Economic sciences/15. Management of financial condition
Turchenko V. E.
candidate of technical sciences, associate
professor Shamov S.O.
Kharkiv
Institute of Banking, University of Banking, National Bank of Ukraine
Management tasks in the
analysis and audit of the financial condition of an enterprise
Production
problems. If we consider the activities of the enterprise
in terms of a systematic approach, any enterprise which in essence is the
organizational system but targeted to make the
management process.
We must note that the problem,
processes, methods and management tools can be the object of the research in
various ways. They can be:
the object or the subject of the study, the part of the object or the subject
of research, the means of solving problems, the condition in which the problem
is resolved, the source, the converter, the consumer or the product or the
receiver of the result which is defined as the purpose of the research.
The
subject of the research
is management tasks in the analysis and audit of the financial condition of an
enterprise.
The
purpose of this
study is to analyze the relationship between enterprise activities and
management processes. The detection of such administrative processes that
significantly affect the results of the analysis and audit of financial
condition.
The results showed that the control
problem in the analysis and audit of the financial condition is the management
of the basic economic factors that directly affect the financial condition, because of
financial condition - a system of formation and distribution of assets, which
provides the goal of its activities and describes the financial and material
capacity at the moment of its development, and evaluated through a system of indicators of
economic status, using modern methods and techniques.
Therefore, one can distinguish five
basic management processes that significantly affect the results of the analysis
and audit of financial condition of an enterprise.
Liquidity management – is the activity of an
enterprise, for the placement of the funds, which provides the possibility of
payment for liabilities (to convert assets to cash in a short period of time).
There are several methods of liquidity management:
1) the general method of allocation, which is involved in
the distribution of its own funds and channel placement of a single fund to
meet the needs;
2) the method of distribution of assets (conversion of
funds) that placing assets in accordance with the terms of liabilities (such as
fixed deposits for one year to go on lending to one year);
3) the method of optimized allocation of funds.
Liquidity
Management is an important part of enterprise management and it is more
important for the analysis of the financial condition of the company.
Asset
Management - management relations among different parts of the company's assets
to ensure the highest incomes.
The formation of tangible assets should be
focused on increasing of active share capital (machinery and equipment) that allows
to expand production with abilities (buildings,
constructions) and reducing the costs of land.
The available surplus funds should be
placed in the most profitable investment forms. Effective management of
inventory and receivables to reduces of operating assets costs.
Liability management is a set of methods
for reduction of the costs of raising funds and improving their structure.
Optimal combination of company’s own funds
(self-financing) and attraction of external funds, which include capital
increase (the issue of shares, bonds, etc.), long-term and short-term loans are
important in the company’s operation. Borrowing must rely
on realistic estimates of their coverage on due date.
Effective management of assets and liabilities
is the means of achievement of the main goal of the financial condition of the
company, which is to achieve the financial
capacity at the moment and in prospect.
Risk management is a decision making and
rational action in situations of risk, the content of which is to protect the
object from possible present or future threats. Ways of managing risk are: the
exclusion of risk, risk transfer, risk reduction and risk retention. Last three
methods of risk management are usually carried out through insurance.
Risk is an integral part of any - company from
the perspective of a systematic approach in the management, assessment and risk
management an important part of enterprise management. Since the loss of
economic benefits as a result of ineffective risk management directly affect
the financial condition and results of its audit and analysis .
Financial management is the organization of
financial resources at various levels of management to their best use. At the
enterprise level financial management aimed at obtaining the financial
resources of the highest incomes. Allocation of funds should ensure their
profitability, taking into account risk factor and the necessary liquidity of
the company.
The
acceleration of financial management in some companies is focused on the efficient
use of working capital and its turnover by forming profitable for the company
payment system for the supply of finished products and the acquisition of raw
materials, encouraging customers (giving them discounts on the price) for the
acceleration of the terms of payment, the use of modern methods of payments ,
including factoring, etc.
Conclusions. the following conclusions can
be suggested:
1) all
considered types of management are essential both for analysis and auditing of
the fin. Condition of the company because they affect the financial and
material potential of the company;
2) different
types of management to have different effects: the most influential factors in the analysis are
liquidity financial and risk management, and in auditing – throw management of
assets and liabilities.
List
of sources:
1. Azriliyan. A. Great book dictionary / A. Azriliyan
- 2002
2.
Butler B. Finance: Oksfordskyy dictionary / B.
Bataler, B. Johnson, G. ѳäóýëë, JE. Wood. - 2003
3.
Flaminskyy I. External glossary / ed. I.
Faminskoho - 2001
4.
Kurakov.L. Economics and Law: Dictionary / L.
Êóðàêîâ - 2004
5.
Tulinov V. insurance and risk management.
Glossary / V. Tulinov, V. Gorin. - 2000