PROGRAM

Types of financial work. Organization and implementation of financial relations. System of financial relations with external infrastructure. Internal financial relations. Relationship assessment indicators. Financial methods and instruments. Conditions for effective relationships.

Working with funding sources. Making capital investments. Implementation of working capital management. Organization of operational financial planning, operational analysis of financial activities and financial control.

Techniques used in carrying out financial work.

Organization financial service. Types of financial services depending on the size of enterprises and complexity of functions. Structure of financial services. Functions of financial service departments. Subordination of structural units involved in financial work.

Participation of the enterprise in the financial market.

Main questions

Directions of financial work.

Organization of financial services.

Structure and functional responsibilities of financial services.

Participation of the enterprise in the financial market.

Guidelines

Directions of financial work. The main content of financial work is:

in organizing relationships with the financial and credit system, other economic entities and ensuring timely payments for the enterprise’s obligations to the budget, banks, suppliers and employees;

in providing financial resources for economic activities;

in the preservation and rational use of fixed and working capital.

In other words, the essence of financial work is to ensure optimal circulation of fixed and working capital in maintaining effective financial relations accompanying commercial activities.

Financial services of enterprises operating in market conditions are called upon to:

quickly prepare financial documents, of high quality in content and in the volume necessary for the management of the enterprise to make effective management decisions;

coordinate and direct the activities of all departments to achieve the main goal of the enterprise;

ensure highly efficient functioning of the enterprise in market economic conditions;

be responsible for high-quality preparation of financial plans and financial analysis of the enterprise.

The most important area of ​​financial work is the implementation of financial relations with external infrastructure and intra-economic financial relations.

The financial relations of the enterprise cover:

relations with other enterprises and organizations for the supply of raw materials, materials, components, sales of products, provision of services;

relations with the banking system for payments for banking services, when receiving and repaying loans, buying and selling currency and other transactions;

relations with insurance companies and commercial and financial risk insurance organizations;

relations with commodity, raw materials and stock exchanges for transactions with industrial and financial assets;

relations with investment institutions for placement of investments;

relations with branches and subsidiaries;

relations with enterprise personnel;

relations with the shareholders of the enterprise;

relations with the tax service;

relations with audit firms and other business entities.

Determine what financial relationships your surveyed enterprise has and with whom.

Common to all financial relations is that they are expressed in monetary form and represent a set of payments and receipts of funds.

External financial relations include relations with other enterprises and organizations, and relations with the financial and credit system.

Internal financial relations include relations within the company and relations within associations of firms.

Relations with other enterprises and organizations are the largest group in terms of cash payments. The relationships of enterprises with each other are related to the implementation finished products and the acquisition of material assets for economic activities. The role of this group of financial relations is primary, since it is in the sphere of material production that national income is created, enterprises receive sales revenue and, accordingly, profit. The correct organization of these relationships has a direct impact on the final results of production activities.

Relations with the financial and credit system are diverse. First of all, these are relations with budgets of various levels and extra-budgetary funds related to the transfer of taxes and deductions, as well as relations with financial market infrastructure institutions (credit organizations, insurance companies, stock and currency exchanges, investment funds and companies, etc.).

Financial relations within a company are relations between various structural divisions of the company: branches, workshops, departments, teams, as well as relations with the company’s personnel - workers and employees, relations with owners (shareholders, shareholders).

Financial relations within associations of firms, unions of consumer societies are divided into relations with higher organizations, relations within the financial industrial group of the union, relations between firms in a holding company.

What is common to financial relations is that they arise as a result of certain business transactions initiated by the enterprise itself. Therefore, the state of a company’s finances is determined primarily by the state of its production and economic characteristics. And vice versa, the correct, rational organization of a company’s finances is the determining, main factor in its successful production and economic activities.

Implementation of financial relations is the main part of the operational work of the financial service. It is important to ensure timely payments to the budget, interest payments on short-term and long-term bank loans, and the issuance of wages employees, payment of invoices to suppliers for shipped inventory, services and work.

The financial service is designed to ensure financing of plan costs, issue loans in accordance with agreements, and maintain daily operational records: product sales, profit from sales, and other indicators financial plan; compile information on the receipt of funds and certificates on the progress of fulfilling the indicators of the financial plan and financial condition.

In the process of carrying out operational financial work, financial instruments are used, which are divided into primary and secondary (derivatives). Primary ones include: cash, securities, accounts payable and receivable for current operations, etc.

Secondary derivatives from primary underlying instruments include futures contracts, financial options, forward contracts, interest rate swaps, currency swaps, which are used when financial markets are activated, including the market for loan capital, securities, foreign exchange market, precious metals market, as well as financial institutions (banks, financial and investment companies, insurance, etc.).

An important financial tool for the operational work of financial services is financial mathematics, which makes it possible to obtain solutions to multi-parameter financial problems with a relatively small amount of time.

Along with operational work, important areas of financial work are financial planning and control and analytical work.

Financial planning includes:

development of draft financial and credit plans with all necessary calculations;

determining the need for own working capital;

identification of sources of financing economic activities;

development of a capital investment plan with the necessary calculations;

drawing up cash plans for submission to bank institutions;

participation in drawing up plans for product sales in monetary terms and determining the planned amount of balance sheet profit for the year and quarters, and profitability indicators.

Constant attention at the enterprise should be paid to control and analytical work, since its effectiveness largely determines the result of financial activities. Financial services carry out systematic monitoring of the implementation of indicators of financial, cash and credit plans, plans for profit and profitability, monitor the intended use of own and borrowed working capital, and the targeted use of a bank loan. Accounting provides great assistance in carrying out control and analytical work, together with which the correctness of estimates is checked, the calculation of the return on capital investments is carried out, all types of reporting are analyzed, and compliance with financial and planning discipline is monitored.

Organization of financial services. The subject of financial work is the financial service. The organization of the financial service depends on the size of the enterprise and the complexity of its structure and financial relations. In small enterprises with a small volume of financial activities, the functions of financial work are usually carried out by the owner of the enterprise or the general director, since in this case there is no need to attract a specialist.

In a number of small enterprises, the financial service is represented in the organizational structure by the accounting department. The responsibilities of this department include collecting accounting information and providing it to the director of the company responsible for financial work. As the enterprise develops and the volume of financial work increases, the general directorate creates a financial service and transfers to it part of its powers and responsibilities. Typically, the financial service is represented by the financial department or the financial and economic department.

To work in the financial department of small enterprises, as a rule, financial managers with a wide profile are involved, employees who carry out almost all areas of financial work and financial management of the enterprise.

In large business firms, the structure of the financial service is more complex, since financial flows Such firms are associated not only with production and financial activities, but also with participation in the capital of other business organizations. To work in the financial service of large business structures, both generalist financial managers and functional financial managers are attracted. the former are usually involved in the general management of financial work, and the latter as performers of specific financial tasks.

In large companies, the financial service is usually represented by a financial department, which includes several specialized departments: the operations department, the planning department, the investment department, the financial analysis department, the financial market department, and the financial control department. General management of financial work is carried out by the financial director, who:

defines policy and general direction development of the company in the field of finance;

works as part of senior management for the general management of the company's activities;

ensures compliance with laws governing the financial activities of the company;

develops principles and rules for financial management of the company;

provides overall guidance for financial planning;

prepares general analytical reports to the company's management for making strategic decisions in the field of finance;

works in close cooperation with the heads of financial departments directly reporting to him that are part of the financial service structure of the company, etc.

Structure and functional responsibilities of financial services The operations department covers work with suppliers, contractors, buyers and other counterparties on current production activities, payment of labor, as well as the receipt and distribution of sales proceeds, other cash receipts and profits. In this part, this section merges with taxes and other sections, because profit synthesizes all the results of economic and financial activities.

The financial and credit planning department, under the direct leadership of the financial director or his deputy, carries out long-term (for at least 2 years), current (for a year), operational financial planning, as well as drawing up loan and cash applications, communicating planned and forecast indicators to direct executors, entering changes in financial balances according to adjustments to other sections of business plans, fluctuations in financial legislation and internal market changes in the financial and economic situation, including adjustments to the reporting base of planned calculations. This department searches for new sources of financing the company’s core financial activities and plans the company’s tax payments.

The investment department is responsible for developing the general investment policy of the enterprise; conducts analysis and selection of investment proposals; carries out analysis of investment projects and management of the company's securities portfolio; determines the necessary amounts of financial resources to carry out investment activities; seeks financial resources for long-term investments, etc.

The financial analysis department conducts detailed the financial analysis activities of the company; carries out analysis of the financial performance of the enterprise; prepares analytical reports for the company's management necessary for making strategic decisions; identifies opportunities for using preferential taxation, etc.

A financial market department is opened in those companies that actively participate in the securities market. For organizations that do not have securities specialists, it is advisable to delegate securities transactions to specialized trust or financial companies.

The financial control department promotes the organization of a unified planning system based on the coordination of all areas of the company’s activities; exercises control over the main and financial activities of the organization, as well as over the company’s compliance with all legal requirements in the field of business activity; determines the compliance of operational plans with strategic ones; provides a quick comparison of planned and actual indicators; monitors the accuracy and completeness of tax payments to the budget and extra-budgetary funds, etc.

In each specific case, the structure of the financial service and its functional responsibilities are determined by the types of financial activities, the size of financial flows, the use of increasingly complex financial instruments, and the degree of participation in the financial market.

Participation of the enterprise in the financial market. Along with the commodity market in the context of entrepreneurship, the financial market plays an important role in the concentration of capital to increase efficiency and rapid development of the economy. The financial market is a market for short-term, medium-term and long-term loans and stock values, i.e. shares, bonds and other types of securities.

Enterprises periodically have free cash, securities and other free financial resources that can participate in the financial market. This ensures a quick and flexible flow of capital from one owner to another, and the attraction of capital by entrepreneurs for investment in the production sector.

The financial sector covers:

bank capital market (credit market);

stocks and bods market;

currency market;

market of insurance and pension funds.

The financial market is the market for financial assets. The elements of the financial market are: gold, precious metals, national and foreign currencies, loan capital (loans), securities.

There are primary and secondary securities markets. New securities are issued in the primary market, and previously issued securities are resold in the secondary market.

According to financial instruments used on the market, there are:

foreign exchange market - the sphere of economic relations manifested in the implementation of transactions for the purchase and sale of foreign currency and securities in foreign currency;

market for precious metals and precious stones - a market where regular purchase and sale of precious metals (mainly gold), precious stones (mainly diamonds) takes place;

capital market is a market in which money is the object of purchase and sale. The goods of the Russian money market include deposits, deposits, as well as interbank loans issued for a period of several hours to 14 days and called “short money”;

insurance market is a sphere of monetary relations in which insurance services are the object of purchase and sale.

The financial market solves the following problems:

providing issuers with the opportunity to mobilize internal sources of financing and temporarily free cash resources for long-term investments and satisfaction of other needs;

ensuring the flow of capital between its participants, promoting the concentration of financial resources in the most profitable areas of the economy;

providing investors (individuals and legal entities) with the opportunity to form their investment portfolios in the best possible way from the point of view of preserving capital from inflation and in order to obtain additional income.

The main features of a developed financial market are the stability of the regulatory framework, information transparency of operations and market participants (issuers and investors), a fairly large circle of participants and a high-tech infrastructure that ensures the rapid and efficient raising of funds.

A commercial organization uses financial market funds by issuing securities, opening a credit line with banks, and obtaining loans from other organizations.

By purchasing securities, the company subsequently receives income. For example, the profitability of a stock is determined by two factors:

receiving part of the distributed profit of the joint-stock company (dividend);

the opportunity to sell a security on the stock exchange at a price higher than the purchase price (stock market price).

Dividends are expressed either in absolute monetary units or as a percentage. The dividend rate (i) characterizes the percentage of profit from the nominal price of the share and is determined by the formula:

where D is the absolute level of dividend in monetary units;

P nom is the nominal price of the share.

The stock price is directly proportional to the dividend rate and inversely proportional to the bank interest rate, since the latter is more stable:

where i is the dividend rate on the stock, %;

d - discount rate of bank interest;

P rate - exchange rate price of the stock.

The left side of the equation is the absolute level of the dividend, the right side is the amount of payments for money deposited in the bank

The exchange price of the stock is determined from equality:

However, the relationship considered cannot be taken literally, since the share of profit distributed among shareholders is unknown in advance. Therefore, the main indicator is profit per share or return on equity (P a):

where P h - the amount of net profit, including undistributed;

N is the number of issued shares.

Earnings per share characterize the potential dividend, the base of future income on shares.

The ratio of the stock price to the profit per share gives an idea of ​​the level of the stock price; This value is called the rate/profit ratio (Kp):

If for the entire set of shares on the stock market the coefficient increases, then this means an increase in the price of shares due to the economy entering a boom phase, an improvement in stock exchange conditions, and a decrease in bank interest rates.

Partial coefficients calculated for individual enterprises fluctuate on average. The higher the rate, the higher the prestige of the enterprise, its weight in the business world, the more difficult it is to absorb it by buying up shares.

The net profit indicator for the period is subject to fluctuations at certain periods of time, which are caused by changes in market conditions, changes in interest rates, inflation and other factors. Thus, investing in financial assets involves risk. Therefore, when choosing a financial asset, an investor should take into account two points: a safe level of profitability and a risk fee, which together form the minimum (required) level of profitability. The safe level of profitability is usually taken to be the interest rate of government bonds. The level of risk is assessed by the value of the beta coefficient, which determines the relationship between general market profits for all shares on the exchange as a whole and profits for specific shares.

The required level of profitability (K) is determined by the formula:

where I is the safe level of profitability;

ß is the beta coefficient corresponding to any stock;

I р - the general market average level of profitability at the present time, at which ß = 1.

The actual value of a share (CA) is determined taking into account the required level of profitability and the amount of income received:

where D is the amount of dividends.

Calculation of the future actual value of a share:

where P is the expected annual growth of dividends.

Tasks and functions of the financial service

Financial services at enterprises perform the following tasks: provide financial resources for the costs of production, capital investments and other planned expenses; fulfill financial obligations to the state budget, banks, suppliers, superior organizations, workers and employees; find ways to increase profits and improve profitability; ensure the safety of working capital and acceleration of their turnover; exercise control over the effective use of fixed production assets and capital investments; organize cash settlements with suppliers and buyers, workers and employees, higher organizations, the state budget, and banks.

Tasks of the financial service .

control over the implementation of decisions made;

accounting and analysis of past experience and extrapolation to the future;

taking into account development trends and possible directions of changes in the external business environment;

taking into account strategic goals and prospects;

focus on the urgent nature of decisions made or reforms carried out;

justification and recognition of the unpredictability of the influence of some external factors.

The main task of financial management: managing cash flows in the enterprise and the ability to balance the management of material, technical and monetary resources.

Financial services perform the following functions:

1) organize financial and credit planning, including the development of long-term financial plans, an annual balance of income and expenses with a quarterly breakdown; communicating financial targets and standards to direct executors and monitoring their implementation; drawing up operational financial plans;

2) carry out settlements in order to ensure, on time and in full, cash transfers and payments due to: workers and employees (wages, bonuses, travel allowances and other payments). To ensure that the required amount of funds is available in the account at the time of payment of wages, the financial service takes measures to speed up the shipment of products and their payment; budget (taxes) and special funds (deductions). The financial service prepares calculations of payment amounts and is obliged to submit them to the tax office in a timely manner; bank (interest on loans and debt on loans). Financial workers draw up documents for obtaining loans, monitor their intended use and timely repayment, and financial security; higher organization to reserve and centralized funds; suppliers and contractors for goods shipped, services provided and work performed.
When making payments to customers, financial workers check whether the sales department has correctly prepared payment documents for shipped products and present them to customers for payment. They monitor compliance with deadlines and complete payment of invoices and take measures to collect overdue receivables. The financial service ensures the use of the most appropriate forms of settlements with buyers and suppliers, promoting timely payments and accelerating the turnover of funds in settlements;

3) carry out economic work aimed at increasing production efficiency. Together with other departments and services, financial workers systematically: improve the organization of working capital, develop measures to accelerate their turnover (reduce inventories, work in progress costs, inventories finished products, preventing excess inventories of inventory items, reducing the time frame for document flow and settlements); identify material assets that are unnecessary for the enterprise (raw materials, materials, spare parts, equipment) and take measures to sell them; together with the marketing service, they study consumer demand for manufactured products and, on this basis, develop recommendations for discontinuing slow-moving goods, low-profit products and replacing them with new ones, and consider draft prices for new products; study the dynamics of the composition and structure of fixed assets and indicators of their use, make proposals to increase capital productivity; develop a system of financial indicators within the framework of in-plant cost accounting (profit, capital productivity, norms of inventories and work in progress), these indicators are communicated to the divisions of the enterprise and monitor their implementation; provide material incentives for production teams in accordance with the results achieved, allocate funds for socio-cultural expenses;

4) exercise control over the implementation of the financial plan, rational use production resources, compliance with financial discipline. The financial department controls: the implementation of the product production plan, its shipment schedules, the correct execution of payment documents and the timeliness of receipt of sales proceeds; fulfillment of the plan for profit and profitability, taking into account the influence on these indicators of prices, volume of products, their cost, quality, assortment, balances of unsold products; timely consideration of customer claims and the reasons for their refusal to pay invoices for shipped products and services provided; compliance by the procurement department and other services with established deadlines for checking and paying payment requirements of suppliers, contractors and other organizations and justifying refusals to pay. Fulfillment of logistics contracts (financial sanctions are applied to suppliers who violate the terms and conditions of supplies); use of own and borrowed working capital for the intended purpose, their safety; targeted use of funds intended to finance capital investments and costs new technology; using the wage fund and providing the necessary funds for its payment on time; spending economic stimulus funds in accordance with planned estimates;

5) analyze the financial and economic activities of the enterprise through a systematic analysis of accounting, statistical and operational reporting to identify the causes of deviations in the implementation of the financial and credit plan, violations of financial discipline and forecasting based on an analysis of the results of the economic and financial activities of the enterprise; developing measures to improve production efficiency by eliminating identified deficiencies, preventing unproductive costs and losses, improving the use of production assets, identifying and mobilizing on-farm reserves and additional sources of financing, organizing work to analyze production activities in departments, services, workshops, farms and other structural units and determining the impact of these activities on the financial performance of the enterprise.

The market economy has significantly expanded and fundamentally changed the system of financial relations of enterprises in Kazakhstan. Today, effective financial management of enterprises and corporations can be called the main factor ensuring the viability and development of a business.
At the same time, the transfer of widely developed and used abroad principles, methods and tools for financial management of enterprises (corporations) to the Kazakh reality is completely impossible due to the underdevelopment of market relations; the continuation of the crisis situation here, the presence high level systematically reproducible financial risks in the activities of enterprises, caused by factors of a macro- and microeconomic nature, as well as unsatisfactory and unstable financial legislation, inadequate to modern conditions, methods of state regulation of the economy.
The scientific materials presented at the section reflect the results of current research on a wide range of problems in the finance of enterprises and corporations, aimed at increasing the role of financial management in the system of effective intra-company management.
Among the materials great place devoted to analysis, forecasting and optimization of the most important target financial indicators of the enterprise - profit, financial risks, financial stability and flexibility.
Very interesting are the results of research on the problem of budgeting, cash flow management of organizations as a tool for financial planning and control, focused on maintaining current and long-term solvency and the effective implementation of the strategic positions of the enterprise.
In the conference materials, significant attention is paid to the specific area of ​​financial relations related to the insolvency (bankruptcy) of enterprises, the substantiation of scientific and practical recommendations for increasing the effectiveness of crisis management.
The problems of developing investment activity, creating a favorable investment climate, new forms and methods of investing and financing real investments are considered by the authors from the standpoint of the strategic importance of these issues for the economy of Kazakhstan.
It should be noted that the organization and effective implementation of financial relations between enterprises and corporations is largely determined by specific industry factors: industry, construction, transport and communications.

Structure of corporate financial services.

To work in the financial service of a large organization, both generalist financial managers (for the general management of financial activities) and functional financial managers (to carry out specialized management functions in one of the areas of financial activity - investment management manager, anti-crisis manager, risk manager, etc.) . P.).

In large organizations, the structure of the financial service can be represented by a financial department with the following structural divisions: financial controlling department, accounting department, corporate finance department. In a large business, the financial department can be supplemented by departments of IFRS (international financial reporting standards), treasury, tax planning, financial analysis and control, internal audit and risk management department.

With such an organization of the financial service, each department performs certain functions, and the general management of finances is carried out by the key figure of the financial department - financial director , determining the policy and general direction of development of the organization in the field of finance; ensures compliance with laws governing the financial activities of the organization; develops principles, methodology and forms of financial management of the organization; provides overall guidance for financial planning; determines the target structure of the company’s consolidated balance sheet; is a representative of the company in interaction with financial and credit organizations; forms and controls the implementation of the company’s credit policy; is engaged in the preparation of analytical reports to the company’s management for making strategic decisions in the field of finance, etc.
Financial Controlling Department carries out planning and forecasting of the organization’s financial activities for the coming period; analyzes costs, draws up reports on the implementation of the organization’s financial plans; carries out tax planning; deals with the analysis and assessment of the financial condition and risks of the organization; identifies reserves for increasing the efficiency of financial and economic activities and develops measures to improve the financial condition of the enterprise. Its tasks may also include forecasting financial indicators based on market conditions, the activities of competing enterprises and counterparties, collecting and systematizing information on financial markets (loan rates, inflation percentage), etc.

Economists units carry out analysis and selection of investment proposals; carry out analysis efficiency of investment projects; organize the development of investment and innovation projects, etc.

Accounting checks documents, takes into account transactions, deals with accounting issues and the preparation of public financial statements in accordance with established standards and requirements, and prepares statements. Produces collection invoices, invoices, monitors their payment, as well as the timeliness and completeness of receipt of funds due to the organization from counterparty enterprises, insurance organizations, etc.; exercises control over the completeness and timeliness of payment of taxes and fees in budget and extra-budgetary funds; ensures relationships with banks regarding settlement and cash services; participates in resolving disputes between counterparties of an enterprise and the state regarding the payment of fines, penalties, penalties and other measures of economic impact on the organization arising from the terms of contracts and legislation regulating the activities of business entities.

Corporate Finance Department (Treasury) deals with liquidity management, interaction with banks, as well as mergers and acquisitions; prepares proposals for the issue of securities, for the purchase of securities of other issuers; manages the organization's investment portfolio; takes part in the work of currency and stock exchanges in order to meet the organization’s needs in rubles and foreign currency, etc.

In various companies financial services, like as a rule, perform similar functions, but often their composition depends on the industry specifics of the business. Financial service departments can be divided into two groups: typical (exist in most companies engaged in financial and economic activities) and industry . TO typical units include treasury, economic planning management, accounting, financial analysis and control department, department for working with receivables and payables, as well as investment management. TO industry divisions These include departments for income accounting, invoicing, forecasting, tax planning, reporting methodology and consolidation, as well as the directorate of guaranteed income (there are similar departments, in particular, in telecommunications companies). Tags: analysis, balance, business, budget, action, case, income, tasks, company, competitor, credit, a crisis, tax, organization, relationship, rule, limit, principle, forecast, risk, role, collection, system, facilities, strategist, structure, control, accounting, funds

The role of corporate financial services in improving production efficiency.

The current structure of the Kazakh economy with a small share of the processing industry, low competitiveness of domestic goods not only in foreign but also in domestic markets, and a focus on the export of oil and metals does not meet the requirements for entering and consolidating the country on a sustainable development trajectory. In accordance with this, the issues of conscious and purposeful management of the process of creating organizational and economic structures that meet modern requirements and providing potential opportunities for significantly increasing the efficiency of the national economy and the well-being of all Kazakhstanis. In this regard, the very idea of ​​corporatizing the Kazakh economy looks very attractive and progressive.

Indeed, the requirements of sustainable development are best met by such a form of production organization as a large corporation with highly diversified production. Such corporations have formed in most developed countries naturally. To date, diversified corporations, as the most effective form of organizing economic activity, are a leading element of national economies and the world economy as a whole.

The advantages of a corporation as a business system consist, on the one hand, in the ability to combine financial, intellectual, material and other resources, which allows the implementation of large investment projects that are beyond the capabilities of individual parts of corporations on their own. The unification of all industries and productions in a single structure, from the extraction of raw materials to the production and sale of finished products (vertical integration) provides the opportunity to implement a unified scientific, technical, trade and other policies within the corporation. The possibilities of vertical integration to cover all related and technologically interconnected industries are limited. That is why large corporations that reached the limits of growth within their specialization were forced to diversify by penetrating into other areas, both by organizing their own production facilities and by acquiring shares of existing companies.

The acceleration of the process of diversification of corporations was also due to state antimonopoly policy, which prevented the concentration of production of goods and services within one corporation in order to reduce the degree of monopolization of individual product markets.

On the other hand, diversification of production increases the degree of sustainability of the corporation as a whole, weakens its dependence on market forces, and gives it the necessary flexibility as an organizational and production system. Reasonable diversification and resource capabilities for the systematic modernization of the production apparatus and, if necessary, re-profiling of production in individual parts of the corporation increase its competitiveness in the domestic and foreign markets.

The role of large corporations in the global economy and the economy of individual countries can be judged from the following data. Thus, in the USA the number of corporations is less than 20% of the total number of all economic entities. There are just over 8,000 public corporations in the country whose shares are listed on major stock exchanges. At the same time, they account for more than 90% of the gross profit produced in the country, and they own 70% of all industrial assets / US Economy. Ed. V. Supyan. St. Petersburg: “Peter”, 2003/.

The role of corporations in the global economy is even greater. Thus, among the 100 largest economies in the world, 51 are corporations, and only 49 are states (the sales volumes of corporations and the volumes of GDP of states are compared). The world's top 200 corporations have sales of 18 times the combined income of 1.2 billion people (24% of the world's population living in poverty), produce 27.5% of global GDP, and employ only 0.78% of them labor resources of the world /G. Kochetkov, V. Supyan. “Corporation: American model”, St. Petersburg: “Peter”, 2005/.

In this regard, it can be noted that structurally the economy of any country consists of:

ü A relatively small number of large corporations that determine the role and place of the country in the international division of labor and use national competitive advantages.

ü A relatively large number of medium and large companies and enterprises that operate mainly on the domestic market in terms of servicing large corporations and the population, ensure the diversification of the economy and the economic security of the country, reducing dependence on imports of similar goods and services.

ü Many small businesses that specialize in meeting the needs of the population and other economic entities for their products and services provide employment to the country's population.

It is obvious that the formation of large corporations that could become leaders in the structural restructuring of the Kazakh economy and contribute to Kazakhstan taking its rightful place among other countries of the world, in an evolutionary way, will require too much time, which the country does not have at its disposal.

From our point of view, with the exception of large oil producing companies and ferrous and non-ferrous metallurgy enterprises, there are hardly a dozen or one and a half manufacturing enterprises in Kazakhstan that would fully meet the requirements.

Currently, there are a number of corporate models: American, Continental and Japanese. It is unknown which of these models is taken as the basis for Kazakhstan, and the success of the corporation depends on it. In our opinion, a new model of corporatization of the economy is possible for Kazakhstan, which can be implemented by combining the program for creating social-entrepreneurial corporations.

In accordance with the proposed approach, it was proposed to identify the core of corporations - leading enterprises that determine the main profile of production, the face and qualitative features of the future corporation. The corporation was proposed to be formed on the basis vertical connections(extraction of raw materials, production of materials, components, sales organization, development of production facilities that increase the degree of processing of products).

The organization of new production facilities was planned to be carried out both by creating new capacities and by joining operating companies on a shareholder basis. The proposed schemes for the formation of diversified corporations provided for interaction with agricultural enterprises and small businesses, as well as forms of participation of the corporation in solving social problems of the territory.

An important point there was an awareness that Kazakhstan alone could not create diversified corporations that could actively participate in the international division of labor. In this regard, it was planned to form interstate corporations (transnational companies) together with Russia and other post-Soviet republics.

Given the available number large enterprises The institute proposed the creation of 13-14 corporations. Naturally, the economic situation in the country has changed radically over the past 15 years and the proposed structures and composition of corporations cannot currently be implemented. But, from our point of view, in order to diversify the Kazakh economy and implement breakthrough projects, it would be advisable to implement an approach to spinning off the largest corporations.

The combination of an idea with the creation of large corporations can serve as a real basis for the formation of an effective national economy. But the implementation of this approach requires a revision of the role of the state in economic management, in particular, a radical change in the attitude towards existing development institutions, directions and criteria for assessing their activities.

Ph.D.,
head Department of Finance and Credit, Faculty of Economics, VSU

Pletnev Yu.M.,
applicant for the Department of Finance and Credit, Faculty of Economics, Voronezh State University,
Head of Department at JSC Voronezhstalmost

In modern conditions, increasingly significant in their consequences for activities enterprises become decisions made financial managers and analysts. Pricing and dividend policies, capital management are of fundamental importance for the results of its activities. Russian transition economy to market relations raised a large number of questions and made new demands on management finances enterprises. Study of market laws and organization financial relations took place “along the way,” and the automatic transfer of Western concepts to domestic soil led to the rejection by Russian practitioners of quite viable ideas. The above reasons partly influenced the economic situation Russian enterprises. In this regard, it seems necessary to discuss the problems organizations and functioning financially-economic services enterprises. Of course, this service should meet his interests, depending on the goals and objectives facing him. We propose to discuss these problems using the example of Voronezhstalmost JSC, other enterprises of Mostostroyindustriya JSC and some industrial enterprises of the city of Voronezh, which have a single, non-serial production nature. The article reviews and analyzes organizational structures financially-economic services enterprises, recommendations were developed on the composition of their functions.

A peculiar subject of work of the financial and economic service is money and cash flows that arise within the enterprise itself and beyond its borders, connecting it with other enterprises, the credit and banking system, and economic entities in the association. To manage the finances of enterprises, a financial mechanism is used - a system for managing financial resources in order to effectively influence the final results of production. The financial mechanism is designed to ensure the implementation of finance functions related to:

• providing the enterprise with funds;
• distribution and control of the use of funds.

The first function implies optimal provision of the enterprise with funds. Optimizing cash flows is one of the main tasks of the financial service.

The distribution function is associated with reimbursement of production costs and income generation. This income, in turn, is distributed between the enterprise and external organizations with which it has obligations, as well as between the enterprise and the state. The control function involves the use of various kinds of indicators and the establishment of economic incentives or sanctions.

The main goal of the financial service is the most complete implementation of finance functions by strengthening the financial position of the enterprise by increasing its profitability, profits, increasing labor productivity, reducing costs, improving product quality and introducing new advanced technologies and scientific achievements.

In our opinion, the most important tasks assigned to the financial and economic service include:

• mobilization of financial resources to ensure simple and expanded reproduction in order to make a profit;
• fulfilling financial obligations and organizing payroll settlements with suppliers, banks, and the budget;
• assistance effective use production assets and investments;
• development and implementation of a financial plan and enterprise budget;
• ensuring an optimal capital structure;
• control over the rational use of financial resources, compliance with financial and economic indicators of production activities.

The organizational structure of the financial service reflects the composition of the numerous functional divisions of the enterprise and determines the coordination of their joint activities towards achieving the goals set for the enterprise. It is this coordination that serves as the basis of the organizational structure, which is usually defined as a set of stable connections in the organization. Connections are seen here as expressions of relationships rather than as specific actions. Through structural connections, coordination relations between divisions of the enterprise are realized, the interaction of functional services is carried out, in which two important components are distinguished: the rights of a structural unit and its information support. Unfortunately, in the economic literature, including the literature on financial management, sufficient attention is not paid to the composition and interaction of individual functional units of the financial and economic service of an enterprise.

Financial and economic management is part of the process general management enterprise, therefore management in this area can be built according to management schemes traditionally attributed to the enterprise as a whole. These can be linear-functional management schemes that have proven themselves in stable conditions, or flexible and adaptive schemes focused on changing market conditions, or matrix, product management schemes. The main condition for choosing a management scheme is that it must meet the production conditions and type of organization.

Let us consider, as an example, the organizational structure of the financial and economic service at the enterprises of Mostostroyindustry JSC. In Fig. Figure 1 shows the organizational structure of the economic service of Ulan-Udestalmost CJSC. Enterprises in Kurgan and Ulan-Ude were built on the model of the Voronezh plant, repeating its organizational structure. Over time, it began to change at all enterprises

Rice. 1. Organizational structure of the financial and economic service of Ulan-Udestalmost CJSC

The organizational structure of the financial and economic service of the Ulan-Ude plant has currently undergone the least changes. This management scheme can be considered the original one, preserved from the time of the planned economy. It includes traditional groups within the accounting and economics departments.

In Fig. 2, 3 show diagrams of the financial and economic services of the Voronezhstalmost and Kurganstalmost enterprises.

Rice. 2. Organizational structure of the financial and economic service of Voronezhstalmost CJSC

Rice. 3. Organizational structure of the financial and economic service of JSC Kurganstalmost

There are many similarities in the organizational structures of the financial and economic services of these enterprises. The highest management level is the general director. The second level is deputy general director (at the Kurgan enterprise traditionally - “for economics and finance”, at the Voronezh plant - “for long-term development”). At the same time, the chief accountant and his department, according to the organizational structure diagrams, report directly to the director. To a greater extent, this is appropriate for a Voronezh enterprise, since the main activity of the deputy director is related to long-term planning, working with customers and justifying product prices. The same functions are typical for the deputy director for economics and finance of the plant in Kurgan. It is under his subordination that the department of foreign economic relations is located, the work of which is primarily aimed at providing production with orders. The subordination of the chief accountant and his department directly to the general director is explained by the compliance of the organizational structure with the essence of a planned economy, as well as the right of the chief accountant to manage funds in the current account based on the requirement of a second signature on payment documents. The personal responsibility of the chief accountant for the use of funds remains. Today, the subordination of the chief accountant directly to the general director is enshrined in the statutory and official documents of enterprises.

One of the elements of the organizational structure of the Kurgan plant deserves special attention - the subordination of the legal department to the deputy director for economics. The work of this service is largely connected with the preparation of contracts with external organizations, with assessing the legality of decisions made by economic services, with the fulfillment of the enterprise’s obligations to the state and contractors. Therefore, this position of the legal service in the organizational structure, in our opinion, is natural. Also, in our opinion, the direct subordination of the department of foreign economic relations (EFR) to the deputy director for economics of the Kurgan plant or the deputy director for long-term development of the Voronezh plant is completely justified. The main activity of OVES is aimed at providing production with orders, which is closely related to the economic analysis of a potential order. Having a group of economists in both the planning department and the OVES is impractical and expensive. The consolidation of these services under the leadership of a deputy director is entirely justified. Evidence confirming the appropriateness of the provisions of the OVES and the economic planning service are changes in the organizational structure of the Voronezh plant over the past few years.

After the creation of the foreign economic relations service at the plant, the price bureau, which was responsible for product costing and subordinate to the chief economist, was transferred to the structure of the external relations department. Later he was returned directly to the chief economist. Currently, the organizational structure looks more complete: both economists and marketing specialists are united under a single leadership (at the Voronezh plant - deputy director for long-term planning, in Kurgan - deputy director for economics and finance). The Price Bureau remains under the authority of the Chief Economist, works within the structure of the financial and economic service and ultimately reports to the Deputy Director for Economic Affairs.

The economic services of factories include the labor and wages department (LOW), which is traditional for the structure of the financial and economic service.

A peculiarity of the structure of the economic service of the Kurgan plant is the allocation of an independent financial department within its structure. His position and subordination directly to the Deputy Director for Economics and Finance meets modern requirements. The Voronezh plant does not have an independent financial department. Its functions are performed by the financial group within the accounting department. There is no doubt that the role of the financial service has increased and is strengthening with the development of market relations in Russia. Currently, there is a need for financial departments whose responsibilities include the tasks of forming a rational capital structure, assessing the enterprise's supply of working capital, managing cash flows, conducting financial analysis, searching for sources of financing, budgeting, etc. In this regard, the experience of the Kurgan plant in separating accounting functions and the financial department seems to meet the requirements of the time. At the Voronezh plant, the financial group is part of the accounting department. In this regard, the main functional responsibilities of accounting include: financial management, accounting for materials and other property, depreciation, financial reporting and taxes. At the same time, the accounting department does not have an analytical service that would assess the current financial and economic state of the enterprise, sources of financing, and investment flows. There is no such service in the structure of the economic planning department. Calculation of the cost of new orders, comparison of planned and actual indicators are carried out by the economic service, financial activities are controlled by the accounting department, which records the progress of the movement of financial resources, manages them and sums them up. Thus, forecasting the financial and economic state of the enterprise and operational analysis of its production activities are missing. The assessment of the economic state is carried out based on actual data, when it is no longer possible to influence them. To improve the organization of work and coordination of the activities of the financial and economic service, each of the analyzed enterprises can and should optimize the organizational structure of this service. It is no coincidence that the size of the accounting department at the Voronezh plant has increased significantly in recent years. Increasing the number of functional responsibilities within one department has a negative impact on the results and efficiency of its work. To change the situation, it is necessary to streamline and clearly delimit the functional tasks of the financial and economic service and reflect this in its organizational structure. Today, it is important, in our opinion, to provide within the financial and economic service positions of specialists in financial planning, conducting current operational analysis, assessing the attractiveness of investment projects, drawing up an enterprise budget, assessing various sources of financing, i.e. positions of financiers or financial managers.

Along with the enterprises of Mostostroyindustriya JSC, the organizational structures of other Voronezh enterprises were analyzed: Rudgormash OJSC and the Voronezh Car Repair Plant named after Telman (VVRZ). Diagrams of the organizational structures of the economic services of these enterprises are shown below in Fig. 4 and 5.

Rice. 4. Organizational structure of the financial and economic service of OJSC Rudgormash

It should be noted that if the first three enterprises are comparable in production volumes, then the Rudgormash plant and VVRZ are almost twice as large both in production capacity and in the number of employees. The structure of the financial and economic service of the Rudgormash enterprise is focused on the modern requirements of financial management of a commercial organization and, in our opinion, is quite complex. The entire service is headed by the Deputy Director for Economics and is divided into departments: economic planning and accounting and analysis (which includes accounting and financial departments). The service also includes a tax department.

Economic planning management includes traditional divisions: economic, labor organization and wages. The management structure of accounting and finance includes services that meet modern requirements. Here, in addition to the traditional sectors, the accounting department includes separate services: management accounting and analysis, budgeting, mutual settlements and work with banks. However, the subordination of the financial department to the chief accountant seems unjustified. The head of the financial department does not have direct access to the head of the economic service. It is more expedient, in our opinion, to reserve for each of the services only the functions inherent to them and to bring each of them under direct subordination to the deputy director for economics: accounting, economic planning and financial departments. The tax department has been removed from the accounting department, although it bases its activities on the basis of accounting data and, therefore, should be part of the accounting department.

The organizational structure of the economic service of the Telman VVRZ, on the contrary, is not complicated by the modern division of functions and is similar to the organizational structure of Ulan-Udestalmost CJSC. The difference between the financial and economic service of the Telman plant is that it is headed by a deputy director for economics. The service itself is divided into economic department and accounting department. Each division includes traditional functional groups and bureaus. It is worth paying attention to the fact that the economic department of this enterprise has an accounting and analysis sector. Typically, such a sector is present in the structure of accounting (in its financial part).

Rice. 5.

From conversations with heads of economic services, one gets the opinion that practicing economists see the analytical group either in the financial or economic departments, least of all connecting its activities with purely accounting departments of accounting. The authors of the work share the same opinion about the position of this group in the organizational structure.

At the time of the inspection of the activities of the financial and economic service of VVRZ, an additional tax specialist was added to the accounting department. In our opinion, in the modern situation, the presence of such specialists in the economic service of an enterprise has become a necessity.

From the analysis of the considered organizational structures of financial and economic services, the identified patterns of their changes and the requirements for them, it is possible to draw conclusions about what conditions the financial management scheme at an enterprise with a nature of production similar to production at the enterprises of Mostostroyindustry JSC should meet:

• the management of the financial and economic service of the enterprise should be headed by the Deputy General Director for Economics and Finance - a person bearing full responsibility for managing the cash flows of the enterprise;
• separation from the structure of the accounting service into an independent division of the financial department, the functions of which are: cash flow management; analysis and assessment of the state of the enterprise; financial planning and forecasting; assessment of investment projects;
• organization within the financial or economic planning departments of an analytical service to conduct periodic comparable analysis of the financial and economic condition of the enterprise, comparing planned indicators with actual ones;
• inclusion of OVES in the economic service, since planning long-term activities and providing production with orders require an economic justification;
• Since the activities of the economic service of an enterprise are designed both to meet the internal needs of production and to ensure a very wide range of external relations, the inclusion of a legal service in this structure is quite justified.

The main role in the financial management process of an enterprise is assigned to the deputy director for economics and finance (otherwise: director for economics, vice president of the company for finance), who directly reports to the general director. This is the key figure responsible for developing financial management strategies and tactics and their implementation to achieve the goals of the enterprise. TO job responsibilities Deputy Director for Economics and Finance includes solving problems that determine financial policy and implement the economic goals of the enterprise. Let's name some of them: selection of service management schemes, ways and means of their improvement, organization of effective work of the economic service, selection and placement of personnel, management of structural divisions of the service, provision of financial and economic indicators of the enterprise to interested parties, work with the banking system and business partners , formation and development of relationships with owners.

The next level of management of the financial and economic service is the chief specialists and heads of departments, heading functional services, under the direct supervision of the deputy director for economics and finance. This is an accounting department headed by a chief accountant; financial department headed by the head of the department; economic planning department, labor and wages department and price bureau under the unified leadership of the chief economist. The organizational structure of financial management, which allows optimizing the financial flows arising as a result of the production and financial activities of the enterprise, may look like the diagram shown in Fig. 6.

In the proposed structure, accounting is primarily responsible for choosing accounting policies and organizing accounting activities. She is also responsible for the accurate reflection of business transactions in accounting, the provision of accounting data to internal and external users, and the correctness of tax accounting. In addition to traditional functional units, its structure may include sectors of internal audit, management and tax accounting. The tax service is part of the accounting department for the following reasons: firstly, due to the fact that all forms of financial reporting - balance sheet, profit and loss statement, cash flow statement, etc. - are formed in the accounting department. Secondly, by the nature of its activities, the tax service is an accounting department. Thirdly, rational restrictions on the number of individual units within the economic service are necessary. The accounting department also collects information on costs and posts them by type for further presentation in the format “fixed - variable costs” within the framework of management accounting. Cost differentiation is important for conducting operational analysis and calculating the “break-even point.” The location of such analysis should be noted. Traditionally it is referred to as management accounting which appears to be part of the accounting activity. In practice, conducting operational analysis is more often referred to as the functions of economic analysts, linking it with the activities of the financial or economic planning department. It can be noted that the “cost-volume-profit” analysis is an integral part of financial management, therefore, in the presented organizational structure, cost accounting should be highlighted as an accounting function, and the analysis should be assigned to analysts of the economic service. In our opinion, this approach to the division of functions seems more correct, since the planning of production indicators and the comparison of their planned and actual values ​​should be carried out by one service.

Rice. 6.

In the recommended organizational structure, the financial service, headed by the head of the department, is separated into a separate structural unit. The financial department is directly subordinate to the Deputy Director for Economics and Finance. This position of the department is dictated by the requirements placed on this service by the modern nature of economic relations. In a market economy, the tasks solved by the financial department are of high importance for the enterprise. The competence of the department includes: searching for sources of production financing, managing the capital structure of the enterprise, assessing the availability and adequacy of working capital, tracking revenue receipts, managing receivables and payables, analyzing the compliance of the company’s funds with its financial obligations, financial planning and forecasting, attracting and management briefly
term loans and financial investments, participation in the preparation of the enterprise budget, financial analysis, assessment of the economic efficiency of investment projects. The listed tasks are complex in content and therefore require highly qualified personnel from the financial department. For example, the assessment of investment projects requires a high level of knowledge of financial management, accounting, production planning, cost justification, knowledge of methods of analysis and calculation of cash flows. This is why it is so important to have a separate service specializing in financial management. Some semblance of such a service as part of the accounting department, as is the case in most enterprises, is currently no longer acceptable.

The economic service, headed by the chief economist, includes a planning and economic department and a department for organizing labor and wages. The activities of the planning department are related to the solution of the following tasks: planning production activities and related costs, analyzing actual data on production volumes and costs, identifying and analyzing the causes of deviations from planned indicators and standards. This service develops ways and methods to reduce costs, prepares pricing decisions for various types of products, together with other structural divisions is the developer of business plans for the enterprise, collects and maintains reporting documents on its production activities, determines and tracks profits received from production and sales products. Planned and actual profits are the object of close attention of the planning department. This implies the advisability of conducting an analysis of the current economic state of the enterprise in this department. The service in which plans were developed and actual results of production activities were monitored should be the place for conducting operational analysis, analytical work to evaluate the final indicators in comparison with the planned ones.

In direct connection with the planning department is the department of labor organization and wages. Its functional purpose is the organization, regulation and accounting of labor costs in the enterprise. The department substantiates prices for production operations, takes into account and analyzes labor costs.

Of course, the economic service is not able to independently carry out production planning or prepare reporting. In this work, communication with production departments, marketing and technical services of the enterprise is important. In the process of preparing reports and conducting analysis, economists need to interact with the accounting and financial departments, and the sales department.

As noted when analyzing the organizational structures of enterprises included in JSC Mostostroyindustry, it is advisable to introduce a department of external economic relations and a legal service into their economic services. This proposal is reflected in the organizational structure, which is recommended for implementation at Voronezhstalmost CJSC (Fig. 7).

The activities of the OVES are related to the economic feasibility of projects intended to be put into production. In our opinion, having an economic analysis group in the OVES is prohibitively expensive for such enterprises. The inclusion of OVES in the structure of the economic service, as was done in Kurgan, is, in our opinion, a good decision. A similar situation arises with the legal service. Its activities are closely related to the work of economic structures. The unification of the OVES, legal service and economic structures under the management of the Deputy Director for Economics and Finance seems rational from the point of view of coordinating their joint activities.

The recommended organizational structure of the financial and economic service, in our opinion, most fully reflects the requirements for this service. However, it is indicative. Depending on the specific enterprise, it may be adjusted. With a particular situational approach to building an organizational structure, it is important to preserve functionality, that is, the ability to effectively manage financial and economic activities. In large-scale enterprises, the service may contain a large number of groups, bureaus, and departments. A small-scale enterprise may have a service where the functions and responsibilities of sectors or groups can be combined and carried out by a smaller number
workers, but nevertheless in this case it is necessary to maintain the functionality of this service. It is designed to ensure the efficiency and effectiveness of enterprise management, implementation management decisions at any level. Another requirement for the organizational structure of the economic service, in our opinion, is its adaptability to the constantly changing internal and external environment. The structure must be promptly modified into a system that reflects new trends in the development of the enterprise. The success of its activities in the future is largely related to the compliance of the organizational structure with the goals and objectives facing it.

Literature

1. Vikhansky O.S., Naumov A.I. Management. - M.: "Gardarika Firm", 1996. - 416 p.
2. Zaitsev N.L. Economy industrial enterprise. - M.: INFRA-M, 1998. - 336 p.
3. Samsonov N.F., Barannikova N.P., Volodin A.A. Financial management. - M.: UNITY, 1999. - 495 p.
4. Enterprise economy. / Ed. prof. Volkova O.I.: Textbook. — 2nd ed., translated. and additional - M.: INFRA-M, 2001. - 520 p.
5. Dvoretskaya A.E. Organization of financial management at the enterprise. // Management in Russia and abroad. - 2002. - No. 4. - P. 96.

Also on this topic.

The structure of the financial and economic service, most typical for Russian enterprises, is presented in

In addition to the listed divisions, the financial and economic service of an enterprise can be structurally divided into an analytical department, a tax planning department, a labor and wages department, etc.

It should be noted that this structure is typical for many, but not all enterprises, therefore it may be different at a particular enterprise. It is not the units themselves that are important, but the functions they perform. The main functions performed by the financial and economic service of an enterprise are presented on.

Accounting keeps track of "fact". Its activities are oriented “to the past” (which is reflected by the arrow to the left). The main task of accounting is the most accurate reflection of the “fact”, bringing it to the user departments.

By its nature, accounting is not oriented towards managing processes in an enterprise. The main documents are reporting: balance sheet and profit and loss report (financial results of the enterprise).

Planning and Economic Department (PEO) plans production volume (based on sales volume) in general and by workshop, as well as income, costs and use of profits, coordinates the pricing process at the enterprise. The main resulting document is the profit and loss plan and analysis of its execution.

Financial department (FO) develops and implements a plan for the flow of cash and other means of payment, analyzes its implementation, and consolidates (plans) cash receipts and payments on the basis of data from the marketing department and other departments.

Question:
Which division is involved in capital management? Accounting?- No, its main function is to track the fact.
PEO?- Only one of the components of liabilities - profit.
FO? - Only the movement of cash (payment) funds, sometimes - the management of receivables and payables.

According to some experts, most Russian enterprises do not have capital management (in particular, there are no departments for which this task is the main one). Of course, the absence of a special unit does not mean failure to perform the function. However, assigning a significant function to other departments that have a different range of responsibilities, as a rule, leads to the displacement of less urgent tasks. A typical result of this approach to the distribution of functional responsibilities is “seven nannies have a child without an eye.”

Question:
If an enterprise does not manage the most important factor (indicator), and the aggressive “capitalist” environment is monitoring it (and looking for where to make money), will the enterprise’s capital increase or decrease?
Answer:
if it increases, it will be by accident or due to an extremely profitable market niche.

Rational structure of FES. Any of the main functions performed by the financial and economic service, be it profit management, cash flow (CDF) or capital management, requires significant time and intellectual expenditure. In this regard, within the FES it is advisable to identify structurally separate divisions that specialize in performing one or another main function of enterprise financial management ().

A possible structure of the financial and economic service of an enterprise, rational from the point of view of the division of functional responsibilities, is presented on. Naturally, this is just one of the possible options, which should be linked with other functions performed by the financial and economic service, its divisions and personnel.

It would be more expedient to subordinate the labor and wages department to the personnel management service. The chief accountant often reports directly to the general director, but in practice it is more expedient to operationally report to one person - the financial director or introduce the position “financial director - chief accountant”.

Full name of the research object – closed Joint-Stock Company"Kuban-GSM"; on English language– Closed Joint Stock Company “Kuban-GSM”.

Abbreviated name: CJSC Kuban-GSM, CJSC Kuban-GSM.

Location: Russia, Krasnodar, Western Administrative District, Gimnazicheskaya St., 61

General Director – V.E. Moskalenko;

Chief accountant T.A. Korsun

Board of Directors:

Smirnov Mikhail Alekseevich, born in 1950

Blinov Andrey Konstantinovich, born in 1965

Gorbachev Vladimir Lukich, born 1950

Ushatsky Andrey Eduardovich, born in 1974

Kondrakov Yuri Ivanovich, born in 1954

Sole executive body – General Director Vyacheslav Efimovich Moskalenko, born in 1949.

A collegial executive body is not provided for in the charter.

CJSC Kuban-GSM is registered by the Registration Chamber of Krasnodar (Registration Certificate Series B No. 6948 dated May 15, 1998).

CJSC Kuban-GSM was created on May 15, 1997. In a short period of time, the network was installed and configured and on December 15, 1997, it was launched into pilot commercial operation. The company began to operate in the territory Krasnodar region and the Republic of Adygea. The company was created for an indefinite period.

The purpose of the Company's economic activity is to generate profit through planning, marketing and operation of a cellular mobile radiotelephone communication network in the Krasnodar Territory and the Republic of Adygea in accordance with licenses issued by the Ministry of Communications of the Russian Federation.

CJSC Kuban-GSM in the Krasnodar Territory and the Republic of Adygea is the leader in the cellular communications market in the South of Russia, already serving more than a million subscribers in the region.

Since June 2003, CJSC Kuban-GSM has been operating under the single MTS brand and has introduced new, more profitable uniform tariff plans of the federal MTS network: “MTS. Optima", MTS. Business", "MTS. VIP" and "MTS. Corporation", "Jeans-Tonic" (and the "Extra-Jeans" service introduced on May 1, 2004), "Super-Jeans", which most fully take into account the needs of all cellular users. Every second family in the region uses the services of the MTS cellular network in the Krasnodar Territory and the Republic of Adygea.

The quality of communication and subscriber service is always a priority in the company’s activities, so increased attention is paid to it.

To provide best communication In the Krasnodar Territory and the Republic of Adygea, switching capacity is constantly being expanded, new base stations are being installed, and existing ones are being modernized.

Branches opened in major cities regions: Novorossiysk, Sochi, Maikop, Tikhoretsk, Tuapse, Armavir. Customer service centers have been opened in Anapa, Gelendzhik and other cities of the Krasnodar Territory.

Today, CJSC Kuban-GSM provides coverage of about 70% of the Krasnodar Territory and the Republic of Adygea, including the largest cities on the Black Sea coast, which are visited by more than 5 million people every summer season.

The technical innovations introduced by the company provide subscribers with the opportunity to make full use of the capabilities of their phone. In addition to standard ones, the company also provides additional services that make a mobile phone not just a means of communication, but also an indispensable assistant for business and personal use.

Based on the results of the past year, CJSC Kuban-GSM was awarded the title of “Best Enterprise” in the postal and electrical communications industry. Over the past 2 years, Kuban-GSM has been a regular winner of this competition

In 2002, General Director of Kuban-GSM CJSC V.E. Moskalenko was among the best top managers in Russia.

In 2002, CJSC Kuban-GSM took 1st place in terms of the number of subscribers in the Southern Federal District.

First of all, it should be said that the structure of an organization is a logical relationship between management levels and functional areas, built in a form that allows the organization's goals to be most effectively achieved.

The highest management body of the enterprise CJSC Kuban GSM is a meeting of shareholders. Once a year, the company holds an annual meeting of shareholders, but in addition to the annual meeting, extraordinary meetings can be convened.

Extraordinary meetings of shareholders may be called by the General Director to consider any issues.

The General Director exercises sole operational management of the company's activities and is endowed, in accordance with the legislation of the Russian Federation, with all the powers necessary to perform this task.

Organizational and management structure diagram CJSC Kuban-GSM shown in Fig. 1.

The organizational structure of CJSC Kuban-GSM can be characterized as a linear-functional type based on the “mine principle”.

Table 1

Analysis of linear-functional structure CJSC Kuban-GSM

Advantages

Flaws

1. Frees line managers from dealing with some special issues. 2. Creates the basis for the use of experienced specialists in consultations. 3. Reduces the need for generalists. 4. Efficiency through specialization of activities. 5. Centralized control over strategic decisions. 6. Differentiation and delegation of powers. 7. Stimulates business and professional specialization. 8. Reduces duplication of effort and consumption of material resources in functional areas. 9. Improves coordination in functional areas.

1. Relationships become more complex. 2. Coordination becomes difficult. 3. There is a tendency towards excessive centralization. 4. Promotion of narrow specialization of departments. 5. Difficulties in coordination. 6. Limited opportunity for managerial development. 7. Departments may be more interested in achieving the goals and objectives of their divisions than the overall goals of the entire organization. This increases the potential for conflicts between functional areas. 8. In a large organization, the chain of command from the manager to the direct executor becomes too long.

The linear-functional management structure of Kuban-GSM CJSC includes one block - the marketing department, the technical and production department, the international department and the sector of interaction with foreign partners, the investment department and the sector corporate development, Department of Radio Subsystem Integration and Communication Quality Control, Information Technology Department and Department software, administrative management department, public relations and dealer relations department, financial department (accounting, tax minimization and internal audit department, commercial department), legal department, human resources and personnel development department of the enterprise. These are the broad areas of activity or functions that a company has to ensure that the organization's goals are achieved. However, the specific names of such departments may vary, and traditional designations do not provide an accurate description of the most important functions of some areas of production activity. But the size of these functional departments is large and the main departments can in turn be subdivided into smaller functional units.

Let's move on to analyzing the structure of the financial service of the enterprise under study.

2. FUNCTIONAL AND ORGANIZATIONAL STRUCTURE OF THE FINANCIAL SERVICE OF THE ENTERPRISE STUDY

Finance is the lifeblood of an enterprise, and the financial system is the circulatory system that ensures the life of an enterprise. The financial service of the enterprise is responsible for its functioning.

1. Mission of the financial service of CJSC Kuban-GSM

Purpose:

ensuring long-term effective economic activity of the enterprise in a constantly changing competitive external environment;


ensuring constant growth in the volume of activity of the enterprise and its market value.


Field of activity:


economic activity and enterprise development;


enterprise finances.


Control objects:


Economic activities of the enterprise:


— operating activities of the enterprise;


— trade policy (pricing, trade discounts, terms and volumes of trade loans, barter transactions, etc.);


— financial condition of the enterprise: solvency, financial stability and financial balance;


— the level and dynamics of the financial results of the enterprise: cost and profitability, tax policy, etc.;


— profit: distribution and dividend policy;


— financial risks of economic activity.


Enterprise finances:


— current assets: structure and volume, turnover, renewal, optimization and financing;


— cash flows from operating, financial and investment activities;


— non-current assets: structure and volume, renewal, optimization and financing;


— capital: price, formation and optimization of structure and volume;


— borrowed financial resources: attraction;


— real and financial investments;


— movement of financial resources (money and their surrogates) between stores and sources of their financing (external and internal);


— financial relationships with budgets and banks.


2. Functions of the financial service of CJSC Kuban-GSM


There are three planning periods and, accordingly, three levels of financial management:


Strategic financial management. The planning period is from 2 to 5 years or more. Focused on organizing medium- and long-term financing of enterprise activities and development.


Current financial management. The planning period is one year, broken down by quarter. Focused on organizing short-term financing of enterprise activities.


Operational financial management. The planning period is one quarter, broken down by month. Focused on organizing short-term financing of enterprise activities.


In accordance with the levels of financial management, the functions of the financial service of the enterprise CJSC Kuban-GSM are determined.


Table 1 – Functions of the financial service of the enterprise CJSC Kuban-GSM, depending on the level of financial management


Financial management level	Functions of the financial service
	Financial and economic management of enterprise economic activities	Enterprise financial management
Strategic	Development of corporate financial enterprise strategy (including investment and credit). Participation in long-term management enterprise development and investment. Strategic management financial risks.	long-term development of the enterprise. Control: — non-current assets; - capital and investments.
Current	Participation in business planning economic activity of the enterprise. Participation in the management of medium-term development of enterprise strategy, innovation and investment. Control: — common trade policy; — financial condition enterprises (with a focus on the entire planning period, i.e. a year broken down by quarter); - mid-term tax policy; — distribution of profits and dividends politics; — current financial risks.	Organization of project financing medium-term development of the enterprise. Control: - current and non-current assets, — own and borrowed capital; — attracting borrowed financial resources; - real and financial investments; — financial relationships with budgets and banks.
Operational	Operating room budget management activities of the enterprise. Control: — operational trade policy; - financial condition of the enterprise (with orientation towards the entire planning period, i.e. quarter by month); — short-term tax policy; — the level and dynamics of financial results of the enterprise's activities; — operational financial risks.	Organization of financing operating activities of the enterprise. Control: — current assets; — short-term borrowed capital; — cash flows; — operational financial risks; — movement of financial resources between structural divisions enterprises and their sources financing.

3. Financial management process


Management of financial activities (i.e. financial management) of an enterprise financial service CJSC Kuban-GSM
carries out by setting target financial indicators, standards and objectives of the enterprise for the planning period and organizing their implementation.


The process of managing the financial activities of an enterprise CJSC Kuban-GSM
includes:

Analysis of the financial and economic condition of the enterprise for the past planning period.


Development of a financial strategy for the enterprise for the planning period.


Development of a financial plan - a system of target financial indicators, standards and objectives of the enterprise for the planning period.


Development of a system of management decisions in the field of financial activities for the planning period.


Monitoring the implementation of management decisions made in the field of financial activities


Adjustment of management decisions made in the field of financial activities based on control results.


Analysis of the financial and economic condition of the enterprise for the past planning period includes:

horizontal financial analysis: comparison of financial indicators of the reporting period with those of the previous period, comparison of financial indicators of the reporting period with indicators of the same period last year, comparison of financial indicators for a number of previous periods;


vertical financial analysis: structural analysis of assets, capital, cash flows, etc.;


comparative financial analysis: comparison with industry average financial indicators, with financial indicators of competitors, with financial indicators of structural units of the enterprise, comparison of reported and planned financial indicators, etc.;


analysis financial ratios(R - analysis): financial stability, solvency, asset turnover, capital turnover, profitability, etc.;


integral financial analysis, using any of the corresponding systems: DuPont, object-oriented system of integral analysis or another.


Development of a financial strategy for an enterprise CJSC Kuban-GSM
for the planning period is based on overall strategy economic development enterprises and includes:


determination of the general period for the formation of the financial strategy;


study of factors of the external financial environment and financial market conditions;


formation of a system of strategic goals and target indicators of the enterprise’s financial activities;


identification of priority tasks to be solved in the near future;


development of a financial policy for the enterprise’s actions on certain aspects of financial activity;


assessment of the developed financial strategy.


Development of a financial plan - a system of target financial indicators, standards and objectives of the enterprise for the planning period is a specification of the target indicators of the financial strategy for the periods of its implementation


Development of a system of financial management decisions in the field of financial activities for the planning period includes:


development of a system of organizational and economic measures to ensure the implementation of the financial strategy;


formation of a system of incentives and sanctions for heads and managers of structural divisions of the enterprise for fulfillment or failure to fulfill established financial targets, standards and targets;


implementation of the system (through the budgeting system and with the help of other tools, including such as, for example, a contract form of remuneration for executives and managers of structural divisions).


Monitoring the implementation of management decisions made in the field of financial activities (Table 2).


Table 2 - Three main types of financial control:


Type of financial Control	Main area of ​​control	Main control period
Strategic control	Control of financial strategy and its targets	Quarter; year
Current control	Control of current financial plans	Month; quarter
Operational control	Budget control	Week, decade, month

Each type of financial control involves:


building a system of informative reporting indicators;


development of a system of generalizing (analytical) indicators reflecting the actual results of achieving the specified quantitative control standards;


determination of the structure and indicators of the forms of control reports of performers;


determination of control periods for each group of controlled indicators;


monitoring the achievement of the required values ​​of controlled indicators by structural divisions and the entire enterprise


establishing the size of deviations of the actual results of controlled indicators from established standards;


identifying the main reasons for deviations of the actual results of controlled indicators from established standards.


Adjustment of management decisions made in the field of financial activities based on the results of control and bringing them to the relevant departments of the enterprise.


3. STRUCTURE OF THE FINANCIAL SERVICE OF THE ENTERPRISE


The general rule for forming a team of employees in the financial service of an enterprise is high qualifications and economically justified staff minimization. Therefore, the structure of the financial service of the enterprise CJSC Kuban-GSM
was formed gradually, as the enterprise developed, mastered modern technologies and implementation modern instruments financial management, centralization of financial and economic management of the enterprise and the formation of a high corporate culture at the enterprise.


Structure of the financial service of the enterprise CJSC Kuban-GSM
shown in the figure. It consists of two main divisions (financial management and planning), which for the sake of convenience are called departments. Financial service units consist of specialized groups. A group can consist of one or more people. For smaller businesses, one person can represent multiple groups.


Enterprise accounting CJSC Kuban-GSM
within the framework of financial management, he specializes in financial accounting and is one of the sources of information for the activities of the financial service. It is advisable to separate it from the financial service of the enterprise, which will ensure control over the finances of the enterprise independent of the financial service (the so-called control in “two” hands).


Financial service CJSC Kuban-GSM
also engages specialists from legal and other departments of the enterprise as experts when performing certain works on financial management and in preparing regulatory, methodological, contractual and other documentation.


Rice. 1. Structure of the financial service of the enterprise CJSC Kuban-GSM



Enterprise financial management department. The department specializes in managing the enterprise's own financial resources and external financial resources.


Financial design group. Its main functions and tasks:


— development of normative and methodological documents on enterprise financial management;


— development of a financial strategy and preparation of draft management decisions on the strategic financial resources of the enterprise;


— development of proposals and preparation of draft decisions on the current and operational financial management of the enterprise;


— monitoring the status, control of execution and adjustment of management decisions made regarding the finances of the enterprise;


— preparation of draft decisions to improve the organization of financial management in enterprises.


Group for organizing external financing. Its main functions and tasks:


— development of regulatory and methodological documents on the organization of external financing;


— organizing the attraction of strategic borrowed capital from the financial market;


— organizing the attraction of real investments;


— organization of medium-term financing of the enterprise’s economic activities from the financial market;


— organizing short-term financing of the enterprise’s operating activities;


— placement of the enterprise’s free capital on the financial market.


Securities and Stock Market Group Its main functions and tasks:


— development of regulatory and methodological documents on the activities of the enterprise on the stock market;


— organizing the attraction of strategic borrowed capital from the stock market;


— organization of medium-term financing of the enterprise’s economic activities from the stock market;


— placement on the stock market of the enterprise’s free capital (monetary and in the form of securities, for example, bills).


Planning department The department specializes in the financial and economic management of the economic activities of the enterprise.


The department includes the following groups:


Strategic and current planning group. Its main functions and tasks:


— development of normative and methodological documents on strategic and current financial and economic planning at the enterprise and the functioning of the system of planned financial and economic documentation of the enterprise;


— development of a financial strategy for the enterprise;


— development financial sections annual business plan for the enterprise, and determination of annual planned financial and economic indicators;


— development of financial sections of business plans for enterprise projects;


— adjustment of financial strategy, business plans and planned financial and economic indicators.


Budgeting group. Its main functions and tasks:


— development of normative and methodological documents on budget planning at the enterprise and the functioning of the system of planned financial and economic documentation of the enterprise;


— development and adjustment of the consolidated operating budget of the enterprise;


— development and adjustment of budgets for operating activities of enterprise divisions.


Monitoring and control group. Its main functions and tasks:


— development of normative and methodological documents on monitoring, accounting, control and analysis of the implementation of financial and economic plans for the economic activities of the enterprise and the functioning of the system of financial and economic accounting and reporting documentation of the enterprise;


— monitoring, accounting, control and analysis of implementation:


general corporate financial strategy;


annual planned financial and economic indicators of the enterprise’s activities;


consolidated operating budget of the enterprise;


— monitoring and analysis of implementation:


planned financial and economic indicators of the activities of the enterprise divisions;


budgets for operating activities of enterprise divisions;


— preparation of financial and economic reporting documentation for the management of the enterprise.


A group of supervisors of enterprise departments. Its main functions and tasks:


— participation in the development of financial sections of annual business plans for the activities of divisions and the determination of annual planned financial and economic indicators;


— bringing planning documentation to the divisions of the enterprise (planned annual financial and economic indicators and operating budgets);


— monitoring and accounting for the implementation of planned annual financial and economic indicators and operating budgets of the enterprise’s divisions, preparation of reporting documentation for the management of the enterprise;


— development, together with the divisions of the enterprise, of proposals for adjusting the planned annual financial and economic indicators and operating budgets and bringing them to the management of the enterprise;


— organizing the implementation of normative and methodological documents regulating financial management in the divisions of the enterprise.


Financial Administrators Group information system: Its main functions and tasks:


— development and implementation of specialized software for financial management (financial management of an enterprise and financial and economic management of the economic activities of an enterprise);


— creation and organization of operation at the enterprise of a system of planning, accounting and reporting financial and economic documentation;


— creation, organization of implementation and operation of an automated financial information system (and its development) at the enterprise;


— creation of a database of financial and economic data on activities at the enterprise, its maintenance and updating;


— development of normative and methodological documents on the functioning of the enterprise’s system of financial and economic documentation, automated financial information system and financial and economic data base.


5. Stages of development of financial management in an enterprise


The activities of the financial service are aimed at achieving its external and internal goals.


In accordance with its external goals, the financial service must organize the financial and economic management of the enterprise as an economic structure operating and developing in a competitive dynamic business environment.


In accordance with its internal goals, the financial service in the process of development must itself develop technologically and organizationally.


We can distinguish the following stages of development of the financial management system at the enterprise and the corresponding stages of development of the financial service itself:


1. Introduction at the enterprise of the basic elements of modern financial management


Includes the development by departments and the enterprise as a whole of individual elements of financial and economic management technology. At this stage, the financial service begins to form the corporate financial culture of the enterprise.


2. Creation of basic elements of financial management at the enterprise This stage covers the activities of the financial service in mastering individual elements of the technology of a financial and economic enterprise and ends with the beginning of enterprise management using financial and economic methods.


3. Implementation of operational controlling systems in enterprise divisions This stage covers the activities of the financial service to create enterprises in the divisions full-fledged systems operational controlling (financial management based on the concept of budgeting). It ends with the beginning of regular operational management divisions of the enterprise using financial and economic methods


4. Creation of a current financial management system at the enterprise This stage covers the activities of the financial service to create a system of current (planning period - year) financial management at the enterprise and ends with the beginning of regular current financial and economic management of departments based on the concept of business planning.


5. Creation of a strategic financial management system at the enterprise This stage covers the activities of the financial service to create a long-term financial planning system at the enterprise and ends with the beginning of regular strategic management of the enterprise using financial and economic methods.


6. Creation of a comprehensive financial management system at the enterprise This stage ends with the beginning of regular “end-to-end” financial and economic management of the enterprise as a single economic structure, including subsystems of operational, current and strategic management. Financial policy of the enterprise FINANCIAL STRATEGY AND FINANCIAL TACTICS