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Principles of organizing finances of commercial organizations (enterprises) - Finance, money circulation and credit (Myagkova T.L.). Basic principles of commercial enterprises organizing finance of commercial enterprises

Principles of organizing enterprise finance

Financial relations of commercial organizations are built on certain principles related to the fundamentals economic activity. These principles are under constant development and improvement.

The principle of economic independence. This principle cannot be realized without independence in the field of finance. Its implementation is ensured by the fact that business entities, regardless of their form of ownership, independently determine the scope of economic activity, sources of financing, directions for investing funds in order to make a profit and increase capital, and improve the well-being of the company's owners.

At the same time, there is no need to talk about complete economic independence, since the state regulates certain aspects of their activities. Thus, mutual relations between commercial organizations and budgets are established by law. different levels. Commercial organizations of all forms of ownership, in accordance with the law, pay the necessary taxes in accordance with established rates, and participate in the formation of extra-budgetary funds. The state determines both the depreciation policy and the policy in the field of formation of reserves.

The principle of self-financing. The implementation of this principle is one of the main conditions entrepreneurial activity, which ensures the competitiveness of an economic entity. Self-financing means complete self-sufficiency of costs for the production and sale of products, performance of work and provision of services, investment in the development of production at the expense of one’s own funds and, if necessary, bank and commercial loans.

Self-financing refers to methods of market economic management, when one’s own financial sources are sufficient to finance economic activities. The profit of a commercial organization, depreciation and other funds of funds become the main sources of financing its economic and social development. Loans from banks and other credit institutions are repaid by the enterprise itself from its own sources.

The principle of material interest. The meaning of the principle of material interest, or the principle of financial incentives (reward/punishment) is that it is within the framework of the financial management system that a mechanism is developed to increase the efficiency of individual departments and the organizational structure of enterprise management as a whole. This is achieved by establishing measures of reward and punishment. This principle is most effectively implemented by organizing responsibility centers.

The center of responsibility is understood as a division of an economic entity, the management of which is endowed with certain resources and powers sufficient to fulfill the established planned targets.

Depending on which criterion - costs, income, profit, investment - is determined as the main one, four main types of responsibility centers are distinguished.

Cost-generating cost center - a unit operating according to an approved cost estimate. For a unit of this type, it is difficult to estimate revenues, so attention is focused on costs, for example, enterprise accounting; It is difficult to estimate what part of the enterprise's profit is due to the work of accountants, but it is possible to set cost targets.

Income-generating revenue center - a division whose management is responsible for generating income: the sales department of a large enterprise, a regional sales center.

Profit center(profit center) - a division in which the main criterion is profit or return on sales. Most often, their role is played by independent divisions of a large company: subsidiaries and dependent companies, technologically independent production facilities, separated as part of the diversification of production activities, etc.

Investment Center(investment center) - a division whose management is not only responsible for organizing profitable work, but is also not empowered to make investments in accordance with established criteria; for example, if the expected rate of profit is not lower than the established limit. The system-forming criterion here is most often the return on investment indicator; in addition, upper limits may be imposed on the amount of permissible investment.

The principle of providing financial reserves. The need for this principle is dictated by the conditions of entrepreneurial activity, which is associated with certain risks of non-return of funds invested in the business. The implementation of this principle is the formation of financial reserves and other similar funds that can strengthen the financial position of the enterprise at critical moments of management.

Financial reserves can be formed by enterprises of all organizational and legal forms property from net profit, after paying taxes and other obligatory payments to the budget from it.

The principle of combining financial planning and commercial calculation. There are points of view that commercial calculation is incompatible with financial planning. However, in global and domestic practice, the generally recognized lever of financial management is targeted comprehensive programs as an element of planning. It is on the basis of in-house planning that contracts are concluded and orders are placed on a competitive basis. The development of business plans is based on an in-depth study of consumer demand, studying the experience of competitors, and analyzing the financial capabilities of the enterprise. Therefore, a well-designed plan is a good result of commercial calculation.

Principle financial liability. Any enterprise develops a system of incentive measures and criteria for assessing the activities of structural units and individual workers. An integral element of such a system is the idea of ​​financial responsibility, the essence of which is that individuals involved in the management of material assets are responsible in rubles for unjustified results of their activities. The forms of organization of material liability can be different, but there are two main ones: individual and collective liability.

The list of financially responsible persons is determined by the enterprise. In the case of collective financial responsibility, it is no longer a specific person who is responsible for possible shortages, but a team (for example, a team of salespeople replacing each other in a store department). This form of accountability helps to avoid unnecessary frequent inventory counts.

This principle is also manifested in the fact that enterprises that violate contractual obligations (deadlines, product quality), accounting discipline, allowing late repayment of short-term and long-term loans, repayment of bills, violation of tax laws, pay penalties, penalties, and fines. In case of ineffective activity, bankruptcy proceedings may be applied to the enterprise. For enterprise managers, the principle of financial responsibility is implemented through a system of fines in cases of violation of tax legislation by the enterprise.

The principle of economic efficiency. The meaning of this principle is determined by the fact that since the creation and operation of a certain financial management system for enterprises inevitably involves costs, this system must be economically feasible in the sense that direct costs are justified by direct or indirect income. Since it is not always possible to give unambiguous quantitative estimates that argue or confirm this feasibility, optimization of the organizational structure is carried out on the basis expert assessments in dynamics - in other words, it is formed gradually and is always subjective.

The principle of financial control. The activities of the enterprise as a whole, its divisions and individual ones must be periodically monitored. Control systems can be built in different ways, but practice shows that financial control is the most effective and efficient.

The implementation of all principles of financial organization should be carried out when developing financial policies and organizing the financial management system of a particular enterprise. In this case, it is necessary to take into account:

1 field of activity (material production, non-production sphere);

2 industry affiliation (industry, transport, construction, agriculture, trade, etc.)

3 types (directions) of activity (export, import);

4 organizational and legal forms of entrepreneurial activity.

Security questions

1. What are the main functions of corporate finance? What is their difference from finance at the state level?

2. What refers to the financial resources of enterprises?

3. How is the implementation of the principle of economic independence ensured?

4. What does the implementation of the principle of self-financing mean?

5. How can the implementation of the principle of material interest be ensured?

6. What does the principle of liability mean?

7. Why is it necessary to implement the principle of ensuring financial reserves?

8. What principles must be taken into account when building a financial management structure?

9. How are responsibility centers allocated?

10. What methods are used in financial management of business entities?

Topic 8. Enterprise financial management.
Financial management

Theoretical concepts of financial management. Long-term financing management. Theoretical concepts of capital structure. Sources of long-term financing. Methods for managing funding sources. Management of short-term financing. Short-term financing indicators. Financing strategy. Liquidity and financial stability of the enterprise. Sources of short-term financing.

Due to the relative youth of this science, the theories of enterprise finance that are still few in number are embodied in the disciplines of financial management. At their early stage, they were based on the assumption of the existence of ideal capital markets, which in reality do not exist. Then came discounted cash flow analysis, based on the concept of time value (value) of money. The discount rate used for its analysis should have reflected: 1) the riskiness of a given cash flow; 2) the prevailing level of profitability; 3) degree of discreteness of cash flow. However, these indicators remain quite difficult to predict values.

The real value (P) of future income (S) will be determined by the discount rate (r) and the number of investment periods:

An important contribution to the development of financial management theory was made by Franco Modigliani and Merton Miller who concluded that the value of a company depends solely on its future income (both its level and riskiness). They subsequently introduced financial distress into their model, showing that as leverage increases, firm value increases due to tax savings (by deducting interest from taxable income). According to other scientists, after a certain point, an increase in debt leads to a decrease in the value of the company, since the savings from lower taxes are offset by the growing costs associated with maintaining a high share of borrowed capital. This “compromise theory” allows us to better understand the influence of various factors on the process of formation and functioning of a company’s financial capital, the relationship of its financial portfolio with the attraction of credit resources.

The developer of modern “portfolio theory” is considered to be Harry Markowitz, who received a Nobel Prize in economics in 1990. The conclusions of Markowitz's theory are that the overall level of risk of transactions with stock instruments, as a rule, can be reduced by combining risky assets into portfolios. The main reason for this risk reduction is the absence of a direct functional relationship between the return values ​​for most different assets. The main conclusions of portfolio theory are: 1) to minimize risk, investors should combine risky assets into portfolios; 2) the level of risk for each individual type of asset should not be measured in isolation from the main assets, but from the point of view of its impact on the overall level of risk of a diversified investment portfolio.

Portfolio theory teaches investors methods for measuring risk levels, but does not specify their relationship with the required return. This relationship is concretized by the Capital Asset Pricing Model (CAPM), developed by John Linter, Jan Moissin and William Sharp. The CAPM is based on the assumption of ideal capital markets. According to this model, the required return for any type of risky asset is a function of three variables: risk-free return, average return on the securities market and an index of the volatility of the return of a given financial asset in relation to the average return on the market. The model can be used to determine the firm's overall cost of capital and the required return on its projects.

Option Pricing Theory was reflected in the model developed by Black and Scholes. An option represents the right - but not the obligation - to buy or sell some asset at a predetermined price within a certain period of time. Its important feature is that it cannot have significant negative consequences for its holder, since the latter can refuse to execute it at any time. The model allows for risk-free hedging of transactions with securities and other assets. By buying shares and simultaneously selling call options on those shares, an investor can construct a risk-free position where gains on the shares will exactly offset losses on the options. A risk-free hedge position must earn a return equal to the risk-free interest rate.

One of the most important financial theories is "market efficiency hypothesis"(Efficient Market Hypothesis, EMH), which has many co-authors. A market is considered efficient if all information is reflected in its prices. The EMN allows us to conclude that the value of a company cannot be increased through transactions in the financial market. Since the net present value (NPV) of financial transactions is zero, the value of a firm can only be increased through transactions in the market for tangible goods and services.

Agency theory examines conflicts of interest that arise between shareholders, managers and creditors. Shareholders (principals) seek to increase their returns on their invested capital, while managers (agents) are more concerned with obtaining the benefits due to them. Organizing control over their activities and stimulating them cost significant amounts of money, which is the subject of consideration of this theory. The conflict with creditors is generated by the risk of financing the company's projects.

When managers know more about their corporation's prospects than analysts and investors, a situation of "asymmetric information" arises. In this case, managers may rightly believe that their firm's stocks or bonds are overvalued or undervalued, depending on the nature of the non-public information that typically occurs. In this case, managers can use "signals" to communicate information to investors in order to maximize the value of the corporation's securities. The potential impact of asymmetric information in the market was shown in George Akerlof's The Market for Lemons (Used Cars).

The above and other theories underlie business finance or financial management. Actually, financial management itself is a system of rational management of the processes of financing the economic activities of enterprises and organizations. The main object of management in it is the cash turnover of the enterprise as a continuous flow of cash payments and receipts passing through the settlement and other accounts of the enterprise. Managing cash flow means foreseeing its possible dynamics in the near future and in the future, being able to effectively use available funds to conduct business, increase capital and make a profit.

The subject of management, that is, the managing subsystem of financial management, is the financial departments (administrations, departments), as well as financial managers, who in turn can use the services of consulting services. The management subsystem must develop and implement financial management goals. The main content of its activities is the development of management decisions on the movement of financial resources and capital of the organization in order to increase the efficiency of their use and increase.

To determine the expected volume and intensity of an enterprise's cash turnover, an analysis of the movement of financial resources and capital, the state of financial relations of enterprises with subjects of the external environment is necessary. To solve these problems, science and practice have developed a system of economic and financial indicators, based mainly on data accounting and information on the external financial market. The most important indicators of this analysis include data on the technical and organizational level and other production conditions, sales volumes of the company, cost and profitability of products, efficiency of use of the main and working capital, profitability and financial stability of the enterprise and many others. All of them are the subject of studying the theory of enterprise finance, financial analysis and management in order to practically ensure the survival of firms in the brutal conditions of market competition. In the modern period, to solve these problems, they are widely used information Technology and software products that have received common name ERP systems (Enterprise Resources Planning System).

The essence and functions of finance of organizations. Contents fin. relations in the process of carrying out the activities of organizations.

In accordance with the Civil Code of the Russian Federation, entrepreneurial activities can be carried out by citizens without forming a legal entity from the moment of state registration as an individual. entrepreneur and legal entity. A legal entity is an organization that has separate property in its ownership, economic management or operational management and is liable for its obligations with this property. Legal entities can be commercial and non-profit organizations.

Being the main link financial system, the finances of organizations are distributive in nature and cover the processes of creation, distribution and use of GDP and national income in value terms.

Organizational finance functions:

1. fund-forming (mobilizing)

2. – distribution; - control; - stimulating.

Enterprise finance is the basis of the entire financial system of the state, because they serve the sphere of material production, where GNP and national income are created, which are a source of financial resources for other parts of the financial system.

2. Financial relations of enterprises:

1. Internal:

1.1. Between the founders regarding the formation authorized capital, regarding the distribution of profits and dividends.

1.2. Between divisions of enterprises (workshops, departments, branches)

1.3. Between an enterprise and its employees

2. External:

2.1. Relations with another company (80% of all relations)

2.2. Relations within enterprise associations: they can be participants in financial industrial groups, holdings, associations. Within the framework of such associations, financial relations arise regarding the formation, distribution, and use of centralized trust funds to finance targeted programs, conduct marketing research, and research. – there is an intra-industry capital flow.

2.3. Relations with the budget system regarding the payment of taxes and fees to the budget and in off-budget funds, as well as when receiving grants, subsidies, subventions.

2.4. With the banking system in the process of storing money in commercial banks, organizing non-cash payments for receiving and repaying loans, paying interest on loans, buying and selling currency, etc.

2.5. With insurance companies for property insurance, department of employee categories, business risks.

2.6. With investment institutions during the placement of investments, purchase and sale of the Central Bank, privatization.

Fundamentals of the functioning of finances of commercial organizations. Principles of organizing enterprise finances

Finance of commercial organizations (enterprises) is monetary relations associated with the formation and distribution of monetary income and savings from business entities and their use to fulfill obligations to the financial and banking system and finance the costs of expanded reproduction, social services and material incentives for workers.

Financial relations of commercial enterprises are built on certain principles related to the basics of economic activity:

1. The principle of economic independence - its implementation is ensured by the fact that economic entities, regardless of the form of ownership, independently determine the scope of economic activity, sources of financing, directions for investing money; independently develop pricing policies.

2. Self-financing is one of the main principles in business activities, ensuring the competitiveness of a business entity. Self-financing means complete self-sufficiency of costs for the production and sale of products, performance of work and provision of services, investment in the development of production at the expense of one’s own funds and, if necessary, bank and commercial loans. (mainly own sources of financing - depreciation, profit, contributions to the repair fund)

3. Regarding material interest - its objective necessity is ensured by the main purpose of entrepreneurial activity. Interest is shown not only by its participants, but also by the state as a whole.

4. Material liability means the presence of a defined system of responsibility for the conduct and results of financial and economic activities, the safety of equity capital. Organizations violating the agreement. Obligations, accounting discipline, terms of repayment of received loans, tax legislation, etc., pay penalties, fines, penalties.

5. Providing financial reserves is dictated by the conditions of the undertaking. activities associated with a certain risk of non-return of funds invested in the business. Financial reserves can be formed by commercial organizations of all organizational and legal forms of ownership from net profit after paying taxes and other obligatory payments to the budget from it. For joint stock companies The formation of financial reserves is established by law.

6. When monitoring financial and economic activities. – action of the control function of finance. Control is manifested through the analysis of financial indicators and measures of influence of various contents.

Economic content and functions of finance of enterprises (organizations)

The finances of enterprises (organizations) together are the main link of the financial system.

Based on the nature of the spheres of social production served, they distinguish finance of enterprises in the sphere of material production And finance of non-production organizations. Depending on the form of ownership, the finances of enterprises are divided into the finances of state enterprises and the finances of non-state forms of ownership (private, cooperative, joint ventures).

The Civil Code of the Russian Federation divides enterprises and organizations into commercial and non-commercial based on organizational and legal principles.

Enterprise finance represent a system of economic relations associated with the formation and use of monetary funds and savings for national purposes, financing the costs of the enterprises themselves.

One of the signs of finance is its form of expression and reflection of financial relations through real cash flows.

Finance of enterprises in the sphere of material production includes distribution economic relations of enterprises and is carried out between:

    other enterprises when paying the cost of supplied products, raw materials, materials, work performed, services rendered, etc.;

    enterprises, organizations and groups of workers of this enterprise upon payment wages, bonuses and benefits from the consumption fund;

    enterprises and the state when paying taxes to the budget, receiving allocations from the budget, purchasing government securities and making payments on them;

    enterprises and state extra-budgetary funds when paying contributions to these funds;

    enterprises and banks when receiving and returning bank loans, providing banks with free funds for temporary use, etc.;

    enterprises and higher organizations within the limits of intra-industry redistribution (intra-economic deductions and obtaining loans);

    enterprises, organizations and founders when forming the authorized capital and transferring part of the enterprise’s profit to the founder;

    enterprises and insurance companies when first insuring property, business risks, etc.;

    enterprises and construction and design organizations when implementing investment projects.

From the totality of relations it follows that the need for enterprise finance is due to the existence of commodity-money relations and the operation of the law of value.

External forms of finance of enterprises are manifested through their functions: distribution and control.

Through distribution function the distribution of the social product, gross income, profit remaining at the disposal of the enterprise, the distribution and formation of target monetary funds, fixed and working capital, and a depreciation fund are carried out. As is known, this process occurs through the enterprise receiving cash proceeds for sold products (works, services) and using it to reimburse spent means of production and generate income.

Control function finance of enterprises is manifested in control over the validity of the formation of income, the costs of the enterprise, the rational use of funds, the payment of taxes to the budget and contributions to extra-budgetary social funds. Financial control is carried out in the process of using funds for their intended purpose.

Strengthening the role of the financial control function involves the use of financial sanctions for improper fulfillment of contractual obligations.

Principles of organizing finances of commercial enterprises (organizations)

The main source of financial resources at operating enterprises is revenue from the sale of products (works, services), through which income and profit are generated, as well as depreciation charges, reserve and other funds.

The basic principles of organizing the finances of commercial enterprises (organizations) include: economic independence, self-financing, material interest, material responsibility, provision of financial resources, control over financial and economic activities.

The principle of economic independence is ensured by the fact that business entities, regardless of the form of ownership, independently determine the scope of economic activity, sources of financing, directions for investing funds in order to make a profit and increase capital, and improve the well-being of the owners of the company. The organization independently develops its pricing policy.

Economic

independence

Self-financing

Material

interest

Since enterprise finance as a relationship is part of the economic relations that arise in the process of economic activity, the principles of their organization are determined by the fundamentals of the economic activity of the enterprise.

The basis for organizing the finances of enterprises of all forms of ownership is the availability of financial resources in the amounts necessary to carry out the economic and commercial activities of the enterprise.

The initial formation of these resources occurs during the creation of the enterprise through the formation of the authorized capital. The sources of formation of the authorized capital can be: share capital, share contributions, own funds entrepreneur, long-term loan, budget funds, etc.

In the conditions of transition to a market economy, enterprises operate on the basis of full commercial calculation and self-financing, aimed at obtaining sufficient profits. Commercial calculation means the economic independence of the enterprise and responsibility for the results of its work.

Thus, the implementation of the financial activities of the enterprise is based on the implementation of the following basic principles:

  • * financial independence;
  • * interest in the results of financial and economic activities;
  • * self-financing;
  • * responsibility for the results of financial and economic activities;
  • * differentiation between fixed and investment activities;
  • * dividing the capital of an enterprise into current and non-current;
  • * division of sources of financing of working capital into own and borrowed;
  • * control over the results of the enterprise's activities;
  • * availability of target funds of funds at the enterprise.

Self-financing -- prerequisite successful economic activities of enterprises in conditions market economy. This principle is based on full recovery of costs for production and expansion of the production and technical base of the enterprise.

The principle of self-financing means a method of economic and investment activity in which all costs associated with mandatory payments to the budget and other centralized funds, as well as costs of expanded reproduction, are fully covered by profits and other own sources.

The economic activities of an enterprise are inextricably linked with its financial activities. The enterprise independently finances all areas of its expenses in accordance with production plans, manages available financial resources, investing them in production in order to make a profit.

The distinction between funds from core activities and investment activities means that working capital and other assets assigned to core activities cannot be used by the enterprise for the needs of capital construction, and vice versa.

It is important to divide the sources of financing of working capital into own and borrowed ones. Own funds include funds assigned to the enterprise for perpetual use. Borrowed funds are basically bank loans that are provided to an enterprise for a relatively short period of time for a specific purpose at interest. The combination of own and borrowed funds allows the company to use working capital more rationally. Complete safety of working capital is a necessary condition for the continuity of their turnover. The company is obliged to ensure the safety rational use and acceleration of turnover of working capital.

The need to control the financial and economic activities of an enterprise objectively follows from the essence of finance as monetary relations. The financial and economic activities of an enterprise are associated with the formation and expenditure of funds, and therefore affect the interests of the state, employees of the enterprise, shareholders and all possible counterparties of the enterprise. Control is manifested through the analysis of the financial performance of the enterprise and measures of influence of various contents.

For normal functioning, each enterprise must have certain target funds of funds. The most important of them are: a fixed asset fund, a working capital fund, a financial reserve, a depreciation fund, a repair fund, a fund for the development of production, science and technology, a material incentive fund, a social development fund, etc. The formation of these funds, their management and their proper use constitute one of the most important aspects of financial work in enterprises.

Forms of settlements between business entities

Payments on the territory of the Russian Federation are made by cash and non-cash payments. Cash payments are payments in which cash is actually involved. They can be produced only in one single form - by transferring banknotes and coins from one person to another person in fulfillment of any civil obligation.

There are more forms of non-cash payments: payments by payment orders, payments by letter of credit, payments by checks, payments by collection.

Currently, the main form of payment used in business is non-cash. Non-cash payments are made through banks and other credit organizations where accounts are opened. The legal tender on the territory of the Russian Federation is the ruble. Therefore, all cash payments must be made in rubles.

Funds are written off from the client's account on the basis of settlement documents, which are drawn up in accordance with banking rules; they are valid for presentation by the bank for 10 calendar days, not counting the day of their statement. Corrections, blots and erasures, as well as the use of correction fluid in settlement documents are not allowed.

Settlements by payment orders.

A payment order is an order from the account owner to the bank serving him to transfer a certain amount from his current account to the recipient’s account within the period prescribed by law, if more short term not provided for in the agreement between the bank and the client. Settlements by payment orders predominate in Russian business transactions.

The bank is obliged to transfer the client's funds from the account upon his order no later than the day following the day the bank receives the relevant payment document, unless other deadlines are provided for by law, banking rules or bank account agreement. Within the same time frame, funds are credited to the client’s account.

Payment order as settlement document valid for 10 calendar days, not counting the day of discharge. The order is drawn up on form N 0401060.

Transfers through a bank by payment orders are used for payments for goods, work performed and services rendered, for the transfer of funds to budgets of all levels and to extra-budgetary funds, for the return or placement of loans and deposits, as well as for the payment of interest on them.

With the help of payment orders, urgent payments are made - immediately after shipment, by direct acceptance of the goods (i.e. obtaining the payer's consent to payment), as well as early and deferred payments - within the framework of contractual relations. In large transactions, payments are often made in installments.

By choosing this form of payment, the supplier (recipient of funds) bears the following risks:

  • 1) failure to execute the payer’s payment order due to the absence or insufficiency of funds in his account or due to the impossibility of obtaining a bank loan;
  • 2) late receipt or non-receipt of money if the payment order is not executed by the relevant banks or cash settlement centers.

The risk borne by the buyer is the lack of guarantee of timely delivery of goods, especially with advance payments. Such payments, in addition to the specified risk, also cause the buyer's losses associated with the diversion of funds from circulation and the actual provision of an interest-free loan to the supplier.

Payments by checks.

A check is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder.

Payments by checks involve: the drawer - a legal entity that has funds in the bank, which he has the right to dispose of by issuing checks, and the check holder - the legal entity in whose favor the check was issued, as well as the payer bank - the bank in which the drawer's funds are located . Typically, a check is used to pay an obligation between the drawer and the check holder, but the settlement of this monetary obligation occurs not at the time the check is issued, but at the time it is paid. The drawer does not have the right to revoke a check before the expiration of the established period for its presentation for payment.

Only a bank where the drawer has funds that he has the right to dispose of by issuing checks can be indicated as the payer of a check. The check is paid by the payer bank at the expense of the drawer's funds and is a means by which the drawer's current account can be disposed of. The amount of money in this account can vary greatly, and therefore the circulation period is limited to 10 days.

A checkbook with check forms is issued by the servicing bank based on the client’s application. Check forms are strict reporting forms and are recorded in banks on off-balance sheet accounts.

A check can be personal, order or bearer. The type of check, like any other security, is determined by the method of transfer of rights under it.

A registered check is considered to be issued in favor of a specific person (check holder). They are prohibited from being transferred to other persons.

Unlike a personal check, the rights certified in an order check may belong not only to the person named in it, but also to the person appointed by the latter’s order. You can pay the creditor with an order check by transferring it through an endorsement (endorsement).

A bearer's check, as the most negotiable one, is transferred with all the ensuing legal consequences by simple delivery, i.e. the rights to it belong to the bearer.

The advantage of settlements by checks over settlements by payment orders is that the buyer, having ensured that the product meets his requirements, by simply exchanging documents confirming the shipment of the goods for a check, pays immediately with the supplier by check. When making payments by payment orders, there is no such possibility of bringing the payment as close as possible to the time of receipt of the goods.

Settlements under a letter of credit.

Letter of credit is a written order from one bank (issuing bank) to another bank (executing bank) to pay a certain amount to an individual or legal entity or to pay, accept or honor a bill of exchange upon fulfillment of the conditions specified in the letter of credit.

A letter of credit is intended for settlements with one recipient of funds. The rights and obligations arising as a result of the issuance and execution of a letter of credit are included in the agreement between bank clients and their counterparties (main agreement) as one of its components.

The following are involved in carrying out operations under a letter of credit:

  • - payer (buyer, letter of credit issuer) applying to the bank with a request to open a letter of credit;
  • - the issuing bank opening the letter of credit;
  • - supplier (beneficiary under the letter of credit);
  • - correspondent bank at the location of the beneficiary (executing bank).

The payer issues a letter of credit at his bank on form N 0401063. In this form, the payer is obliged to indicate the type of letter of credit, terms of payment, full and accurate name of the documents against which payment is made, name of the goods that are paid for by the letter of credit, number and date of the agreement, time of shipment of the goods , consignee and destination, as well as the validity period of the letter of credit indicating its closing date. If the letter of credit is covered, then you must indicate the account number for depositing funds with the executing bank.

To receive money under a letter of credit, the recipient must submit shipping documents to the executing bank confirming the fulfillment of all conditions of the letter of credit. All documents must be submitted within the validity period of the letter of credit.

The degree of security and the moment of acceptance (by the check holder) of the risk determine the forms of the letter of credit: revocable and irrevocable, the latter being confirmed and unconfirmed.

A revocable letter of credit can be changed or canceled at any time by the issuing bank without prior notice to the supplier on the basis of a written order from the payer.

An irrevocable letter of credit cannot be changed without the consent of the beneficiary (recipient of funds) and the responsible banks if the conditions of the letter of credit are met. Therefore, the opening order should clearly indicate the form of the letter of credit, taking into account the possibility of its termination before payment is made.

An irrevocable unconfirmed letter of credit is only advised to the beneficiary, i.e. The issuing bank may contact another (advising) bank with a request to officially notify the beneficiary of the opening of a letter of credit.

An irrevocable confirmed letter of credit means a firm obligation of the bank to which the confirmation order is given to make payment in addition to the obligation of the issuing bank.

The issuing bank is responsible for violation of the terms of the letter of credit to the payer, and the executing bank is responsible to the issuing bank.

For the supplier, the most reliable is an irrevocable letter of credit confirmed by the servicing bank.

Letters of credit can be covered or uncovered.

Covered letters of credit mean the preliminary provision at the disposal of the correspondent bank of funds (deposit) in the amount of the letter of credit at the expense of the payer or the loan provided to him at the disposal of the executing bank for the entire duration of the obligations with the condition of the possible use of this money for payments guaranteed under the letter of credit.

In case of an uncovered letter of credit, the executing bank has the right to write off the entire amount of the letter of credit from the account of the issuing bank maintained by it.

The advantage of a letter of credit for both parties is a certain guarantee:

  • - timeliness and completeness of receipt of payment by the supplier, if the delivery complies with the contract;
  • - receipt of the ordered products in accordance with the stipulated conditions by the buyer, especially if his authorized employee is present to carry out preliminary control over compliance with the terms of delivery of goods and their quality.

In Russia, the use of letters of credit is promising and much more reliable than prepayment. But the letter of credit form of payment is the most complex and expensive. Banks charge high fees for performing letter of credit operations (advising, confirmation, document verification, payment) depending on the amount of the letter of credit.

The disadvantages of this form of payment include a slowdown in the turnover of funds for both the supplier and the buyer, especially the latter, which freezes funds for the duration of the letter of credit. In cases where this form of payment is provided for in the contract, the supplier also cannot ship the manufactured goods until he receives notice of the opening of a letter of credit.

The letter of credit form is one of the main ones in international payments. Uniform Customs and Practice for Letters of Credit has been developed by the International Chamber of Commerce. They were first adopted in 1933 and are periodically revised every 8-10 years.

Payments for collection.

Collection is a banking operation through which the bank undertakes to receive money on behalf and at the expense of the client and (or) acceptance of payment from a third party based on the documents provided for collection.

IN in this case The issuing bank is the bank that received the collection order from the client, and the executing bank is the bank that makes the demand for payment and (or) acceptance directly to the obligated person.

Collection operations are based on an order that the client gives to the issuing bank, while the latter charges a commission, the amount of which depends on the type of operation. Collection transactions can be processed using such payment documents as:

  • - payment request (form N 0401061) with or without acceptance;
  • - collection order (form N 0401071), which is also used for payments by checks and bills.

The bank can carry out collection operations only on the basis of payment requests or collection orders (simple collection). A payment claim is a requirement of the creditor (recipient of funds) under the main agreement to the debtor (payer) to pay a certain amount of money through the bank. They are used in payments for goods supplied, work performed, services rendered, as well as in other cases provided for by the contract.

Funds upon payment request are withdrawn from the payer’s current account with or without prior acceptance. The period for acceptance is indicated in the payment request and is determined by the agreement, but it must be at least five working days, excluding the day of receipt by the bank. If the payment request does not indicate an acceptance period, it is assumed to be five working days.

Collection orders are used in the following cases:

When an indisputable procedure for the collection of funds is established by law, including for the collection of funds by authorities performing control functions, a reference to the law must be made in the “Purpose of payment” field.

Current legislation provides for the indisputable suspension of the write-off of funds in the following cases:

  • - by decision of the body exercising control functions in accordance with the law to suspend collection;
  • - if there is a judicial act on suspension of collection;
  • - on other grounds provided by law.

Collection payments presuppose a trusting relationship between counterparties and have certain advantages for the buyer. Thus, when making payments using payment requests, he does not need to divert funds from his turnover in advance.

The supplier, on the contrary, bears the risk of late payment of invoices by buyers, firstly, in the event of a deterioration in their financial situation or an unjustified refusal to accept. Secondly, the supplier also suffers losses due to a slowdown in the turnover of funds due to the time gap between the shipment of goods and receipt of revenue.

The first risk is reduced by certain guarantees from the buyer, the use of legal means of securing payment (guarantee, bank guarantee, pledge, retention). To reduce losses of the second type, the latest means of communication are used, speeding up the process of receiving documents to the payer.

The organization of finances of commercial enterprises is based on provisions related to their economic activities.

The initial formation of own financial resources, as noted above, occurs in commercial enterprises (organizations) at the time of their establishment, when the authorized capital (authorized capital) is formed. The sources of formation of the authorized capital, depending on the organizational and legal forms of business entities, can be:


share capital (in joint-stock organizations); long-term loan; budgetary funds, etc. The main source of financial resources at operating enterprises is revenue from the sale of products (works, services), through which income and profit are generated, as well as depreciation, reserve and other funds.

The principles of organizing the finances of commercial enterprises are in constant development and improvement.

In modern conditions, when the country’s economy is on the way to market relations, the basic principles of organizing the finances of commercial enterprises (organizations) include: self-sufficiency, self-financing, financial independence of enterprises, interest and economic responsibility for fulfilling obligations to the state, suppliers, banks, and employees; a combination of financial planning and commercial calculation.

Self-sufficiency- the principle of financial and economic activity in which the enterprise’s expenses are fully covered by its own income. Self-sufficiency is the main condition of economic (commercial) calculation, which assumes full reimbursement of current costs associated with the production and sale of products (goods, works, services), and making a profit. The principle of self-sufficiency consists in providing the enterprise with the necessary material, labor and monetary resources and its ability to ensure profitable operation.

Self-financing refers to methods of market farming, when own financial sources are sufficient to finance production activities. Self-financing is the principle of carrying out the financial and economic activities of an enterprise, in which not only current expenses, but also capital investments, as well as financing the socio-economic development of the enterprise and future expenses are provided from its own sources of financing.


This method assumes that the distributed profit of the enterprise after payments to the budget and extra-budgetary centralized funds is exempt from state regulation. The profit of a commercial enterprise, depreciation and other funds of funds become the main sources of financing its economic and social development. Loans from banks and other credit institutions are repaid by the enterprise itself from its own sources (mainly from profits received and the sinking fund).

In a market economy, ensuring the principle of self-financing is achieved through the use of share capital, dividends, and profits from financial transactions. Self-financing is closely related to full financial independence enterprises, when the latter are given the right to independently manage their financial, material, and labor resources, to seek and put into circulation borrowed and raised funds, based on

economic benefit.

Principle material interest manifests itself in the receipt of profit as a source of material incentives for the achieved positive results of the commercial activities of the enterprise and its staff. The interests of the state and employees of enterprises can be respected by the profitable activities of the enterprise.

Economic responsibility of enterprises is determined by a system of financial sanctions established by law for failure to fulfill obligations to the budget, trust funds and other enterprises, banks. Special forms of liability are provided for taxpayers who violate tax laws. Enterprises are liable for their obligations with their own property. This responsibility of enterprises is strengthened by the business risk insurance system and the increasing role of insurance compensation received from insurance companies.


The rational organization of finance in the sphere of material production is achieved with a rational choice of financial resources, an optimal combination of own and borrowed funds.

Own sources are constantly in the circulation of enterprises and are assigned to their authorized capital. Enterprises have the right to dispose of them independently.

An important principle of organizing the finances of commercial enterprises is combination of financial planning and commercial calculation. There is an opinion that commercial calculation is incompatible with financial planning, however, in world and domestic practice, the generally accepted lever of financial management is targeted comprehensive programs as an element of planning. In investment activities, no company starts a business until it has developed a project (plan) with justification for financing and the final financial result. Based on in-house planning, contracts are concluded and orders are placed on a competitive basis. The development of plans (they are called projects abroad) is based on an in-depth study of consumer demand, the experience of competitors, and an analysis of the financial capabilities of the enterprise.