital elements, personnel policy, and the definition of a product range. Such decisions determine the activities of the enterprise for many years to come and should be reflected in long-term plans (budgets), where the level of detail is usually quite low. Long-term plans should be a kind of framework, the constituent elements of which are short-term plans.

Basically, enterprises use short-term planning and deal with a planning period equal to one year. This is explained by the fact that over a period of such a length, as can be assumed, all the events typical for the life of an enterprise occur, since seasonal fluctuations in the conjuncture are leveled during this period. By time, the annual budget (plan) can be divided into monthly or quarterly budgets (plans).

Planning organization

The organization of planning depends on the size of the enterprise. In very small enterprises there is no separation of managerial functions in the proper sense of the word, and managers have the opportunity to delve into all the problems on their own. In large enterprises, work on budgeting (plans) should be done in a decentralized manner. After all, it is at the level of departments that the personnel with the greatest experience in the field of production, procurement, sales, operational management, etc. are concentrated. Therefore, it is in the subdivisions that proposals are put forward regarding the actions that it would be advisable to take in the future.

Departmental budgets should not be developed in isolation from each other. When calculating, for example, planned sales figures, and hence the amount of coverage, it is necessary to know the production conditions and planned selling prices. In order to ensure an effective coordination system, many enterprises develop an instruction for budgeting, which contains a time plan, as well as the distribution of duties and responsibilities when calculating budget indicators.

The financial plan of an enterprise is a document that reflects the volume of receipts and expenditures of funds, fixing the balance of income and expenses of the enterprise, including payments to the budget for the planned period. The main goal of financial planning is to balance the projected expenses of the enterprise with financial possibilities.

The main tasks of financial planning include:

Providing the necessary financial resources for production, investment and financial activities;

Determination of ways of effective investment of capital, assessment of the degree of its rational use;

Identification of on-farm reserves for increasing profits for the economical use of funds;

Establishment of rational financial relations with the budget, banks, contractors;

Observance of the interests of shareholders and other investors;

Control over the financial condition, solvency and creditworthiness of the enterprise.

Financial planning covers a wide range of financial relationships:

Between the enterprise and various business entities in the process of selling products (works, services) and in commercial lending;

By the owners of the enterprise, labor collectives and individual employees when remunerating the personnel of the enterprise;

Business entities and self-supporting subdivisions within them in the formation and distribution of centralized funds of financial resources intended to solve common problems;

Enterprises, associations and the state budget when making payments to the budget, extra-budgetary funds and receiving appropriations from the budget;

Enterprises and commercial banks;

Enterprises and insurance companies.

The financial plan streamlines these relationships, allows you to foresee the financial results of the enterprise and organize the movement of financial flows in such a way that they serve to achieve the goals provided for by the strategic and tactical plans.

The financial planning process includes several stages, we will consider them in more detail.

At the first stage, the financial performance of the enterprise for the previous period of time is analyzed. This is done on the basis of the balance sheet, income statement, cash flow statement. These documents contain data for the analysis and calculation of the financial condition of the enterprise, and also serve as the basis for making a forecast of these documents. The main attention is paid to such indicators as the volume of sales, costs, the amount of profit received. A general result is summed up, which makes it possible to evaluate the financial results of the company and identify the problems facing it.

The second stage is the development of a financial strategy and financial policy in the main areas of the company's activities. At this stage, the main forecast documents are compiled that relate to long-term financial planning: profit and loss statement forecast; cash flow forecast; balance sheet forecast. These documents are included in the structure of the science-based business plan of the enterprise.

During the implementation of the third stage, the main indicators of forecast financial documents are specified and specified by drawing up current financial plans.

At the fourth stage, the indicators of financial plans are matched with production, commercial, investment, construction and other plans and programs developed at the enterprise.

The fifth stage is the implementation of operational financial planning through the development of operational financial plans for the company.

The sixth stage provides for the implementation of the current production, commercial and financial activities of the company, which determines the final financial results of the activity as a whole.

The process of financial planning at the enterprise ends with the analysis and control over the implementation of financial plans. This stage consists in determining the actual final financial results of the enterprise, comparing it with the planned indicators, identifying the causes and consequences of deviations from the planned indicators, and developing measures to eliminate negative phenomena.

It is important to remember that maximum efficiency can only be achieved if all stages of the financial planning process are consistently performed, since they are interrelated.

The financial plan is compiled on the basis of the following data:

Actual balance sheet data for the 1st day of the planning period, as well as for 2-3 years preceding the planning period;

Indicators of the production plan and sales of products;

Estimates of costs for production or a set of expenses of the enterprise for the production of products, performance of work, provision of services;

Cost estimates for the maintenance of social and cultural facilities of the enterprise;

Data on the volume of planned investments and capital investments;

Information on the movement of fixed assets and working capital;

Selling price calculations;

depreciation rates;

Norms of own working capital.

The financial plan of the enterprise is drawn up in the form of a balance of income and expenses, as well as calculation forms for determining the balance sheet items. Due to the fact that the composition of the indicators of the financial plan can be of varying degrees of detail, it is recommended that the form of the financial plan be coordinated with the parent organization, as well as the authorities where it can be provided (financial and tax authorities). At the same time, it should be remembered that the more detailed its individual articles are disclosed, the higher the reliability and validity of the financial planning decisions made.

Chapter "Financial planning in the organization"

Significance and stages of financial planning

The basis of the financial management system of the enterprise is financial planning. The market economy has significantly changed the place and role of finance in the economic mechanism of enterprise management. The processes of formation, distribution and use of financial resources have become the exclusive prerogative of the economic entities themselves.

Efficiency in the use of financial resources has become the main criterion in developing a strategy and tactics for doing business, selecting certain innovative measures, and making investment decisions. Financial planning is the process of developing a system of financial plans and targets to ensure the development of the company with financial resources and improve the efficiency of its financial activities in the future.

The main task at the enterprise is the transition to financial management based on an analysis of the financial and economic state, taking into account the strategic goals of the enterprise, adequate to market conditions. The system of specific types of financial plans is based on the developed financial strategy and financial policy, aimed at solving the main problem in financial management - combining the interests of the development of the enterprise and other market entities interacting with it, the availability of a sufficient level of funds to achieve the strategic goals of the activity and maintaining high solvency . The tasks put forward in the enterprise management system are solved in the process of financial planning.

Internal financial relations arise during the formation of initial capital, the distribution of expenses and incomes between the structural divisions of the company, remuneration of personnel, payment of dividends, formation of target funds of the enterprise. External financial relations of an enterprise arise when interacting with the financial system of the state, business partners, including financial market entities, and international organizations. All these relations are multilateral in nature, due to the intersection of the interests of various participants in the economy.

Financial plans streamline external and internal financial relations, ensuring the combination and coordination of the interests of persons related to the enterprise.

Financial planning consists in planning the financial needs of the company and the sources of their provision. The financial needs of the enterprise include the needs associated with the diversity of receipts and expenditures and capital (investment), including the growth of current assets, renewal and growth of fixed capital. The sources of meeting the needs are own funds (contributions to the authorized capital, depreciation, profit) and borrowed funds (credit, loans, accounts payable).

Accordingly, the purpose of financial planning is to balance the projected expenses of the enterprise with financial possibilities.

It should be noted that the purpose of financial planning is specified depending on the duration of the planned period, the results of the analysis of its financial condition at the time of the development of the financial plan, the dynamics of the main financial indicators in retrospect, the results of marketing research, as well as external conditions (such as the inflation rate, the refinancing rate of the Bank of Russia, the exchange rate of the national currency, etc.). An enterprise with a large overdue accounts payable, whose financial situation is close to critical, when developing financial plans, should be guided by the justification of anti-crisis measures to avoid bankruptcy. An organization that receives stable income, is financially stable, should set the growth of the value of the enterprise as a goal of financial planning, build a business strategy based on the growth of its capitalization.

At the same time, the system of financial planning goals of any enterprise should be focused on linking income and expenses, ensuring solvency in the short term and maintaining financial stability in the long term. Accordingly, the result of financial planning is the development of three financial documents: an income and expense plan (profit and loss), a cash flow plan, and a planned balance sheet. When introducing a budget planning system, we are talking about the development of an integral system of budgets.

The following tasks are solved in the process of financial planning:

* determination of the optimal structure of sources of financing of the enterprise;
* providing the necessary financial resources for production, investment and financial activities;
* identifying ways to effectively invest capital, assessing the degree of its rational use, establishing rational financial relations with the budget system, business partners and other counterparties;
* observance of the interests of shareholders and other investors;
* identification and implementation of reserves for the growth of profitability of the enterprise and directions for its effective development;
* substantiation of the expediency and economic efficiency of the planned investments;
* control over the financial condition of the company.

The value of financial planning for a company is that it:

* embodies the developed strategic goals in the form of specific financial indicators;
* provides opportunities to determine the viability of financial projects;
* serves as a tool for obtaining external financing.

Based on the goals and objectives facing financial planning in an enterprise, it can be noted that this is a complex process that includes several successive stages:

1. Analysis of the financial condition of the enterprise in retrospect;
2. Development of financial strategy and financial policy. Drawing up long-term plans;
3. Drawing up current financial plans (budgets);
4. Correction, linking and concretization of financial plans (budgets);
5. Development of operational financial plans (budgets);
6. Evaluation and analysis of the achieved results of activities, comparison with the planned indicators.

Consider their content. Analytical calculations precede the adoption of any financial decision. Obviously, analysis, which is one of the components of competent financial management, is the first stage of the financial planning process. The object of attention of analysts is the financial performance of the company for the previous period (in retrospect), on the basis of which it is possible to identify trends, both already established and emerging. The conducted retrospective analysis makes it possible to make informed decisions of a long-term nature.

The second stage is the development of a financial strategy and financial policy in the main areas of the enterprise's financial activities. The development of financial strategy and financial policy is a special area of financial planning, which belongs to the strategic planning system. At this stage, the main forecast documents are compiled that relate to long-term plans.

During the implementation of the third stage, the main indicators of forecast financial documents are specified and adjusted by drawing up current (annual) financial plans. If the indicators of forecast documents are in some cases of a probabilistic nature, due to the variability of the external and internal environment of the functioning of the company, then the annual financial plans include a system of specific quantitative indicators calculated using more objective and complete information.

At the fourth stage, the indicators of financial plans are docked with production, investment and other plans and programs at the enterprise. The fifth stage is the implementation of operational financial planning through the development of operational financial plans.

The process of financial planning is completed - the sixth stage - with an assessment of the results achieved at the enterprise, in comparison with the goals set in the financial plans. This stage consists in determining the actual final financial results of the enterprise, comparing it with the planned indicators, identifying the reasons for the deviation from the planned indicators, and developing measures to eliminate negative phenomena. Analysis of deviations makes it possible to ensure operational control over the activities of the enterprise, reveal many management problems, strengthen control over the functioning of the most complex production areas and determine the measure of responsibility of managers (managers) for the results of the activities of departments.

MOSCOW STATE UNIVERSITY OF ECONOMICS, STATISTICS AND INFORMATICS (MESI) KALININGRAD BRANCH

Course work

by discipline

"Finance of organizations (enterprises)"

Essence, meaning and methods of financial planning in the enterprise.

Student: DEF-3

Scientific adviser:

Drokovsky N.B.

Submission date ___________

Date of protection _____________

Grade _____________

Head of ____________

KALININGRAD

INTRODUCTION .................................................. ...............................3

CHAPTER 1. ESSENCE AND SIGNIFICANCE OF FINANCIAL PLANNING ........................................................ .........................5

1.1. Finances and financial resources of the enterprise.......................5

1.2. Essence of financial planning .............................................. 7

1.3. Principles of organizing financial planning ...... 8

1.4. Goals and objectives of financial planning at the enterprise ....................................................... .........................ten

CHAPTER 2. TYPES AND METHODS OF FINANCIAL PLANNING .............................................................. ........................13

2.1. Types of financial plans...............................................13

2.2. Methods of financial planning...................................16

CHAPTER 3

CONCLUSION................................................. ...................24

BIBLIOGRAPHY................................................ .......................25

APPLICATIONS.................................................. ...................26

INTRODUCTION

In an era when the speed of making quality decisions is the main success factor, it is necessary to be as prepared as possible for any development of the situation. Since impromptu decisions with long-term consequences are hardly possible, at least hardly necessary, the need for planning increases.

The relevance of the topic "Financial planning" is obvious in the current conditions of Russian reality. The modern market makes serious demands on the enterprise. The complexity and high mobility of the processes taking place on it create new prerequisites for a more serious application of planning.

Financial planning is a kind of management activity aimed at determining the required amount of financial resources, their optimal distribution and use for the purpose of financial stability of an economic entity. Under market conditions, enterprises themselves are interested in realizing their financial position today and in the future. This is necessary, firstly, in order to succeed in economic activity, and secondly, in order to timely fulfill obligations to the budget, off-budget funds, banks, and other creditors and thereby protect yourself from financial sanctions, reduce the risk of bankruptcy.

The main factors of the growing role of planning in modern conditions are:

- an increase in the size of the company and the complication of the forms of its activities;

– high instability of external conditions and factors;

- a new style of personnel management;

- strengthening of centrifugal forces in the economic organization.

The purpose of writing this term paper is to consider the organization and principles of planning, types and methods of drawing up financial plans in enterprises for a deeper understanding of their essence, identifying the importance of financial planning in the activities of the company.

The objectives of the study are as follows:

1. Disclosure of the essence of financial planning in the enterprise;

2. Identification of the tasks and significance of financial planning for the internal environment of the organization

3. Consideration of methods and types of financial planning.

4. Identification of problems and ways to improve financial planning in enterprises

The above tasks determined the content of the work.

CHAPTER 1. ESSENCE AND SIGNIFICANCE OF FINANCIAL PLANNING

1.1. Finance and financial resources of the enterprise.

Finances occupy a special place in economic relations. Their specificity is manifested in the fact that they always act in monetary form, have a distributive character and reflect the formation and use of various types of income and savings of economic entities in the sphere of material production.

Enterprise finance is a set of economic and monetary relations regarding the distribution of cash income and savings of enterprises, during which financial resources and funds used for the needs of the enterprise are formed.

The finances of enterprises, being part of the general system of financial relations, reflect the process of formation, distribution and use of income at enterprises in various sectors of the national economy and are closely related to entrepreneurship, since an enterprise is a form of entrepreneurial activity.

Financial resources occupy an important position in the enterprise along with such elements as cash and cash funds of enterprises.

Financial resources are the funds at the disposal of the enterprise and intended for the implementation of current costs for expanded reproduction, for the fulfillment of financial obligations and economic incentives for employees. Financial resources are also directed to the maintenance and development of non-production facilities, consumption, accumulation, and to special reserve funds.

Financial resources are formed mainly at the expense of profit (from the main and other activities), as well as proceeds from the sale of retired property, stable liabilities, various targeted income, shares and other contributions from members of the labor collective. Significant financial resources, especially in newly created and reconstructed enterprises, can be mobilized in the financial market through the sale of shares, bonds and other types of securities issued by this enterprise; dividends and interest on securities of other issuers; income from financial transactions; loans.

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

Current costs for the production and sale of products (works, services);

Investing in capital investments related to the expansion of production and its technical renovation, the use of intangible assets;

Investment of financial resources in securities;

Payments to the financial, banking systems, contributions to off-budget funds;

Formation of various monetary funds and reserves;

Charitable purposes, sponsorship.

The enterprise in the course of its activities makes material and monetary costs for simple and extended reproduction of fixed assets and working capital, production and sale of products, social development of its teams, etc.

Financial planning is directly related to the planning of the production activities of the enterprise. All financial indicators are based on indicators of production volume, product range, production cost.

The largest share in all expenses of enterprises is occupied by the costs of production. The total cost of production shows what it costs the company to manufacture products, that is, it is the production cost of production.

The cost of products (works, services) is the valuation of natural resources, raw materials, materials, fuel, energy, fixed assets, labor resources, as well as other costs for its production and sale, used in the production process of products (works, services).

The costs that form the cost of products (works, services) are grouped according to the following elements: material costs, labor costs, social contributions, depreciation of fixed assets and other costs (Appendix 1).

All these costs must be planned in advance to ensure further stability in the activities of the enterprise. Cost planning is carried out by drawing up a cost estimate for the production and sale of products. The estimate has a certain form and content and determines the production and total cost of the entire volume of output. The cost of production includes production costs, as well as prepaid expenses and work in progress.

1.2. Essence of financial planning.

To manage means to foresee, that is, to predict, plan. Therefore, the most important element of entrepreneurial economic activity and enterprise management is planning, including financial planning.

Planning is the process of economic substantiation of the rational behavior of a business entity in order to achieve its goals.

A financial plan is a document in accordance with which the life of an enterprise is organized.

Financial planning is the planning of all income and directions of spending the company's funds to ensure its development. Financial planning is carried out by drawing up financial plans of different content and purpose, depending on the tasks and objects of planning. Financial planning is the process of developing financial plans and target indicators to provide the enterprise with financial resources and increase the efficiency of its activities over a certain period of time.

Financial planning embodies the developed strategic goals in the form of specific indicators, makes it possible to determine how promising this or that project, a new direction of activity. It is also an investment vehicle.

Financial planning provides preliminary control over the formation and use of material, labor and financial resources, creates the prerequisites for strengthening the financial condition of the enterprise. It is impossible without business planning.

The basis of any financial plan is the balance of income and expenses of the enterprise (Appendix 2). The work on its development includes several stages:

- assessment of the fulfillment of the balance of income and expenses in the period preceding the planned one;

- consideration of projected production indicators based on the implementation of marketing research, a conclusion is made about the possible volume of production in the planned period;

- direct development of a financial plan for the coming period.

The financial planning process includes several stages:

The first one analyzes financial indicators for the previous period. To do this, use the main financial documents of enterprises - the balance sheet, profit and loss statements, cash flow statements. They are important for financial planning, as they contain data for the analysis and calculation of the financial performance of the enterprise, and also serve as the basis for making a forecast of these documents. Moreover, complex analytical work at this stage is somewhat facilitated by the fact that the form of financial statements and the planned financial tables are identical in content.

The balance of the enterprise is included in the financial planning documents, and the accounting balance sheet is the initial base at the first stage of planning.

The second stage involves the preparation of basic forecast documents, such as a balance sheet forecast, income statement, cash flow (cash flow), which are related to long-term financial plans and are included in the structure of a science-based business plan of the enterprise.

At the third stage, indicators of forecast financial documents are specified and concretized by drawing up current financial plans.

At the fourth stage, operational financial planning is carried out.

The process of financial planning ends with the practical implementation of plans and control over their implementation.

Planning and modeling of further activities, of course, is somewhat abstract due to the unpredictability of a number of external factors, but it makes it possible to take into account those changes that are not always obvious at first glance.

1.3. Principles of organizing financial planning

The organization of financial planning is carried out in accordance with certain principles. They follow from the general principles of the organization of finance, but have their own characteristics.

The principle of unity suggests that planning should be systemic, that is, it should be a set of interrelated elements that develop in a single direction for the sake of a common goal.

The principle of coordination is expressed in the fact that it is impossible to plan the effective activity of one division of the enterprise without connection with others. Any changes in the plans of one structural unit must be reflected in the plans of others. Relationship and synchrony are key features of enterprise planning coordination.

The principle of participation means that every specialist of the enterprise, regardless of position and functions performed, participates in planning.

The principle of continuity is that planning should be carried out systematically within a set cycle; the developed plans continuously replace each other (purchase plan → production plan → marketing plan). At the same time, the continuity of the external and internal functioning environment requires adjustment and refinement of the enterprise plan.

The principle of flexibility is to give plans and planning the ability to change in the event of unforeseen circumstances. Flexibility in plans is provided by security reserves (resources, production facilities, etc.).

The principle of accuracy suggests that the plans of the enterprise should be specified and detailed to the extent that the external and internal conditions of the enterprise's activity allow.

These general provisions should be supplemented with specific principles of financial planning.

This is the principle of correlation between the terms of receipt and use of funds - it is advisable to finance capital investments with long payback periods at the expense of long-term borrowed funds.

Solvency principle - cash planning must constantly ensure the solvency of the enterprise, i.e., the availability of liquid funds sufficient to repay short-term obligations.

The principle of return on investment - for capital investments, it is necessary to choose cheap methods of financing (financial leasing, investment seleng, etc.), attracting borrowed capital only if it increases the return on equity and provides the effect of financial leverage.

The principle of balancing risks - it is advisable to finance especially risky long-term investments at the expense of own funds (net profit, depreciation).

The principle of adaptability to market needs - it is important to take into account market conditions and the dependence of the enterprise on the provision of loans.

The principle of marginal profitability - it is advisable to choose those capital investments that provide the maximum (marginal) profitability.

The implementation of these principles of building a planning system allows (of course, in conjunction with other management components) to build and implement a strategy that minimizes the likelihood of losses.

1.4. Goals and objectives of financial planning at the enterprise

The purpose of a financial plan is to link income to necessary expenditures. When income exceeds expenses, the excess amount is sent to the reserve fund. When expenses exceed income, the amount of the lack of financial resources is determined. These additional financial resources can be obtained through the issuance of securities, received credits or loans, charitable contributions, etc. If the source of additional financial resources is already known for sure, then these funds are included in the income side, and their return is included in the expenditure plan. Also, the preparation of a financial plan ensures the formation of an optimal capital structure that ensures sufficient financial stability of the company in the future period.

For any organization, financial planning is one of the most important elements of its activities. The main goal of any commercial organization is to make a profit, and this is impossible without careful planning of all financial flows and processes of the enterprise, external and internal relations.

In a market economy, only those firms survive that, with the help of financial planning, predict the financial situation depending on changes in various external and internal factors. Enterprises are interested in having real ideas about their capabilities.

Financial planning helps to fulfill obligations to the budget, various funds, banks and other creditors in a timely manner, thereby protecting the company from penalties.

The value of financial planning for an economic entity is that it:

- embodies the developed strategic goals in the form of specific financial indicators (sales volume, cost, profit, investments, cash flows, etc.)

- determines the acceptable amount of financial resources necessary for the implementation of long-term and operational plans of the enterprise;

– provides financial resources for the economic proportions of development laid down in the financial plan

– provides opportunities to determine the viability of an enterprise project in a competitive environment

– serves as a tool for obtaining financial support from external investors

– establishes standards for streamlining financial information in the form of financial plans and reports on their execution;

The development of financial plans occupies an important place in the system of measures to stabilize the monetary economy of the enterprise.

The main objectives of the financial planning of the company's activities are:

- ensuring the normal circulation of the enterprise's funds, including their investment in real, financial, intellectual investments, the increase in working capital, social development;

- identification of reserves and mobilization of resources in order to effectively use the various incomes of the enterprise;

– observance of the interests of shareholders and investors;

- determination of relationships with the budget, extra-budgetary funds and higher organizations; employees of the enterprise;

– optimization of the tax burden and capital structure;

- control over the financial condition, solvency of the enterprise and the feasibility of planned operations and situations.

In modern conditions of market relations, there is an objective need for financial planning. Without financial planning, it is impossible to achieve real results in the market.

Planning financial indicators allows you to find the internal reserves of the enterprise, to comply with the savings mode. Obtaining the planned profit and other financial indicators is possible only if the planned norms of labor and material resources are observed. The volume of financial resources calculated on the basis of financial plans eliminates excessive stocks of material resources, unproductive expenses, and unplanned financial investments. Thanks to financial planning, the necessary conditions are created for the efficient use of production capacities and the improvement of product quality.

Planning helps to prevent erroneous financial actions and also reduces the number of unused opportunities.

Thus, financial planning has an impact on all aspects of the activity of an economic entity by means of choosing an object of financing, directing financial resources and contributes to the rational use of labor, material and financial resources.

CHAPTER 2. TYPES AND METHODS OF FINANCIAL PLANNING

2.1. Types of financial plans

Financial planning, depending on the content of the appointment and tasks, can be classified into long-term, current (annual) and operational.

Long-term planning is used to determine the most important indicators, proportions and rates of expanded reproduction, it is the main form of achieving the goals of the enterprise. Long-term financial planning in modern conditions covers a period of time from one to three years. Long-term planning includes the development of the financial strategy of the enterprise and the forecasting of financial activities.

The financial strategy of the enterprise is the definition of long-term goals of the financial activities of the company and the choice of the most effective ways to achieve them. The financial strategy is based on the financial policy of the enterprise in specific areas of financial activity: tax, depreciation, dividend, emission.

The basis of long-term planning is forecasting, which determines the company's strategy in the market. Forecasting consists in studying the possible financial condition of the enterprise in the long term. Unlike planning, forecasting is not faced with the task of implementing forecasts in practice, since a forecast is just an opportunity to predict a scenario. It involves the development of alternative financial indicators and parameters, the use of which, with the emerging predicted trends in the market situation, allows you to determine one of the options for the development of the financial position of the enterprise.

The long-term financial plan is usually a trade secret of the enterprise.

Current financial planning is implementation planning; it is considered as an integral part of the long-term plan and is a specification of its indicators.

The current planning of the economic activity of the enterprise consists in the development of a profit and loss plan, a cash flow plan, a planned balance sheet, since these forms of planning reflect the financial goals of the organization. All three planning documents are based on the same source data and must correspond with each other. Documents of the current financial plan are drawn up for a period equal to one year. It is more expedient to start developing a financial plan with a profit and loss plan; this document shows a generalized result of current activities. Analysis of the ratio of income and expenses allows you to evaluate the reserves for increasing the equity capital of the enterprise. The development of this plan takes place in several stages: the planned amount of depreciation is calculated, the amount of costs is determined, and the proceeds from the sale of products are determined.

The next document of the current financial planning is the annual cash flow plan, which is the actual financing plan, compiled for the year, broken down by quarters. This plan takes into account all receipts and payments, costs and expenses, shows a net cash flow, that is, an excess or shortage of cash at a certain point in time. In fact, it shows the movement of cash flows for current, investment and financial activities. Differentiation of types of activity allows to increase the efficiency of cash flow management.

At the stage of creating an annual financial plan, the correspondence of the enterprise's capabilities for the production of products, the provision of services with supply and demand in the market is established.

The final document of the current financial plan is the planned balance sheet (balance sheet of assets and liabilities) at the end of the planned year, which reflects all changes in assets and liabilities as a result of planned activities and shows the state of property and finances of enterprises.

Operational financial planning is, as it were, a logical continuation of the current financial planning. It is carried out in order to control the receipt of actual revenue to the current account and the expenditure of cash financial resources of the enterprise. Financing of planned activities should be carried out at the expense of the funds earned by the enterprise, and this requires effective control over the formation and use of financial resources. An operational plan is necessary to ensure the financial success of an enterprise. It includes the preparation and execution of a payment calendar, a cash plan and a calculation of the need for a short-term loan.

The payment calendar is compiled for a quarter, broken down into months and shorter periods. In its implementation, it is necessary to monitor the progress of production and sales, the state of stocks, receivables in order to prevent non-fulfillment of financial obligations.

The main feature of a properly drawn up payment is its balance. Such a calendar helps to identify financial errors, lack of funds, understand the reason for such a situation, outline and implement appropriate measures, and thus avoid financial difficulties.

In many companies, along with the payment calendar, a tax calendar is compiled, as well as payment calendars for certain types of cash flows.

In addition to the payment calendar, the company must draw up a cash plan - a cash flow plan. This plan reflects the receipt and payment of cash through the cash desk. It is necessary to control the receipt and expenditure of cash.

The bank serving the enterprise also needs its cash plan in order to draw up a consolidated cash plan for serving its customers on time. The cash plan is developed for the quarter.

2.2. Financial planning methods

The organization of planning depends on the size of the enterprise. In very small enterprises there is no separation of managerial functions in the proper sense of the word, and managers have the opportunity to delve into all the problems on their own. In large enterprises, the work of drawing up plans should be done in a decentralized manner. After all, it is at the level of departments that the personnel with the most experience in the field of production, procurement, sales, operational management, etc. is concentrated. Therefore, it is in the departments that proposals are put forward regarding those actions that would be appropriate to take in the future.

In the literature on enterprise planning, two schemes for organizing planning work are usually distinguished: the break-down method (top-down) and the build-up method (bottom-up).

According to the break-down method, work on budgeting begins “from the top”, i.e. the company's management determines goals and objectives, in particular, profit targets. Then these indicators in more and more detailed form, as they move to lower levels of the enterprise structure, are included in the plans of departments. The build-up method does the opposite. For example, the calculation of sales indicators is started by separate sales departments, and then the head of the sales department of the enterprise brings these indicators into a single plan, which later can become an integral part of the overall plan of the enterprise.

The break-down and build-up methods represent two opposing trends. In practice, it is advisable to use only one of these methods. Planning and budgeting is an ongoing process in which it is necessary to constantly coordinate the budgets of various departments.

In the practice of financial planning, the following methods are used:

– economic analysis,

- normative,

- balance,

- cash flows,

– method of multivariance,

– economic and mathematical modeling.

The method of economic analysis is used to determine the main patterns, trends in the movement of natural and cost indicators, internal reserves of the enterprise. It is based on the analysis of the achieved level of financial indicators and forecasting their level for the future period. This method is used in cases where there are no financial and economic standards, and the relationship between indicators is not established directly, but indirectly - based on the study of their dynamics over a number of periods (months, years). This method determines the planned need for depreciation, current assets and other indicators.

The content of the normative method boils down to the fact that the need of the enterprise for financial resources, the sources of their formation are determined on the basis of pre-established norms and standards. Such norms are the rates of taxes and fees, rates of deductions to state social funds, depreciation rates, bank discount rate, etc. The normative method of planning is the simplest and most accessible. Knowing the standard and the corresponding volume indicator, you can easily calculate the planned financial indicator. Therefore, the actual problem of managing the finances of an enterprise is the development of economically sound norms and standards for the formation and use of financial resources, as well as the organization of control over compliance with the norms and standards by each structural unit.

The economic essence of the balance method is that, thanks to the balance, the available financial resources are brought into line with the actual needs for them. The balance method is used in forecasting receipts and payments from monetary funds (consumption and savings), drawing up a quarterly income and expenditure plan, payment calendar, etc.

The cash flow method is universal in the preparation of financial plans and serves as a tool for predicting the size and timing of the receipt of the necessary financial resources. The theory of cash flow forecasting is based on the expectation of receipt of funds on a certain date and the planning of all costs and expenses. This method provides much more useful information than the balance sheet method.

The method of multivariate calculations consists in the development of alternative options for planned calculations in order to choose the optimal one from them. The following selection criteria may apply:

- the minimum of the reduced costs;

- the maximum of the given profit;

- maximum investment of capital with the greatest efficiency of the result;

– minimum operating costs;

- a minimum of time for the turnover of capital, i.e., the acceleration of the turnover of funds;

- maximum income per 1 rub. invested capital;

- maximum return on capital (or the amount of profit per 1 ruble of invested capital);

- maximum safety of financial resources, i.e. minimum financial losses (financial or foreign exchange market). For example, one option may take into account the ongoing decline in production, inflation of the national currency, and the other - the growth of interest rates and, as a result, a slowdown in the global economy and a decrease in product prices.

The method of economic and mathematical modeling makes it possible to quantify the relationship between financial indicators and factors affecting their numerical value. This relationship is expressed through an economic-mathematical model, which is an accurate description of economic processes using mathematical symbols and techniques (equations, inequalities, graphs, tables, etc.). The model includes only the main (determining) factors.

Economic and mathematical modeling allows you to determine not the average, but the optimal values of indicators

When using economic and mathematical models in financial planning, the determination of the study period is of priority: it should be chosen taking into account the homogeneity of the initial data. It is recommended to use the average annual values of financial indicators for the past three to five years for long-term planning, and the average quarterly data for one to two years for annual planning.

With significant changes in the operating conditions of the enterprise in the planned period, the values of indicators determined on the basis of economic and mathematical models are made the necessary adjustments.

CHAPTER 3. PROBLEMS AND WAYS TO IMPROVE FINANCIAL PLANNING AT THE ENTERPRISE.

For modern companies, an urgent task is the introduction and development of a planned management system. However, even in those firms where the planning process is sufficiently developed, employees often make mistakes. Therefore, bottlenecks are important to identify and correct in time.

Typical mistakes made at enterprises during planning can be divided into conceptual, methodological and managerial ones.

Conceptual errors. Quite often, budgets are not related to the business development strategy due to the lack of such a strategy for the company. This is fundamentally wrong. At the time of the implementation of the planning system, the company must have a well-defined mission and development strategy. Moreover, it is important to choose the strategy in the right direction.

Planning needs to be decentralized. Heads of departments should not be responsible for resources that they do not manage and for results that they do not influence. In other words, it is important to correctly identify the centers of financial responsibility for performance. To do this, leaders at all levels should be involved in the development of plans.

methodological flaws. Management decisions are made by management based on information about deviations from the plan. Deviations are calculated as planned data minus actual data. Actual can only be obtained from management accounting.

From the foregoing, we can conclude that the presence of a management accounting system is a necessary condition for the functioning of planning.

Management mistakes. In order for the planning mechanism to function effectively, it must be managed. To do this, the company develops regulations that contain the rules, sequence and logic of management. Regulations also set the dynamics of the planning process and accumulate the experience of the company.

It is also necessary to indicate the dates when the units submit the planned plans. Please note that such terms should be optimal and thoughtful. For example, when developing an annual plan, do not use data provided in August of the previous year. Indeed, 4 months before its execution, many events will occur, some of which can significantly affect its content. Unfortunately, this practice is often found in Russian enterprises.

The company must regularly improve the quality of the planning process. All its participants at the end of the budget period should analyze all the pros and cons of the developed plans, make changes.

Summarizing the above, it should be noted that the most common mistake is the lack of an organized planning and management process. Thus, first of all, it is necessary to organize the management of the planning process itself. Now Russian companies are actively mastering this management technology, learning both from their own experience and from the mistakes of others.

In addition, two main shortcomings of the existing planning systems of Russian enterprises are distinguished: First, management decisions made at the planning stage are often not justified. This is inevitable if the structure of the planned information does not correspond to the accounting information or there is no connection between the collected data and the real needs of management.

The second factor is more obvious, but at the same time more difficult to correct. Even a well-thought-out budget turns out to be untenable in organizations where there is no order in the distribution of functions between departments and responsibilities between managers. Under such conditions, high-quality planning cannot exist in principle. The reason is simple: people who have meaningful information and are ready to make decisions simply do not exist. Thus, building a logical control system in this case is indispensable.

To improve the planning process, first of all, it is necessary to clarify the managerial meaning of each piece of information. Along with this, accounting systems should be adapted to the needs of planning, and planning - to the capabilities of the information system. A great effect can be given by the selection of planning technologies that correspond to the scale of the organization, the conditions of its existence and development prospects. Not the last role is played by the choice and adaptation of automation tools.

Large companies have great opportunities for effective financial planning. They have sufficient financial resources to attract highly qualified specialists to ensure the implementation of large-scale planned work in the field of finance.

Small enterprises, as a rule, do not have the funds for this, although the need for financial planning is greater than that of large ones. Small firms are more likely to need borrowed funds to support their business activities, while the external environment of such enterprises is less controllable and more aggressive. And as a result, the future of a small enterprise is more uncertain and unpredictable.

For Russian enterprises, two areas can be outlined that need the use of planning:

1) Newly created private firms. The rapid process of capital accumulation has led to the growth and complexity of the activities of many of these firms, as well as to the emergence of other factors that create a need for forms of planning adequate to the modern market economy. The main problem associated with the use of planning in this area is the distrust of formal planning, based on the opinion that business is the ability to “turn around”, correctly navigate the current situation, and hence insufficient attention even to the not very distant future. However, many of the large firms have begun to create planning divisions, or at least introduced the position of financial planner.

2) State and former state, now privatized enterprises. For them, the planning function is traditional. However, their planning experience is mainly from the period of the centralized economy. Hence, planning at these enterprises was of a secondary nature, reflecting planned activities at the central and sectoral levels, and, therefore, did not imply a serious ability to analyze and foresee their own development goals.

Therefore, both organizations of the first type and state and privatized enterprises need to re-learn the experience of intra-company planning.

In general, in Russian planning there has always been an element of unjustified generalization of private experience. It is present even now: uniform principles and planning formats, including performance criteria, control methods, were used practically unchanged in all regions, industries, for all enterprises of holdings and groups, almost without taking into account the peculiarities of organizational structures, management systems, distribution systems, delegation of authority , relationships between current and strategic objectives, regional and sectoral characteristics of enterprises.

Another characteristic feature is the inability to prioritize.

If we talk about strategic planning, then this is, first of all, the search for those points, directions and ways of doing business that will give the maximum result in a certain time perspective. It can be short-term (up to one year), medium-term (up to three years) or long-term. And when strategic priorities and goals are created, the construction of the plan begins: “What do we need to do to achieve this?”

Now about operational management. It is understood that every day, week, month in any business something happens or should happen. Therefore, planning meetings, meetings and other events help to quickly manage the process.

The main difficulty in planning is implementation.

Plans, of course, must be "workable" and it is necessary that they contain the real desires of the top management of the company. Often plans drawn up by other people do not work just because of their alienness.

Also, the plan must be realistic from the point of view of the market. That is, we need a marketing analysis: is there a market, is there a certain number of consumers, are they ready to pay money? Companies often don't take this into account. In strategic planning as part of strategic management, the market is, of course, the key point, and the main thing is to get to the point, not to miscalculate.

The next aspect of planning is the capacity of the organization. It is necessary to calculate whether there are enough resources for a good market.

And there is another very subtle point that arises during implementation. Plans must be internalized by managers, they must want to do it.

The most common problem is restructuring. That is, the company has "grown", complex organizational changes are needed. And this is followed by systematic work on strategy, marketing, personnel formation, and corporate culture.

But the need for serious planning is not limited to these organizations. Good plans are now found in one company out of ten, and their complete absence - in four out of ten.

But, on the other hand, most companies already make them. Compared to 1994, the progress is very significant.

And the development will take place in a positive direction, especially since the degree of uncertainty in the situation in the country, region, will decrease. There is also civilized marketing information.

CONCLUSION

In a market economy, entrepreneurs will not be able to achieve sustainable success if they do not clearly and effectively plan their activities, constantly collect and accumulate information both about the state of target markets, the position of competitors on them, and about their own prospects and opportunities.

The presence of a planning procedure is the norm for any company in the developed countries of the world, and in recent years it has already become the norm in Russia.

However, at about half of Russian enterprises, the planning system is inefficient, the deviation of actual results from planned regularly exceeds 20-30%. This situation is a serious problem, because the company's financial plan is the basis for making operational management decisions.

Financial planning is the process of developing a system of measures to ensure the development of the enterprise with the necessary financial resources and improve the efficiency of financial activities in the coming period.

The vital activity of the company is impossible without planning, the "blind" desire for profit will lead to a quick collapse. At the same time, the possession of a pre-thought-out system of moves, selected for different scenarios of the development of the situation, is always a big plus. Since the ability to act deliberately, strictly and clearly in a situation where most of the participants in the events are subject to chaos is a great advantage. The most valuable thing that planning can give is the coordination of all aspects of the company's activities.

The development of financial plans is one of the main means of contact with the external environment: suppliers, consumers, distributors, creditors, investors. The value of the organization's assets and the possibility of its effective operation depend on their trust, so the financial plan must be well thought out and seriously justified.

Like any other process, financial planning ends with the practical implementation of plans and monitoring their implementation.

Having considered the goals and essence of financial planning, we can conclude that the financial plan is an integral part of intra-company planning, one of the most important documents developed at the enterprise.

BIBLIOGRAPHY

1. Popov V. M. “Analysis of financial decisions in business”. - M., 2004.

2. Gusarova T. A. "Planning at the enterprise". – Kaliningrad 2006.

3. Alekseeva M. M. "Planning the activities of the company" Educational and methodological manual. - M.: "Finance and statistics". 2000.

4. "Intra-company planning" Textbook. - 2nd ed., Rev. and additional – M.: INFRA-M, 2001.

5. Sheremet A.D., Seifulin R.S., Negashev E.V. "Methodology of financial analysis". - 3rd ed., revised. and additional – M.: INFRA-M, 2001.

6. Bukhalkov M.I. "Intracompany planning". - M., 2000.

7. Journal "Consultant" No. 3, 2005

APPS

ATTACHMENT 1

Calculation of the cost of production by costing items (per unit of production)

Cost items and price elements	Amount, rub.	Minimum price, rub
Raw materials and materials (excluding returnable waste)
Purchased components and semi-finished products
Fuel and energy for technological purposes
Wages of production workers
Deductions for social needs
Total direct costs
overhead costs
General running costs
Total production cost
Selling expenses
Total commercial cost
Profit (according to the accepted rate of return - 25%, for the minimum price - 9%)
Wholesale price

Selling price

APPENDIX 2

Financial plan of the enterprise (balance of income and expenses)

	Income from stocks, bonds and other securities
	Currency exchange differences, income from the sale (purchase) of currency at auctions
	Depreciation deductions
	Long-term bank loans
	Rent in excess of the value of the leased property
	Loans for working capital growth
	Other income and receipts
	Total income and receipts
Expenses and deductions of funds
	Corporate income tax
	Enterprise property tax
	Dividends to shareholders
	Capital investments (long-term investments)
	Long-term financial investments
	Repayment of long-term loans and payment of interest on them
	Increase in working capital
	Repayment of loans for the growth of working capital
	Markdown of goods
	Bad debt redemption reserve
	Contributions to the accumulation fund
	Contributions to the research and development fund
	Contributions to the fund of funds allocated for social needs
	Contributions to the financial assistance fund
	Insurance (reserve) fund
	Other expenses and deductions
	Total expenses and deductions

Financial planning at the stage of creating a small business

graduate work

1.2 The essence, types and significance of financial planning in a crisis

Opportunities and ways of development for small businesses can be created by competent financial planning, carried out not only in the process of carrying out the activities of a small enterprise, but also at the stage when it is just being created.

Financial planning is more fruitful when it is carried out comprehensively. For a deeper understanding of the financial planning process, one should analyze its essence, as well as consider the types of financial planning and study their directions and goals.

Planning is an integral element of the management process. Planning is a conscious foresight of actions in the future, modeling the results of activities, searching for favorable opportunities, creating the conditions for tomorrow.

Financial planning is part of the overall planning process at the enterprise, it uses information from marketing research, organizational, production and other plans, while financial planning is subject to the mission of the enterprise and its overall strategy. Planning is always focused on the data of the past, but is aimed at determining and controlling the development of the enterprise in the future. Financial planning involves the formulation of ways and means to achieve the company's financial goals.

The goal of financial planning is to maximize the ownership of the owners of the company, i.e. increase in wealth by increasing the market value of assets.

Financial planning tasks include:

ь providing sources of financing for the main activity of the enterprise (maintaining a normal level of stocks of raw materials, materials, finished products, financing the growth of working capital, reproduction of fixed production assets, etc.);

ь justification of the size and conditions for attracting external sources to finance the investment activities of the enterprise;

ь organization of financial relations with the budget, off-budget funds, banks, creditors and debtors;

ь determination of the temporary structure and volume of financial requirements for the selection of the most appropriate financing strategy;

ь increase in profits from core activities and other activities, if any;

ь control over the financial condition, solvency and creditworthiness of the company;

ь determination of ways of effective investment of capital, assessment of the degree of its rational use;

Based on the foregoing, we can conclude that financial planning is a process of drawing up, reviewing and approving target quantitative and qualitative indicators and finding ways to achieve them most effectively.

The main criterion for classifying financial planning, most economists call the time period for which the plan is being developed. Thus, financial planning is divided into:

b Strategic (perspective)

b Current

b Operational

A comparative description of the types of planning, highlighting the features of each individual type, is presented in table 1.1.

The table below shows that the goals and directions for developing plans for each type of financial planning are different. But at the same time, all three types of planning are closely related and complement each other.

"right">Table 1.1

Types of financial planning

Distinctive signs	operational planning	Current (tactical) planning	Forecasting (strategic)
Time, planning horizon	Short term	medium term	Long term
Degree of detail	Maximum detail	Fragmentation	Enlarged
Setting goals	Execution Orientation	Specification	Setting long-term goals (mission, vision) and the main ways to achieve
Scope and completeness of information	exhaustive	Sufficient	Generalized
Planning subject (management level)	The lowest level of management	middle management	top management
Scorecard control financial parameters	Particular indicators (payment terms, storage period, cost level, duration of the financial cycle, etc.)	Financial ratios	Strategic parameters (market value of the enterprise, capital structure, WACC, EVA)

Strategic financial planning is used to determine the most important indicators, proportions and rates of expansion of production, is the main form of achieving the goals of the enterprise. It includes the development of the financial strategy of the enterprise and the forecasting of financial activities. The basis of long-term planning is forecasting, which determines the company's strategy in the market. Forecasting consists in studying the possible financial condition of the enterprise for the long term, involves the development of alternative financial indicators and parameters, the use of which, with the emerging predicted trends in the change in the market situation, makes it possible to determine one of the options for developing the financial position of the enterprise.

Within the framework of strategic financial planning, it makes sense to single out strategic tax planning. The allocation of tax planning in a separate direction is due to the fact that tax payments constitute a fairly significant part of the costs of enterprises, including small ones. One of the most important elements of the financial strategy of an economic entity is tax policy. Its main purpose is to increase the efficiency of expenditures, interconnected with the general target setting of a particular business entity.

Small business largely depends on the impact of environmental factors and, first of all, on the characteristics of the tax system and the general economic situation in the country and region. Depending on the level of the tax burden, defined as a relative value of income or value added, it seems possible to identify four types of tax policy for small businesses: ideal, conservative, compromise and aggressive. These types are discussed in more detail in Table 1.2.

But at the same time, speaking about strategic tax planning in a small business, it is worth noting that it is severely limited by the current tax legislation. Thus, an enterprise can plan only a narrow list of indicators, and basically this type of tax planning comes down to the use of direct benefits and special tax regimes.

The current planning of financial activity consists in the development of a system of financial plans for certain aspects of the financial activity of the enterprise. Thus, the current planning is aimed at concretizing the strategic plans of the enterprise. Current financial planning allows you to determine for the coming period all sources of financing for the activities of the enterprise, form a system of its income and expenses, ensure the constant solvency of the enterprise, predetermine the structure of its assets and liabilities at the end of the planning period.

Table 1.2

Characteristics of small business tax policy types

Policy types	Characteristics
Ideal		The policy is built within the framework of accounting, the use of direct tax benefits. It requires a high professional level of the chief accountant and an adequate organization of the accounting service. The most complex issues are considered with the involvement of tax consultants. With insignificant turnovers, it is possible to conclude an agreement with an audit firm for accounting services
conservative		The policy is considered as an obligatory element of the general financial policy, the development and implementation of which involves specialists assigned to a special service. To solve the most complex issues, an agreement is concluded with an audit firm
compromise		The policy implies strategic planning of activities in all areas, including forecasting the amounts of tax withdrawal. We are constantly working with tax lawyers and consultants. The state of the taxation system is systematically monitored in its relationship with economic results
Aggressive		The issue of changing tax jurisdiction or re-profiling activities is being considered

Separate types of current financial plans of the enterprise are usually prepared for the coming year, broken down by quarters.

In the process of current financial planning at enterprises, the following types of financial plans are usually developed:

ь plan of income and expenses for the main economic activity;

a plan for the receipt and expenditure of funds;

l balance plan;

l plan for the formation and use of financial resources.

The degree of detail of the indicators of each type of financial plan is determined by the enterprise independently, taking into account the specifics of its activities, as well as the current practice of organizing financial and management accounting.

Current tax planning involves the development and implementation of a set of measures to optimize the tax burden in each specific case and individual tax period in accordance with applicable law and the company's strategy. In the course of tactical tax planning, an analysis is made of financial and economic activities in general or of its individual areas, specific transactions, applied methods of accounting and control. Current tax planning may consist of items such as:

ь preparation of weekly forecasts of tax payments for planned transactions;

ь drawing up a schedule for compliance with the fulfillment of tax obligations with a change in the company's assets;

l analysis of the results of tax innovations.

Thus, the current tax planning implies the development of more specific plans and activities that clarify the provisions of the tax policy chosen for the organization.

In the process of carrying out the current activities of the enterprise, operational planning is carried out. It is not a fully separate type of financial planning, but in many ways only complements the current one. This is due to the fact that operational financial planning is aimed at controlling the receipt of actual revenue and the expenditure of cash financial resources. This is due to the fact that the financing of planned activities developed in the process of current financial planning should, if possible, be carried out at the expense of the funds earned by the enterprise, and not at the expense of loans and borrowings. Thus, the formation and use of financial resources requires daily effective control.

In the process of operational financial planning, the following plans are drawn up:

ь payment calendar;

l cash plan;

l credit plan.

The payment calendar is compiled for a period of not more than one month and not less than 5 days. The best option is to draw up a sliding payment calendar for two five-day periods with a weekly plan shift for the next two five-day periods. In the payment calendar, the inflow and outflow of funds must be balanced. With a lack of funds for the implementation of all calculations, the least urgent expenses are adjusted and shifted to a later period. In case of impossibility to postpone payments and lack of sufficiency of income in the planned period, a plan for attracting credit resources is developed.

The cash plan is drawn up in order to determine the turnover of cash in the enterprise. The cash plan is developed for the quarter, broken down by months. The terms of issue and the amount of wages, the amount of cash proceeds from the sale and the direction of its use are determined. The plan is submitted to the servicing bank for approval and control over the spending of cash proceeds.

A credit plan is developed as needed and is a feasibility study for attracting a short-term loan and a schedule for its repayment.

Thus, operational planning cannot be considered as a separate type of financial planning, since it only tracks the results of activities, the development of which is included in the current planning, and provides options for correcting the identified shortcomings of these activities.

Tax planning at this stage is more control over the timely and full payment of tax payments in order to avoid tax sanctions. Thus, it is very difficult to single out operational tax planning separately from the current one, since the activities carried out in the process of operational tax planning overlap with the activities of current tax planning.

After analyzing the types of financial planning, we can conclude that they are all interconnected and one of the types without the others will not bring tangible benefits. While the use of all three types of planning can give significant results.

In the context of the economic crisis, the unpredictability of market factors and ever-increasing competition, planning in general and financial planning in particular should come to the fore in the management of financial and economic activities. Today it is impossible to overestimate the importance of this element of managing the company's activities. Financial planning at the enterprise makes it possible to correctly prioritize the use of funds and resources of the enterprise.

In the event of an economic crisis, an enterprise faces significant risks of losing resources, which can result in bankruptcy for small enterprises, since the main source of financing for small businesses is the own funds of small business owners. Identification of the risks of losses during the economic crisis is one of the most important tasks of any enterprise. Risk management is an integral part of the overall management of any organization that seeks to survive and fulfill its mission. Financial planning in a crisis can create a fairly stable resource base for a small business and help to correctly and expediently prioritize the use of free cash and profits.

Planning in a crisis should be not only operational, but also medium-term. Although the concept of medium-term in times of crisis changes somewhat. If during the period of stability a 1-3-year plan was considered medium-term, now it is only for 1 year. Longer ones are meaningless, the degree of uncertainty is too great. You can't plan for less than a year. It is necessary to correct and refine plans in a crisis economy within the framework of quarterly planning.

In a crisis situation, the role of the annual plan in the management of the company changes. First of all, the plan becomes not so much a set of financial indicators as an indication of action, depending on the implementation of various risk factors. The goals in this case should be "reasonably fuzzy", i.e. set the direction of development and identify the priorities of the company, while leaving freedom in terms of a specific interpretation. This will allow planning to maintain a single direction of movement, leaving the possibility of choosing the paths along which the company will develop. Moreover, it is during a crisis that the importance of the coordinating function of the plan increases, ensuring the consistency of anti-crisis actions of all departments of the company.

The plan should allow making operational decisions in response to current changes in the external environment. Excessive pressure from tight budgets can reduce the effectiveness of middle management decisions by limiting their flexibility to respond to changing market conditions. To do this, as Igor Basov (external financial manager of the 585 Jewelery Network) says, “the company's management should pay maximum attention to the effective exchange of information between the division and providing feedback to all levels of management, sometimes even contrary to information security considerations.”

So, the key features of the approach to planning in a crisis are the reduction of detail, increased flexibility and efficiency. All types of planning should still be, only the emphasis on detailing is changing. First of all, the degree of detailing of medium-term plans is reduced.

With regard to the flexibility and efficiency of planning, experts highly appreciate such a tool as rolling planning. So, in many organizations, the plan is developed for three months and revised approximately 2-3 times a month. It is important to remember that with significant variability and flexibility of medium-term and operational plans, the company's strategic plans should change only in special cases: in no case should strategic plans be changed at the same speed - the company in times of crisis should be “dynamically stable” more than ever. This means that while the strategic goals and mission remain unchanged, operational plans must fully comply with the realities of the business environment.

At first glance, in a crisis situation, the approach of companies to planning is unified. Planning becomes more flexible, less detailed, but at the same time more critical for the company. The set of planning tools used in general also coincides.

However, a closer look reveals that different companies have different planning priorities. For some, the survival of the company is critical, for others, the behavior of macroeconomic factors. For others, almost nothing has changed. The most difficult feature of planning in a crisis is a high degree of uncertainty about the future.

In a crisis, when adjusting budgets, it is necessary to use the calculation based on a pessimistic forecast. If the company is prepared for the worst case scenario, then it will certainly cope with the best. But if events follow the path of a pessimistic forecast, the enterprise will be ready for it and will adequately respond by taking appropriate measures.

Based on the foregoing, we can conclude that in a crisis for an enterprise, strategic planning fades into the background, as it gives too large errors due to the instability of the economy, and most attention at this time is paid to current and operational planning, as shorter-term , and therefore accurate.

Analysis and assessment of the financial condition of CJSC "Computer Systems" for 2008-2010

One of the most important conditions for successful financial management of an enterprise is the analysis of its financial condition. The financial condition of an enterprise is a complex concept characterized by a system of indicators reflecting the presence ...

Analysis of the financial result of the enterprise (on the example of Shinremzavod LLP)

Analysis of the financial condition of the organization in market conditions

Analysis of the financial condition of the enterprise

Anti-crisis financial planning

The tax system of the Russian Federation and the problems of its improvement

Currently, the Government of the Russian Federation has proposed a number of key measures to improve the tax system of the Russian Federation planned for implementation in 2015 and the planning period of 2016 and 2017...

Fundamentals of financial planning in the enterprise

Financial planning - (English, financial planning) - a type of management activity associated with determining the financial conditions for the operation of an enterprise in order to effectively fulfill its planned targets ...

Assessment of the financial condition of the organization - indicators and ratios

Under the financial condition of the enterprise refers to the ability of the enterprise to finance its activities. It is characterized by the provision of financial resources necessary for the normal functioning of the enterprise ...

Planning and forecasting the activities of the enterprise

Financial planning is understood as a subsystem of intra-company planning. The objects of financial planning are: - financial resources - cash income and receipts ...

The system of state tax planning and the structure of tax revenues of the federal budget

The crisis is due to the cyclical nature of market production, so its appearance was quite predictable. In previous years, the favorable economic situation involved additional resources in the economic turnover...

Improving the management of the financial activities of the enterprise (on the materials of OOO "Monet")

Financial analysis is an important part of economic analysis at the micro level. In order to justify the place of financial analysis in the management system of a modern enterprise, it is necessary to define financial analysis ...

The state of financial stability of the organization

The central element of the economic management system in market conditions is the quality of development and adoption of managerial decisions to ensure the profitability and financial sustainability of the economic activity of the enterprise ...

The essence of the financial results of commercial organizations

Financial analysis in its traditional sense is a research method by dividing complex phenomena into its component parts ...

Financial planning at the enterprise

The mechanism of standard procedures makes it possible to timely identify possible deviations of actual performance indicators from budget figures and timely prevent the expenditure of material resources unauthorized by the budget task ...

Financial planning in enterprises. The monetary system of Russia. Bankruptcy

In modern conditions of market relations, there is an objective need for financial planning. Without financial planning, it is impossible to achieve real results in the market...

Editor's Choice

What kind of fish can be salted at home: choices and cooking tips Salt white fish

Fish is a source of nutrients necessary for the life of the human body. It can be salted, smoked,...

What is yantra, types of yantra meaning

Elements of Eastern symbolism, Mantras, mudras, what do mandalas do? How to work with a mandala? Skillful application of the sound codes of mantras can...

wood burning technology

Modern tool Where to start Burning methods Instruction for beginners Decorative wood burning is an art, ...

How to calculate the specific gravity in different areas?

The formula and algorithm for calculating the specific gravity in percent There is a set (whole), which includes several components (composite ...

Geography of beef cattle breeding (cattle, pigs, sheep), poultry farming

Animal husbandry is a branch of agriculture that specializes in breeding domestic animals. The main purpose of the industry is...

Analysis of the company's market share is an effective tool for a successful business What share in sales is considered the norm

Market share of a company How to calculate a company's market share in practice? This question is often asked by beginner marketers. However,...

The seventh technological mode is cognitive

The first mode (wave) The first wave (1785-1835) formed a technological mode based on new technologies in textile...

Types of one-part sentences

§one. General data Recall: sentences are divided into two-part, the grammatical basis of which consists of two main members - ...

The concept of dialect. What is a dialect? Grammar Dictionary: Grammar and linguistic terms

The Great Soviet Encyclopedia gives the following definition of the concept of a dialect (from the Greek diblektos - conversation, dialect, dialect) - this is ...

New

Popular

Chapter “Financial planning in the organization. II