Курсовая работа: Financial planning business and ways to improve its performance

Along with the equity of the company a measure of financial resources creates by borrowed capital. For specific gravity within the involved funding A major bank loans and accounts payable, including commercial and commercial loans. The need for credit as a source of replenishment of financial resources is determined by the nature cycle of fixed and current assets. But as a source of financing, loan capital also has its own characteristics:

1. The relative simplicity of baseline estimates. The cost of servicing debt in the form of interest on the loan;

2. Payments for debt service related to costs, which reduces the size of the taxable base of enterprise, that size cost of debt capital decreases by corporate tax rate;

3. The cost of debt capital to attract a high degree of communication with the level of creditworthiness of the enterprise, estimated to creditor. What pronouncement solvency of the enterprise to assess the lender, the lower cost of debt capital raised;

4. Involvement of debt capital due to the return cash flow to service debt and the repayment obligations on the principal amount of debt.

Internal cost payable in determining the cost of capital accounted for zero rate because it is free of charge at the expense of financing this debt capital. But we can not increase the amount of capital due to this source, because if the funds are delayed for a long time in circulation and are not returned promptly, it may cause debt-laden, in the end lead to the payment of fines, sanctions and worse financial condition.

For debt capital, in company with the existing structure of the low and return on assets compared to interest rates on loans are very slight possibility of his involvement. We must first solve the problem of Supply and improve solvency of the enterprise.

Optimizing the financial structure of capital is one of the most important and difficult tasks of financial management. Optimal capital structure - it is the ratio of its own and borrowed sources, at which the optimal ratio between the level of return on equity and financial stability, ie maximizing the market value of the company. [16, sec. 201]

Thus, as a result of the options considered can be said that the policy of optimizing capital structure aimed at increasing the share of equity. Namely profit, due to the inability to attract loans. But if the goal to improve return on equity, then theoretically the best option - involving loans. But there are limitations on the solvency ratio, which is not to increase the loan capital without increasing assets. Increasing the share of current assets to increase the loan capital and reduce their own and maintain solvency. Return on equity by more than the sum of its lower and higher income, and the replacement of the equity loan it raises.

3.2 Ways to improve internal financial control of the state enterprises

Financial control - a controlling system which provides the concentration of control actions for the main areas of financial activity, detecting deviations from actual values predicted (planned) and the factors that caused these deviations, and management decision-making process of the normalization of the financial management of the enterprise.

Building a system of financial control is based on the following basic principles:

1) orientation of financial controlling at achieving the financial strategy of the company;

2) multi-financial controlling;

3) financial controlling orientation on quantitative indicators;

4) compliance with financial methods of controlling specific methods of financial analysis and financial planning;

5) the timeliness, simplicity and flexibility of the system of financial controlling;

6) cost effectiveness of introducing financial controlling in the enterprise. [22, sec. 153]

Given the above principles of financial controlling in the enterprise is based on the following stages:

1. Defining Object Controlling. This is a general requirement to build any kind of controlling position in the company of his landing target. The object is controlling the financial management decisions over key aspects of financial activity.

2. Identification of species and controlling areas. According to the concept of the system of controlling, it is divided into the following main types: strategic controlling; current controlling; operational controlling. Each of these types of controlling perlichenyh to meet its scope and frequency of exercise of its functions.

3. Formation of priority indicators that are controlled.

The entire system of indicators on the importance zhyruyetsya wounds. During the first such ranking in priority are selected first level of the most important indications of this kind of controlling, then formed the system of priorities of the second level indicators which are in connection with chynnykovomu indices of the first level, similarly formed a system of priorities of the third and subsequent levels. [22, sec. 159]

When formulating the system of priorities should be taken into account that they can wear a different character for certain types of responsibility centers, separate directions for financial activity, for various aspects of the formation, distribution and use of financial resources. However, it should be ensured hierarchical summary of all control parameters in the enterprise in general and in specific areas of financial activity.

4. Develop a system of quantitative control standards. After identifying and ranking the list of financial indicators, which are controlled, there is a need to establish quantitative standards for each. Such standards may be set in absolute and in relative terms. In addition, these quantitative standards can be stable or movable nature. Standards are the strategic target ratios, indicators of current plans and budgets, the state system now or developed norms and standards of others.

5. Building a system of monitoring indicators contained in the financial controlling. Monitoring System (vidstezhuvalna system) is the basis of financial controlling, the most active part of its mechanism. [10, sec. 99]

The primary step in improving the financial status of Ukrainian enterprises is finding the optimal ratio of own and borrowed capital, which would provide minimal financial risk for maximum return on equity. Optimizing liquidity capacity of enterprises is implemented through the operational mechanism of financial stability - a system of measures on the one hand, to reduce the financial obligations on the other hand, the increase in cash assets to ensure these obligations. Financial liabilities the company may decrease due to: decrease the amount of fixed costs (including costs for administrative staff); reducing semi-variable costs; extension payable by commodity transactions; postponing dividends and interest payments. Increase the amount of monetary assets can be due to: refinancing receivables (by factoring, discounting and discounting of bills, forfeiting, enforcement); acceleration collection period (by shortening the commercial credit), optimization of inventory inventory (commodity by setting standards stocks using technical and economic calculations) reduction of insurance, warranty reserves and seasonal businesses to stay in the financial crisis.

It is appropriate to draw attention to the fact that to improve his financial situation of producers of goods and services must implement all the products that stagnates in warehouses. To expand the distribution business can create retailers. This will increase profits and increase capital turnover. Implementation of this project certainly does not solve the current financial problems, but will shorten the life of the product and speed up payments to creditors. The financial condition of the enterprise can not be sustained unless it receives income of which provide the necessary increase in financial resources to strengthen the material base of enterprises and their social sphere. [1, sec. 83 - 90]

Information about the financial condition of the enterprise is crucial for the management and for investors. Therefore deserves attention on the problem of information for the enterprise. Reliability of data of financial position is essential for making correct management decisions [7. 38 - 41].

Given the problems of the financial condition of the company in financial crisis and the need to stabilize the financial stability of enterprises in conditions of financial instability, we should take the following measures: