Analysis of financial statements involves the use of specific techniques or methods, one of which is “reading” the balance sheet, or the study of absolute values. “Reading”, or familiarization with the contents, of the balance sheet allows you to establish the main sources of funds (own and borrowed); main areas of investment; the ratio of funds and sources and other characteristics that allow us to assess the property status of the enterprise and its security. But information presented in absolute values ​​does not always allow one to accurately determine the dynamics of indicators and is insufficient to justify decisions. Therefore, along with absolute values, when analyzing financial statements, various analysis techniques are used that involve the calculation and assessment of relative indicators. These include horizontal, vertical, trend, factor analysis and calculation of coefficients.

Horizontal analysis involves studying the absolute indicators of an organization’s reporting items for a certain period, calculating the rate of their change and evaluating it.

In conditions of inflation, the value of horizontal analysis is somewhat reduced, since the calculations made with its help do not reflect objective changes in indicators associated with inflation processes.

Horizontal analysis is complemented by vertical analysis of the study of financial indicators.

Vertical analysis refers to the presentation of reporting data in the form of relative indicators through the share of each article in the overall reporting and assessment of their changes over time. Relative indicators smooth out the impact of inflation, which allows for a fairly objective assessment of the changes taking place.

Vertical analysis data makes it possible to evaluate structural changes in the composition of assets, liabilities, other reporting indicators, the dynamics of the share of the main elements of the organization’s income, product profitability ratios, etc.

Trend analysis (analysis of development trends) is a type of horizontal analysis focused on the future. Trend analysis involves studying indicators for the maximum possible period of time, while each reporting item is compared with the values ​​of the analyzed indicators for a number of previous periods and a trend is determined, i.e. the main recurring trend in the development of the indicator, cleared of the influence of random factors and individual characteristics of the periods.

To carry out factor analysis, the indicator under study is expressed through the factors that form it, and the influence of these factors on the change in the indicator is calculated and assessed. Factor analysis can be direct, i.e. the indicator is studied and decomposed into its component parts, and inversely (synthesis) - individual elements (components) are combined into a common studied (resultative) indicator.

Comparative (spatial) analysis is a comparison and assessment of the performance indicators of an enterprise with the indicators of competing organizations, with industry average and average economic data, with standards, etc.

Analysis of coefficients (relative indicators) involves the calculation and assessment of the ratios of various types of funds and sources, indicators of the efficiency of using enterprise resources, and types of profitability. Analysis of relative indicators makes it possible to assess the relationship between indicators and is used in studying the financial stability, solvency of an enterprise, and the liquidity of its balance sheet.

The simultaneous use of all techniques (methods) makes it possible to most objectively assess the financial position of the enterprise, its reliability as a business partner, and development prospects.

The financial condition of an enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to make payments on time, finance its activities, withstand unexpected shocks and maintain its solvency in adverse circumstances indicates its stable financial condition, and vice versa. Therefore, one of the indicators characterizing the financial position of an enterprise is its solvency, i.e. the ability to have cash resources to timely repay your payment obligations.

The solvency assessment is carried out on the basis of calculating relative liquidity indicators (current liquidity ratio, intermediate coverage ratio and absolute liquidity ratio). Absolute liquidity ratio is the ratio of the value of absolutely and most liquid assets to the value of short-term liabilities.

UDC 658.15

D.V. MANUSHIN, Candidate of Economic Sciences, Associate Professor

Institute of Economics, Management and Law (Kazan) E-mail: [email protected]

PRINCIPLES, STAGES AND FUNCTIONS OF ANALYSIS OF THE FINANCIAL STATUS OF ORGANIZATIONS

The work presents a summary of the opinions of various scientists studying the principles, stages and functions of analyzing the financial condition of organizations. Their critical assessment is given. The principles, stages and functions of analyzing the financial condition of organizations, specified by the author, are proposed.

Currently, there are quite a lot of works devoted to the study of the principles, functions and stages of analyzing the financial condition of organizations. However, their study shows that the content of these aspects is not fully disclosed. In this regard, the article offers the author's view on the principles, functions and stages of analyzing the financial condition of organizations.

Currently, most works devoted to the analysis of the financial condition of organizations do not formulate its principles. However, some authors suggest using other principles that underlie the analysis of other types of activities.

For example, E.S. Stoyanova believes that the main requirements for information on the basis of which financial statements are prepared are based on the principles of: relevance (significance and timeliness of its receipt), reliability, neutrality, understandability and comparability.

V.V. Kovalev identifies the principles underlying the formation of a system of indicators:

1) the required breadth of coverage by indicators of all aspects of the subject or phenomenon being studied;

2) the relationship between these indicators;

3) verifiability of indicators - understandability of the algorithm for their calculation and information support;

4) tree-like structure of the system of indicators, that is, the presence of private and generalizing indicators, and the private indicators should logically turn into generalizing indicators;

5) visibility, that is, a set of indicators should characterize all the essential aspects of the phenomenon being studied;

6) acceptable multicollinearity, that is, the indicators must complement each other and not duplicate each other;

7) reasonable combination of absolute and relative indicators;

8) informality, that is, the system of indicators must have the maximum degree of analyticality, provide the ability to assess the current state of the enterprise and the prospects for its development, and also be suitable for making management decisions.

In addition, V.V. Kovalev identifies seven more principles that, in his opinion, underlie microeconomic analysis:

1) based on the principle of caution, the results of any analytical procedures, regardless of the type of analysis, should be considered as subjective assessments that cannot serve as an indisputable argument for making a management decision;

2) it is necessary to have a fairly clear analysis program preceding its implementation, including elaboration and unambiguous

identification of goals, desired results and available resources;

3) the analysis scheme should be built on the principle of “from general to specific”, and it is important to highlight the most significant points without getting hung up on the details;

4) any significant “spikes”, that is, deviations from standard or planned values ​​of indicators, even if they are positive, must be carefully analyzed;

5) the completeness and integrity of any analytical procedures are largely determined by the validity of the set of criteria and indicators used, the selection and unambiguous identification of which must be approached with special care;

6) when performing analysis, there is no need to unnecessarily involve complex analytical methods - the choice of mathematical apparatus should be based on the idea of ​​expediency and justification, since the complexity of the apparatus itself does not at all guarantee obtaining better estimates and conclusions;

7) when performing calculations, there is no need to unnecessarily pursue the accuracy of estimates; As a rule, the greatest value is in identifying trends and patterns, rather than obtaining some mythical “accurate” estimates, which most often cannot be such in principle.

T.B. Berdnikova believes that “the basic principles of analysis of financial and economic activities are: a reliable reflection of the real state, scientific validity, reflection of a specific goal, relationship with other types of analysis, systematicity, complexity, variability, consistency of individual elements, reflection of industry and territorial specifics.”

A.D. Sheremet, P.C. Saifullin, E.V. Negashev believe that “the basic principle of analytical reading of financial statements is the deductive method, that is, the transition from the general to the specific.”

B.V. Kovalev and O.N. Volkova name as “principles of analysis of financial and economic activities: specificity, complexity”

consistency, consistency, regularity, objectivity, effectiveness, efficiency, comparability and scientific character."

L.N. Chechevitsyn as principles for analyzing financial and economic activities in addition to the principles of V.V. Kovalev and O.N. Volkova additionally highlights the principle of efficiency.

T.M. Golubeva, as principles of economic analysis, in addition to the above principles, additionally highlights the principles of the state approach (the analysis should take into account the influence of state economic, social, environmental, international policies and legislation) and democracy (a wide range of enterprise employees should participate in the analysis, which will ensure a more complete identification of advanced experience and use of existing on-farm reserves).

M.A. Vakhrushin and I.S. Plaskov identifies the following “general principles of economic analysis: continuity, regularity; continuity of methodology and methodology; objectivity; scientific character; complexity; specificity and practical significance; reliability and accuracy of analytical conclusions.”

I.T. Balabanov believes that there are the following “principles of financial analysis: 1) unity of analysis and synthesis; 2) the need to study economic phenomena in their interrelation; 3) the need to study economic phenomena taking into account their development and dynamics, that is, the indicators of the reporting period should be compared with the indicators past period and planned values."

As the main disadvantages of the principles presented above, it should be noted that almost all of them are not principles for analyzing the financial condition of organizations. Some authors propose to use mutually exclusive principles: consistency and consistency of individual elements; continuity and regularity, objectivity and reliability of analytical conclusions. The principles of effectiveness, scientificity and practical significance are

are general principles, that is, if all other principles are in effect, financial analysis will be effective, scientifically sound and meaningful for the organization. However, some authors do not propose to use a number of the most important principles. In addition, most of the positions of V.V. Kovalev are not formulated in the form of principles; rather, they can be attributed to the rules of financial analysis; some of them are difficult to understand; The tree principle of the system of indicators contradicts the principle “from general to specific.”

1. Integration into the organization’s management system, that is, analysis of the financial condition should be one of the elements of the organization’s management system. It should reflect its planned frequency and a set of criteria that allows determining the need for an unscheduled analysis or a transition to a more frequent frequency of its implementation.

2. Pre-planning. Before each conduction, it is necessary to first develop goals, objectives and a research program; assess the availability of resources necessary for its implementation; determine the composition of participants, planned results and deadlines.

3. Completeness. Within the framework of this goal, the analysis of the financial condition of the organization must cover all aspects of its activities, take into account the main factors and trends influencing it. Thus, the scope and depth of the analysis should be consistent with the objectives of the analysis.

4. Systematicity. Not isolated indicators should be used, but interrelated groups of methods, individual for each aspect (direction) of the organization’s activities. At the same time, it is necessary to avoid analyzing indicators that are not related to achieving the goal or that significantly correlate with already analyzed indicators.

5. Unity of analysis and synthesis. First, the indicators being studied are broken down into their component parts and studied in detail. Then the components studied during the analysis are examined as a whole, and their interrelation and interdependence are established.

6. Objectivity. The content of the analysis should reflect the real state of the organization, and not the opinion of stakeholders about this organization, which is not confirmed by reliable facts. To obtain objective results, it is necessary to use reliable primary information. Ideally, an auditor's report is required confirming the accuracy of the reporting provided. Otherwise, it is necessary to note the lack of data that does not allow us to assess the reliability and reality of the information provided. When interpreting data, it is necessary to take into account the underlying factors and limitations that influence it. They are defined by the author in the article.

7. Comparability. All data must be comparable. For example, to calculate asset turnover or return on assets, before dividing revenue or profit by the balance sheet currency, it is necessary to calculate the average value of the balance sheet currency for the period (add its value at the beginning and end of the period and divide by two). This is due to the fact that in the income statement the data is presented for the period, but in the balance sheet as of a certain date, that is, they are not comparable. In the dynamics of years, it is also necessary to compare comparable data, not allowing, in particular, comparisons of quarterly and annual reporting indicators or data for the second quarter of one year with data for the third quarter of another year. In addition, if different accounting methods were used during different periods of analysis, the data must be restated using only one accounting method.

8. Caution. In the event that the data presented on one date are contradictory and there is no way to verify them, then data that is less favorable to the organization should be selected.

9. Accuracy. All statements must reflect reality as accurately as possible. For example, if there is a significant and continuous upward trend, it is necessary to write it down, and not limit yourself to the words “there is an increasing trend.” At the same time, calculations must be carried out without errors, since the accuracy of the analysis depends on the accuracy of the calculations.

10. Visibility. The presentation of the results of financial analysis must be systematic, concise and understandable. The order of presentation should be based on the principle of transition “from the general to the specific.” If possible, it is advisable to use appropriate visual aids: tables and graphs.

As the main diverse approaches to highlighting the stages of analysis of the financial condition of organizations, we can present the opinions of N.N. Ilsheva and S.I. Krylova, V.V. Kovaleva, G.V. Savitskaya, M.A. Vakhrushina and I.S. Plaskova, T.B. Berdnikova.

H.N. Ilsheva and S.I. Kryiov believe that the analysis of financial statements of almost any organization can be performed in four stages:

1) preliminary analysis (express analysis) of the organization’s financial statements: preparatory stage; preliminary review of financial statements; calculation and analysis of the most important analytical indicators;

2) in-depth analysis of the organization’s financial statements;

3) generalization of the results of the analysis of the organization’s financial statements, which turns into the development of recommendations aimed at increasing its financial results and improving its financial condition;

4) forecasting the financial statements of the organization.

To perform express analysis of V.V. Kovalev determined the following sequence of procedures:

I. Review of the report according to formal characteristics: assessment of the scope and quality of the report, ease of its structuring, availability of a minimum set of required reporting forms, availability and

completeness of analytical transcripts, accessibility and interpretability of analytical indicators, etc.

2. Familiarization with the auditor's report.

3. Familiarization with the accounting policies of the organization.

4. Identification of “sick” items in reporting and their evaluation over time.

5. Familiarization with key indicators.

6. Reading the explanatory note.

7. Assessment of the property and financial condition of the organization based on balance sheet data.

8. Formulation of conclusions based on the results of the analysis.

Insolvency risk analysis;

Financial stability analysis;

Solvency analysis;

Cash flow balance analysis;

Analysis of balance sheet liquidity;

Analysis of the enterprise image;

Cost-benefit analysis;

Turnover analysis;

Analysis of the quality of asset management;

Analysis of the quality of liability management.

In his work M.A. Vakhrushin and I.S. Plas-

Kova note that in accordance with the IFRS methodology, it is recommended to conduct financial analysis in three stages:

1) choice of analysis method;

2) assessing the quality of information and achieving comparability of financial reporting data;

3) analytical procedures (the use of standard techniques and methods to transform source data, systematize, and interpret indicators).

T.B. Berdnikova believes that assessing the potential of an enterprise involves the implementation of a number of successive stages:

1) defining goals and objectives;

2) development of a program that defines: the object and subject of analysis, the period for

which it is performed, the presentation of the analysis results, the period for conducting analytical operations, to whom the analysis results are sent and how they should be used;

3) establishing the execution sequence;

4) selection and justification of implementation methods;

5) determination of the necessary information;

6) carrying out analysis by studying, summarizing the initial grouping data and comparing homogeneous indicators; identifying connections, patterns, contradictions; quantitative and qualitative assessment of individual indicators, taking into account the influence of multidirectional factors.

7) generalization of the results of the analysis;

8) preparation of conclusions on the main areas of analysis and their specification;

9) drawing up a report (conclusion) based on the results of the analysis.

Assessing the opinion of H.H. Ilsheva and S.I. Krylov, it can be noted that, firstly, the development of recommendations for improving the financial condition and forecasting financial statements go beyond the scope of analyzing the financial condition of organizations. Secondly, not all cases require an in-depth analysis of the organization’s financial statements. With the actions proposed by V.V. Kovalev to carry out express analysis, the author generally agrees. However, he believes that all of them (except for the last one) should be carried out within the framework of the “analysis” stage. At the same time, it is logical to read the explanatory note at the fourth stage of financial analysis, and not at the sixth, since knowledge of the specifics and features of the organization’s activities can affect the content of the financial analysis. With the opinion of G.V. Savitskaya that the scheme of actions she proposes is typical for most scientists who study the stages of analyzing the financial condition of organizations, the author basically agrees (analysis of the image of an enterprise is not typical for most scientists). However, he believes that the presented blocks are part of the stage “conducting an analysis of the financial condition of the organization.” Analyzing the stages of assessing the potential of an enterprise

yatiya T.B. Berdnikova, we can note a number of extra stages (third, fifth and seventh), the implementation of which is implied in the implementation of the second and eighth stages. Whereas M.A. Vakhrushin and I.S. Plaskova, in our opinion, propose to use an insufficient number of stages in analyzing the financial condition of organizations.

Thus, eliminating the shortcomings noted above, it is proposed to use the following main stages of analyzing the financial condition of organizations:

1. Determining the planned frequency of analysis of the financial condition of the organization and a set of criteria that makes it possible to determine the need for an unscheduled analysis or a transition to a more frequent frequency of its implementation.

2. Determination of the goals and objectives of the study.

3. Development of a program in which the composition of participants is determined; directions, scale and depth of analysis; results and timing of analysis; the availability of resources necessary for its implementation is assessed.

4. Drawing up and justification of a system of methods and techniques of analysis;

5. Assessing and achieving objectivity and comparability of source information (elimination or processing of non-objective and (or) incomparable information).

6. Conducting analysis by studying, summarizing initial data, grouping and comparing homogeneous indicators; identifying connections, patterns, contradictions; quantitative and qualitative assessment of individual indicators, taking into account the influence of multidirectional factors.

7. Formation of conclusions based on the results of the analysis.

8. Drawing up a report (conclusion) based on the results of the analysis.

HELL. Sheremet, R.S. Saifullin, E.V. Negashev and M.M. Statkova conduct a study of the functions of financial analysis, N.P. Liu-bushin and L.N. Chechevitsyna study the functions of economics, and T.B. Berdnikov - financial and economic activities of the organization.

HELL. Sheremet, R.S. Saifullin, E.V. Negashev and M.M. Statkov identifies the following main functions of financial analysis:

An objective assessment of the financial condition, financial results, efficiency and business activity of the object being studied;

Identification of factors and causes of the achieved state and results obtained;

Preparation and justification of management decisions in the field of finance;

Identification and mobilization of reserves for improving the financial condition and financial results of increasing the efficiency of all economic activities.

N.P. Lyubushin names the following functions of the economic activity of the organization:

Information support for management (collection, processing, organization of information about economic phenomena and processes);

Analysis (analysis of the progress and results of economic activity, assessment of its success and opportunities for improvement based on scientifically based criteria);

Planning (forecasting, long-term and current planning of the economic system);

Organization of management (organization of the effective functioning of certain elements of the economic mechanism in order to optimize the use of labor, material and monetary resources of the economic system);

Control (monitoring the progress of business plans and management decisions).

L.N. Chechevitsyna identifies the same functions of the economic activity of the organization as N.P. Lyubushin, with the exception of the control function.

T.B. Berdnikova believes that “the functions of analysis of financial and economic activities are: control, accounting, stimulating, organizational and indicative.”

Assessing the functions of A.D. Sheremeta, R.S. Sai-fullina, E.V. Negasheva, M.M. Statkova,

N.P. Lyubushin and L.N. Chechevitsyna, it should be noted that all the aspects they listed are not formulated in the form of functions of economic or financial analysis of organizations. At the same time, the author does not agree with the presence in their composition of such functions as “analysis” or “evaluation”, since these aspects reflect the essence and content of financial analysis and are not its functions. In addition, due to the fact that T.B. Berdnikova does not disclose the content of her functions; it is difficult to understand how the accounting, organizational and indicative functions are interconnected with the analysis of the financial and economic activities of the organization.

Informational: at the current moment in time, reflects the nature of the impact of economic phenomena and processes on the organization, characterizes the financial condition of the organization; displays the interdependence and trends of various aspects of the organization’s activities, the factors influencing them;

Stimulating: shows directions for the development and realization of the organization’s advantages or elimination of identified problems in its activities; determines the possibility of improving the quality of systemic management of its financial resources;

Control: identifies the need for action to manage deviations of key financial indicators from the average for the type of economic activity of the organization or from its main competitors; adjustments of actual indicator values ​​in accordance with planned ones, or vice versa.

Forecasting: is the initial information for forecasting the values ​​of the organization’s main financial indicators.

Thus, clarifying the basic principles, stages and functions of analyzing the financial condition of organizations will allow them to be better understood and used in practice.

Bibliography

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Methodology for analyzing the financial condition of an enterprise includes graphical, tabular and coefficient methods. The information base for assessing the analysis of the financial condition of an enterprise is the financial data of the accounting (financial) statements of the enterprise.

Graphical method of financial analysis

This method of financial analysis allows you to assess the financial condition of both the enterprise as a whole and individual objects of financial analysis. It is carried out using a graphical display in relative or absolute values ​​of financial reporting indicators on a balance chart at the beginning and end of the analyzed period for the subsequent assessment of the financial condition of the enterprise in the past and present, as well as forecasting the financial condition in the future. A balance chart is a diagram showing the relationship between the financial indicators of an enterprise.

Carrying out a financial analysis of an enterprise graphically is preceded by the selection of a balance chart scale and the determination of the boundaries of applying selected values ​​of financial indicators to the balance chart. To determine the boundaries of the values ​​of financial indicators applied to the balance chart, the cumulative totals of the values ​​of the indicators are calculated.

A prerequisite for constructing balance charts is the location of indicators at the beginning and end of the analyzed period in one field, since only such an arrangement allows one to assess the dynamics of financial indicators for the analyzed period. The tabular method of analysis and assessment of the financial condition of the enterprise is carried out using calculated tables of absolute values ​​of indicators and their specific values, growth rates to assess indicators of structure, dynamics and structural dynamics.

Ratio method of financial analysis

The method describes the financial proportions between the various items of the accounting financial statements. The advantage of this method of analyzing financial condition is the simplicity of calculations. The coefficient method involves: firstly, calculating the corresponding indicator and, secondly, comparing this indicator with some base, for example with generally accepted standard parameters; industry averages; similar indicators of previous years (periods); indicators of competing enterprises; other indicators of the analyzed company. The coefficient method of financial analysis is the assessment of individual, most significant characteristics of the financial condition of an enterprise using relative dimensionless values ​​of indicators. The method allows you to evaluate the dynamics of changes in the financial indicators of one enterprise or compare the indicators of the financial condition of several enterprises.

An analysis of the coefficients of the financial condition of an enterprise is carried out to study changes in the stability of the enterprise's position and to conduct a comparative analysis of the financial position of several enterprises. The disadvantages of financial ratios are that they are static and do not reflect differences in accounting methods and the quality of the component indicators.

The indicators used in the analysis of financial condition are closely related in quantitative relationships. This connection follows either from cause-and-effect dependencies or from the peculiarities of the methodology for their calculation. Some of these indicators - financial ratios - are determined from balance sheet data, which are initially closed and ordered by balance sheet generalization and a double entry system. Here, it is no longer a close stochastic, but a functional dependence, when a specific value of one indicator presupposes certain values ​​of others. This is especially true for groups of coefficients that are homogeneous in the calculation methodology, for example distribution and coordination. The first ones show the specific weight of the relevant part in the total value of a set of phenomena that is uniform in economic content. The latter provide new meaningful characteristics of the area under study based on a comparison of its heterogeneous components.

Working with financial ratios involves at least three stages. At the first stage, the categories and characteristics necessary to illuminate a specific aspect of the financial situation, for example solvency, are selected. At the second stage, indicators (ratios) are developed that quantitatively express the analyzed side of the financial situation, for example, the overall solvency ratio. The third stage is devoted to the evaluation characteristics of the numerical values ​​that the desired coefficient can take.

To control business entities and create guidelines for making management decisions, such values ​​are standardized. The specifics of these norms are established as a result of the combination of many factors, including administrative interests, accumulated experience, common sense, etc. Their purpose is to serve as objective evaluation criteria, as well as unique beacons in establishing and maintaining the course of economic development in a given direction.

However, it seems that effective guidelines should be more flexible, taking into account relevant differences by region, type of activity of economic entities, etc.

Key financial ratios will increase their importance as a factor in the economic development of the country in the conditions of their systematic monitoring in regions and the economy as a whole with the formation of operational reporting data that orients business towards the average values ​​of these ratios in successfully operating companies. For these purposes, it is appropriate to intensify the inherent interest of business entities in a good partner climate through their voluntary self-certification as participants in autonomous monitoring of the financial ecology. Signs of the status of such a participant are the systematic conduct of internal analysis of relevant financial ratios and the open publication of their values. Also valuable is information about the amplitudes of fluctuations in coefficients by time period and type of activity in terms of scale, experience in a given business, etc.

The methodological arsenals of management analysis of each business entity must contain reasonable values ​​of key financial ratios relevant at each point in time based on the adopted financial policy (according to the degree of its conservatism or progressiveness), the stage of the life cycle and many other circumstances.

Based on the results of the analysis of the financial condition of the enterprise in three ways, a synthetic assessment of the objects of the financial analysis of the enterprise and a synthetic assessment of the financial condition of the enterprise as a whole are given.

Synthetic assessment of objects of financial analysis of an enterprise

Synthetic assessment of the financial condition of the enterprise- this is a generalization, clarification of conclusions characterizing the objects of the financial condition of the enterprise. The purpose of a synthetic assessment is to identify the most significant quantitative and qualitative characteristics of the actual values ​​of financial indicators that determine the financial condition of the enterprise.

When conducting a synthetic assessment of the financial condition of an enterprise, general conclusions are formulated about the state of the objects of financial analysis and the financial condition of the enterprise as a whole, problems in the field of the financial condition of the enterprise and reserves for resolving them.

The formulation of general conclusions, identification of problems and reserves is carried out in the course of sequential vertical, horizontal and general synthetic assessments of the financial condition of the enterprise. Vertical synthetic assessment allows you to assess the financial condition of an enterprise based on an analysis of the objects of financial analysis using one of the methods of financial analysis. Horizontal synthetic assessment allows you to formulate general conclusions, identify the main problems and reserves for solving them for each object of financial analysis. A general synthetic assessment is a generalization of the conclusions obtained from horizontal and vertical synthetic assessments, determination of reserves for solving identified problems and formulation of proposals for stabilizing the financial condition of the enterprise.

An assessment of the financial condition of an organization solely based on financial accounting and reporting data may be distorted due to the fact that these data are not current. The current formation of indicators of the financial condition of the enterprise is largely ensured with the help of management accounting or on the basis of the internal document flow of the enterprise. However, this creates confidential restrictions, and the information on which the analysis is based, as well as its results, becomes a trade secret and is not directly available to external stakeholders. The objective advantage of analysis based on management accounting data is the degree of its spatial and temporal detail, which is initially formed depending on the needs and priorities of the company regarding the direction of segmentation and frequency of measurements (hour, day, week, month, etc.). The modern optimal duration of the analyzed period is, as a rule, a month, which allows the information to remain relevant and sufficient to identify trends in changes in the economic situation.

When analyzing the financial condition of an economic entity, special attention should be paid to taking into account the specifics of the financial policy being pursued. The financial management of an organization, as a rule, gives priority to the efficiency of cash management rather than financial resources. For example, with an increase in accounts receivable, leading to financial difficulties, this is expressed, among other things, in the “fire” intensification of borrowing. However, it is strategically more advisable to reduce the threshold of painful sensitivity to this kind of difficulty. Strategic financial policy in this case is based on preventive efforts aimed at minimizing the costs of attracting financial resources and maximizing the return on investment while maintaining a low level of risk. As a result of such a policy, potentially long-term factors are emerging to reduce outflows and increase cash inflows. In other words, certain changes in the values ​​of financial indicators at a specific point in time are not a sufficient argument for automatically making responsive management decisions. It is necessary to make sure that these values ​​are not the result of a random combination of circumstances, but a consequence of one or another degree of effectiveness of the financial strategy, confirmed by the characteristics of their stability or direction of dynamics over a number of previous periods.

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The financial condition of an enterprise is a complex indicator that reflects the overall results of its activities. It contains a system of indicators reflecting the availability of financial resources on a specific date, their sufficiency, structure and efficiency of use of economic activities. Users of this information are suppliers, buyers, government agencies, banking and credit institutions, investors, and owners.

The main source of information for analyzing the financial condition is the financial statements of the enterprise (balance sheet and form No. 2 “Profit and Loss Statement”). The balance sheet is an economic grouping of the enterprise's funds (assets) and the sources of their formation (liabilities).

Balance sheet assets according to their composition, they are divided into basic (material and monetary or equivalent to them) and circulating.

Fixed assets(1 section).

In section 1, intangible assets and fixed assets are highlighted. Fixed assets are reflected in the balance sheet at their residual value. Unfinished construction is highlighted. Long-term financial investments: securities, investments in subsidiaries.

Current assets(Section 2).

In section 2: inventories - raw materials, work in progress, finished goods, deferred expenses. VAT on purchased assets. Cash – accounts receivable, short-term financial investments and cash.

Passive.

Capital and reserves (enterprise own funds)(section 3):

Authorized capital;

Additional capital (share premium, revaluation of fixed assets);

Reserve capital;

Undistributed profit (uncovered loss).

long term duties(section 4):

Loans (repayment period over 12 months).

Short-term liabilities for which payments are expected within a year(section 5):

Loans and credits;

Accounts payable;

Debt to participants for dividend payments.

Full reporting of the enterprise is prepared at the end of the year with all appendices. Interim reporting is quarterly and is presented only by the balance sheet and the 2nd form. Form 2 (profit and loss statement) contains information:

1) about revenue from the sale of products or services.

2) about the costs of production, revenue (excluding turnover taxes).

3) financial result from product sales.

4) financial result from other sales (excess property).

5) income from non-operating operations.

6) expenses from non-operating operations.

7) profit before tax or total financial result.

8) income tax.

9) retained earnings.

Financial analysis includes the calculation of a large number of indicators, the main ones, which reflect the overall results of the use of financial resources, are given below:

1. Non-payments characterize the solvency of the enterprise or the policy of management to pay its obligations. It is advisable to measure non-payments in days. The average loan repayment period is calculated as follows.

conducting

At present, when enterprises are becoming increasingly independent and bear full responsibility for the results of their production and economic activities to co-owners (shareholders), employees, banks and creditors, the importance of analyzing the financial condition of an enterprise in a comprehensive analysis of activities has increased.

Finance is a set of economic monetary relations that arise in the process of production and sale of products, including the formation and use of cash income, ensuring the circulation of funds in the reproduction process, organizing relationships with other enterprises, the budget, banks, insurance organizations, etc.

Based on this, financial work at an enterprise is primarily aimed at creating financial resources for development, in order to ensure increased profitability, investment attractiveness, i.e. improving the financial condition of the enterprise.

Financial condition is a set of indicators that reflect the availability, placement and use of financial resources.

The market economy contributes not only to strengthening, but also to a qualitative change in the role of financial analysis, which is becoming the main method for assessing the financial condition of an enterprise. It allows you to identify the efficiency of resource use, assess the profitability and financial stability of an economic entity, establish its position in the market, and also quantitatively measure the degree of riskiness of activities and competitiveness.

The purpose of the analysis is not only and not so much to establish and evaluate the financial condition of the enterprise, but also to constantly carry out work aimed at improving it.

An analysis of the financial condition shows in which specific areas this work should be carried out and makes it possible to identify the most important aspects and weakest positions in the financial condition of the enterprise.

An assessment of financial condition can be performed with varying degrees of detail depending on the purpose of the analysis, available information, software, technical and personnel support. The most appropriate is to separate the procedures for express analysis and in-depth analysis of financial condition. Financial analysis makes it possible to evaluate:

· property status of the enterprise;

· degree of business risk;

· capital adequacy for current activities and long-term investments;

· need for additional sources of financing;

· ability to increase capital;

· rationality of borrowing funds;

· validity of the policy for the distribution and use of profits.

The results of financial analysis make it possible to identify vulnerabilities that require special attention and develop measures to eliminate them. And for this you need to have knowledge in the field of financial assessment and be able to apply it in practice, which is why the topic of this work is so relevant.

In addition, timely identification of negative trends in the financial and economic activities of an enterprise enables management to take certain actions to prevent bankruptcy.

The purpose of this work is to explore the main directions of assessing the financial condition of an enterprise. To achieve this goal, it is necessary to solve the following tasks:

Explore the essence and methods of financial analysis;

Study the most important indicators of the financial condition of the enterprise;

Consider the use of financial statements to evaluate an enterprise.

1. Theoretical aspects of analyzing the financial condition of business entities

1.1 Essence, subject of purpose, objectives and principles of the financial condition of the enterprise

The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-development at a fixed point in time, i.e. opportunity to finance your activities.

It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

In terms of content, financial analysis can be represented as a process consisting of identifying, systematizing and analytical processing of available financial information, the result of which is providing the user with recommendations that can serve as a formalized basis for making management decisions in relation to a given object of analysis.

Analysis of economic activity as a science represents a system of special knowledge related to:

· researching trends in economic development;

· scientific justification of business plans and assessment of their implementation;

· making optimal management decisions and monitoring their implementation;

· assessment of achieved results and identification of reserves for increasing efficiency.

Economic analysis occupies a central place in the enterprise management system. The essence of management is revealed in its functions, which are closely interconnected.

Management is a continuous, purposeful socio-economic, organizational and technical process carried out by various methods and technical means to achieve the assigned tasks.

Rice. 1. The role of analysis in management

The subject of economic analysis is:

· production and economic processes occurring at enterprises and its structural divisions;

· financial results of activities that are formed under the influence of objective factors (demand, supply, prices, etc.) and subjective (conducting business activities, implementing business plans, organizing production, financial activities, etc.)

Objects: commercial organizations of various organizational and legal forms and non-profit organizations engaged in entrepreneurial activities.

Subjects of analysis: users of information - legal entities and individuals.

Main tasks of analysis:

· timely and objective diagnosis of the financial condition of the enterprise, identification of its “pain points” and study of the reasons for their formation;

· studying the operation of economic laws, establishing patterns of economic development of enterprises in specific conditions;

· control over the implementation of plans and management decisions, the effective use of the economic potential of the enterprise;

· study of the influence of external and internal factors on performance results for the correct diagnosis of its condition and forecast of development for the future;

· assessment of financial and operational risks and their management in order to strengthen the market position of the enterprise;

· assessment of the results of activities on the implementation of plans and the level of development, position in the market of goods and services;

· preparation of analytical materials for choosing the optimal management solution.

· search for reserves for improving the financial condition of the enterprise, its solvency and financial stability;

· development of specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise;

· forecasting possible financial results and developing models of financial condition for various options for using resources.

The main goal of any type of financial analysis is to assess and identify the internal problems of the enterprise for the preparation, justification and adoption of various management decisions, including:

In the field of development;

Way out of the crisis;

Transition to bankruptcy procedures;

Purchases and sales of a business or a block of shares;

Attracting investments (borrowed funds).

Thus, the key issue for understanding the essence and effectiveness of financial analysis is the concept of the economic activity of an enterprise as a flow of decisions about the use of resources in order to make a profit.

Analytical studies, their results and use in enterprise management must comply with certain methodological principles.

Table 1. Principles of analysis

Regardless of what area of ​​production the enterprise operates in, the final goal does not change. The variety of solutions to achieve this goal can be reduced to three main areas:

Decisions on investment of capital (resources);

Operations carried out using these resources;

Determination of the financial structure of the enterprise.

1.2 Types, information sources and methods of financial analysis

The main goal of financial analysis is to obtain the key, most informative parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, and in settlements with debtors and creditors.

The classification of economic analysis is important for a correct understanding of its content and objectives, for organizing the analytical process.

In practice, individual types are rare, but it is necessary to know their methods.

Table 2. Types of economic analysis

When conducting economic analysis, a variety of information is used.

Disadvantages when forming an information base:

Late execution of documents

· a large number of completed copies and difficulties in processing documents

· lack of traffic schedules (irregular arrival)

· inability to verify the accuracy of the data,

· insufficient detail in certain areas of production and financial activities,

· low level of qualifications and training of specialists.

Before using documents for analysis, you must:

a) conduct a data check

technical (correctness of design)

arithmetic

· essentially (to what extent the information corresponds to reality)

b) bring the information into a comparable form (only qualitatively homogeneous quantities can be compared). Reasons for incomparability are different price levels, volumes of activity, calendar period, calculations of indicators, etc.

Table 3 . Analysis information base

1.3 Basic techniques and methods of financial analysis

Methods of economic analysis are a set of methods for processing economic information, analytical techniques and quantitative methods aimed at solving analytical problems. Also, methods of economic analysis are analytical tools that allow you to technically realize the goals of the analysis.

The process of performing analytical work can be represented as an algorithm:

Rice. 4 Stages of analysis

Economic analysis uses such general scientific theoretical methods of cognition as dialectics, as well as empirical methods such as economic and statistical analysis, structuring and modeling.

All methods of analysis are interconnected and are used simultaneously in various combinations, which makes it possible to comprehensively analyze the activities of an economic entity and identify reserves for increasing efficiency.

Analysis techniques include comparison, detailing and grouping, generalization, balance method and factor analysis.

1. Comparison– comparison of homogeneous objects to identify patterns of changes in indicators.

The most common types of comparisons are:

· reporting indicators with planned / implementation of the business plan as a criterion for evaluating performance results.

· reporting indicators with indicators of previous periods / monitoring the dynamics of indicators and identifying development trends.

· planned indicators with indicators of previous periods / the ability to determine the optimality of planned targets and the quality of the business plan.

· performance indicators of internal structural units, which can act as centers of responsibility

· reporting indicators with the industry average / ensuring an objective assessment of results and identifying unused reserves.

To ensure this technique, it is necessary to bring the compared indicators into comparability, that is:

a) eliminate the impact of price changes or express comparable volume indicators in the same prices (for example, actual sales volumes of the previous and reporting year - in prices of the reporting period);

b) eliminate the influence of differences in the volume and range of products when comparing quality indicators (for example, the cost indicator is recalculated to the same volume for the reporting and previous years);

c) application of a unified methodology for calculating indicators;

d) comparison of identical time periods.

The comparison results can be presented as follows:

· Absolute deviations

They are defined as the difference between indicators, and both quantitative and qualitative indicators can be compared.

Quantitative indicators– characterize the size and magnitude of economic processes. For example, the number of employees, the cost of fixed assets, sales revenue, profit, etc.

Qualitative indicators- reflect the economic efficiency of business processes. For example, production costs, labor productivity, profitability.

Depending on the meters used, absolute deviations can be:

Natural (pieces, tons, kilograms, meters, etc.);

Labor (man-hours);

Monetary.

· Relative deviations

Defined as a ratio of quantities expressed as percentages or coefficients.

The growth rate shows how much the indicator increased (if more than one) or decreased (if less than one).

Absolute and relative deviations are determined by carrying out horizontal analysis.

· Indexes

They represent indicators - factors that influenced the results achieved.

Thus, comparison is the most important technique, because This is where the process of economic analysis begins.

2. Detailing – a technique that ensures the comprehensive nature of the study, the specificity of knowledge of the processes being studied and allows one to identify the reasons that influence the final result.

Detailing of indicators occurs sequentially in several directions:

a) by the time of transactions (quarters, months, decades, days, shifts).

Allows you to monitor the uniformity of individual processes and identify trends in their dynamics.

b) according to the location of economic processes, that is, industry indicators are broken down by organizations, and within organizations - by individual structural divisions.

Makes it possible to identify leading and lagging units.

c) by component parts

Necessary for studying the structure of aggregates, identifying the significance of individual parts in the formation of complex indicators and their changes. For example, the cost of production is detailed by cost elements, costing items, and types of products.

Groups – a technique that consists in dividing the studied set of objects into quantitatively homogeneous groups according to relevant characteristics.

Grouping information makes it possible to study the relationship between indicators and systematize analysis materials.

Depending on the purpose of the analysis, the following are used:

typological groupings

For example, groups of enterprises by type of ownership, groups of fixed assets, etc.

· structural groups

They allow you to study the internal structure of indicators and the relationship between its individual parts. For example, a grouping of current assets.

· analytical groups

Used to determine the presence of direction and form of connection between indicators. Individual indicators are replaced with averages for the purpose of generalization.

3. Generalization– the final stage of studying the financial and economic activities of the organization.

Includes:

conclusions (performance assessment)

They can be presented in tables, graphs, diagrams, which allows you to reflect the patterns contained in numerical information.

4. Balance way - used to reflect relationships, proportions of two groups of interrelated economic indicators, the results of which must be identical. For example, balance of labor resources, balance of payments.

The method is also used to check the correctness of determining the influence of various factors on the increase in the value of the effective indicator.

5.Factor analysis - analysis of the influence of factors on changes in the performance indicator.

The main tasks of factor analysis:

· selection of factors for analysis of the studied indicators;

· classification and systematization of factors in order to ensure a systematic approach;

· modeling of relationships between performance and factor indicators;

· calculation of the influence of factors and assessment of the role of each of them in changing the value of the effective indicator;

· practical use of analysis results in management to make informed decisions.

Methods of chain substitution, absolute and relative differences are widely used. In addition to them, the index method, the integral method and the logarithm method can be used.

· Chain substitution method

Can be used to calculate the influence of factors in all types of models. It consists of a gradual (sequential) replacement of the basic value of each factor indicator with the actual value (substitution). The factor whose influence needs to be determined is considered as variable, and all others in relation to it are considered constant. The result of influence is defined as the difference between the conditional (calculated) value of the effective indicator and its previous value. The calculation results depend on the order of substitution.

· Absolute difference method

The basic indicator is not replaced by the full reporting value, but only by the absolute deviation.

· Relative difference method

To calculate the influence of the first factor, the base value of the effective indicator is multiplied by the relative increase in the first factor, expressed as a coefficient or percentage. To calculate the influence of the second factor, the change in it due to the first factor is added to the base value of the effective indicator and the resulting amount is multiplied by the relative increase in the second factor, etc.

Based on data about the past performance of an enterprise, financial analysis is aimed at reducing uncertainty about its future state.

The results of the analysis of the financial condition of the enterprise are of paramount importance for a wide range of users, both internal and external to the enterprise - managers, partners, investors and creditors.

For internal users, which primarily include enterprise managers, the results of financial analysis are necessary for assessing the activities of the enterprise and preparing decisions on adjusting the financial policy of the enterprise.

For external users - partners, investors and creditors - information about the enterprise is necessary for making decisions on the implementation of specific plans in relation to this enterprise (acquisition, investment, concluding long-term contracts).

There are certain differences between internal and external financial analysis.

External financial analysis is focused on the open financial information of the enterprise and involves the use of standard (standardized) techniques. In this case, as a rule, a limited number of basic indicators is used. When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the enterprises under study to establish or continue relationships and in what form it is most advisable to do this.

Internal financial analysis is characterized by greater demands on initial information. In most cases, the information contained in standard accounting reports is not enough for him, and there is a need to use internal management accounting data. In the analysis process, the greatest emphasis is placed on understanding the causes of changes in the financial condition of the enterprise and finding solutions aimed at improving this condition. In this case, it does not matter at all whether the goal is achieved by using standard or original methods.

2. Methodology for conducting a comprehensive analysis of an enterprise

Professional financial management inevitably requires in-depth analysis, allowing a more accurate assessment of the uncertainty of the situation using modern quantitative research methods.

1. Balance sheet characteristics – assessment of the total value of property, the ratio of immobilized and mobile funds, own and borrowed funds.

2. Analysis of changes in the composition and structure of assets and liabilities.

3. Assessment of liquidity and solvency.

4. Analysis of financial stability and assessment of the likelihood of bankruptcy.

Information base financial analysis is accounting and reporting data, the study of which allows one to assess the financial position of an organization, changes occurring in its assets and liabilities, and identify development prospects. Carrying out analytical work, including the study of financial statements, involves a certain sequence of actions, including:

· preparing sources of information for analysis, checking its reliability;

· study and analytical processing of economic information - drawing up analytical tables, graphs, etc.;

· establishment, study and assessment of the influence of various factors on the studied indicators, generalization and presentation of the results of the analysis;

· development of specific measures to improve the indicators being studied, assessment of development prospects, justification of management decisions made.

Signs of a general positive assessment of the dynamics and structure of the balance sheet are:

· growth of equity capital;

· absence of sudden changes in individual balance sheet items;

· correspondence (balance) of the sizes of receivables and payables;

· absence in the balance sheet of losses, overdue debts to banks, the budget, given in the appendices to the balance sheet (section 1; 2 and in the certificate to section 2 f. N 5).

A change in the structure of an enterprise’s assets in favor of increasing the share of working capital may indicate:

· formation of a more mobile asset structure, facilitating the acceleration of the turnover of enterprise funds;

· diversion of part of current assets to lending to consumers of goods, works and services of the enterprise, subsidiaries and other debtors, which indicates the actual immobilization of this part of working capital from the production process;

· winding down the production base;

· distortion of the real assessment of fixed assets due to the existing procedure for their accounting.

The growth (absolute and relative) of working capital may indicate not only the expansion of production or the action of the inflation factor, but also a slowdown in their turnover; this objectively causes the need to increase their mass. When analyzing, it is necessary to correlate the growth rates of assets, revenue and profit.

It is especially important for the management of the company to conduct a systematic analysis of the solvency of the enterprise for its effective management, before preventing the occurrence and timely termination of crisis situations that have already arisen.

An enterprise can be liquid to one degree or another, since current assets include the most diverse working capital, among which there are both easily sold and difficult to sell.

During the liquidity analysis, the following tasks are solved:

· assessment of the sufficiency of funds to cover obligations that expire during the relevant periods;

· determining the amount of liquid funds and checking their sufficiency to fulfill urgent obligations;

· assessment of the liquidity and solvency of the enterprise based on a number of indicators.

I analyzed the financial stability of Resurs LLC based on financial statements (Appendix 1).

When conducting a horizontal and vertical analysis of the balance sheet, it was revealed that during the reporting period at the enterprise, the total value of property increased by 11,100 thousand rubles. or by 24%. Moreover, this increase occurred mainly due to the growth of mobile (working) assets, outpacing the growth of non-current assets. Working capital increased by 10,000 thousand rubles. (36%), non-current assets for 1100 thousand rubles. (6%), which is a positive fact. Working capital includes most of all inventories, which increased by 5,368 thousand rubles. (36%), possibly unjustified diversion of assets from the production process led to an increase in accounts receivable by 56%, obvious non-compliance with accounting discipline and untimely submission of claims for arising debts. The growth rates of accounts receivable and accounts payable are approximately the same. Equity capital exceeds borrowed capital. All of the above characterizes this balance in general terms as satisfactory.

An analysis of the solvency and liquidity of the balance sheet was carried out.

Table 4. Grouping of asset and liability items

To do this, assets are grouped depending on the degree of liquidity, i.e., the speed of conversion into cash, liabilities are grouped according to the degree of urgency of their payment, and the results of groups for assets and liabilities are compared.

Liquidity is the ability of assets to be converted into cash within a period corresponding to the maturity of liabilities.

Liquidity analysis consists of comparison of funds by asset, grouped by degree of decreasing liquidity with short-term liabilities by liabilities, grouped according to the degree of urgency of their repayment.

The balance is considered absolutely liquid if:

A1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4< П 4.

This balance is not absolutely liquid (A1< П1 в начале и конце периода, А2 < П2 в начале периода), но к концу отчетного периода А2 >P2, which indicates an increase in the solvency of the enterprise in the near future.

Table 4. Financial balance sheet liquidity ratios

Financial stability– a characteristic indicating a stable excess of income over expenses, free maneuvering of funds and their effective use, uninterrupted production and sales of products, investment attractiveness in the long term.

An analysis of the stability of the financial condition as of a certain date makes it possible to determine the correct management of financial resources during the period preceding the date of analysis. Insufficient stability leads to insolvency and lack of funds for production development.

Target analysis – assessment of the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence increasing or decreasing, and whether the state of the organization’s assets and liabilities meets the objectives of its financial and economic activities.

Table 5. Indicators and coefficients of financial stability

This enterprise has an unstable financial condition, associated with a violation of solvency, but in which it remains possible to restore balance as a result of replenishing sources of own funds by reducing accounts receivable, accelerating inventory turnover; ±FS< 0; ±ФТ < 0; ±Ф° >0; the share of net assets in the balance sheet increased by 4,500 thousand rubles. (29500 - 25000).

Among the internal factors of insolvency, we can highlight those whose elimination directly depends on the successful collaboration of the accounting department, finance department and management. These include: the presence of a deficit of own working capital, an increase in accounts receivable and payable, and low contractual discipline. If there is a stable base for expanding economic turnover, the reasons for insolvency may be the irrationality of the ongoing credit and financial policy, the use of profits, and errors in determining the pricing strategy.

A significant factor influencing the improvement of the financial condition of the enterprise is the repayment of accounts receivable. When payments to a company are delayed, it is forced to take out loans to support its business activities, increasing its own accounts payable.

The main ways to improve a company's liquidity are:

· increase in equity capital;

· sale of part of permanent assets;

· reduction of excess stocks;

· improving the collection of accounts receivable;

· obtaining long-term financing.

The essence of financial sustainability is determined by the effective formation, distribution and use of financial resources, which is expressed by various indicators.

There are no uniform approaches to considering a company's performance indicators. They depend on many factors: industry affiliation, lending principles of the existing structure of sources of funds, turnover of working capital, reputation of the enterprise, etc. Nevertheless, the owners of the enterprise (shareholders, investors) prefer an acceptable increase in the dynamics of the share of borrowed funds. Lenders (suppliers of raw materials and materials, banks) give preference to enterprises with a high share of equity capital, i.e. greater financial autonomy.

Depending on the capital structure and industry sector of the enterprise, the value of the agility coefficient varies significantly. The higher the value of this indicator, the more maneuverable, and therefore more stable, the enterprise is from the point of view of the possibility of its reorientation in the event of changing market conditions.

In the financial aspect, the business activity of an organization is expressed in asset and capital turnover ratios. Standard values ​​are calculated in a complex way using statistical data, so attention is paid to the dynamics of the results.

Indicators of liquidity, turnover, financial stability, and profitability are used by banks when assessing the creditworthiness of a client - borrower.

A conclusion about the sustainability of an organization and other characteristics of its financial solvency cannot be based only on the results of financial statements. The obtained calculation results must be supplemented with technical, economic, statistical, forecast and financial information. Lack of information by the owner about the real state of affairs in the organization creates a threat of financial insolvency, failure to receive expected benefits or direct losses, as well as potential bankruptcy.

If a crisis situation occurs, then a business plan for financial recovery is developed through the integrated use of external and internal sources of financial stabilization.

Conclusion

Business management in a market economy is characterized by many features. Firstly, in the total set of resources of an enterprise, financial resources acquire dominant importance. Secondly, financial management decisions are always made under conditions of uncertainty. Secondly, as a consequence of the real independence of enterprises, the main problem for managers is finding sources of financing and optimizing investment policy. Fourthly, when establishing commercial relations with any counterparty, you can rely solely on your own assessment of its financial solvency. Under these conditions, the validity of management decisions made in relation to a certain economic entity, and many of these decisions are essentially of a financial nature, is largely determined by the quality of financial and analytical calculations.

Analysis is one of the general functions of managing economic systems, the importance of which is not subject to the influence of time and can hardly be overestimated. To one degree or another, analysis is carried out by everyone who has even the slightest relation to the activities of economic entities. The purpose of this work was to explore the main directions for assessing the financial condition of an enterprise. To achieve this goal, the following tasks were solved:

The essence and methods of financial analysis have been studied;

The most important indicators of the financial condition of the enterprise have been studied;

The use of financial statements to evaluate an enterprise is considered.

Thus, it can be stated that the objectives of the work have been completed and the goal has been achieved.

Bibliography

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