N E W S
OF TH E N A T IO N A L A C A D E M Y OF SCIEN C ES OF TH E R EPU B LIC OF K A Z A K H ST A N S E R IE S O F S O C IA L A N D H U M A N S C IE N C E S
ISSN 2224-5294 h ttps://do i.o rg /1 0 .3 2 0 1 4 /2 0 2 0 .2 2 2 4 -5 2 9 4 .1 2 0 V olum e 4, N um ber 332 (2020), 197 - 205
UDC 334.722.26
B . N u rm a g a n b e to v a , A. A im a g a m b e to v a , A. O ra lb a y e v a , A. A k h m e to v a Korkyt Ata Kyzylorda state university, Kyzylorda.
E-mail: [email protected], [email protected], [email protected], [email protected]
WAYS TO IMPROVE THE COMPANY’S CASH FLOW POTENTIAL
Absttact. The emergence of financial difficulties in the company, the tendency to reduce the share of cash in current assets will be associated with an increase in the volume of their short-term liabilities. Therefore, conducting a continuous analysis of the state of cash and cash flows, as well as fixed-term liabilities, determines a specific picture of the presence of surpluses of the company or their insufficiency. As part of the company's strategic financial management, not only the total amount of cash resources is important, but also the volume and intensity of cash flows for the year.
The company's liquidity and solvency directly depend on its frequency and ability to generate cash flows in the required volume. These relationships require the implementation of a comprehensive system for forecasting, planning and managing the cash flows, which is formed as a result of the company's financial and economic activities, i.e., cash flows control. The effectiveness of such control is determined by the level of qualification of the financial manager.
Optimization of cash flows will increase the financial and operational flexibility of the company, as it improves operational management, especially the balance of income and expenditure; increases sales and optimizes expenses due to the large maneuverability of the company's resources; increases the effectiveness of debt management and the cost of their services, improves the terms of negotiations with creditors and suppliers; creates a reliable basis for evaluating the performance of the company's divisions, its financial position; increases the company's liquidity.
In order to optimize cash flows from the company's financial activities, it is recommended to analyze the situation on the market of second-tier banks in order to obtain new short-term and long-term loans. It is also necessary to provide measures for the ownership of fixed assets by leasing.
Keywords: monetary funds, resource, income, loss, expense, income, debt, payment, debtor, creditor, liquidity, investment, balance, capital, loan.
Considerable attention is paid to the issues o f cash flow m anagem ent in the m odern theory o f corporate finance and the daily w ork o f financial m anagers, since it is the m aterial basis o f financial m anagem ent. The success o f the com pany's financial and econom ic activities is determ ined by the ability to m obilize available resources and use them effectively to m anage cash, usually a lim ited resource in the conditions o f m arket transform ation o f the econom y [1].
A nalysis o f the com pany's cash flow s determ ines inequality, unbalanced cash flow s, in particular, as a result o f incom e inflows. D epending on the length o f the period for selecting m ethods for optim izing cash flows, they are divided into short-term and long-term . W hen inequality occurs in the short term , the m ost com m only used m ethod is called "paym ent acceleration-brake system ". The essence o f this m ethod is to attract additional funds, i.e. to increase the flow o f revenue and slow dow n the com pany's paym ents, or to develop appropriate m easures to reduce the inflow o f outgoing funds.
Increasing the com pany's cash flow in the short term period w ill be based on the follow ing m easures::
- dem anding pre-paym ents for all o r m ost o f high-dem and products;
- reducing the term s o f com m odity (com m ercial) lending to buyers o f goods;
- increase in the am ount o f price reduction w hen selling goods w ith low dem and;
- use o f m odern form s o f refinancing o f overdue accounts receivable - accounting o f bills, factoring, forfeiting;
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- independent w ork w ith each borrow er in order to speed up w ithdraw als;
- use o f short-term financial loans and borrow ings [2-3].
To slow dow n the liquidation o f funds in the short term , the follow ing m easures are proposed:
increasing the term o f a com m odity (com m ercial) loan (in agreem ent w ith suppliers); reducing the collection o f individual paym ent docum ents; restructuring short-term financial loans by transferring them to long-term loans; deferring paym ents to the budget and extra-budgetary funds; reducing the volum e o f paym ents due to im proving the com pany's internal and external financial policy aim ed at saving costs, as can be seen in figure 1.
Figure 1 - Short-term cash flow management issues Note - compiled by the author
The increase in cash flow s received in the long term can be achieved in the follow ing ways:
- increasing the am ount o f equity;
- attracting additional financial loans and other funds;
- selling the part o f assets to increase the volum e o f w orking capital;
- selling the part o f real estate, i.e. fixed assets, or leasing out i f th ey are n o t used;
- increasing the sales o f goods or services;
- varying the types o f services.
R educing the flow o f expenditure funds in the long term is associated w ith the follow ing m easures:
the introduction o f restrictions on the acquisition o f fixed assets th at do n o t provide a significant increase in cash flow s received in the long term ; reducing investm ent; reducing the cost o f purchasing tangible current assets; optim izing transport and storage costs; reducing sta ff while increasing labor productivity;
preventing and reducing production costs [4-6].
In the process o f optim izing the com pany's cash flow s, it is very im portant to ensure them over a period o f tim e. Tw o m ain m ethods can be used fo r this: alignm ent and coherence. E qualization o f cash flow s is aim ed at regulating th eir volum es in separate periods, allow ing elim inating seasonal and cyclical deviations in the form ation o f incom e and expenditure cash flows. A chieving absolute coordination o f incom e and expenditure flow s o f funds is usually im possible, b u t it significantly reduces the periods betw een th eir m axim um values and is the basis o f this procedure. The convergence o f term s for w ithdraw ing funds, m aking paym ents and receipts equate the total cash flow s o f the com pany.
The com pany aim s to harm onize cash flow s (budgeting incom e and expenses) to ensure an accurate relationship betw een the expenses o f incom e and expenditure funds. In this case, the m ain criterion for evaluating the quality o f coherence is to increase the correlation coefficient o f threads, w hich should be com e to 1. Solving the obligations on synchronizing cash flow s in tim e and space ensures the continuous operation o f the com pany's production and com m ercial activities, financial stability and w ays to develop cash m anagem ent [7-8].
A s a result o f optim izing the com pany's cash flows, the prerequisites have been created for m axim izing the n et cash flow. H ow ever, an increase in its value can be achieved through a com bination o f various m easures, in particular: effective financial, tax and pricing policies; reducing operating costs;
applying effective m ethods o f depreciation o f fixed assets; reducing the safety o f significant current assets;
im proving the productivity and quality o f w ork o f the com pany; im proving the effectiveness o f com plaints related to the full and tim ely recovery o f fines and accounts receivable.
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In this regard, the ultim ate goal o f optim izing the com pany's cash flow s is to m axim ize the inflow o f net cash, w hich w ill increase the level o f the com pany's ow n financing and reduce its dependence on external sources o f financing. C ash flow optim ization is the process o f selecting the best form s o f organization, taking into accounts the conditions and features o f the com pany's business activities. The m ain directions for optim izing the com pany's cash flow s are show n in figure 2.
Figure 2 - Main directions for optimizing cash flows Note - compiled by the author
Let's consider the content o f the m ain directions o f optim izing the com pany's cash flows.
1. B alancing the volum e o f cash flow s. The m ain goal o f cash flow m anagem ent is balance, w hich is connected to the current and investm ent activities and financial activities o f the organization and provides the necessary proportion o f positive and negative cash flow s for certain areas o f the organization. Cash inflow s are generated from revenue,the increase in authorized capital at issue, received loans and borrow ings, targeted financing, and so on. W h en current expenses, investm ent expenses, paym ents to the budget, dividends, interest, and com m issions are paid, cash flow s are generated. To m aintain the cash balance, it is necessary to perform the follow ing tasks: form ing a sufficient am ount o f cash resources in accordance w ith the needs o f econom ic activity; optim izing the distribution o f the volum e o f generated cash resources by type o f activity and areas o f use; ensuring a high level o f financial stability o f the organization in the process o f its developm ent; ensuring stable solvency; increasing the net cash flow s th at ensure these rates o f econom ic developm ent un der the term s o f self-financing; ensuring a reduction in the cost o f funds in the process o f th eir use.
It is w orth noting th at a negative im pact on the com pany's econom ic perform ance, as w ell as excessive cash flow s, m ay have a negative im pact. The consequences o f a cash deficit in the com pany lead to: a decrease in the com pany's liquidity and solvency, delayed paym ent o f salaries for em ployees, an increase in overdue payables, an increase in the length o f the financial cycle, etc. A s a result, the profitability o f using the com pany's equity and assets decreases. The consequences o f excess cash flow are expressed w hen the actual value o f tem porarily unused funds is lost due to inflation, and potential incom e is lost on the unused part o f assets w ithout funds in the field o f short-term investm ents, w hich ultim ately negatively affects the level o f incom e to the com pany's assets and capital. The grow th o f positive cash flow s is achieved by attracting investors to increase th eir ow n capital, obtaining long-term loans, selling (leasing) unused fixed assets, issuing additional shares, etc. R educing negative cash flow s can be achieved by reducing the volum e o f investm ent program s, reducing the am ount o f fixed costs o f the com pany, avoiding financial investm ents, and so on.
In this regard, the m ain task o f an accountant is to m aintain the balance o f funds. The accountant should m onitor and control the optim al level betw een accounts receivable and other financial obligations.
I f the average balance o f the m oney supply is constantly grow ing, it m eans th at the com pany has lost revenue from the data o f the accum ulation o f funds in the free balance. The added value and incom e from these funds are transferred only to the bank th at serves this com pany. The accountant has to determ ine the optim al size o f the liquid cash balances and the rem aining part o f the funds th at cause the need to ensure a stable solvency o f the organization to generate incom e.
2. To synchronize according to tim e the cash flo w s aim ed at ensuring real interaction between incom ing a nd outgoing cash flo w s. In other w ords, it is the budgeting o f incom e and expenses. Tw o m ain m ethods can be used to synchronize according to tim e the cash flows: leveling up and increasing the density o f correlations betw een individual flows. A lignm ent o f cash flow s m eans alignm ent o f th eir size in
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the context o f individual intervals betw een the considered term s. The im plem entation o f this m ethod w ill elim inate seasonal and cyclical differences in the form ation o f positive and negative cash flow s, as a result o f optim izing average cash balances and increasing liquidity. Increasing the density o f correlation betw een flow s w ill be achieved using the system "acceleration-deceleration o f the paym ent tu rn ov er system ". This system is aim ed at developing m easures to accelerate the attraction o f funds and slow dow n their individual intervals, w hich increases the synchronization o f the form ation o f positive and negative cash flows.
3. M a xim u m increase in net cash flo w . This is an im portant area o f optim ization th at reflects the results o f previous stages. A s a result o f the grow th o f n et cash flow, the com pany's econom ic grow th rate w ill increase, its dependence on external sources o f financing w ill decrease, and the com pany's m arket value w ill increase. To increase the volum e o f net cash flow s, it is necessary to im plem ent the follow ing m easures: reducing the level o f fixed and variable costs; developing an effective pricing policy th at increases the level o f profitability o f operating activities; im plem enting an effective tax policy th at reduces the level o f general tax paym ents; using the m ethod o f operational depreciation o f the com pany's fixed assets; the rate o f unused fixed assets and intangible assets.
4. The fin a l, but im portant direction o f optim izing cash flo w is its automation. A utom ation o f the m oney m anagem ent process increases paym ent discipline, provides users w ith fast and reliable inform ation, regulates m utual settlem ents, and accelerates the tu rn ov er o f funds. In this regard, optim izing cash flow w ill reduce the organization's need for borrow ed capital. Ensuring the rational and econom ical use o f the financial resources through active cash flow m anagem ent will reduce the dependence o f the pace o f developm ent o f organizations on borrow ed funds.
The results o f optim izing the com pany's cash flow s are reflected in planning the generation and use o f cash in the com ing periods, and planning, in turn, gives the effect o f seasonal fluctuations in cash flows.
B ased on the research, the m ain directions th at contribute to im proving the efficiency o f the organization's cash flow s, based on the form ation o f m anagem ent policy, are presented. Effectively organized cash flows are the m ost im portant indicator o f the com pany's financial condition, prerequisites for ensuring sustainable grow th and ensuring high final results o f its financial and econom ic activities [9-12].
N e t cash flow (N et V alue Flow , N e t Value, N C F, current value) is the m ain indicator o f investm ent analysis and reflects the difference betw een positive and negative cash flow s for the selected period o f tim e. This indicator determ ines the financial position o f the com pany and the possibility o f increasing the value and investm ent attractiveness o f the com pany. N et cash flow - the results o f N T K LLP on cash flow s from operating, financial and investm ent activities o f the com pany are presented in table 1.
Table 1 - Main indicators of cash flows of NTK LLP, mln. tenge
Indicators I quarter II quarter III quarter IV quarter 2019
Net cash flow 142 37 (26) 1 477 1 629
Monetary funds at the beginning of the period
59 201 238 211 710
Monetary funds at the end of the period 201 238 211 1 689 2 339
N o t e - compiled by the author
The difference in cash at the beginning o f the period and the end o f the period and the positive efficiency o f the net cash flow show ed th at the com pany does n o t have a cash gap or lack o f cash.
H ow ever, it is no t enough to m ake decisions only through net cash flows. Because in order to fully understand and present additional offers, it is necessary to determ ine the sources o f the com pany's cash flow. Table 2 show s the cash flow s fo r the m ain activities o f N T K LLP.
Table 2 - Cash flows for the main activities of NTK LLP, mln.tenge
Indicators I quarter II quarter III quarter IV quarter 2019
Cash flows from main activities
Cash inflow 16 574 6 050 6 646 2 500 31 770
Expenditure of monetary funds 17 974 4 906 6 620 1 023 30 523
Balance of main activities (1 400) 1 144 26 1 477 1 247
N o t e - compiled by the author
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H ow ever, in order to further increase the com pany's profitability, it is recom m ended to reduce the com pany's variable and fixed costs.Since the analysis show ed th at m ost o f the m oney received for the m ain activity is directed to expenses for the m ain activity. Therefore in order to optim ize cash flow s for the m ain activities o f N T K LLP, it is recom m ended to reduce the cost o f production, i.e. to review the policy o f calculation, financial reporting, and expenditure. Table 3 shows the cash flow s from the financial activities o f N T K LLP.
Table 3 - Cash flows for the financial activities of NTK LLP, mln.tenge
Indicators I quarter II quarter III quarter IV quarter 2019
Cash flows from financial activities
Cash inflow 0 0 0 0 0
Expenditure of monetary funds 1 108 1 107 53 0 2 268
Balance of financial activities (1 108) (1 107) (53) 0 (2 268)
N o t e - compiled by the author
O perations under the item o f cash receipts o f N T K LLP fo r the follow ing types o f cash flows o f the com pany - cash flow s fo r financial activities are no t perform ed. T ransactions took place only fo r the expenditure o f the com pany's funds. From table 3 above, it is established th at in the third quarter o f 2019, N T K LLP com pleted the repaym ent o f loan paym ent obligations.
In order to increase net cash flow s, the m anagem ent o f N T K LLP can currently sell or lease fixed assets th at are part o f the com pany's assets bu t no t used. A m ong the fixed assets o f N T K LLP there is an em pty building purchased during construction, and unused fixed assets. The initial value o f the building w as 3,280 m illion tenge, and currently, due to the im pact o f the situation on the real estate m arket, the cost o f the building dropped to 12%, i.e. 393.6 m illion tenge, at present, the m arket value has decreased to 2886.4 m illion tenge (table 4). The m arket value o f fixed assets is currently 210 m illion tenge. In this regard, in order to reduce the m andatory depreciation charges on fixed assets and the cost o f m aintenance o f fixed assets, w e recom m end getting rid o f the excess assets.
Table 4 - Fixed capitals of NTK LLP, mln. tenge
Fixed capital Acquisition cost Depreciation expenses Market value
Unused building 3280 192.8 2886.4
Fixed assets 180 9 210
N o t e - compiled by the author
Table 4 above show s th at buildings th at are n o t used annually am ount to 192.8 m illion tenge. In accordance w ith this, due to the increase in the cost o f fixed assets, its sale is profitable for the com pany.
Due to the fact th at the cost o f an unused building is currently reduced, we offer to rent it out. The am ount o f the building lease as a result o f the prelim inary forecast is 150 m illion tenge p e r m onth o r 1,800 m illion tenge annually. Thus, the building is used as a tool for generating com pany profits. The proposed m ethod can be seen in the follow ing table 5, i f it is used in the 3rd and 4th quarters o f 2018 in N T K LLP.
Table 5 - Cash movement for the main activities of NTK LLP
Indicators I quarter II quarter III quarter IV quarter 2019
Cash inflow - - 450 450 900
Expenditure of monetary funds - - -
Balance of main activities - - 450 450 900
N o t e - compiled by the author
In accordance w ith table 5 above, cash flow from operating activities in the 3-4 quarter o f 2019 am ounted to 900 m illion tenge. In general, it contributes to the increase in cash incom e. In other w ords, this w ill be proposed to N T K LLP as a m easure to reduce costs and increase revenue.
O ptim izing cash flow s increases the com pany's financial and operational flexibility, because:
- it im proves operational m anagem ent, especially the balance o f incom e and expenditure;
- it increases sales volum es and optim izes expenses due to the large m aneuvering capabilities o f the com pany's resources;
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- it increases the efficiency o f debt m anagem ent and the cost o f th eir services, im proves the term s o f negotiations w ith creditors and suppliers;
- it creates a reliable basis for evaluating the activities o f the com pany's divisions, its financial condition;
- it increases the com pany's liquidity [13-19].
In order to optim ize cash flow s for the financial activities o f N T K LLP, it is proposed to plan cash flow s, i.e. budgeting. Cash flow is determ ined by the characteristics o f the organization's activities. Short
term financial planning tasks: designing the cash flow cycle; m anaging the investm ent and financing the w orking capital.
To date, one o f the m ost im portant areas o f financial m anagem ent is providing liquidity, i.e. ensuring the organization's costs and tim ely repaym ent o f debts. U nder conditions o f econom ic stability, financial m anagers em phasize the im portance o f grow th and profitability instead o f liquidity. Even relatively w eak m anagers can succeed at the expense o f overall econom ic recovery. U nder conditions o f uncertainty, a m odern financial m anager cannot control, first o f all, the grow th and profitability, bu t m u st take into account the conditions o f constant liquidity. Today, w hen w e have to deal w ith high interest rates, uncertainty o f future governm ent policy and instability o f cash flow s, first o f all, we need to think about survival and m aintaining the liquidity.
C ash liquidity and flow are inextricably linked. B ut the concept o f cash flow is used in various financial and accounting system s. The concept o f profitability, net w orking capital, net incom e and the m ovem ent o f borrow ed funds o f accountants is no t based on the concept o f cash flows. The m ain purpose o f these concepts is accounting costs and expenses, the essence o f w hich is to determ ine the costs and revenues in certain periods. Financial m anagers, bankers, lenders, and investors are m o st interested in the m ovem ents o f current and future cash, as they need to know w h at they can do to reinvest, pay dividends, interest, and principal on loans.
P rofitability m easures the ratio o f incom e and expenses over a certain period, so it depends on the concept o f cash flow. H ow ever, revenue includes the sale o f loans and deferred incom e, and costs include paym ents and bills on loans, the concept o f profitability is related to the concept o f funds flow. A financial m anager perform ing short-term financial analysis and planning should know the difference betw een cash flow s (financial concept) and cash m ovem ents (accounting concept). W hen planning short-term cash flow s, the m ain analytical tool and planning basis is an assessm ent (cash plan).
The m ain tasks o f cash flow planning are: forecasting the com pany's future cash needs; estim ating the financial consequences o f this requirem ent; determ ining possible w ays to respond and choosing the best m ethod to m eet dem and.
Some aspects o f future operations can be considered w ith high accuracy. This is m ainly due to costs.
The cost o f paying w ages is very predictable. I f you have to hire a few m ore people, the cost o f additional costs can be a high degree o f reliability. B ut the dem and for goods o r services produced by the com pany and the im pact o f com petitors on future earnings cannot be even predicted. To solve com plex forecast problem s on this issue the m an ager should develop the senarios like "W hat is happening? W h at conditions occur if slow dem and grow s by 30% ? A nd i f the dem ands drops to 15%, w hat w ill happen? W hat happens if the m ain com petitors reduces the price? The person w ho m anages the flow o f m oney actually tests hypotheses o f the actions o f consum ers and com petitors, turning these hypotheses into figures o f cash flows.
P lanning can be activated after analyzing various scenarios and com pleting the cash flow assessm ent.
Cash flow planning includes tw o m ain areas: investing free (excess) cash; and obtaining short-term loans to cover the cash deficit.
G iven the advantages o f cash, as w ell as m any sources o f short-term loans, the m anag er m ust decide the issue on choosing the instrum ents th at provide the m inim um risk (for investm ent) and the m axim um return (for borrow ing) [20-23].
A s a result, in order to optim ize the cash flow s o f N T K LLP, the follow ing steps are proposed:
- exten sio n o f com m odity loan agreem ents w ith the consent o f suppliers;
- reconstruction o f short-term financial loans by providing loan repaym ent term s;
- use o f tax incentives for paym ents to the budget;
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- reduction o f production and sales costs due to internal cost reduction factors;
- acquisition o f long-term assets for lease (leasing).
Therefore, in order to optim ize cash flow s fo r financial activities o f N T K LLP, it is necessary to analyze the situation on the m arket o f second-tier banks in order to obtain short-term and long-term loans in order to provide the com pany w ith the necessary financial resources. It is also necessary to provide m easures for the ow nership o f fixed assets by leasing.
Б.К. Нурмаганбетова, А.Д. АймаFамбетова, А .^. О ралбаева, А.А. Ахметова Коркыт Ата атындагы Кызылорда мемлекетпк университет^ Кызылорда, Казахстан
КОМ П А Н И ЯН Ы Н АЦШ А ЦАРАЖ АТЫ А ГЫ Н Ы Н ЬЩ 0Л ЕУ ЕТ1Н ЖЕТ1ЛД1РУ Ж ОЛДАРЫ
А ннотация. Компанияда каржылык киындыктын туындауы, агымдагы активтердегi акша каражаты Yлесiнiн темендеу урдга - олардын кыскамерзiмдi мiндеттеме кeлемiнiн артуына байланысты болады.
Сондыктан, акша каражаты мен акша агындары, сондай-ак мерзiмдi мiндеттемелер жагдайына теракты талдау журпзу - компаниянын артык каражатынын болуы немесе жетiспеушiлiгiнiн накты кeрiнiсiн айкындайды. Компанияны стратегиялык каржылык баскаруды жузеге асыру шенберiнде акша ресурстарынын жалпы кeлемi гана емес, сонымен катар жыл iшiндегi акша каражаты агынынын кeлемi мен каркындылыгы манызды болып саналады.
Компания е п м д ш п жэне телем кабшеп онын мерзiмдiлiгi жэне кажетп келемде акша каражаты агынын генерациялау мум ш ндтне тiкелей байланысты. Бул карым-катынас компаниянын каржы- шаруашылык кызметiнiн нэтижесшде, ягни акша каражатынын козгалысын бакылауда калыптасатын акша каражатынын козгалысын болжауды, жоспарлауды жэне баскарудын кешендi жYЙесiн енгiзудi кажет етедi.
Мундай бакылаудын тиiмдiлiгi каржылык менеджердiн бiлiктiлiк денгей аркылы аныкталады.
Акша каражат агынынын е п м д ш п жэне козгалысы бiр-бiрiмен тыгыз байланысты. Бiрак каражат козгалысы туралы тYсiнiк эртYрлi, каржылык жэне бухгалтерлж есепке алуда колданылады. Табыстылык, таза айналым капиталы, таза табыс жэне бухгалтерлердщ карыз каражаты козгалысынын тужырымдамасы акша каражат агыны тужырымдамасына непзделмеген. Бул угымдардын басты максаты - есепке алынатын шыгын мен шыгыстар, онын мэнi белгiлi бiр кезенде шыгын мен кiрiстердi белгiлеу болып саналады.
Каржылык менеджер, банкир, кредитор мен инвесторлар агымдагы жэне болашактагы акша каражаты козгалысына кeбiрек кызыгушылык танытады, себебi олар кайта инвестициялау, дивиденд, пайыз жэне несиенiн н еп зп сомасын телеу Yшiн кандай екендшн бiлу керек.
Акша каражаты агынын онтайландыру компаниянын каржылык жэне операциялык икемдiлiгiн арттырады, себебi оперативтi баскаруды, эаресе табыс тенгерiмi мен каражаттын жумсалу жагдайын жетiлдiредi; компания ресурстарынын Yлкен маневрлiк мYмкiндiгi аркылы сату келемш улгайтады жэне шыгынды онтайландырады; берешектi баскарудын тиiмдiлiгiн жэне кызмет кунын арттырады, кредиторлар жэне жетшзушшермен келiссeздержYргiзу шарттарын жаксартады; компания бeлiмдерiнiн кызметiне бага берудiн сенiмдi непзш, онын каржылык жагдайын калыптастырады; компания е п м д ш п н арттырады.
Компаниянын каржылык кызмет бойынша акша каражаты агынын онтайландыру максатында жанадан кыска жэне узакмерзiмдi несие алу Yшiн екiншi денгейлi банк нарыгындагы жагдайга талдау журпзуге кенес берiледi. Сондай-ак негiзгi куралдарды лизинг аркылы иелiк етудiн ю-шараларын карастыру кажет.
ТYЙiн сездер: акша каражаты, ресурс, табыс, шыгын, шыгыс, шрю, берешек, телем, дебитор, кредитор, етш дш к, инвестиция, баланс, капитал, карыз.
Б.К. Нурмаганбетова, А.Д. Аймагамбетова, А.К. О ралбаева, А.А. Ахметова Кызылординский государственный университет им. Коркыт Ата, Кызылорда, Казахстан
ПУТИ СОВЕРШ ЕНСТВОВАНИЯ ПОТЕНЦИАЛА ПОТОКОВ Д ЕН ЕЖ Н Ы Х СРЕДСТВ К О М ПАНИИ
Аннотация. Возникновение финансовых трудностей в компании, процесс снижения доли денежных средств в текущих активах может быть связана с увеличением объема их краткосрочных обязательств.Поэтому проведение постоянного анализа состояния денежных средств и денежных потоков, а
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также срочных обязательств определяет конкретную картину наличия излишков средств компании или их недостаточности. В рамках осуществления стратегического финансового управления компании важен не только общий объем денежных ресурсов, но также и объем и интенсивность денежных потоков за год.
Ликвидность и платежеспособность компании напрямую зависят от ее периодичности и возможности генерации потоков денежных средств в необходимом объеме. Эти отношения требуют внедрения комплексной системы управления, планирования и прогнозирования движения денежных средств, формирующейся в результате финансово-хозяйственной деятельности компании, т.е. контроля за движением денежных средств. Эффективность такого контроля определяется уровнем квалификации финансового менеджера.
Ликвидность потоков денежных средств и движение неразрывно связаны. Но понятие о движении средств различается - применяется при финансовом и бухгалтерском учете. Концепция доходности, чистого оборотного капитала, чистого дохода и движения заемных средств бухгалтеров не основана на концепции потока денежных средств. Основная цель этих понятий - учитываемые затраты и расходы, их роль заключается в определении затрат и доходов в определенные периоды. Финансовые менеджеры, банкиры, кредиторы и инвесторы проявляют наибольший интерес к движению текущих и будущих денежных средств компании, так как они должны знать, какими могут быть основные суммы для выплаты процентов и кредитов, дивидендов, реинвестирования.
Оптимизация потоков денежных средств повышает финансовую и операционную гибкость компании, так как совершенствует оперативное управление, особенно сбалансированность доходов и расходование средств; увеличивает объемы продаж и оптимизирует расходы за счет больших возможностей маневренности ресурсов компании; повышает эффективность управления задолженностью и стоимость их услуг, улучшает условия проведения переговоров с кредиторами и поставщиками; создает надежную основу оценки деятельности каждого из подразделений компании, обеспечивает его финансовое состояние;
повышает ликвидность компании.
В финансовой деятельности с целью оптимизации денежных потоков компании, для получения новых краткосрочных и долгосрочных кредитов рекомендуется провести анализ ситуации на рынке банков второго уровня. Кроме того, следует не оставлять без внимания основные средства, владеющие через лизинг.
К лю чевы е слова: денежные средства, ресурс, прибыль, убыток, расход, доход, задолженность, платеж, дебитор, кредитор, ликвидность, инвестиции, баланс, капитал, заем.
Information about authors:
Nurmaganbetova Begzat, candidate of economic Sciences, senior lecturer, Department of Finance, Kyzylorda State University the Korkyt Ata. Email: [email protected]. https://orcid.org/0000-0002-8661-2555;
Aimagambetova Aida, candidate of economic sciences, senior lecturer of the Department «Accounting and audit», The Korkyt Ata Kyzylorda state university. E-mail: [email protected], https://orcid.org/0000-0003-4326-7824;
Oralbayeva Aizhan, candidate of Economic Sciences, "Accounting and Audit" Department, Korkyt Ata Kyzylorda State University, Kazakhstan, Kyzylorda. E-mail: [email protected], https://orcid.org/0000-0002-9233-8599;
Akhmetova Aigul, candidate of economic sciences, docent of the Department «Accounting and audit», The Korkyt Ata Kyzylorda state university. E-mail: [email protected], https://orcid.org/0000-0003-2957-8239
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