How to analyze accounts receivable and accounts payable. Analysis of receivables of an enterprise Valuation of receivables of an enterprise using an example

Correct economic policy enterprises depend on constant analysis and effective management (hereinafter referred to as DM), which significantly affects the profitability of production. Such research suggests where there are weak points in revenue generation and then decides how to minimize their impact. Among the methods of debt management are the following: organization of clear accounting of orders; timely issuance of invoices and determination of the nature of debts.

The study of these factors requires special attention. If, for example, the receipt of funds takes too long, then you need to look for ways to reduce the time spent between the stage of selling the goods and registration for the consumer. In addition, it is also worth assessing the costs that arise due to the presence of remote sensing, because this results in lost benefits from not using funds that could have been invested. What factors should attract attention during analysis? financial policy enterprises to organize effective enterprise management? This will be described below.

The need for remote sensing analysis

Various types of debt obligations of any enterprises and persons in favor of a given manufacturer are called debt obligations.

During her analysis identify all the moments of its occurrence and impact on the profitability of the organization. This is necessary to correctly determine effective management keys, as well as consider the optimal timing of providing credit to buyers. After all, the time to pay off the debt has a direct impact on sales volumes and businesses. Usually more long term repayment of debt significantly increases the quantity of products sold and vice versa.

It has already been established that credit period to pay off the cost of goods or services directly affect the costs and income of the enterprise. At the same time, a strict payment procedure will allow you to invest less funds in debt and reduce the risk of losses from non-repayment of bad debts. However, it will entail a decrease in sales volumes and, accordingly, a reduction to a minimum of profits from a negative assessment of such activities by buyers.

Due to such circumstances basic goals carrying out the analysis of remote sensing data are as follows:

1. Identify the characteristic features of profitability during the analysis of the state and dynamics of remote control and accounts payable.
2. Define an effective framework for achieving improvements in enterprise debt management.
3. Prevent the occurrence of bad debts in the future and optimize relationships with customers during the provision of loans to them in order to ensure stable income.

Debt arises for various reasons, so DZ is classified by these types:

1. shipment has taken place, but full payment has not yet arrived;
2. delay in payments for goods (services) after the deadline;
3. on bills of exchange receivable;
4. delay in payments to the budget;
5. debt for wages and other amounts due to working personnel;
6. other.

In this list, the lion's share of the total volume of debt is occupied by unpaid debts of buyers for goods transferred to them in the first three positions. The final amount for settlements with consumers usually reaches 80-90% of the total mass.

By twelve month repayment period Debt divides debt into 2 more groups:

• long-term (more than 12 months);
• short-term (up to 12 months).

Indicators of remote sensing and its accounting

In companies using accounting, DZ share for the following articles:

During the analysis in terms of its structure it is necessary to identify the specific share of funds separately for each item. At the same time, you need to pay attention to the occurrence and accumulation of overdue debt obligations, which lead to a deterioration in the profitability of the organization’s activities. Identification of such moments will make it possible in the future to more carefully assess the solvency of counterparties, as well as to more closely and accurately conclude transactions with new buyers.

Fractional parts of remote control will help you pay attention to which indicator leads to deterioration economic activity. They require corrective actions in the further management of financial flows.

In civil law, property rights are classified as property rights, which are ensured after the lapse of time by receiving a certain sum of money or goods (services) from the debtor. Such debt assets or finances must be reflected in the accounting records and tax reporting as part of the company's assets.

These actions regulated the following regulatory acts of the Russian Federation:

1. Civil Code.
2. Federal Law “On Accounting” dated November 21, 1996. No. 129-FZ.
3. Tax code.
4. Regulations accounting and financial statements.
5. Decrees of the Government of the Russian Federation.
6. Code of Administrative Offences.
7. Accounting Regulations “Income of the Organization” PBU 9/99.
8. Accounting Regulations “Expenses of the Organization” PBU 10/99.

In practice, there are often cases of failure by debtor counterparties to fulfill their contractual obligations, therefore the legislation also provides for penalties for violating the terms of transactions. They are subject to civil liability and are subject to fines, penalties, penalties or high interest rates.

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Remote sensing analysis methods

There are two methods for performing analysis: continuous and selective.

Which one to use depends on several factors:

• size of debt amounts;
• volume of settlement documents;
• number of debtors.

Analyzing the debt, a number of indicators, both absolute and relative, are identified that characterize the fulfillment of debt obligations by buyers. First, the absolute indicator of overdue debts is determined. These include those debts for which the three-month period, counted from the final day of repayment, has already expired.

The significant value is . This value is determined using the formula, where by dividing the amount of sales revenue (VR) by the average DZ (AD), the desired parameter is obtained:

Kodz = VR/DZ.

In the formula, the expected amount of BP during subsequent payments is taken without taking into account the amount and excise tax.

This coefficient shows the number of turnovers that such funds make during a particular reporting period. Most often it is calculated for the calendar year.

The next step is to find repayment period by dividing the number of calendar days in the reporting period (N) by the turnover ratio:

Ppdz = N / Kodz.

When determining the timing of debt repayment, attention is paid to its duration: the longer it is, the higher the risk of non-repayment of funds. If an increase in this indicator is detected, then we can judge a decrease in products (services).

Establishing the percentage of debt in the total volume of working capital is necessary for determining financial well-being enterprises. This type debt refers to current assets and, unlike non-current assets, after a certain period it turns into the company’s finances.

Analysis shows, how high is the share of immobilized assets, which include remote assets.

The higher its percentage, the stronger the inhibition of financial processes.

Specific gravity DZ is calculated using the formula:

UVdz = Dz/Co*100,
where Co is the volume of working capital.

It is imperative to determine and share of doubtful debts characterizing the quality of all available types of receivables. With the growth of this indicator, one can judge the constant decrease in the company’s liquidity, since its ability to cover, in turn, repay loans from assets, decreases.

Share of doubtful debts calculated by dividing their sum by the total value of the DZ:

Uvsd = Ssd/ Odz* 100,
where Сз – doubtful debts.

The hidden liability that has arisen for the enterprise, formed in connection with prepayments to suppliers, is clarified during the analysis and assessment of the state of settlements.

Examples of remote sensing analysis

It is best to analyze the activities of an enterprise in terms of the structure, composition and dynamics of the overall remote control using the data in Table 1.

Table 1. Composition and dynamics of the total accounts receivable

From the table parameters it can be seen that the amount of receivables decreased in 2014 in contrast to the previous year by 0.4%. This circumstance is caused by a reduction in debt among consumers of manufactured products. However, in 2015 there was a jump upward and, as a result, its amount exceeded the figure for 2014 by 38.7%. As can be seen from Table 1, the largest parameters entered in the growth rate column relate to 2 positions: settlements with consumers and tax obligations.

Since the maximum value in Table 1 belongs to the line of settlements with buyers and customers in comparison with other minor parameters, it is necessary to understand this type of debt in more detail. To do this, draw up Table 2 for settlements with consumers.

Table 2. Summary table for settlements with consumers

Here it is taken into account maximum amounts, which have a predominant impact on the overall structure of debt. Therefore, table 2 consists of data from 4 counterparties of the enterprise, which are biggest debtors , and other organizations combined into a common line of other buyers and customers. The three main consumers have debt that amounts to more than 10% of the total debt. The indicators of other buyers differ significantly and have an insignificant share, but they are also analyzed.

Among the counterparty enterprises with the maximum share in the total amount of debt, the first place is occupied by company A, which reached 41.6%. It is her actions that have a predominant impact on the growth of debt in the structure of the “buyers and customers” item.

Table 3. Debt repayment terms

The compiled Table 3 indicates that the main part of the loan is within the repayment period for 60 days. The filled-in cell parameters draw attention to a more detailed consideration of the debt from company B due to overdue and a large share of the debt, reaching 44.3%.

As the analysis progresses, the parameters of the remote control turnover must be determined. They characterize the number of turnovers of funds during transactions. The average duration of one revolution is analyzed.

The company's indicators are summarized in table 4 turnover.

Table 4. Turnover

The indicators collected in the table revealed that the duration of the turnover of debt funds has decreased over three years, which indicates a decrease in the repayment period of debt. This is a positive trend in the economic activity of the enterprise, because it leads to an acceleration of the release of finance from circulation.

At the end of all analytical actions in Table 5, a comparison of receivables and credits is performed.

Table 5. Comparison of accounts receivable and accounts payable

The resulting ratio of accounts receivable to accounts payable in the table exceeds “1.00”. Received values confirm full coverage of remote sensing above the creditor's, i.e. an enterprise can easily pay its creditors in a timely manner, and there is no need to turn to other, additional sources of financing. At the same time, the coefficient does not exceed the standard indicator “2”, which indicates a slowdown in the period of transition of the liquid part of current assets into cash.

Methods of analysis and accounting of accounts payable

Debt obligations incurred by an organization to other companies and individuals are called accounts payable.

Repayable loan payments may be the following:

• to budget or other funds;
• work team;
• enterprises supplying raw materials;
• organizations with which they are concluded;
• other creditors.

This list can also include debts to banks or other legal entities for short-term or long-term loans received from them.

Unjustified accounts payable

During the analysis it is necessary to identify the presence of unjustified accounts payable, which includes:

• overdue debts to suppliers due to unpaid payment documents on time;
• debt for materials supplied or services provided, arising due to the lack of payment documents from suppliers.

If you've already finished statute of limitations filing on the issue of payment of debt to the supplier, the amount is included in the profit of the organization that has the credit debt.

This type of debt can take the form of Money, and natural. Therefore, its structure includes different calculation items. It includes unclaimed deposited amounts, debts from claims, etc.

They analyze the activities of a particular enterprise in terms of the timing of receiving finance and paying debt payments. In the same way as in the loan agreement, the turnover ratio, the absolute indicator and the period for repayment of accounts payable are determined.

Identified accounts payable on the basis of paragraph 78 of the Accounting Regulations are subject to liability if the statute of limitations has expired. The amount is withdrawn from the accounting balance based on the readings received after the inventory. Based on the results of its implementation, a written justification is drawn up, an order is issued for the enterprise or another order from the head of the company on deregistration.

Annually subject to inventory check all settlements with suppliers, debtors and creditors. These activities are needed to ensure reliable accounting and reporting. Based on the results of the audit, the commission reports on the identified debts with an expired statute of limitations. After this, measures are taken to write them off.

When analyzing the business activities of a company, it is imperative to carry out comparison of accounts receivable and accounts payable indicators. A positive result will be if the resulting indicator of the total debt is greater than the creditor's, which indicates successful work and effective production management. In such cases, the organization receives more finance than it spends.

However, a large difference may also indicate that there is an inability of this company to pay the invoices issued to it.

For comparison, the following are calculated creditor indicators:

• turnover period,
• debt repayment period,
• the rate of increase in the amount of loans.

The best option for comparative analysis it is considered to be the one when the turnover ratios of accounts payable and accounts payable do not significantly exceed each other. This ensures stable profitability of the enterprise and sustainable production.

An example of receivables analysis is presented in the following webinar:

The significant share of accounts receivable in the composition of current assets (in our example, more than 40%) determines their special place in the assessment of working capital turnover. The amount of accounts receivable on the balance sheet is affected by:

The volume of sales and the share of sales in it on terms of subsequent payment. As revenue grows, as a rule, accounts receivable balances also grow;

Terms of settlements with buyers and customers. The more preferential terms settlements are provided to buyers (increased terms, reduced requirements for assessing the reliability of debtors, etc.), the higher the balance of receivables;

Accounts receivable collection policy. The more active an enterprise is in collecting receivables, the smaller its balances and the higher the “quality” of receivables;

Payment discipline of buyers. The objective reasons that determine the payment discipline of buyers and customers should be the general economic condition of the industries to which they belong. The crisis state of the economy, mass non-payments significantly complicate the timeliness of payments, lead to an increase in the balance of unpaid products, instead of cash, surrogates are used as means of payment. Subjective reasons are determined by the terms of the loan and the measures taken by the company to collect receivables: the more favorable the terms of the loan, the lower the payment discipline of debtors;

The quality of accounts receivable analysis and consistency in the use of its results. If the state of analytical work at the enterprise is satisfactory, information should be generated on the size and age structure of accounts receivable, the presence and volume of overdue debt, as well as specific debtors, the delay in settlements with which creates problems with the current solvency of the enterprise.

In the most general view changes in the volume of accounts receivable for the year can be characterized by balance sheet data. For the purposes of internal analysis, analytical accounting information should be used: data from order journals or replacement statements of accounts of settlements with buyers and customers, with suppliers for advances issued, accountable persons, and other debtors. It is convenient to present information on the status of settlements with buyers and customers in the form of a table (Table 27).

Table 27

Information on the status of settlements with buyers and customers

Buyer (customer)	Date of debt creation	Debt at the beginning of the period	Shipped	Paid	Debt at the end of the period
date	sum	date	sum
PA "Tavria"	25.12.97	104 300	-	-	-	-	104 300
JSC "Temp"	06.03.98	710 000	-	-	-	-	710 000
MP "Suite"	02.10.98	1 197 000	-	-	01.12	1 197 700	-
JV "Song"	05.10.98	1 000 000	-	-	-	-	1 000 000
NPO "Cryogen"	-	-	01.12	480 00	18.12	480 000	-
JSC "Vega"	-	-	02.12	280 000	02.12	280 000	-
JV "Utah"	-	-	02.12	850 000	16.12	850 000	-
MP "Nadezhda"	-	-	04.12	558 900	-	-	558 900
Software "Smena"	-	-	05.12	180 000	25.12	180 000	-
JSC "Salut"	-	-	17.12	1 500 000	-	-	1 500 000
TOTAL	-	3 012 000	-	3 848 900	-	2 987 700	3 873 200

From the data in table. 27 it follows that the amount of accounts receivable from buyers and customers as of January 1, 1999 amounted to 3,873,200 thousand rubles. (3,012,000 + 3,848,900 - 2,987,700), including debt with a period of more than a year - 104,300 thousand rubles, for a period of more than 9 months - 710,000 thousand rubles.

To summarize the results of the analysis, a summary table is compiled in which receivables are classified according to the period of formation (Table 28).

Table 28

Analysis of the status of accounts receivable by period of formation,

thousand roubles.

	Total at the end of the year	Including by terms of education
up to 1 month	from 1 to 3 months.	from 3 to 6 months.	from 6 months up to a year	more than a year
Accounts receivable for goods, works and services	3 873 200	2 058 900	1 000 000	-	710 000	104 300
Other debtors	514 500	514 500	-	-	-	-
including:
overpayment of deductions from profits and other payments	-	-	-	-	-	-
debt due to accountable persons	-	-	-	-	-	-
other types of debt	514 500	514 500	-	-	-	-
including
according to payments to suppliers	514 500	514 500	-	-	-	-
Total accounts receivable	4 387 700	2 573 400	1 000 000	-	710 000	104 300

Analysis of the age structure of receivables gives a clear picture of the state of settlements with customers and allows you to identify overdue debts. In addition, it greatly facilitates the inventory of the state of settlements with debtors, making it possible to assess the activity of the enterprise in collecting receivables and its “quality”.

It would be incorrect to give general instructions about what period of delay in payment allows a debt to be classified as doubtful. For the purposes of internal analysis, enterprises themselves decide this issue, taking into account the specific situation and existing settlement practices.

An external analyst has reporting information and, therefore, will proceed from the breakdown of accounts receivable (overdue debt, including those with a maturity of more than 3 months).

A fairly common method of analyzing accounts receivable is to analyze its composition by maturity, allowing one to identify that part of it that can be classified as doubtful. For this purpose, the data in Tables 29 and 30 can be used (conditional figures).

Based on the initial data on the amount of shipped products and their payment, the average percentage of payment by month can be calculated and the average percentage of remaining unpaid products for the period can be determined, as shown in Table. thirty.

Table 29

Analysis of accounts receivable by maturity, rub.

Table 30

Thus, according to available data, the percentage of products paid for in the month of shipment ranged from 10 to 13%, in the second month - from 34 to 38%, in the third month - from 30 to 40%. As a result, the percentage of products remaining unpaid in the analyzed period ranged from 13 to 20%.

In this case, shipment meant the volume of product sales on credit, i.e., only part of the credit turnover of the “Sales of products, works, services” account. Advance payment amounts are not included in the calculation.

In the simplified example given, one quarter was considered as the analyzed period. Based on the dynamics of indicators of product shipment and payment, conclusions were drawn about the percentage of shipped products that remain unpaid. Obviously, the longer the time period used to determine the average percentage of accounts receivable outstanding, the more reliable the results will be.

Without any data other than those given, assume that the average percentage of unpaid accounts receivable for the period is 16%. Then, when assessing the “quality” of receivables and identifying those that are difficult to sell, the balance sheet value of customer debt is multiplied by the average percentage of unpaid products. If, for example, the value of accounts receivable on the balance sheet is 50,000,000 thousand rubles, then the calculation of liquidity ratios when conducting an internal analysis of solvency will include the value of 42,000,000 thousand rubles (50,000,000 - 50,000,000 0.16) .

Note that this method of establishing the amount of doubtful accounts receivable is widely used in foreign practice. For this purpose, data is used statistical analysis accounts receivable from previous periods.

In this case, two main approaches are used: either the percentage of the ratio of doubtful debts in expired periods and the total amount of receivables is established, or the ratio of unpaid doubtful debts and total sales volume is calculated. This or that method of calculating the amount of doubtful accounts receivable is determined by the professional judgment of the accountant (financial manager) and is one of the aspects of accounting policy.

It is believed that the estimate of the amount of the provision for doubtful debts will be most accurate if it is based on data on the time of late payments at the balance sheet date and probabilistic forecasts of repayment of receivables.

The use of an approach based on establishing the percentage of doubtful debts from sales volume is explained by the fact that losses from writing off bad debts participate in the formation of the financial result and the determination of this indicator is an element of the structural analysis of the income statement.

A separate problem for the analysis of receivables is the procedure for writing them off. It is known that the receivables of Russian enterprises include that part that can be characterized as debt that is unrealistic for collection. At the same time, there are often cases when the period of overdue payment is more than 3 years, i.e., more than the limitation period specified by law (the law also provides for other, different from general, limitation periods or special periods).

According to the Regulations on accounting and financial reporting in Russian Federation accounts receivable for which the statute of limitations has expired, other debts that are unrealistic for collection are written off for each obligation based on the inventory data, written justification and order (instruction) of the head of the organization and are charged accordingly to the reserve for doubtful debts or to the financial results from a commercial organization, if in the period preceding the reporting period, the amount of debts was not reserved.

In civil law, the statute of limitations is the period of time established by law for judicial protection person whose rights have been violated. It is important to correctly establish the starting point of the statute of limitations. According to Article 200 of the Civil Code of the Russian Federation, the limitation period begins from the day when the person learned or should have learned about the violation of his right. For obligations with a specific performance period, the limitation period begins to run upon the expiration of the performance period. At this moment, the creditor company already knows that the obligation has not been fulfilled.

The expiration of the limitation period terminates the existence of objective civil rights. Consequently, maintaining the amounts of this unclaimed debt as part of the balance sheet asset leads to a distortion of information about the actual volume of claims that the enterprise can present to its debtors, reporting data, and an overstatement of the real amount of receivables and net assets.

The next problem is related to determining the consequences of writing off unclaimed receivables. Clause 15 of Section 2 of the Regulations on the composition of costs for the production and sale of products (works, services), included in the cost of products (works, services), and on the procedure for forming financial results taken into account when taxing profits, it is stipulated that the composition non-operating expenses losses from the write-off of receivables for which the statute of limitations has expired are included.

It is noted that the write-off of receivables after the expiration of the limitation period must be preceded by the fulfillment of a number of conditions: the creditor’s appeal to arbitration court and the court’s decision to refuse to award the amount of debt to the creditor; taking measures by the creditor to collect debt from the debtor (correspondence with the debtor about repaying the debt, correspondence with registration and tax authorities about identifying the actual location of the debtor).

Only if the listed conditions are met, indicating that the enterprise has exercised its right to collect the debt from the debtor, the write-off of receivables for which the statute of limitations has expired will be taken into account for tax purposes. In this regard, there is a misconception that failure to comply with these requirements makes it impossible to write off accounts receivable, which as a result becomes a “permanent item” on the balance sheet.

This common misconception is associated with the identification of the formation of financial results for tax purposes and for the purposes of presenting information in financial statements. The fact that the specified receivables cannot be included in the calculation of the taxable base does not mean that they can remain part of the assets (property) of the enterprise. Otherwise, the enterprise’s actions to reflect receivables come into conflict with the Federal Law “On Accounting” and the Regulations on Accounting and Financial Reporting in the Russian Federation, according to which financial statements must give a reliable and complete picture of the property and financial position of the organization. If unclaimed receivables remain, there is a distortion of reporting data associated with an overstatement of net assets and financial results.

To assess accounts receivable turnover, the following group of indicators is used.

2. Receivables repayment period

It should be borne in mind that the longer the period of overdue debt, the higher the risk of non-repayment.

3. Share of accounts receivable in the total volume of current assets

4. Share of doubtful debts in accounts receivable

This indicator characterizes the “quality” of receivables. Its upward trend indicates a decrease in liquidity.

Calculation of accounts receivable turnover indicators is given in table. 31

Table 31

Accounts receivable turnover analysis

Indicators	Last year	Reporting year	Changes
Accounts receivable turnover, number of times	4,260*		-0,256
Receivables repayment period, days			+5,4
Share of receivables from buyers and customers in the total volume of current assets, %			-3,3
Share of doubtful accounts receivable in total debt, %**			+8,0

* The indicators are transferred from a similar table compiled based on the results of the past year,

** Data on doubtful accounts receivable is taken from the accounting department’s statement of assets.

As follows from table. 31, the state of settlements with customers has worsened compared to last year. The average repayment period for receivables increased by 5.4 days, amounting to 89.9 days. Particular attention should be paid to reducing the quality of debt. Compared to last year, the share of doubtful accounts receivable increased by 8.0% and amounted to 21.0% of the total amount of accounts receivable. Bearing in mind that the share of accounts receivable by the end of the year amounted to 45.5% of the total volume of current assets, we can conclude that the liquidity of current assets in general has decreased and, consequently, the financial position of the enterprise has deteriorated.

Monitor the status of settlements with customers regarding deferred (overdue) debts;

If possible, target a larger number of buyers to reduce the risk of non-payment by one or more large buyers;

Monitor the ratio of receivables and payables: a significant predominance of receivables poses a threat financial stability enterprises and makes it necessary to attract additional (usually expensive) funds; an excess of accounts payable over accounts receivable can lead to the insolvency of the enterprise;

Provide discounts for early payment.

Payment terms can be chosen to make early payment more attractive to buyers.

In conditions of inflation, any deferment of payment leads to the fact that the manufacturing enterprise (seller) actually receives only part of the cost of products sold. Therefore, there is a need to evaluate the possibility of providing a discount for early payment. The analysis technique will be as follows.

The fall in the purchasing power of money over a period is characterized by the coefficient Ku, the inverse of the price index. If the amount receivable established by the contract is S, and the price dynamics are characterized by the index Ic, then the real amount of money, taking into account their purchasing power at the time of payment, will be S: Ic . Let's say that during the period prices increased by 5.0%, then / = 1.05. Accordingly, the payment is 1000 rubles. at this moment is equivalent to paying 952 rubles. (1000: 1.05) in real measurement. Then the real loss of revenue due to inflation will be 48 rubles. (1000 - 952); Within this value, a discount from the contract price, provided subject to early payment, would reduce the company's losses from the depreciation of money.

For the analyzed enterprise, annual revenue, according to f. No. 2, amounted to 12,453,260 thousand rubles. It is known that in the analyzed period, 95% (RUB 11,830,600 thousand) of revenue from product sales was received on terms of subsequent payment (with the formation of receivables). According to the table. 31 we determined that the average period for repayment of accounts receivable at the enterprise in the reporting year was 89.9 days. Taking (conditionally) the monthly inflation rate equal to 3%, we obtain that the price index Ic = 1.03. Thus, as a result of a one-month deferred payment, the enterprise will actually receive only 97.1% (1: 1.03,100) of the contract value of the products. For the current receivables repayment period of 89.9 days at the enterprise, the price index will average 1.093 (1.03 1.03 1.03). Then the coefficient of decline in the purchasing power of money will be equal to 0.915 (1: 1.093). In other words, with an average receivables collection period of 89.9 days, the enterprise actually receives only 91.5% of the contract value, losing 85 rubles from every thousand rubles. (or 8.5%).

In this regard, we can say that from the annual revenue of products sold on the terms of subsequent payment, the enterprise actually received only 10,824,999 thousand rubles. (11,830,600 x 0.915). Therefore, 1,005,601 thousand rubles. (11,830,600 - 10,824,999) constitute hidden losses from inflation. In this regard, it may be advisable for an enterprise to establish some discount from the contract price, subject to early payment under the contract.

The next argument in favor of providing discounts to customers in case of early payment is the fact that the company in this case gets the opportunity to reduce not only the amount of accounts receivable, but also the amount of financing, in other words, the amount of required capital. The fact is that in addition to the actual losses from inflation that arise due to late payments to customers, the supplier company incurs losses associated with the need to service debt, as well as lost profits from the possible use of temporarily free funds.

If the average payment period for receivables is 60 days, and the company provides customers with a 2% discount for payment no later than 14 days, then such a discount for the company will be comparable to receiving a loan at a rate of 15.7%. If an enterprise attracts borrowed funds at 24% per annum, then such conditions will be beneficial for it.

At the same time, for a buyer placing funds in deposits at 14% per annum, such a discount will also be attractive. If the buyer is informed in advance of how much he will gain from paying early, it is likely that the result of his decision will be to speed up settlement.

Options for payment methods with buyers and customers are analyzed in table. 32.

Table 32

Analysis of the choice of payment method with buyers and customers

Line number	Indicators	Option 1 (payment period 30 days subject to a 3% discount)	Option 2 (payment period 89.9 days)	Deviations (gr. 2 – gr. 1)
A	B
	Price index (Ic)	1,03	1.03*1.03x1.03= =1.093	+0,063
	Coefficient of decline in the purchasing power of money (Ci)	0,971	0,915	-0,056
	Losses from inflation for every thousand rubles of the contract price, rub.			+56
	Losses from paying interest on loans at a rate of 24% per annum, rub.		40*	+40
	Losses from providing a 3% discount on every thousand rubles of the contract price, rub.		-	-30
	The result of the policy of providing a price discount when the payment term is shortened (p.3 + p.4 + p.5)			+66

Thus, providing a 3% discount from the contract price subject to a reduction in the payment period allows the enterprise to reduce losses from inflation, as well as costs associated with attracting financial resources, in the amount of 66 rubles. from every thousand rubles of the contract price.

Please note that for an enterprise the payment period is reduced from 3 to 1 month V In case of providing a 3% discount, it is equivalent to receiving a loan for 2 months at a rate of 18% per annum.

For the buyer, such conditions must be compared with the possibility of placing temporarily available funds. With the alternative possibility of placing funds in deposits at 14-16%, this option (reducing the settlement period) is appropriate.

In the situation under consideration, the decision-making period corresponded to 1 and 3 months. If there is a need to evaluate changes in the purchasing power of money for a period that does not correspond to a whole month, for example 15, 40, 70, etc. days, use the compound interest formula

where T is the monthly inflation rate (in our example 0.03);

P - number of days in the decision-making period.

Thus, when assessing the fall in the purchasing power of money over a period equal to, for example, 45 days, we obtain the value

Similarly, options for providing discounts of other sizes and other terms for repayment of receivables that satisfy both the seller and the buyer of the products can be considered.

It should be borne in mind that a more accurate calculation of the feasibility of providing discounts to customers will be obtained in the case when it is based not on the price index, which is essentially a macroeconomic indicator, but on the weighted average cost of capital of a given enterprise, characterizing the price of its financial resources.

The final stage of the analysis of accounts receivable turnover should be an assessment of the compliance of the conditions for obtaining and providing a loan. As it was found out earlier, the activities of any enterprise are associated with the acquisition of materials, products, and the consumption of various types of services. If payments for products or services provided are made on the basis of subsequent payment, we can talk about the enterprise receiving a loan from its suppliers and contractors. The enterprise itself acts as a creditor to its buyers and customers, as well as suppliers in terms of advances issued to them for the upcoming delivery of products. Therefore, the financial well-being of the enterprise depends on the extent to which the terms of the loan provided to the enterprise correspond to the general conditions of its production and financial activities (the length of time materials are in inventory, the period of their transformation into finished products, the maturity of receivables). To compare the conditions for obtaining and providing a loan, a table can be compiled. 33.

Table 33

Comparative assessment of the conditions for granting and receiving a loan

at the enterprise

* Indicator values ​​are adjusted according to the conditions of movement of material assets

As follows from the data in Table 33, changes in the duration of the period for providing and receiving a loan were multidirectional: the period for lending to an enterprise by its suppliers decreased by 3.5 days, and the period for repaying receivables from buyers and customers increased by 5.4 days. Changes in advances received and issued were characterized by a general reduction in the duration of the loan period. However, since the time spent by funds in advances issued to suppliers increases the duration of the operating cycle, and the time spent using buyer funds reduces the overall turnover period, we can conclude that in terms of settlements on prepayment terms, the changes were not in favor of the enterprise. There is no need to say that all this is evidence of a deterioration in the financial conditions of the enterprise.

It should be borne in mind that the duration of the repayment period for receivables and payables cannot be assessed equally. The period from the moment of receipt of products (services) from suppliers to the transfer of funds to them must be compared with the total time required for a one-time turnover of funds at the enterprise, i.e., the duration of the operating cycle.

In our example, the duration of the operating cycle was 162 days with a repayment period for a trade loan of 61.5 days. Interpreting the calculation results, we can conclude that by receiving a loan from suppliers for 61.5 days, the enterprise uses it in such a way that it is able to repay the debt on it at the expense of own funds only after 162 days. The fact that accounts payable at the enterprise are repaid earlier than the specified period indicates additional attraction of financial resources from outside. As was clarified earlier, such funds are short-term bank loans.

In modern practice, there is a tendency that when assessing the receivables of an enterprise, its value reaches 30% of the asset balance sheet of the organization, there is a significant - important impact on the formation of the final performance indicators of the organization, possibly on shares, individual assets, i.e. on the market organization price.

Accounts payable are funds of a third party that are in temporary use by the company. The relative increase is twofold. On the one hand, this is a favorable trend, because accounts payable can also be called an additional and significant source of financing for the enterprise. On the other hand, an increase in the amount of accounts payable due to the risk of bankruptcy.

An actual unfavorable situation is most often indicated by losses (overdue accounts payable), while with a small margin of safety, overdue accounts receivable are not so bad. Currently, one can judge the significance of “sick” articles, which consistently “tell” about the different financial condition of the company.

Accounts receivable in the holistic picture of the division’s activities

Figure 1 shows the relationship key indicators activities of the department.

Let's talk a little more about turnover. As is known, turnover is obtained from sales on prepayment and, accordingly, sales on credit. Often, a company's main source of accounts receivable is credit sales. Further, prepayment transactions should be called cash inflows, which are identified from the amount of advances and receivables repaid. Accordingly, the speed of repayment of debts will be considered revenue, depending on the deferment and late payment. These values ​​are determined by the organization's credit policy. For individual counterparties, the amount of overdue debt can characterize the importance of debt collection; therefore, it is reflected in the structure of accounts receivable based on the duration of the debt and its size.

Figure 1. Enterprise debt turnover

It is known that enterprises often use such indicators as absolute and relative, which play a very important role and, as a result, help to identify solutions to a difficult situation for the organization. Absolute indicators serve to fully determine the type of financial condition of the organization, and, accordingly, measures and meaningful and useful recommendations or measures to improve financial stability. Now let's look at relative indicators that play an important role in assessing the performance of an organization. They identify the relationship between the financial condition and the direction of increasing the effective activities of the organization.

Let's consider the analysis of receivables and payables using the example of the enterprise JSC State Scientific Center RIAR. An analysis of the structure and dynamics of accounts receivable for 2010-2012 was carried out. presented in table 1.

Table 1.

Assessment of the composition and structure of receivables of JSC “SSC RIAR” for 2010-2012.

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INTRODUCTION

CHAPTER 1. THEORETICAL FOUNDATIONS OF ACCOUNTS RECEIVABLES MANAGEMENT

1.1 Concept, structure and types of receivables

1.2 Methodology for analyzing receivables

CHAPTER 2. ANALYSIS OF RECEIVABLES ON THE EXAMPLE OF JSC "ASFALT"

2.1 Organizationally - economic characteristics JSC "Asphalt"

2.2 Analysis of accounts receivable

2.3 Ways to improve accounts receivable

CONCLUSION

LIST OF SOURCES USED

INTRODUCTION

IN modern conditions Not a single enterprise is able to manage without debt. In the conditions of formation of market relations, it is almost impossible to manage the economic mechanism of an economic entity without timely economic information, the main part of which is provided by an established system of accounting and analysis of financial and economic activities. Of great importance in this case is the direct regulation of the relationship between the enterprise and its counterparties. To do this, it is necessary to constantly monitor the current balance of mutual settlements with customers. The company must also pay attention not only to accounts payable, but also to accounts receivable.

Accounts receivable always divert funds from circulation and prevent their effective use, resulting in tense financial condition enterprises. It negatively affects the financial condition of the enterprise, so it is necessary to reduce the time frame for its collection. Therefore, the enterprise must apply measures to resolve and plan the level of receivables. To do this, it is necessary to use methods for its management, which include the development of effective credit policy, as well as the use of debt refinancing methods. Thanks to the use of these methods, the company will be able to regulate its level of accounts receivable. The financial service of an enterprise must ensure maximum efficient use enterprise resources. Against the backdrop of the crisis, a decrease in solvency and liquidity, and as a consequence the bankruptcy of many enterprises, leads to an uncontrolled growth of accounts receivable. It is necessary to formulate a policy for managing receivables, which will be part of the general policy for managing current assets and the marketing policy of the enterprise, aimed at expanding the volume of product sales and consisting in optimizing the overall size of receivables and its structure. Accounts receivable are one of the main sources of formation of financial flows of payments. The solvency of the organization and investment attractiveness largely depend on the state of settlements with debtors.

It is important for the organization to prevent a maximum increase in debtors and the amount of their debt, to provide payment invoices in a timely manner and to monitor the timing of their payment. The accounts receivable management policy is part of the organization's marketing policy aimed at increasing product sales. A significant part of enterprises is forced to cover part of the funds withdrawn from circulation in the form of accounts receivable at the expense of borrowed money. In view of the above, we can conclude that the topic of this course work“Enterprise accounts receivable: composition, structure and its analysis” is relevant.

The purpose of writing a course work is to analyze the receivables of an enterprise using the example of Asphalt JSC. Based on the set goal, the following tasks are identified:

1) Consideration theoretical foundations accounts receivable management;

2) Conducting an analysis of accounts receivable using the example of Asphalt JSC;

3) Development of ways to improve accounts receivable of Asphalt JSC.

Object of the course work: financial and economic activities of JSC Asphalt.

Subject: accounts receivable.

When writing the course work, the balance sheet and profit and loss statement were studied.

The course work consists of an introduction, two chapters of the main part, a conclusion, a list of sources used and an appendix.

CHAPTER 1. THEORETICAL FOUNDATIONS OF ACCOUNTS RECEIVABLES MANAGEMENT

1.1 Concept, structure and types of receivables

Each enterprise cannot exist in isolation. To conduct business, they need to attract suppliers of raw materials and materials, interact with buyers of manufactured or sold goods. In the process of financial and economic activities, the enterprise enters into financial relations with other enterprises, persons, etc. In this regard, settlement relationships arise. Enterprise calculations are divided into 2 groups:

1. Payments by commodity transactions related to the movement of goods (settlements with suppliers and contractors)

2. Settlements for non-commodity transactions involving the movement of only cash (settlements with the budget and extra-budgetary funds, founders, accountable persons).

Accounts receivable is the amount of debts owed to an organization by customers or other debtors, which the organization expects to receive within certain (established or agreed upon) periods.

Accounts receivable from core activities are reflected in the items “Accounts receivable” and “Bills received”. Accounts receivable arise when a transaction is completed by simply recording the value of goods and services sold on credit under the so-called open account» without a written obligation to pay by the borrower. A bill received is a written obligation to pay a certain amount of money on a due date, consisting of interest and face value. Due to the specificity of the forms and the speed of turnover, accounts receivable are a type of working capital that cannot be calculated in advance and accounted for like standardized working capital.

Reasons for accounts receivable:

1. Failure to comply with payment terms for goods (services, works);

2. An individual or legal entity has difficulties with funds;

3. Shortages, embezzlement, theft;

4. Deliveries of substandard or incomplete products;

Accounts receivable is a factor that determines the following:

· size and structure of the enterprise's current assets;

· size and structure of sales revenue;

· duration financial cycle enterprises;

· turnover of current assets and assets in general;

· liquidity and solvency of the enterprise.

The structure of accounts receivable also includes the amounts of advances paid to supplier companies as an advance payment for services/goods purchased in the future. Since such debts are formed from funds that are diverted from the business turnover of the company, it is necessary to control their growth, ensuring timely collection in accordance with concluded agreements. That is why the element of control is extremely important when concluding an agreement and ensuring compliance with its terms by both parties. The financial condition of the enterprise is influenced by both the size of balance sheets and the turnover period of receivables.

Not only contracts for the supply of manufactured products can be the cause of accounts receivable. It can be increased, for example, by the amount of overpaid taxes to the budget or off-budget funds, which will be written off by subsequent transfer of payments. These are also debts of the company’s personnel for amounts issued or overpaid wages.

Depending on the timing of repayment of the debt amount, accounts receivable are:

· Current debt - this includes debts that must be repaid during the financial year;

· Long-term debt - this includes payments expected no earlier than in a year.

· Depending on receipt of payment:

· Normal accounts receivable - includes amounts owed for goods or services that have been delivered or performed, but have not yet become due for payment.

· Overdue accounts receivable - include debts that are not repaid within the terms established by the agreement between the buyer and seller.

· In turn, overdue receivables are divided into:

· Doubtful debts - arises in cases where the company is not confident in its repayment within the agreed time.

· Bad debts are debts for which there is absolute certainty that they will not be repaid. That is, it arises when the debtor becomes bankrupt.

In order to eliminate the consequences of non-payment of bad receivables, the company creates reserves for doubtful debts. The amount of reserves depends on the financial position of the debtor and performance indicators - profitability, liquidity, which determine its solvency. Based on data analysis, the probability of repaying the debt in full or in part is assessed.

There is also another classification of accounts receivable. It can be divided into several types:

· Accounts receivable for goods, services, works (including those not paid within the terms established by the contract);

· Accounts receivable for bills received;

· Accounts receivable for settlements with the budget;

· Accounts receivable for settlements with personnel;

· Other receivables;

By article balance sheet accounts receivable are divided into the following types:

· debts of buyers and customers;

· debts of subsidiaries and related enterprises;

· other debtors;

· unpaid shares of capital;

· short-term loans to shareholders of the enterprise;

· Future expenses;

· accumulated income.

Also, accounts receivable can be classified by maturity:

· 0-30 days;

· 31-60 days;

· 61-90 days;

· 91-120 days;

· Over 120 days

· According to the degree of liquidity, accounts receivable are divided into:

· Current - this is a receivable that is not due for payment;

· Restructured - debt for which restructuring agreements have been signed and are in effect, describing the procedure, form and terms of repayment;

· Claim is a debt collected during enforcement proceedings, as well as in the process of judicial review or in the work of legal services;

· Dead - this is a debt that is documented as unrealistic for collection in order.

The amount of accounts receivable is determined by such factors as internal and external:

External factors:

· the state of the economy in the country (the decline in production increases the size of accounts receivable);

· the state of payments in the country (the crisis of non-payments leads to an increase in accounts receivable);

· efficiency monetary policy Central Bank Russian Federation (emission restrictions cause “cash starvation” and complicate calculations);

· inflation rate (at high inflation are not in a hurry to part with debts; the later the debt is due, the less its amount).

Internal factors:

· credit policy of the enterprise

· types of settlements used by enterprises (the use of types of settlements that guarantee payment reduces the size of accounts receivable);

· state of control over accounts receivable;

· professionalism of the financial manager involved in managing the company’s receivables;

External factors do not depend on the activities of the enterprise. Internal factors depend on the enterprise itself, on how well the financial manager knows how to manage accounts receivable. An increase in accounts receivable may also be a consequence of an increase in prices for products or services, as well as an increase in the turnover of goods or services. On the other hand, an enterprise can reduce the shipment of products, then accounts receivable will decrease. Consequently, the growth of accounts receivable is not always assessed negatively.

Accounts receivable have now become the most liquid asset of the enterprise. Hence the need for serious attention to it, to its analysis and management.

The need to properly manage the level of accounts receivable is determined not only by the desire to maximize cash flows enterprise, but also the desire to reduce the enterprise’s costs arising from the fact that any increase in accounts receivable must be financed in some way: through an increase in external borrowings (funds from creditors or bank loans) or from its own profits.

1.2 Methodology for analyzing receivables

Analysis of the level of receivables is carried out using absolute and relative indicators, considered in dynamics. The most common ways of influencing debtors to pay off debts are sending letters, telephone calls, personal visits, and selling debt to special organizations. Depending on the size of accounts receivable, the number of settlement documents and debtors, the analysis of its level can be carried out using both a continuous and selective method. The general analysis framework includes: accounts receivable solvency asset

1. Assessment of debts by turnover rate;

2. Calculation of coefficients of diversion of current assets into accounts receivable;

3. Consideration of absolute and relative values debts, assessment of their changes

4. Study of the impact of non-payments of the main debtors on the financial position of the enterprise;

5. Determination of the real value of existing debt;

6. Study of the solvency of potential debtors, dynamics and level of liquidity ratios

7. Analysis of the qualitative state of accounts receivable to identify the dynamics of the absolute and relative size of unjustified debt.

The results of the analysis of accounts receivable should be taken into account when planning the future activities of the enterprise. Unlike accounts payable, accounts receivable are a variable value. Therefore, it is necessary to take the necessary measures to control changing accounts receivable:

· Find unacceptable, overdue and unjustified types of accounts payable and receivable in a timely manner;

· Observe and monitor the status of settlements with consumers for deferred (overdue) debts;

· Look for a large number of large buyers to reduce the threat of non-payment by one or more buyers;

· Monitor the ratio of accounts receivable and accounts payable: since an increase in accounts receivable leads to a risk of the financial stability of the organization and thereby forces one to look for additional sources of financing (usually very expensive);

· Use the discount method for early payment.

In order to increase the efficiency of working with debtors, many large companies create independent divisions or subsidiaries specializing in working with accounts receivable. The narrow specialization of these divisions allows them not only to use traditional methods of working with debtors, but also to apply modern methods, such as securitization and factoring.

In order to prevent losses in an unstable economy and widely practiced prepayment for products, it is advisable to control the turnover of funds in these calculations. The turnover ratio indicates the degree of debt repayment and its liquidity. The turnover of funds in accounts receivable is calculated using the formula:

Where K is the turnover ratio (the number of turnovers of funds in accounts receivable);

P - volume of products shipped at selling prices.

The turnover of funds in accounts receivable can be presented in days (One), that is, reflect the duration of one turnover:

Z - average accounts receivable

D - number of days in the period.

Thus, accounts receivable (AR) depend on the deferment of payments to customers, i.e. from the period of accounts receivable Tdz:

As part of debt management, it is necessary to assess the solvency of clients and monitor the timeliness of payments. The main condition for debt management is that the turnover of accounts receivable should be higher than the turnover of accounts payable: Tdz > Tkz. .

Sources of specific information for the study are the annual financial statements of the enterprise for 20015 - 2016:

· Form No. 1 “Balance Sheet”;

· form No. 2 “Report on financial results”;

· explanatory note to the balance sheet.

The methodological and technical basis for the work was: Federal Law “On Accounting”; Regulations on the introduction of accounting and reporting in the Russian Federation; Decrees of the Government of the Russian Federation and instructional materials on the issues being studied; educational literature.

CHAPTER 2. ANALYSIS OF RECEIVABLES ON THE EXAMPLE OF JSC "ASFALT"

2.1 Organizational and economic characteristics of Asphalt JSC

The joint stock company Asphalt was taken as the enterprise under study. Society is legal entity, operates on the basis of the charter and legislation of the Russian Federation. The company JSC Asphalt is located and operates in Blagoveshchensk

Legal address and details: 675000, Amur region, Blagoveshchensk, lane. Sovetsky, 65/1

Legal status: Joint stock company

Location of the enterprise: Blagoveshchensk, lane. Sovetsky, 65/1

Joint Stock Company "ASFALT" -- large enterprise, which occupies a leading position in the road construction market and in the production of asphalt concrete, crushed stone and others building materials in the Far East.

Today JSC "ASFALT" is 5 structural divisions, an extensive list of services:

§ 7 production sites

§ 150 types of industrial building materials

§ 400 units of equipment

§ 1,500 jobs

Areas of work:

· Construction of large road facilities in the Amur region and the Far East, including the P-297 Amur highway (Chita-Khabarovsk);

· Production and sale of road building materials: crushed stone, sand, asphalt concrete, concrete, mortar, bitumen, mineral powder;

· Full range of repair and maintenance works highways;

· Road construction equipment for rent.

· Road transport and its own large repair and testing complex.

The main activities are:

· Construction, repair, reconstruction and maintenance of highways and structures on them;

· Improvement of civil and industrial facilities, construction of city streets, laying of storm sewers;

· Construction of buildings and structures of level II responsibility

· Production of building materials and trade in them;

· Development of stone and sand (soil) quarries;

· Exploration and procurement of natural building materials (minerals);

· Production and sale of stone materials (crushed stone, etc.);

· Supply and sale of fuels and lubricants;

· Foreign economic activity;

· Production and sale of automobile spare parts and accessories, trade vehicles, car service.

Analysis of financial condition is an indispensable element of both financial management at an enterprise and its economic relationships with partners and the financial and credit system.

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 characterized by a set of indicators reflecting the process of formation and use of its financial resources V market economy, the financial condition of the enterprise reflects final results his activities.

It is the final results of the enterprise’s activities that are of interest to the owners (shareholders) of the enterprise, its business partners, and tax authorities. This suggests the importance of conducting a financial analysis economic entity and increases the role of such analysis in economic process. The report on the financial results of the enterprise is presented in table No. 1.

Table 2.1. Analysis of the dynamics of the main financial indicators JSC Asphalt for 2014-2016

Indicators				Absolute change, (+, -)	Relative change, %
				2015 to 2014	2016 to 2015	2015 to 2014	2016 to 2015
Revenue, thousand rubles
Cost of sales, thousand rubles.
Gross profit (loss), thousand rubles.
Commercial expenses, thousand rubles.
Administrative expenses, thousand rubles.
Profit (loss) from sales, thousand rubles.
Interest receivable, thousand rubles.
Interest payable, thousand rubles.
Income from participation in other organizations, thousand rubles
Other income, thousand rubles.
Other expenses, thousand rubles.
Profit (loss) before tax, thousand rubles.
Change in deferred tax assets, thousand rubles.
Change in deferred tax liabilities, thousand rubles.
Current income tax, thousand rubles.
Net profit (loss), thousand rubles.
Permanent tax liabilities (assets), thousand rubles.

Analyzing table 2.1. we can say that during the period under study the organization received a net profit. The largest profit is 104,039 thousand rubles. In 2015, relative to 2014, there was a noticeable decrease in profit in the amount of 77,346 thousand. rub. or 74.3%, but in 2016 net profit increases by 30,109 thousand rubles. or 112.8%. Gross profit (loss) in 2015 compared to previous year decreases by 31,740 thousand rubles. or 16.7%, and in 2016 relative to 2015 there is a significant increase in the amount of 104,714 thousand rubles. or 66.1%, this was facilitated by a decrease in revenue in 2015 by 1,376,672 thousand rubles. or 33.7%, and in 2016 an increase in the share of revenue by 1,585,112 thousand rubles. or 58.6%. Also, a reduction in cost in 2015 in the amount of 1,344,932 thousand rubles. or 34.6%. Profit (loss) from sales in 2015 compared to 2014 is reduced by 31,740 thousand rubles. or 16.7%, and in 2016 it amounts to 263,091 thousand rubles, which is more than 104,714 thousand rubles. or 66.1% compared to the previous year. Profit (loss) before tax in 2015 decreases by 96,570 thousand rubles compared to the previous year. or 73.5%, in 2016 there is an increase in the amount of 40,193 thousand rubles, or 115.6%. Over the three years under study, there has been a change in deferred tax assets, so in 2015 compared to 2014, assets increase by 849 thousand rubles. or 14%, but in 2016 relative to 2015 there is a sharp decrease in the amount of 6,709 thousand rubles. or 97%. Deferred tax liabilities in 2015 compared to 2014 decreased by 44 thousand rubles. or 100% and in 2016 they amount to -5,714 tr. The smallest amount of income tax was observed in 2015 in the amount of 15,004 thousand rubles, which is 18,291 thousand rubles. or 54.9% less than in 2014. In 2016, compared to 2015, the tax increases by 60.8%, which is 24,120 thousand rubles.

2.2 Analysis of accounts receivable

Accounts receivable, as a rule, make up about a third, or maybe more, of the company's current assets.

Accounts receivable as an immobilization of own working capital should be minimized, but this does not happen for many reasons. To analyze accounts receivable, it is necessary to analyze the assets of the enterprise.

The organization's debt must have a monetary value and is reflected in their financial statements. Any debt of an organization for accounting and reporting purposes is valued in monetary units.

Before you begin to analyze accounts receivable, you should analyze the organization's assets.

Analysis of the dynamics of the composition of property makes it possible to determine the size of the absolute and relative increase (decrease) of all property of the enterprise and its individual types. An increase in an asset indicates an expansion of the enterprise's activities, but may also be the result of the influence of inflation. A decrease in an asset indicates a reduction in the enterprise’s economic turnover and may be a consequence of depreciation of fixed assets, or the result of a decrease in effective demand for goods, works and services of the enterprise.

To assess the organization’s property, their composition and the changes that have occurred in them, an analytical table 2.2 is compiled according to the balance sheet data.

Table 2.2. - Analysis of the dynamics of the balance sheet asset of JSC Asphalt for 2014-2016

Title of articles				Absolute change, (+, -)	Relative change, %
				2015 to 2014	2016 to 2015	2015 to 2014	2016 to 2015
I. Non-current assets
Intangible assets, thousand rubles.
Fixed assets, thousand rubles.
Profitable investments in material values, thousand roubles.
Financial investments, thousand rubles.
Deferred tax assets, thousand rubles.
Other non-current assets, thousand rubles
Total for section 1
II. Current assets
Value added tax on acquired assets, thousand rubles.
Financial investments (excluding cash equivalents), thousand rubles.
Cash and cash equivalents, thousand rubles.
Other current assets, thousand rubles.
TOTAL for section 2

According to the analysis of this table, the following results were obtained. Based on the results of the balance sheet asset in 2015, compared to 2014, the total balance sheet asset increased by 278,341 thousand rubles. or 23.8%, and in 2016 compared to the previous year it increases by 681,815 thousand rubles. or 47.1%. This is significantly influenced by the fact that the balance sheet item “Fixed assets” in 2016 compared to the previous year increases by 170,559 thousand rubles, or 34.8%, and in 2015 compared to 2014 it decreases by 166,933 thousand . rub. or 19.2%. The share of deferred tax liabilities increases throughout the entire study period; in 2015, compared to 2014, this item increases by 366 thousand rubles. or 2033.3%, in 2016 relative to 2015, the share of tax assets increases in the amount of 209 thousand rubles. or 54.4%. Other non-current assets are 0 during the period. Based on the result of the analysis of current assets, it can be argued that a large share falls on the balance sheet item “Receivables”; with each year under study, this item increases. In 2015, compared to a year earlier, it increases by 97,185 thousand rubles. or 88%, in 2016 it increases by 184,597 thousand rubles. or 88.9%. As for cash equivalents, in 2015 compared to the previous year they increase almost 3 times, that is, by 92,060 thousand rubles. or 184.2%, but in 2016 they sharply decrease to the amount of 86,521 thousand rubles. or 60.9%. Over the entire period under study, other current assets changed insignificantly; in 2015, compared to a year earlier, they decreased by 2,831 thousand rubles. or 32.7%, and in 2016 they increased by 0.2% or 9 thousand rubles.

Table 2.3.- Structure of receivables of JSC Asphalt for 2014-2016

Indicators
Accounts receivable (more than 12 months):
Buyers and clients
Other long-term receivables
Accounts receivable (less than 12 months):
Buyers and clients
Other short-term receivables
Total accounts receivable

After analyzing table 2.3. we can conclude that for the entire analyzed period, the largest share in the structure of receivables was occupied by short-term receivables, that is, debt for which payments are expected within 12 months. In 2014 it was 54.44%, in 2015 it was 76.93%, in 2016 it was 90.62%. The increase in the total amount of short-term receivables is due to the fact that Asphalt JSC is reducing long-term receivables, which have a high risk of non-repayment. In 2014, the maximum share of long-term receivables was observed, which amounted to 45.56% compared to 2015 (23.07%) and 2016 (9.37%).

It is important to prevent a further increase in the share of accounts receivable in the total volume of current assets of the enterprise - this may entail a decrease in all financial indicators, a slowdown in the turnover of resources, downtime due not to internal problems, but to external ones, and a decrease in the ability to pay one’s obligations to creditors.

Table 2.4. Analysis of the structure of current assets of Asphalt JSC for 2014-2016

Current assets
Inventories, thousand rubles
Value added tax on acquired assets, thousand rubles.
Accounts receivable, etc.
Financial investments (excluding cash equivalents), thousand rubles.
Cash and cash equivalents, thousand rubles.
Other current assets, thousand rubles.
TOTAL for section II

Based on the analysis, we can conclude that during the period under study, accounts receivable increased. So in 2014 it amounted to 110,391 thousand rubles, or 9.4%; in 2015, the share of receivables increased almost 2 times and amounted to 207,576 thousand rubles, or 14.3%, and in 2016 the receivables the debt also undergoes changes in the direction of increase and amounts to 392,173 thousand rubles, or 18.4%. An increase in accounts receivable means the diversion of working capital from the economic activities of a given enterprise, which leads to financial difficulties.

How solvent an enterprise can be and what its financial stability is depends on the turnover of receivables and payables. Calculation of loan turnover is necessary for constructing a credit policy to the extent that the enterprise itself can allow its clients (buyers) to pay with a delay. Analysis of the turnover of accounts receivable and accounts payable allows us to draw conclusions about the size of the annual turnover of funds.

This analysis is shown in Table 2.5.

Indicators				Table 2.5. Analysis of accounts receivable turnover of JSC Asphalt for 2014-2016	Relative change, %
				2015 to 2014	2016 to 2015	2015 to 2014	2016 to 2015
Absolute change, (+,-)
Revenue, thousand rubles
Accounts receivable, thousand rubles.
Number of receivables turnover, volume.

Duration of one receivables turnover, days.

The receivables turnover ratio shows the number of turnovers made by receivables during the analyzed period. Thus, in 2015, the number of receivables turnover decreased by 24 turns or 64.9% compared to the previous year. In 2016, this figure decreases slightly compared to a year earlier, that is, by 2 turns or 15.4%. Over the three periods under study, this ratio has been steadily decreasing, which is a negative factor and indicates a deterioration in settlements and the organization of work with debtors of the analyzed enterprise. Accordingly, the repayment period for receivables increases, i.e. the time during which a company expects money for goods, work or services provided.

The duration of one revolution increases during the analyzed period. In 2015, this indicator increases by 18 days or 180% compared to last year, in 2016 the increase is insignificant, this indicator this year is 33 days, which is 5 days or 17.9% higher than in the previous year. That is, the longer the repayment period for receivables, the higher the risk of non-repayment.

Indicators				Absolute change, (+, -)	Relative change, %
				2015 to 2014	2016 to 2015	2015 to 2014	2016 to 2015
Revenue, thousand rubles
Table 2.6. Analysis of the dynamics of the ratio of receivables and payables of JSC Asphalt for 2014-2016
Accounts payable, thousand rubles.

Accounts payable to accounts receivable ratio, %

Let's analyze the dynamics of the ratio of receivables and payables of Asphalt JSC for 2014-2016, presented in Table 2.6.

As can be seen from the data presented in Table 2.6, accounts receivable in 2014 amounted to 110,391 thousand rubles, and accounts payable in the same year amounted to 159,550 thousand rubles. The coefficient reflecting the ratio between these types of debt in 2014 is 0.692%. The obtained result means that for 1 ruble of accounts payable in the balance sheet of the enterprise there are 0.69 rubles of accounts receivable. This figure is below acceptable. In 2015, the debt of debtors amounts to 207,576 thousand rubles, which is significantly higher than a year earlier, by 97,185 thousand rubles, or 88%. Liabilities to creditors in 2015 amount to 246,028 thousand rubles. The ratio between them is 0.844%, which is 22% more than last year. In 2016, accounts receivable increased by RUB 184,597 thousand compared to the previous year. or 89%, and equal to 392,173 thousand rubles. Accounts payable, in turn, also almost doubled in 2016 compared to a year earlier and amounted to 575,108 thousand rubles. The absolute change is 329,080 thousand rubles. The ratio between them is 0.682%, the figure decreased by 19.2%. Since this indicator is again below acceptable, this creates a threat to the financial position of the enterprise due to the likelihood of the inability to repay its obligations due to lack of funds.

2.3 Ways to improve accounts receivable

To effectively manage accounts receivable, enterprise management and financial managers need to solve the following tasks:

· selection of sales conditions that ensure a guaranteed receipt of funds;

· limiting the level of accounts receivable;

· assessment of lost profits from non-use of funds frozen in accounts receivable.

At all stages of business activities, an enterprise must:

· constantly monitor the ratio of accounts receivable and accounts payable, since a significant increase in debt poses a threat to the financial stability of the enterprise;

· promptly identify unacceptable types of accounts receivable, which include shipped goods that were not paid on time.

· predict the receipt of funds from debtors based on collection ratios;

· assess the real value of existing receivables;

· carry out an inventory of payments for loans and borrowings;

Effective management of current accounts receivable is primarily associated with optimizing the size and ensuring collection of customer debt for goods, works and services.

An effective system for establishing relationships with customers implies:

· high-quality selection of clients to whom loans can be provided;

· a clear procedure for filing claims;

· monitoring how clients fulfill the terms of the contract.

No matter how effective the system for selecting buyers is, in the course of interaction with them possible discrepancies cannot be excluded, therefore Asphalt JSC needs to organize some kind of control system over the implementation of payment discipline. This system, called the customer relationship administration system, implies:

· regular monitoring of debtors by type of product, volume of debt, repayment terms, etc.;

· minimizing time intervals between the completion of work, shipment of products, and presentation of payment documents;

· sending payment documents to the appropriate addresses;

· a clear procedure for paying bills and receiving payments.

This will significantly increase the efficiency of accounts receivable management at Asphalt JSC.

CONCLUSION

As a conclusion to the study, it can be noted that the goal set before writing the course work was achieved, the problems were solved, namely:

The concepts, types and essence of receivables are considered, the meaning of the analysis of receivables and payables and the methodology for its implementation are defined, the main sources of information for carrying out the analysis and the requirements for them are identified;

A brief financial analysis of the enterprise’s activities for 2014-2016 was carried out;

Based on the analysis, the main ways to improve the state of settlements with debtors were identified.

The purpose of accounts receivable analysis is to identify ways to optimize the amount of accounts receivable, reduce the risk of non-payment or unacceptable increase or non-payment of debt and obligations, aimed at improving the solvency and financial stability of the organization.

Accounts receivable and accounts payable are natural components of an enterprise's balance sheet. They arise as a result of a discrepancy between the date of occurrence of obligations and the date of payments for them. The financial condition of the enterprise is influenced by both the size of the balance sheets of receivables and payables, and the turnover period of each of them.

An increase in accounts receivable creates financial difficulties, since the company may feel a lack of financial resources to pay wages, settlements with creditors and others.

In addition, accounts receivable lead to a slowdown in capital turnover. During the three periods under study, the accounts receivable turnover ratio decreases significantly. A decrease in this ratio reflects: a large number of insolvent debtors; too lenient policy of relations with buyers or other counterparties; policies aimed at expanding the sales market. In this case, it is recommended to increase working capital. In any case, a decrease in this coefficient is a negative factor and indicates a deterioration in the organization’s calculations. Accordingly, the JSC Asphalt enterprise is increasing the repayment period for receivables.

The ratio of receivables to payables showed that the ratio of receivables to payables is irrational. Accounts payable should not exceed accounts receivable by more than 10%. The predominance of accounts payable over accounts receivable indicates irrational use of funds and insufficient solvency of the enterprise JSC Asphalt.

LIST OF SOURCES USED

1. Blank I.A. Financial management: Training course. - 2nd ed., revised. and additional - K.: Elga, Nika-Center, 2013. - 656 p.

2. Gavrilova A.N. Financial management: textbook / A.N. Gavrilova, E.F. Sysoeva, A.I. Barabanov, G.G. Chigarev, L.I. Grigorieva, O.V. Dolgova, L.A. Ryzhkova. - 5th ed., erased. - M.: KNORUS, 2014. - 432 p.

3. Ivashkevich V. B. Analysis of accounts receivable // Accounting, 2014.- No. 6 p.55-59;

4. Financial management: Tutorial/Ed. Doctor of Economics, prof. A.M. Kovaleva.- M.: INFRA-M, 2014.- 284 p.

5. Richard J. Audit and analysis of the economic activity of an enterprise: Transl. from fr. -- M.: Audit. UNITY, 2015 - 654 p.

6. Efimova O, V. Financial analysis. - M.: Publishing house "Accounting", 2015 - 389 p.

7. Sheremet A.D., Sayfulin R.S. Enterprise finance. - M.: Infra-M, 2016 - 458 p.

8. Balabanov I.T., Fundamentals of financial management, textbook, M: FiS, 2015. - p. 263.

9. Abryutina M. S., Grachev A. V. Analysis of the financial and economic activity of the enterprise. - M.: Publishing house "Delo and Service", 2014. - 457 p.

10. Samsonova N.F. Financial management. Workshop: Proc. manual for universities. - M.: UNITY-DANA, 2016. - 269 p.

11.Prosvetov G.N. Financial management: tasks and solutions: Educational and methodological manual. - M.: RDL Publishing House, 2014. - 376 p.

12. Sidorova E.B. Financial management: Textbook. - M.: INFRA-M., - 2016. - 325 p.

13. Kovalev V.V. Enterprise finance: Textbook. - M.: TK Velby, 2014. - 352 p.

14. Gribov V.D., Gruzinov V.P. Enterprise Economics: Textbook. - M.: Finance and Statistics, 2016. - 336 p.

15. Berdnikova T.B. Analysis and diagnostics of the financial and economic activities of an enterprise: a textbook. - M.: INFRA-M, 2013. - 215 p.

16. Vakhrushina M.A. Complex economic analysis economic activity: Textbook. - M.: University textbook, 2014. - 463 p.

17. Alkina N. P. Methodology for analyzing receivables and payables // Young scientist. -- 2016. -- No. 9.2. -- P. 3-5.

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Accounts receivable, as a rule, make up about a third, or maybe more, of the company's current assets.

According to V.V. Kovalev, accounts receivable as an immobilization of own working capital should be minimized, but this does not happen for many reasons, including due to competition.

But before we begin to analyze receivables, let us define what the concept of “receivables” itself includes. Debitum translated from Latin means debt, obligation. This term was first mentioned in the papyri of Zeno, who in 256 BC. reformed the accounting system in Greece.

Currently, the use of the definition of accounts receivable in various fields of activity has led to the fact that the interpretation of the term can be divided into legal, accounting and economic.

Source	Definition
Legal approach
Civil Code of the Russian Federation	By virtue of an obligation, one person (debtor) is obliged to perform a certain action in favor of another person (creditor), such as: transfer property, perform work, provide a service, contribute to a joint activity, pay money, etc., or refrain from a certain actions, and the creditor has the right to demand from the debtor the fulfillment of his obligation
Blank I.A. Asset Management	Accounts receivable is the amount of debt in favor of an enterprise, represented by financial obligations of legal entities and individuals
Kovalev V.V. Introduction to Financial Management	Accounts receivable is the debt of legal entities and individuals to a given business entity
Rumyantseva A.Yu. Enterprise accounts receivable management	Accounts receivable is a special form of lending to legal entities and individuals, supported or not supported by the legislative framework
Accounting approach
Bocharov V.V. Cash flow management for enterprises and corporations	Accounts receivable is a complex item, including settlements: with buyers and customers; on bills receivable; with subsidiaries and dependent companies; with participants (founders) regarding contributions to the authorized capital; on advances issued; with other debtors
Pyatov M.L. Managing organizational commitments	Accounts receivable are obligations to the enterprise of third parties reflected in settlement accounts - buyers, employees, borrowers, budget
Financial and credit encyclopedic dictionary edited by prof. A.G. Gryaznova	Accounts receivable are accounts receivable in connection with supplies on trade credit
Economic approach
Efimova O.V., Melnik M.V. Financial Statement Analysis	Accounts receivable is an investment and a way to expand sales on credit in order to increase sales volume and equity
Bezrukikh P.S. Accounting	Accounts receivable are the property claims to other legal and individuals who are her debtors

Accounts receivable analysis can be carried out in the following sequence:

• analysis of absolute and relative indicators of the condition, structure and movement of receivables;
• analysis of the status of accounts receivable by period of formation;
• calculation of turnover indicators, the share of receivables in the total volume of current assets, assessment of the ratio of the growth rate of receivables with the rate of sales revenue;
• analysis of the ratio of receivables and payables.

To assess the composition, structure and dynamics of the company’s receivables, we will draw up a table that includes information on the composition, structure and dynamics of receivables (Table 1).

From the data in Table 1 it is clear that the analyzed company does not have long-term receivables; all receivables are short-term.

Table 1. Analysis of the composition, structure and dynamics of receivables

Index	At the end of 2013		At the end of 2014		At the end of 2015		Growth rate, %		Absolute deviation, thousand rubles.
	thousand roubles.	%	thousand roubles.	%	thousand roubles.	%	2014/2013	2015/2014	2014/2013	2015/2014
Long-term accounts receivable	0	0,0%	0	0,0%	0	0,0%	0,0%	0,0%	0	0
Short-term receivables, including:	235061	100,0%	234087	100,0%	324583	100,0%	99,6%	138,7%	-974	90496
- settlements with suppliers and contractors	332	0,1%	227	0,1%	601	0,2%	68,4%	264,8%	-105	374
- settlements with buyers and customers	234615	99,8%	233353	99,7%	316614	97,5%	99,5%	135,7%	-1262	83261
- calculations of taxes and fees	0	0,0%	228	0,1%	6204	1,9%	0,0%	2721,1%	228	5976
- calculations for social insurance and security	0	0,0%	22	0,0%	19	0,0%	0,0%	86,4%	22	-3
- calculations with accountable persons	0	0,0%	12	0,0%	3	0,0%	0,0%	25,0%	12	-9
- settlements with various debtors and creditors	5	0,0%	2	0,0%	887	0,3%	40,0%	44350,0%	-3	885
- Future expenses	109	0,0%	243	0,1%	255	0,1%	222,9%	104,9%	134	12

The data in Table 1 shows that accounts receivable in 2014. decreased compared to 2013. by 0.4% and amounted to 234,087 thousand rubles, which is 974 thousand rubles. less than in 2013 The decrease in the total amount of accounts receivable was largely due to a decrease in the debt of buyers and customers by RUB 1,262 thousand.

In 2015, there was an increase in accounts receivable compared to 2014. - by 38.7% or by 90,496 thousand rubles. The greatest influence on the growth of accounts receivable was the increase in debts of buyers and customers - 83,261 thousand rubles and the increase in accounts receivable for taxes and fees - 5,976 thousand rubles.

Thus, in all three analyzed periods, the largest share in the total amount of receivables is the debt of buyers and customers (at the end of 2013, the share of this total debt was 99.8%, in 2014 - 99.7%, at the end of 2015 - 97.5%). The proportion of other components is insignificant.

Therefore, it is necessary to pay special attention to accounts receivable resulting from settlements with buyers and customers. To do this, you should study the composition, structure and dynamics of debt of buyers and customers (Table 2).

Table 2. Analysis of the composition, structure and dynamics of receivables from buyers and customers

Index	At the end of 2013		At the end of 2014		At the end of 2015		Growth rate, %
	thousand roubles.	%	thousand roubles.	%	thousand roubles.	%	2014 / 2013	2015 / 2014
Settlements with buyers and customers, including:	234615	100,0%	233353	100,0%	316614	100,0%	-0,5%	35,7%
Company A	90294	38,5%	71410	30,6%	131558	41,6%	-20,9%	84,2%
Company B	33042	14,1%	40704	17,4%	50665	16,0%	23,2%	24,5%
Company B	32394	13,8%	35668	15,3%	43612	13,8%	10,1%	22,3%
Company G	20449	8,7%	22160	9,5%	24747	7,8%	8,4%	11,7%
	58436	24,9%	63411	27,2%	66032	20,9%	8,5%	4,1%

In the company's debt structure, 4 counterparties have debt of more than 10% of the total debt: Company A, B, C, D. Debt of other buyers have a smaller share in the total debt and are combined in the column “Other buyers and customers”.

The largest share in the total debt of buyers and customers is the debt of Company A, the share at the end of 2015 was 41.6%. The debt of the specified company, compared to 2014. increased by 60,148 thousand rubles, which largely ensured the growth of accounts receivable under the item “buyers and customers”.

For a more in-depth analysis, we will compile a summary table in which receivables are classified according to the period of formation (Table 3). Regular compilation of such a table allows you to present a clear picture of the status of settlements with debtors and identify overdue receivables.

Table 3. Analysis of receivables from customers by period of formation for 2015.

Contractor's name	At the end of 2015		including by terms of education, thousand rubles.				Delay, days
	thousand roubles.	%	From 0 to 30 days	From 31 to 60 days	From 61 to 180 days	Over 181 days
Company A	131558	41,6%	10248	70883	50426	0	180
Company B	50665	16,0%	7382	20846	15549	6888	60
Company B	43612	13,8%	43612	0	0	0	30
Company G	24747	7,8%	24747	0	0	0	30
Other buyers and customers	66032	20,9%	24934	17141	18529	5429
Debt of buyers and customers, total	316614	100,0%	110923	108871	84504	12317
as a percentage of the total amount of buyers' debt	100,0%		35,0%	34,4%	26,7%	3,9%

The data in Table 3 shows that the bulk of accounts receivable is debt in the range of up to 60 days, including the share of debt with a period of up to 30 days of 35.0%; from 31 to 60 days - 34.4%.

The debt of company B deserves closer attention; 44.3% of its debt is overdue. You should also pay attention to the overdue debt in the line “Other buyers and customers” in the amount of 41,098 thousand rubles (17,141 + 18,529 + 5,429), because the presence of debt with a period of more than 30 days is not provided for by the terms of the agreements.

Let us note that a debt in the amount of 12,317 thousand rubles or 3.9% of the total amount of debt may be considered problematic, since this debt is not stipulated by the terms of the contracts (the company does not provide deferred payments for more than 180 days), which indicates a violation buyers of payment discipline and inattention on the part of the company to this situation.

In the process of analyzing receivables, receivables turnover indicators are calculated and assessed, which characterize the number of debt turnovers during the analyzed period, as well as the average duration of one turnover (Table 4).

Table 4. Analysis of accounts receivable turnover

Index	Unit change	2013	2014	2015	Change
					2014/2013	2015/2014
Accounts receivable amount	thousand roubles.	235061	234087	324583	-974	90496
Average accounts receivable	thousand roubles.	232905	234574	279335	1670	44761
Number of days in period	day	360	360	360
Revenue for the period	thousand roubles.	330940	427974	532698	97034	104724
Accounts receivable turnover ratio		1,42	1,82	1,91	0,40	0,08
Duration of receivables turnover, ext.	day	253,36	197,32	188,78	-56,04	-8,54
Average one-day revenue, obdn	thousand roubles.	919,28	1188,82	1479,72	269,54	290,90
Release (attraction) of funds, ΔAdd * Obdn					-66619,78	-12638,58

The duration of receivables turnover in the analyzed periods decreased, which indicates a decrease in the repayment period of receivables and can be assessed positively, since it leads to the release of funds from circulation.

So, in 2013 the duration of the receivables turnover was 253 days, i.e. debt was repaid on average 1.42 times over a period of 360 days, in 2014. The duration of turnover decreased by 56 days and amounted to 197 days in 2015. The duration of receivables turnover also decreased (by 8 days) and amounted to 189 days.

Let's compare the growth rate of revenue with the growth rate of accounts receivable. An increase in accounts receivable is justified if it is accompanied by a corresponding increase in revenue. Thus, the growth rate of accounts receivable in 2015 compared to 2014 was 138.7% (Table 1) and outstripped the growth rate of revenue, which for the same period amounted to 124.5%. The opposite situation developed in 2014; compared to 2013, the growth rate of revenue (129.3%) was higher than the growth rate of accounts receivable - 99.6%.

Relative cash savings due to acceleration of accounts receivable turnover in 2014. amounted to 66,619.78 thousand rubles. (-56.04 * 1,188.82), in 2015 - 12,638.58 thousand rubles. (-8.54 * 1,479.72)

Let's consider the ratio of receivables and payables (Table 5).

Table 5. Analysis of receivables and payables

The ratio of receivables to payables in the organization exceeds 1.0, i.e. accounts receivable cover accounts payable. Short-term accounts payable are fully covered by short-term accounts receivable, which is a positive factor that indicates the organization’s potential ability to pay its creditors without attracting additional sources of financing.

However, for a number of years it has been less than the standard value of 2, which means that the conversion of the liquid part of current assets into cash is slowing down.