3.3 The main directions of improvement of the company financial management

The main task of any analyst is not only the analysis and presentation of its results, but also the formulation on their basis of recommendations and ways to improve the indicators or qualitative characteristics of the analyzed object. Therefore, based on the above financial analysis of the enterprise, it would be important to provide management with suggestions on how to improve its financial condition.

The analysis shows that certain measures should be taken to increase financial stability and liquidity, as profitability and business activity indicators are rather low. To do this, it is necessary to increase the proportion of the main sources of formation of reserves and costs in the total amount of sources of funds. This can be achieved in three ways:

1) increasing the size of its own sources of funds - is carried out by increasing the size of the statutory fund, as well as through profit (the second option, given the amount of profit for the analyzed period, can not give special results);

2) an increase in the size of borrowed funds - is achieved through the attraction of long-term and short-term bank loans (taking into account the current economic situation, an enterprise can at best hope for short-term loans);

3) revision of weighted average quantities of stock in warehouses for a day, week, month. Perhaps, the size of reserves is unjustifiably overstated, which, of course, affects the accounts payable, the amount of which should be reduced.

The most desirable is the implementation of the second option, as obtaining borrowed funds will virtually reduce the level of accounts payable to zero and thereby increase the liquidity of the enterprise. However, this is difficult, since the fixed assets of the enterprise, given their small size, can not be used as collateral for the loan. Perhaps, the leadership should look for guarantors, which, by the way, may be founders.

The third option - regulation of the size of stocks - can be carried out only in the event of a decrease in the average period of turnover of receivables. To do this, it is necessary to develop and implement a policy for managing accounts receivable, the main content of which is:

- determination of the profitability of the capital of the enterprise (part of the capital is forced to immobilize as a result of the provision of commodity credit);

- development on the basis of the previous indicator of a flexible system of discounts, depending on the period of payment for shipped products.

An integrated financial management system can be considered such a mechanism that ensures the functioning and interaction of all levels of management: strategic, tactical and operational. At the strategic level, decisions are made regarding large-term long-term investments of means and methods of their financing, as well as significant changes in the structure of the enterprise and methods of doing business. The management tool at this level is the Annual Budget. At the tactical level, decisions are made related to the provision of current liquidity. Tactical decisions are implemented within one month and do not have long-term consequences. Within the framework of the system of tactical financial management, planned indicators are set for the occurrence and settlement of obligations and detailed plans for spending the funds for a calendar month are formed.

Operational financial management of JSC "ForteBank" is aimed at the practical implementation of those decisions that were adopted at the tactical level. The primary objective of operational management of finances of JSC "ForteBank" is to maintain the level of absolute liquidity necessary for making settlements. Stable and rhythmic work of the main and auxiliary productions, other services of JSC "ForteBank" largely depends on the ability to timely pay for all types of resources consumed by them. The risk of a situation in which financial managers are unprepared for sudden "failures" when the liabilities of an enterprise can not be repaid in time due to lack of means of payment should be minimized. Therefore, the construction of the system of operational financial management of JSC "ForteBank", as practice shows, is a task of paramount importance. The most important practical tasks include the following:

1. to ensure the interconnection of production and financial plans of "ForteBank" JSC;

2. maintain the most liquid part of working capital at a level sufficient for daily settlements;

3. Minimize the risk of delaying critical payments while changing financing conditions;

4. Establish mechanisms for monitoring the actions of managers authorized to make decisions on the expenditure of funds;

5. provide timely information on the status of the company's calculations;

6. Do not allow the formation of excess cash balances in the accounts and in the cashier's office.

The mechanism of functioning of the system The system of operative financial management of "ForteBank" JSC performs five interrelated functions:

1. planning of receipts, expenditures and fund balances in the short term (up to one month);

2. execution of the planned payment plans;

3. Accounting of arising and canceled obligations, movement and balances of payment means;

4. control the implementation of plans for the creation and settlement of obligations and the use of payment means;

5. plan-fact analysis of data on the movement of liabilities and means of payment and identifying the causes of deviations.

The diagram of the functional structure of the OFM system, which also gives an idea of ​​the mechanism of operation of this system at JSC "ForteBank". In order to effectively perform its functions and meet basic requirements, the operational finance management system of JSC "ForteBank" should include the following main subsystems and elements:

1. Operational planning of receipts and payments. The tools are the applications of the responsible, the payment calendar and the daily payment plan.

2. The system of responsible administrators, in respect of which limits are established for the use of payment means.

3. The system of payment priorities used for balancing the payment calendar and ranking of payments in the day plan.

4. Mechanism of payment reconciliation and payment calendar adjustments.

5. Procedures for monitoring the status of limits of responsible managers.

6. The system of the operational account of occurrence and repayment of obligations.

7. Set of regulatory documents on the operational management of finances.

It should be noted that the system of operative financial management covers decisions made within the monthly interval of operation of JSC "ForteBank". In this connection, it is necessary to take into account that if the level of development of higher levels of financial planning is insufficient, there will not be sufficient information at the entrance of the OFM system.

In this case, when constructing a system of OFM, it becomes necessary, on the one hand, to create temporary planning mechanisms that allow obtaining initial data on the movement of liabilities and means of payment in the context of responsible managers on a monthly interval. Otherwise, it will not be possible to establish a payment limit for the responsible administrator. On the other hand, it is necessary to envisage the improvement of the financial management system at the tactical level in the future and to exclude the possibility of the emergence of contradictions caused by the structure of the FMS system being created.

The responsible manager is understood as the head or specialist of the organization to whom the authority to conduct contractual relations with third parties is delegated, and also to use the means of payment to fulfill the obligations.

Responsible managers send applications for payments within the established limit. Based on such requests, a payment calendar is formed. The frequency of filing applications is determined depending on the needs of the enterprise. A two-step approach to payment planning is proposed. As a preliminary planning, twice a month, an application company for large payments is to be held. Small payments were planned for a week. The boundary between large and small payments is established by the CFO.

The next stage is the rolling planning, within which the daily payment calendar was adjusted based on the operational accounting data and changes made by the responsible managers. The priority of payments system allows you to balance the payment calendar in the event that the amount of applications of responsible managers for payment on a certain day covers the available amount of resources. On the other hand, in the daily plan of payments (register) payments are also grouped in order of decreasing priority, which avoids loss of liquidity when the amount of incoming cash flow deviates from the forecast level. In order to carry out the rolling planning, it is necessary to receive daily data on the remainders of the limits of the responsible managers, as well as the balance of the payment means in the accounts and in the cashier's office. Such information should be contained in special reports, which are prepared by employees of financial services responsible for the conduct of operational records.