Chapter 13

The importance of optimizing the movement of financial flows of enterprises. Definition of financial logistics and its purpose. The concept of financial flow. Classification of financial flows. Stages of the cash flow cycle in the book business. Financial stability of the enterprise. Stages of financial flow management. External and internal factors affecting the financial flows of the enterprise. Stages of the logistics financial cycle. Ways to maximize cash flows received at the end of the logistics cycle. The main factors affecting the speed of movement of financial flows. The financial image of the company.

Goals and objectives of financial logistics

Motion Optimization material flows in logistics systems is largely achieved by improving their service with financial flows. Only financial resources can be converted into any other types: buy goods, services, information, pay staff, etc. with them. In this regard, the effective movement of cash flows is an important condition for the functioning of a book business.

Changes in the size, speed of movement and other parameters of financial flows significantly affect the movement of material flows. For example, increasing the speed of cash flow by speeding up payments can lead to faster receipt of goods in a bookselling business and reduce the required inventory level of goods. Lack of capacity of financial flows or slow speed their receipt by a publishing company may cause a reduction in the range of book products produced by it.

All this indicates the importance of studying and optimizing the movement of financial flows of enterprises. At the same time, it should be noted that the movement of financial flows in relation to their service of flows of goods and services is the least studied area of ​​logistics. In the literature on logistics, financial issues are only mentioned and do not receive sufficient coverage, however, more and more interest in the problem of managing financial flows is shown in financial management.

Financial flows arise and are used in the book business to ensure the efficient passage of book products through the entire logistics cycle of its production and distribution, from the inception of the concept of a future publication to the purchase of a book by a consumer. Financial flows serve the processes of transfer of ownership and movement of raw materials and goods in space and time. With this in mind, we can give the following definition of the logistical financial flow.

Financial flow in logistics - is the movement of funds circulating in the logistics system, as well as between logistics system and the external environment necessary to ensure the effective movement of the commodity flow.

The financial flow of an enterprise is made up of time-distributed receipts and payments of funds generated in the course of business activities.

Any book business must earn money as a result of the sale of its products (book goods and services), and then invest (invest) the money received in the production of new goods (services). At the same time, a normally operating enterprise should receive profit from its activities. This constantly repeating process is called the cash flow cycle. The cash flow cycle accompanies the logistics cycle of movement of goods (services) (Fig. 42
).

Financial flows are diverse in composition, directions of movement, purpose and other characteristics. In order to optimize their movement in logistics systems, flows must be classified. is given in Table. fourteen.

Of greatest importance is the division of flows in the direction of movement. Positive and negative flows are interconnected. The insufficiency of the volumes of one type of flow in a specific period of time causes a reduction in the volumes of another type. Therefore, in the enterprise cash flow management system, they should be considered as a single (complex) management object.

Net cash flow is the most important result of the financial activity of the enterprise, which largely determines its financial stability.

Table 14

Classification sign	Flow type
Direction of travel	Positive(cash inflow, cash inflow) Negative(cash outflows, cash outflows)
Calculus Method	Gross- the totality of receipts and expenditures of funds Net cash flow- the difference between positive and negative cash flows (between the receipt and expenditure of funds)
By appointment	Purchasing- serving the process of purchasing goods Industrial- service production process Marketing- service process of sales of finished products
Frequency of occurrence	Regular- occurs regularly economic activity (wage, tax payments, etc.) Discrete- arises during the implementation of one-time, single transactions (for example, the purchase of real estate)
Sufficiency level	Excess- receipts of funds significantly exceed the real need of the enterprise for their spending In short supply- receipts are significantly lower than the actual needs of the enterprise in spending them
Scale	For the enterprise as a whole- accumulates all types of funds of the enterprise By certain types enterprise activities For individual structural divisions (responsibility centers) of the enterprise For individual business transactions
Type of economic activity	Accompanying the movement of products(payments to suppliers, employees, tax authorities, receipts from buyers of products, etc.) Accompanying investment activity(sale and purchase of fixed assets, real estate, intangible assets) Accompanying financial activity (obtaining and paying loans, attracting additional share capital, dividend payments)

The main goal of optimizing the movement of financial flows in logisticsis to ensure the movement of material flows (flows of services) with financial resources in the required volumes, at the right time using the most effective sources of financing, i.e. in accordance with the logistical rule of "seven N". This is achieved in two main ways: timely receipt of funds to the enterprise in the amount necessary to finance its further activities; ensuring efficient spending of funds, profitable and consistent with the mission of the enterprise.

Financial logistics in the book business - this is a section of logistics that studies the optimization of financial flows directed to the acquisition of resources and received by book business enterprises from buyers of book products and partners in the movement of book products in supply chain.

Let's consider which stages consists of a cash flow cycle in book business.

In book business, there are forms of financial relationships between publishers and booksellers:

Paying the publisher only for books sold by the bookseller. In this case, unsold books are returned after a certain period of time to the publisher.

Purchase with deferred payment (with or without the right to return unsold books). In this case, the due date is set.

Purchase with simultaneous payment and without the right to return unsold books.

Purchase with prepayment.

Financing of publishing projects: the bookseller or some other firm pays the publisher for the publication of the book and becomes the owner of the circulation.

The bookseller (or some other firm) finances part of the costs (paper, printing, transport services) and participates in an agreed share of the profits from the sale of the circulation.

Only after these cost streams (investment of funds) does the publisher begin to receive money from booksellers for the books they bought (or sold) book products.

As you can see, the expenditure and receipt of funds of enterprises is characterized by significant unevenness (Fig. 43
). Therefore, if business leaders do not pay due attention to financial logistics, they may periodically find that at the right time there is not enough money in the company's accounts. You have to take out a loan, and since this needs to be done urgently, there is no time left to search and select the optimal conditions for borrowing money, amounts and terms of the loan. The development of this negative situation further leads to a violation of the schedule of payments on loans, and, consequently, to penalties.

Another situation is also possible - the uncontrolled flow of money to the company's accounts makes it difficult to optimize tax payments and leads to the formation of temporarily free funds. Free funds lose their value over time due to inflation and other reasons. Therefore, the optimization of cash flows should provide for their balance in terms of types, volumes, terms and other characteristics, as well as the growth of the net cash flow of the enterprise. At the same time, cash flows should be subordinated to the fulfillment of the mission of the enterprise, the goals of its activities in the book market.

The need to optimize the cash flow of the enterprise is determined by the following main provisions.

Cash flows are the “financial circulation” of an enterprise; they serve almost all aspects of business activity. Correctly organized cash flows are the most important condition for obtaining effective results of the enterprise.

Financial stability of the enterprise is largely determined by how different types of cash flows are synchronized with each other in time, in the direction of movement, etc. Insolvency can occur even for enterprises that receive a sufficient amount of profit, due to the imbalance of receipts and payments over time.

The rational formation of cash flows helps to increase the rhythm of all logistics processes enterprises. Any failure in the implementation of payments adversely affects the formation of stocks of raw materials, labor productivity, the sale of finished products, etc. Efficiently organized financial flows create conditions for optimizing the movement of all other types of flows (material, information, personnel, service).

By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, reduce the need for borrowed capital.

Cash flow management ensures the acceleration of the capital turnover of the enterprise by reducing the production and financial cycles, reducing the need for capital serving the economic activity of the enterprise.

Synchronization of receipts and payments of money allows to reduce the real need of the enterprise for free cash balances, which contributes to the formation of additional resources that can be directed to investments that are a source of profit.

There are the following stages of financial flow management:

As already noted, the main goal of optimizing the cash flow of an enterprise is to ensure its financial stability and competitiveness in the book market. The most important prerequisite for optimization is the study of factors affecting financial flows. Distinguish between external and internal factors, or factors of external and internal environment enterprises.

The main external factors are:

Book market conditions. The conjuncture to a decisive extent affects the receipt of funds from the sale of products. The higher the demand for book products, the better they sell and the greater the sales revenue stream. A decline in demand, on the contrary, reduces the flow of proceeds from the sale of goods, which can lead to a shortage of funds for the enterprise, the accumulation of significant stocks of products that cannot be sold.

Industry practice of lending to suppliers and buyers of products. This practice determines the established procedure for purchasing products - on the terms of prepayment, cash payment, deferred payment (commercial credit). As we have already mentioned, the main form of relationship between publishers and booksellers is the supply of products on a deferred payment basis.

Taxation system. Its changes affect the volume and nature of the company's tax payments. AT recent times value added tax is important in the book business. What book production was not subject to this tax, allowed the industry to direct significant funds for the development of the book business.

Conjuncture of the financial and credit markets. State financial market affects the price of the company's shares. In addition, the financial market conditions determine the possibility of efficient use of the company's free cash by purchasing shares, and also affects the flow of cash from the company's existing assets. valuable papers(dividends, interest).

Depending on the conditions of the credit market, the volume of supply by banks of “expensive” or “cheap” (interest rate), “short” or “long” (loan terms) money increases or decreases, which affects the possibility of generating enterprise cash flows from this source.

Main internal factors that affect the cash flows of the enterprise are:

Selling goods or services, the company receives revenue that goes to cover costs, pay taxes. The remaining part forms the profit (or loss, if the proceeds were not enough for the specified payments) of the enterprise. The profit of the enterprise is used for various purposes. At certain moments in the life of an enterprise, it becomes necessary to attract borrowed funds to ensure its activities.

Optimization of financial flows consists of managing the stages of the logistics financial cycle: procurement, production, distribution activities.

In the first stage, money must be optimally invested in materials, goods, information, labor, and other inputs of production.

At the production stage, the invested money goes into finished products, while it is necessary to ensure the competitiveness of manufactured goods (services). The costs incurred must create a use value that ensures their coverage and the receipt of the planned profit.

At the stage of sale, goods are converted into cash as they are sold, cash flows begin, and a net cash flow is formed. However, it should be remembered that this process determines not only the direct receipt of cash flows, but also the position of the enterprise in the market, its image, reliability as a business partner, which are also important for performance.

With the proceeds, the logistics cycle is repeated again. The duration of the full turnover of working capital (from their advance to resources to the receipt of money for the goods sold) is characterized by turnover. The financial position of the enterprise, its solvency, the need for additional sources of financing, etc. depend on the speed of turnover of financial flows. Thus, the optimization of cash flow should be aimed at the implementation of the circulation of financial resources, their uninterrupted and prompt flow from the form of money into raw materials, finished products , goods and again in the form of money.

In addition to accelerating the financial cycle, optimizing financial flows involves maximizing the inflow of funds and minimizing the outflow (by reducing the volume or slowing down the outflow rate).

Exists three main ways to maximize cash flow obtained at the end of the logistic cycle of their movement, i.e. as a result of the sale of produced goods and services:

Increasing the difference between the proceeds from the sale of goods (services) and costs. This can be achieved by reducing costs and/or increasing the price of goods. It is necessary to apply this method with caution, since cost reduction can lead to a decrease in the quality of goods (services) to an uncompetitive level, and price increases - to a reduction in the mass of goods sold and a decrease in the speed of cash flow.

Cash flow acceleration. The faster finished products are produced from purchased raw materials, and the latter are converted into cash receipts as a result of sales, i.e. the faster the logistics cycle is completed, the faster the turnover of funds. The acceleration of cash flow, in turn, leads to the fact that more cash can be obtained from the same initial resources in the same time.

For example, in order to sell books worth 100 thousand rubles. per month, the bookstore can choose one of the following options. Purchase all goods at the same time, ensuring the planned sales volume. To do this, he must immediately spend 70 thousand rubles.

But this option is also possible: the store first buys goods in the same assortment, but in a smaller number of copies, for example, for 35 thousand rubles, and then repeats this purchase again. As a result, the same result (a sale of 100 thousand rubles) can be achieved by using half the amount of money.

The acceleration of cash flow also occurs due to the acceleration of the sale of goods, so in some cases it is advisable to increase costs (for example, for faster delivery of goods) or reduce prices in order to reduce the duration of the logistics cycle and ultimately make a faster profit.

Eliminate unnecessary expenses loss and damage to goods. Improving the logistics process of the enterprise, it is necessary to constantly monitor that there are no unnecessary operations, links, structures that lead to unjustified costs. In addition, due consideration should be given to safeguarding materials, goods and other property. When solving these problems, as well as those mentioned above, it is necessary to apply the concepts of trade-offs, total costs, and others. For example, the free access of buyers to goods can lead to an increase in the loss of goods due to theft and an increase in defects, but, on the other hand, it contributes to an increase in sales and an increase in turnover.

In general, it should be noted that the costs of money and other resources do not exist by themselves. They always appear when you need to get some kind of result. Based on this, it is advisable first of all to evaluate not the level of costs, but the ratio between them and the results obtained. Effective cost control requires the use of the principle of common costs, otherwise costs can be reduced at a separate stage by simply moving them to another stage of the logistics cycle. For example, the purchase of cheaper raw materials leads to longer and more expensive processing, savings on transportation costs - to greater costs for increasing inventories, etc.

All costs for the production and sale of goods should be considered integrally - as the amount that the consumer must ultimately pay in order to receive goods and benefit from them. The buyer is not at all interested in how the costs are distributed among the participants in the logistics chain (publishers, printers, booksellers); he will buy a book if its price corresponds to his financial capabilities, and also to his assessment - whether the benefit he acquires in this product deserves the required financial outlays.

This is an economic category in which the interests of sellers and consumers converge. For consumers, the price of a product is, first of all, an indicator of its consumer properties. For producers, the price is an estimate of the costs they incurred and the expected level of profit. More details on pricing issues are discussed in Sec. 6.4.

In addition to the speed and power of cash flows for goods sold, the flow of flows within the enterprise must be optimized. Here the question of what is spent and how money is earned at the enterprise, in the context of its centers of responsibility, is investigated. The enterprise responsibility center is one or more structural divisions of the company, in which financial flows that are important for the enterprise are formed. Typically, responsibility centers are divided into revenue centers and cost centers. For example, the main center of income for a bookstore is a structural unit that sells goods in trading floor, cost centers - transport service, warehousing, etc.

The speed of movement of financial flows is affected by the speed of passage of money in mutual settlements between enterprises: each commodity flow must have its own financial flow. For example, a publishing house (seller company), on the basis of a concluded sales contract, supplies a bookstore (buyer company) with the products it purchased (material flow). Book store, carrying out the form of settlements specified in the contract, makes payment for the supply of these products (financial flow) (Fig. 44).

As a rule, in mutual settlements, enterprises use cash accumulated in their bank accounts. In this case, the scheme of movement of the financial flow should also include banking institutions (Fig. 45
).

The amount, start and end time of the financial flow is determined by the payment terms established in the sales contract (for example, payment upon receipt of goods, payment after the sale of goods, discounts, etc.). In this case, the company-buyer can use its own or borrowed funds for payment.

Since the bulk of settlements between manufacturers, suppliers and sellers of book products is carried out by making payments through banks, an important factor is the speed of movement of flows in banking institutions, i.e. level of financial and credit service. In addition to the speed of customer service, financial and credit services involve providing enterprises with a variety of payment options, discounts and benefits, various forms and conditions of lending, etc. In this regard, it is important for book business enterprises to work with reliable banks that provide a high level of financial services.

Optimization of financial flows involves not only accelerating the financial cycle and maximizing the inflow of funds (income), but also effective management earned means - profit. After paying all expenses and paying taxes, the company generates a net cash flow, i.e. the difference between positive and negative cash flows (between the receipt and expenditure of cash). It is spent on two main areas:

is directed for consumption by employees and owners of the enterprise;

accumulates and increases the property of the enterprise.

Consumed part of the profit paid in the form of income to owners, bonuses and benefits to employees of the enterprise, and also goes to social development collective (improvement of social conditions of work and rest).

Capitalized (accumulated) part of profit sent to:

on the development of the enterprise by expanding it, creating new directions and structures, modernizing, introducing modern technologies. These costs should ensure an increase in income and an increase in the speed of movement of financial flows at book business enterprises;

in external financing objects - investing in new enterprises, providing loans, buying shares, securities, etc.

Between the consumed and capitalized parts of the profit, there must be a certain optimum, which changes at different stages of the development of the enterprise.

The main part of the capitalized profit goes to investments. Investments are the placement of funds in various projects with the aim of increasing the invested capital, generating income. Increasing cash inflows in the future is the main goal of investment activity.

Before investing funds, it is necessary to develop a business plan for the project being invested. A business plan is a document that characterizes the main sources of project financing, marketing, personnel, technological aspects of its implementation, as well as its financial efficiency. It is presented to investors and gives them the opportunity to get acquainted with the planned results of the project, the payback period for invested funds, guarantees for their return, etc.

As a result of optimization of financial flows, financial stability enterprises, i.e. stable availability of financial resources sufficient to meet financial obligations, the ability of the company to finance its activities, long-term financial balance. Financial sustainability is achieved through the stable maintenance of a competitive level of profit, which ensures the expanded development of the enterprise, the implementation of the goals of its activities.

In modern concepts of logistics, the development of relations between an enterprise and partners, its behavior in the external environment are of great importance for the effective functioning of logistics chains for promoting book products to consumers. One of the main factors in business relationships is financial logistics, which ensures the timeliness and efficiency of financial relationships, mutual settlements with partners, clients, government agencies, investors, borrowers, founders, etc. Accuracy, timeliness, stability of financial relations create a positive financial image not only from the company's partners, but also from potential investors, competitors, government agencies. Increasing the financial image of the company provides an increase in its stock prices, and therefore growth external sources financing. With the growth of the share price, the weight of the company in the business world grows, it becomes more difficult for competitors to absorb it by buying up shares.

The financial image of the company consists of the following aspects:

fulfillment by the enterprise of financial and other obligations to suppliers, customers, creditors, the state, etc.;

compliance of the mission and goals of the company with market demands, the needs and interests of consumers and partners, legislation and moral standards and principles of entrepreneurial activity;

quality of financial management (ensuring high rates of development of the enterprise, financial stability, etc.).

Introduction

Currently Russian enterprises operate in conditions of significant instability of the economic environment, which necessitates the search for highly effective methods and ways of managing activities industrial enterprises. One of these methods is logistics, which allows reaching a high quality new level management of material, financial and information flows of the enterprise in order to improve the final results of its production and economic activities and ensure a stable position in the market.

In the context of the transition to market economy increasing the efficiency of production and sales of products determines the need to identify and study the logistical financial flows corresponding to the movement of inventory and inventory items, which, in the process of moving from one economic entity to another, can be considered as a corresponding commodity flow. At the same time, its movement is due to the implementation of a number of logistics operations.

Transition to market relations, the expansion of the scale of economic activity, the increased need to strengthen all types of relationships in the processes of managing financial flows generated by marketing commodity flows, led to the main requirements for new forms and methods of improving the efficiency of managing enterprises, increasing the effectiveness of their activities, improving financial condition. The formation of financial flows of logistics at enterprises, the use of logistics principles and methods, will allow approaching the solution of traditional problems on a new basis, increasing the efficiency of their production and economic activities.

financial logistics

The concept and essence of financial logistics

Financial logistics is the least explored area. This happens mainly for two reasons: for objective reasons, the transition to a market ideology lasted too long in Russia, when, as the market develops, scientists and practitioners gradually come to understand essential role finance in the logistics system; and subjective, since the management of financial flows requires high professionalism and is associated with significant risks for each enterprise or company.

However, it cannot be said that the Western “marketers”, whom domestic economists often out of habit are guided by, have gone far ahead, although much earlier they began to study the main interdependencies between logistics and financial goals firms, as well as considering the share of supply chain management in the total cost production costs firms. And this is not surprising, since they have long been faced with the need for appropriate information to manage the investment process.

Speaking about the contribution of logistics to the profit of an enterprise, D.M. Lambert notes the need to analyze all logistics solutions both in terms of their cost effectiveness and the benefits received.

The key factor here is customer service (logistics service) and its impact on profit margins. But one should, he rightly warns, avoid extremes, such as providing a very high level of service without the assurance that the client will appreciate the cost of such super service and be willing to pay for it.

The other extreme is understanding logistics as the only source of costs and striving to reduce them in any way. According to the American economist M. Christopher, "reducing costs in any business area is a cost factor, but it is advisable only when it leads to increased profits."

Financial logistics, he admits, also contribute to the efficient use of capital. Logistic variables essentially form the individual components of the balance sheet, namely:

Cash on hand and debt. Thanks to efficient logistics management, shorter order fulfillment cycles are achieved: the shorter the cycle, the faster the cash flow from the sale; the degree of implementation of the order is also important;

Stocks. The level of stocks in the form of raw materials, components, finished products is the result of the enterprise's strategy in the field of logistics services and the effectiveness of the monitoring and inventory management system;

Real estate, fixed assets and equipment. Optimization of the distribution network, achieved due to the found correspondence between the location and parameters of distribution nodes to the structure of demand, can lead to the release of capital;

current payments. Their level can be increased by limiting the volume and frequency of orders, which can be the result of the introduction of systems such as planning material needs or distribution needs.

Foreign specialists are initially focused on the fact that the main goal of the enterprise should be the maximization of its value, therefore, the strategy of the enterprise should be aimed at achieving this goal. And this, in turn, is impossible without the introduction of new methods of management - management through value. To use this management method, it is necessary to determine which processes and to what extent form the value of this cost and what role logistics plays in this.

In determining the value of a firm, free cash flows play a major role, providing the basis for paying dividends to shareholders, rising share prices, and sources of financing for firm growth. The interest rate is also important, the value of which reflects the cost of capital.

The analysis of domestic scientific publications, educational literature, training courses of various universities suggests that, unlike the West, in the practice of our management, the fetishization of the material flow continues and the reduction of logistics only to transport, storage, production, supply, marketing, stocks.

In most of the existing definitions of logistics, there is no clear definition of financial logistics. It is no coincidence that the financial movement is considered by many only as accompanying the material flow. Although, it is quite obvious that the movement of finance is a serious limiter to the benefits of the enterprise and an active "lever" of material flow management.

Perhaps that is why indicators for evaluating the effectiveness of financial flows have not yet been developed. Attempts by a number of economists to reduce them to classical indicators of financial management are completely unfounded. So, this does not reveal the relationship, or rather the interdependence of financial management and financial logistics. As is known, financial management is the art of managing the finances of an enterprise. As for financial logistics (logistics of financial flows), this concept is narrower and represents a set of methods, tools, tools aimed at improving the efficiency of financial flows.

The financial aspects of the functioning of logistics systems are poorly represented in the economic literature as key to ensuring the adoption of optimal decisions. From this it can be concluded that there is an acute shortage teaching materials on financial flows. Among them: the basics of the theory of financial flow management in the logistics system; regulation of financial resource flows; organization of structuring, formation and management of financial flows in meso-, state and socially-oriented logistics systems; financial flows in banking, exchange, Internet trading systems.

Studying the issues of financial logistics requires staying on the principles of science, involving the strengthening of the settlement principle at all stages of financial flow management - from planning to analysis. This approach can be observed subject to specificity, which implies a clear definition of the specific result of the goal of moving the financial flow in accordance with the technical, economic and other requirements of the business entity, as well as the principle of constructiveness, which consists in continuous monitoring of the movement of the financial flow and prompt adjustment of its movement.

And, finally, all financial logistical functions and the process of movement of financial flows should be performed with the maximum degree of automation, which is possible only if it is computerized.

It is important to keep in mind that, from the point of view of the logistics of finance, the progressiveness of economic systems is achieved not so much by increasing their material and technical base, but by improving its provision with financial resources.

The implementation of these principles leads to a reduction in storage and movement costs. material resources and finished products, improving the balance in the management of economic activities transport systems, the rhythm of the functioning of the structures and divisions included in the financial logistics system. In addition, the principles of financial logistics make it possible to improve the methodology and improve the quality of organizational design, to provide a systematic approach to the design of regional transport systems.

The basic principles of financial logistics should be supplemented by the principles of marketing, management and other scientific and applied disciplines that are synthesized by the theory and practice of logistics.

A study of the available materials and literature also gives grounds to conclude that the cost is interpreted management personnel and top managers of a number of enterprises solely as part of the taxation process. Therefore, the cost factor is not used as an objective criterion for increasing the activity and competitiveness of the main production.

Flow control can be considered effective if it allows you to decide in automatic mode the main production and economic tasks of the enterprise. These include: coordination of production and financial plans, establishing the required level of reserves, volumes and terms of the required resources. Through the impact on flows, it is possible to provide the logistics system with financial and material resources, attract and return funds, and distribute them according to the directions of use. The functions of flow management should also include monitoring the compliance of the parameters of financial and material flows, their impact on efficiency logistics activities, checking the optimality of resource flow schemes.

When managing the movement of financial and material flows, one should strive both to save the resources spent on the impact and to maximize the final result. As far as possible, one should strive to control action changed the parameters of as many threads as possible. In this case, the solution of problems will be carried out as quickly as possible and at the lowest cost.

Financial logistics is a system for managing, planning and controlling financial flows based on information and data on the organization of material flows.

Financial flows are understood as the directed movement of funds or resources in logistics systems and between them, necessary to ensure material and information flows.

Financial flow is a directed movement of financial resources associated with the movement of material, information and other resource flows both within the logistics system and outside it. Financial flows arise when reimbursement of logistics costs and expenses, attraction of funds from funding sources, reimbursement (in monetary terms) for products sold and services rendered to participants in the logistics chain.

The task of managing financial flows in logistics systems is complete and timely provision of volumes, terms and sources of financing. These funding sources must meet minimum price requirements.

Financial logistics faces the following tasks:

studying the financial market and forecasting sources of financing using marketing techniques;

determination of the need for financial resources, selection of sources of financing, monitoring of interest rates on bank and interbank loans, as well as interest rates on valuable and government bonds;

construction financial models the use of funding sources and the algorithm for the movement of cash flows from funding sources;

establishing the sequence and links of the movement of funds within the business and the project;

coordination operational management financial and material flows. First of all, the costs are estimated, for example, for the delivery of goods vehicle. The logistics manager builds material flows taking into account costs;

formation and regulation of free balances on ruble, currency and budget accounts in order to obtain additional profit from operations in the financial market using highly profitable financial instruments;

creation operating systems information processing and financial flows.

The principles of financial logistics include:

self-regulation to achieve a balance in the flow of cash resources with the movement of material resources, production and minimization of production costs;

flexibility associated with the possibility of making changes to the financing schedules for the purchase of materials necessary for the implementation of the project of finished products and when adjusting the terms of the order from consumers or partners;

minimization of production costs while maximizing short cycles of project implementation;

integration of the processes of financing, supply, production and marketing in a single body for the implementation of the project;

modeling the movement of cash flows from funding sources to project executors with a turnover of free cash with maximum efficiency;

compliance of the volumes of financing with the volumes necessary costs;

use of software and computer networks for financial management;

reliability of sources of financing and provision of the project with financial resources;

profitability (through an assessment of not only costs, but also the "pressure" on these costs);

return on investment.

As you know, the key aspect of logistics activities is the management of material flows: the movement of raw materials, materials, semi-finished products and finished products. Each material flow that occurs during the purchase of materials or the sale of products, the transportation or storage of goods, is accompanied by a financial flow: an investment of finance or compensation for the sale of goods.

When preparing and organizing logistics processes, in addition to planning material flows, it is necessary to calculate and think over financial flow patterns. Thus, in international relations, the choice of CIF and FOB delivery terms affects the distribution of freight and insurance costs between the buyer and the cargo supplier. During transportation, the costs for damage to the goods are borne either by the carrier or the supplier, depending on the contractual terms, the actual characteristics of the goods, and the data of the documents of title. Changing the parameters of the storage system affects the safety and quality of the goods, and consequently, the cost of services. The sale of goods on their own, with the help of sales agents, commission agents or consignees, requires different costs, provides a different turnover of goods and the duration of the financial cycle.

For each scheme of movement of material resources, several options for organizing financial flows, different in cost and risk, can be provided. Financial institutions, third-party enterprises, consumers, the state, foreign persons are involved as investors and creditors, each of which offers resources on different terms. By calculating the moment of the deficit in finances, it is possible to attract resources in the right amount and at the right time and return them when sufficient income is received.

The choice of suppliers and sources of resources, methods of payment for services to carriers, the order of location of goods in the warehouse is also most rational to carry out according to financial parameters, since they provide comparability of heterogeneous estimates. It is possible to assess the feasibility of re-equipping a warehouse terminal by comparing the expected increase in the flow of goods and revenue per unit of time with the amount of required investment. Comparing losses and incomes, the cost of hedging risks and the possibility of their elimination, it is possible to build such schemes for the movement of financial and material flows in which logistics costs will be optimal.

In order to fulfill production plans, deliver the goods to their destination in right time, to obtain sufficient income from consumers, financing plans must be implemented. The increase in the cost of materials makes it necessary to attract additional sources of financing or change production technologies. Falling quotes of promissory notes accepted as a pledge of payment for supplies may lead to loss of revenue and disruption of relations between suppliers and consumers. Control and correction of deviations in the parameters of financial flows are necessary both for individual participants in logistics activities and for the system as a whole.

The parameters of financial flows also serve as indicators of the well-being and sustainability of enterprises, indicate the effectiveness of logistics activities, and are necessary when planning and organizing relationships with counterparties. So, when drawing up the budget for the current year, they predict the amount of future revenues and necessary investments, calculate the indicators of profitability and profitability, which are used in the preparation financial reporting, substantiation of attracting investments and loans, conclusion of contracts and agreements.

The financial flow is characterized by volume, cost, time and direction. Additional characteristics can be determined based on the specifics and needs of the enterprise and its place in the logistics system. The volume of the flow is indicated in its documentary, electronic or any other support in monetary units. The cost of a flow is determined by the costs of its organization, and time characterizes its availability for impact. Both the time and the direction of the financial flow are determined in relation to the enterprise that organizes it. Distinguish between incoming and outgoing flows in relation to the participants in logistics relations. Let's say receiving an advance payment is an incoming flow, and paying for deliveries is an outgoing flow.

The characteristics of financial flows are based on information about the conditions, terms and nature of the relationship between the participants in the logistics process, data on the parameters of resources and the movement of material flows. For all movements of funds from the enterprise to other participants in the logistics process (consumers and suppliers, between warehouse, port and customs terminals, in logistics junctions of transport flows), the time and volume of receipts and investments, the cost of credit funds are calculated, the directions of the resulting flows are determined, others characteristics required for flow control.

The concept of the resulting financial flow is associated with several flows. Here it is necessary to introduce the concept of a financial transaction - a set of two or more interrelated financial flows. For example, attracting resources, investing them in production and receiving sales proceeds is a financial transaction consisting of at least three flows.

For financial transactions, parameters such as profitability and profitability are determined, showing how effective the impact on flows is. According to financial transactions, you can determine a number of other parameters that are essential for managing financial flows. For example, for a distribution logistics center in which the income and expenditure of financial resources is uneven, it is important to calculate the density of the financial flow, which characterizes the intensity of activity and is determined by the volume of the resulting flow per unit of time. When organizing procurement, you can calculate the time gap between receiving information from the supplier (incoming information flow) and making an advance payment (outgoing financial flow).

Thus, financial flows perform a number important functions to ensure, record and coordinate the movement of resources in logistics processes. Financial parameters largely determine the economic viability of enterprises, stability in the market, and the strength of relationships with suppliers and consumers. It is difficult to overestimate the importance of financial flow management for logistics systems.

Financial logistics is a system for managing, planning and controlling financial flows based on information and data on the organization of material flows.

Financial flows mean directed movement of funds or resources in logistics systems and between them, necessary to ensure material and information flows.

financial flow- this is a directed movement of financial resources associated with the movement of material, information and other resource flows both within the logistics system and outside it. Financial flows arise when reimbursement of logistics costs and expenses, attraction of funds from funding sources, reimbursement (in monetary terms) for products sold and services rendered to participants in the logistics chain.

The task of managing financial flows in logistics systems is full and timely provision in terms of volumes, terms and sources of financing. These funding sources must meet minimum price requirements.

Financial logistics faces the following tasks:

Studying the financial market and forecasting sources of funding using marketing techniques;

Determination of the need for financial resources, selection of sources of financing, monitoring of interest rates on bank and interbank loans, as well as interest rates on valuable and government bonds;

Building financial models for the use of funding sources and an algorithm for the movement of cash flows from funding sources;

Establishing the sequence and links of the movement of funds within the business and the project;

Coordination of operational management of financial and material flows. First of all, the costs are estimated, for example, for the delivery of goods by vehicle. The logistics manager builds material flows taking into account costs;

Formation and regulation of free balances on ruble, currency and budget accounts in order to obtain additional profit from operations in the financial market using highly profitable financial instruments;

Creation of operating systems for information processing and financial flows.

The principles of financial logistics include:

Self-regulation to achieve a balance in the flow of cash resources with the movement of material resources, production and minimization of production costs;

Flexibility associated with the possibility of making changes to the financing schedules for the purchase of materials necessary for the implementation of the project of finished products and when adjusting the terms of the order from consumers or partners;

Minimization of production costs while maximizing short cycles of project implementation;

Integration of financing, supply, production and marketing processes in a single project implementation body;

Modeling the movement of cash flows from funding sources to project executors with a turnover of free cash with maximum efficiency;

Correspondence of the volumes of financing with the volumes of necessary expenses;

Use of software programs and computer networks for financial management;

Reliability of sources of financing and provision of the project with financial resources;

Profitability (through an assessment of not only costs, but also the "pressure" on these costs);

Profitability when placing funds.

For each scheme of movement of material resources, several options for organizing financial flows, different in cost and risk, can be provided. As investors and creditors, financial institutions, third-party enterprises, consumers, the state, foreign persons, each of which offers resources under different conditions. Having calculated the moment of the deficit in finances, it is possible to attract resources in the required amount and at the required time and return them when sufficient income is received.

The choice of suppliers and sources of resources, methods of payment for services to carriers, the order of location of goods in the warehouse is also most rational to carry out according to financial parameters, since they provide comparability of heterogeneous estimates. It is possible to assess the feasibility of re-equipping a warehouse terminal by comparing the expected increase in the flow of goods and revenue per unit of time with the amount of required investment. Comparing losses and incomes, the cost of hedging risks and the possibility of their elimination, it is possible to build such schemes for the movement of financial and material flows in which logistics costs will be optimal. Control and correction of deviations in the parameters of financial flows are necessary both for individual participants in logistics activities and for the system as a whole.

The parameters of financial flows also serve as indicators of the well-being and sustainability of enterprises, indicate the effectiveness of logistics activities, and are necessary when planning and organizing relationships with counterparties. So, when drawing up the budget for the current year, they predict the amount of future revenues and necessary investments, calculate profitability and profitability indicators, which are used in the preparation of financial statements, justification for attracting investments and loans, concluding contracts and agreements.

Thus, financial flows perform a number of important functions for ensuring, accounting and coordinating the movement of resources in logistics processes. Financial parameters largely determine the economic viability of enterprises, stability in the market, and the strength of relationships with suppliers and consumers. It is difficult to overestimate the importance of financial flow management for logistics systems.

The financial flow is a reflection of the material flow, so they are different in nature. The financial flow is always directed against the movement of the material flow. The material flow consists of many diverse elements, and the financial flow consists of the same price units and does not depend on the form of their presentation. The material flow depends on very many independent objective circumstances, as a result of which it is generally not regular, discrete and stochastic and, as a result, not controllable. The financial flow as a whole for turnover is regular, continuous and deterministic, as a result of which it is quite stable and manageable. The behavior of the financial flow resembles the behavior of a liquid in pipes: it has the condition of laminar (orderly movement) and turbulence (chaotic movement caused by random disturbances with increasing speed). The management of the overall financial flow is carried out through switching and regulation of the flow rate.
The financial flow in logistics is the movement of funds circulating in the logistics system, as well as between the logistics system and the external environment, necessary to ensure the effective movement of the commodity flow.
Any enterprise must earn money as a result of the sale of its products (goods and services), and then invest (invest) the money received in the production of new goods (services). At the same time, a normally operating enterprise should receive profit from its activities. This constantly repeating process is called the “cash flow cycle”, and its individual stages are provided by the movement of cash flow.
The speed of the financial flow is determined by the speed of circulation of money. There is a certain limit to this speed, determined by the physical capabilities of a person in terms of the speed of decision-making, in addition, this speed is limited by time legal registration transactions and throughput of the financial system itself. In addition, we know that investments in the real sector are directed the more, the higher its stock price relative to the cost, and in the fictitious (speculative) sector, the more the lower its stock price. The stock price of capital itself depends solely on the loan interest rate. To determine the species diversity and direction of flows, it is necessary to classify them (Table 5)
The main goal of optimizing the movement of financial flows in logistics is to ensure the movement of material flows (service flows) with financial resources in the required volumes, at the right time using the most effective sources of financing, i.e. in accordance with the logistical rule of "seven N". This is achieved in two main ways: timely receipt of funds to the enterprise in the amount necessary to finance its further activities; ensuring efficient spending of funds, profitable and consistent with the mission of the enterprise.
Financial logistics is a section of logistics that studies the optimization of financial flows directed to the acquisition of resources and received by enterprises from product buyers and partners in the movement of products in the logistics chain.

Table 5 - Classification of financial flows

Classification sign	Flow type
Direction of travel	Positive (cash inflow, cash inflow) Negative (cash outflows, cash outflows)
Calculus Method	Gross - the totality of receipts and expenditures of funds Net cash flow - the difference between positive and negative cash flows (between the receipt and expenditure of cash)
By appointment	Purchasing - serving the process of purchasing goods Production - servicing production process Sales - serving the process of marketing finished products
Frequency of occurrence	Regular - regularly occurs in economic activities (wages, tax payments, etc.) Discrete - occurs when performing one-time, single transactions (for example, buying real estate)
Sufficiency level	Excessive - cash receipts significantly exceed the real need of the enterprise for their spending Deficient - receipts are significantly lower than the real needs of the enterprise in spending them
Scale	For the enterprise as a whole - accumulates all types of funds of the enterprise For certain types of enterprise activities For individual structural divisions (responsibility centers) of the enterprise For individual business transactions
Type of economic activity	Accompanying the movement of products (payments to suppliers, employees, tax authorities, receipts from buyers of products, etc.) Accompanying investment activity (sale and purchase of fixed assets, real estate, intangible assets) Accompanying financial activities (obtaining and paying loans, raising additional equity capital, paying dividends)

Source: compiled by the author from www.hi-edu.ru

Consider the stages of the cash flow cycle. The manufacturer spends money on acquiring copyright for already ready product or finance its creation. As a result, he receives the product and the right to produce it. Preliminarily, it is advisable to spend certain funds on marketing research, which will provide information for making decisions on the acquisition of rights, the form of production, production volumes, distribution channels.
Most often, the expenditure and receipt of funds of enterprises is characterized by significant unevenness. Therefore, if business leaders do not pay due attention to financial logistics, they may periodically find that at the right time there is not enough money in the company's accounts. You have to take out a loan, and since this needs to be done urgently, there is no time left to search and select the optimal conditions for borrowing money, amounts and terms of the loan. The development of this negative situation further leads to a violation of the schedule of payments on loans, and, consequently, to penalties.
Another situation is also possible - the uncontrolled flow of money to the accounts of the enterprise makes it difficult to optimize tax payments, leads to the formation of temporarily free funds. Free funds lose their value over time due to inflation and other reasons. Therefore, the optimization of cash flows should provide for their balance in terms of types, volumes, terms and other characteristics, as well as the growth of the net cash flow of the enterprise. At the same time, cash flows should be subordinated to the fulfillment of the mission of the enterprise, the goals of its activities in the book market.
The need to optimize the cash flow of the enterprise is determined by the following main provisions.
Cash flows are the “financial circulation” of an enterprise; they serve almost all aspects of business activity. Correctly organized cash flows are the most important condition for obtaining effective results of the enterprise.
The financial stability of an enterprise is largely determined by how different types of cash flows are synchronized with each other in time, in the direction of movement, etc. Insolvency can occur even for enterprises that receive a sufficient amount of profit, due to the imbalance of receipts and payments over time.
Rational formation of cash flows helps to increase the rhythm of all logistics processes of the enterprise. Any failure in the implementation of payments adversely affects the formation of stocks of raw materials, labor productivity, the sale of finished products, etc. Efficiently organized financial flows create conditions for optimizing the movement of all other types of flows (material, information, personnel, service).
By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, reduce the need for borrowed capital.
Cash flow management ensures the acceleration of the turnover of the enterprise's capital by reducing the production and financial cycles, reducing the need for capital serving the economic activity of the enterprise.
Synchronization of receipts and payments of money allows to reduce the real need of the enterprise for free cash balances, which contributes to the formation of additional resources that can be directed to investments that are a source of profit.
There are the following stages of financial flow management:
Accounting for their movement. Like the management of all other types of logistics flows, cash flow management must be ensured necessary information. This information is provided by accounting.
It should be noted that external consumers should also have financial information about the activities of the company. In obtaining information about financial condition firms are interested in owners (present and potential), government organizations, creditors (for example, suppliers of goods that sell them on credit), consumers (customers). Each of the interest groups uses financial information for their own purposes. Potential owners - to decide on the acquisition of shares, suppliers - to determine the terms of supply, government bodies– to control the correct payment of taxes, etc.
Analysis of cash flows based on accounting data. It is determined whether the enterprise has enough funds, whether they were used effectively, whether a balance was achieved in the flow of receipts and payments of funds, etc.
The analysis should be carried out both for the enterprise as a whole and for individual areas of its activity, as well as for individual structural divisions. As a result of the analysis, the possibilities are revealed:
reducing the company's dependence on external sources of raising funds;
balance of receipts and payments in terms of time and volume;
the relationship of cash flows by types of economic activity of the enterprise;
increase in the amount of net cash flow (profit).
Cash flow planning is carried out both for the enterprise as a whole and in the context various kinds his activities. Since the development of the financial situation in the future is a process characterized by significant uncertainty, it is advisable to plan in the form of developing several options corresponding to different scenarios for the development of events (optimistic, realistic, pessimistic).
Cash flow control: fulfillment of planned indicators, uniformity of cash flow formation over time, efficiency of cash flow use, solvency of the enterprise, net cash flow.
As already noted, the main goal of optimizing the cash flow of an enterprise is to ensure its financial stability and competitiveness in the book market. The most important prerequisite for optimization is the study of factors affecting financial flows. There are external and internal factors, or factors of the external and internal environment of the enterprise.
The main external factors include:
book market conditions. The conjuncture to a decisive extent affects the receipt of funds from the sale of products. The higher the demand for goods, the better they sell and the greater the sales revenue stream. A decline in demand, on the contrary, reduces the flow of proceeds from the sale of goods, which can lead to a shortage of funds for the enterprise, the accumulation of significant stocks of products that cannot be sold.
The industry practice of lending to suppliers and buyers of products. This practice determines the established procedure for purchasing products - on the terms of prepayment, cash payment, deferred payment (commercial credit).
Taxation system. Its changes affect the volume and nature of the company's tax payments. It is important to have complete information about the possibilities of minimizing tax payments and optimizing the tax burden.
Conjuncture of the financial and credit markets. The state of the financial market affects the price of the company's shares. In addition, the financial market conditions determine the possibility of effective use of the company's free cash by purchasing shares, and also affects the cash flow from the securities it already has (dividends, interest).
Depending on the conditions of the credit market, the volume of supply by banks of “expensive” or “cheap” (interest rate), “short” or “long” (loan terms) money increases or decreases, which affects the possibility of generating enterprise cash flows from this source.
The main internal factors affecting the company's cash flows are:
The duration of the logistics cycle. The shorter the duration of the logistics cycle, the faster the purchased materials turn into finished products and are sold to customers, and the more turnovers the funds make, bringing profit as a result of the completion of each cycle. At the same time, the acceleration of the movement of financial flows not only does not lead to an increase in the need for working capital, but even reduces the size of this need.
Seasonality of demand and sales of products. Significantly affects the formation of cash flows over time, causing the formation of both temporarily free funds and an increase in costs. An example of seasonal fluctuations, for example, in book business, is the need to produce and purchase educational and methodological publications by the beginning of the school year, an increase in sales of calendars and greeting cards by new year holidays and their decline in the summer season.
The financial mentality of the owners and the qualifications of the company's managers. Affect the choice and implementation of the financial policy of the enterprise. The owners distribute the income of the enterprise, decide whether they will actively invest in its development or be directed to other needs. Managers implement the financial policy developed by the owners, so the level of their qualification, which determines the effectiveness of their decisions, is of great importance here.
Enterprise life cycle. For different stages life cycle enterprises are characterized by different volumes and structure of cash flows. The following stages of the life cycle of the company are distinguished:
1) Entering the market. At this stage, the company has small profit, and sometimes losses, since sales volumes are small, and the costs of organizing production and marketing are very significant.
2) Enterprise growth. This stage is characterized by high rates of increase in the output of products (services) and its sales. This leads to a noticeable increase in profits. There is an active investment of profits in new areas of activity, in the development of new markets, goods, etc.
3) Maturity. At this stage, the enterprise may slow down the pace of economic growth, review the goals of activities and strategies. Wherein the best enterprises constantly looking for new competitive advantages continuously improve their products. This position allows you to increase the duration of the stages of growth and maturity for an unlimited period.
4) Decline in activity. The growth of the enterprise stops, sales volumes, profits decrease, competitiveness and financial stability decrease. All this can lead to the exit of the enterprise from the market. The recession stage can be called both objective external factors(for example, a decrease in demand for these goods), and mistakes made by the management of the enterprise, unused opportunities, etc.
Despite the obvious advantages that financial logistics demonstrates in its “ideal” version, in practice today it can only give a recommendation on how to most rationally combine the forms of payment and types of payments. If the financial flows at the input and output of the firm are more or less clearly formalized, then the financial flows within the firm (and these are not only calculations, but, say, investments) flow differently not only in space, but also in time. How do investments turn into fixed assets, how does depreciation take place, how does the process of value transfer take place? Today, financial logistics, alas, does not even reach the level of raising these questions.