An integrated approach in the process of managing receivables. Key points

The logical result of development economic crisis in Russia is declining lending real sector economy and, consequently, reducing the sources of maintaining the liquidity of enterprises. One of the consequences of this situation is an increase in non-payments and an increase in receivables. According to the Ministry economic development of the Tula region, the receivables of large and medium-sized organizations of the region as of May 1, 2015 amounted to 219,042.7 million rubles (104.3% by January 1, 2015), of which overdue - 11,466 million rubles (5.2% of the total debt, 113 ,1% by January 1, 2015). If we compare the figures with the pre-crisis level, then the growth of accounts receivable by January 1, 2013 amounted to 159.3%, and the growth rate of overdue debt amounted to 165.0%.

In itself, receivables are a certain guarantor of receipt Money from buyers and indicates the presence of demand from consumers. So, S. Chadin believes that “accounts receivable on the balance sheet is a consequence of the gap between the transaction for the sale of goods and payment. Essentially, this is the kind financial investments one company to another along with, for example, the purchase of promissory notes or the provision of classic loans to business partners. However, its sharp increase leads to distraction financial resources enterprises and increase the risk of bad debts. And in conditions of unavailability of credit resources, it can lead to a deterioration in the solvency of enterprises and the emergence of a situation of financial insolvency. Under the current conditions, the urgency of the problem is growing effective management accounts receivable.

In the educational and scientific literature, you can find many articles on methods of analysis, structuring, monitoring the state of the level of receivables and issues of repayment of doubtful receivables. However, I would like to consider this issue in a comprehensive manner, since in practice it is more important not to divert forces to reduce the level of overdue receivables, but to prevent its occurrence. This will not only ensure financial stability, but also optimize tax payments and reduce the costs of the enterprise. When deciding this issue specialists of financial and economic services are influenced by other departments of the enterprise in different directions. On the one hand, the supply service is interested in transferring advance payments to suppliers in order to promptly provide production with materials, production and service departments also seek to advance contractors in order to obtain guarantees for the timely completion of ordered work, repairs, and energy supply for production. On the other hand, the shipment of products to buyers with deferred payment helps to stimulate sales and expand the sales market. It is very important that the listed processes are balanced and do not lead to "inflating" receivables and unjustified losses.

In the process of integrated management accounts receivable enterprises should highlight the following elements:

Development and approval of the main parameters of the credit policy, including the establishment of limits and conditions for the provision of advances or commercial loans to counterparties, as well as the methods used to ensure them.
The procedure for selecting suppliers and contractors for conclusion contractual relations, allowing to conduct a preliminary analysis of the legal capacity, capacity, creditworthiness and economic feasibility of concluding contractual relations with specific counterparties. Use of tendering mechanisms to reduce costs and obtain the most favorable conditions payments.
The procedure for concluding, accounting and monitoring the execution of contracts with counterparties. Coordination of the contract is carried out by all competent services of the enterprise. Data on the executed contract are entered into a single electronic database. After the conclusion of the contract, the contractor monitors the fulfillment of contractual obligations in terms of terms, quantity, quality and price, as well as the timely execution of documents confirming the fulfillment of obligations.
Procedure budget planning and control over the execution of budgets, which establishes KPIs based on relative or absolute values of receivables and determines the procedure for monitoring their execution.
The procedure for making non-cash payments in an organization, which should spell out the procedure for responsibility, delegation of authority and control over the formation of registers and the implementation of payments.
The accounting policy of the organization, which allows organizing accounting of obligations by counterparties, terms of occurrence, types of obligations, as well as the timely formation of a reserve for doubtful debts in accounting and tax accounting, which should ensure optimization tax payments and dividend payments.
The procedure for the work of the Commission for the control of the state of receivables of the enterprise, which coordinates the activities of all services of the enterprise in this direction.
The procedure for the work of the company's divisions for the collection of doubtful and overdue debts, which determines the sequence of work on the forced collection of debts, including the appeal to the courts.

An integrated approach to receivables management allows not only to reduce losses from writing off bad receivables, but also to reduce legal costs and current management expenses by identifying and preventing problems at an early stage.

Scientific adviser:
Sorvina Olga Vladimirovna, Doctor of Technical Sciences, Associate Professor of Tulsky state university, Tula, Russia

Accounts receivable management is part of common system management of current assets of the enterprise and consists in optimizing the total amount of receivables and ensuring its timely collection.

The need for proper management of the level of receivables is determined not only by the desire to maximize cash flows enterprise (receiving payments from debtors is one of the main sources of income for the enterprise), but also the desire to reduce its costs arising from the fact that any increase in receivables must be financed in some way: through growth external borrowings or at the expense own funds enterprises.

Accounts receivable is a factor that determines the following:

Size and structure current assets enterprises;

The duration of the financial cycle of the enterprise;

Size and structure of sales proceeds;

Turnover of current assets and assets in general;

Sources of funds of the enterprise;

Liquidity and solvency of the enterprise.

Accounts receivable management involves:

Organization of accounting and analysis of receivables for the previous and reporting periods;

Formation of the credit policy of the enterprise;

Formation of a collection procedure for receivables and planning of cash receipts from debtors based on collection coefficients;

Development of a system of control over the state of receivables;

Development of measures aimed at improving the efficiency of receivables management.

Accounts receivable management involves, first of all, control over the turnover of funds in the calculations. Turnover acceleration is a positive trend economic activity enterprises.

Turnover acceleration can be achieved through the selection of potential buyers, the definition of payment terms, control over the maturity of receivables and the impact on debtors. The selection of buyers is carried out through an analysis of compliance with their payment discipline in the past, an analysis of their current solvency, an analysis of the level of their financial stability and analysis of others financial indicators characterizing the financial condition of the enterprise-buyer.

Determining the terms of payment for goods by buyers lies in the fact that the buyer sets the deadlines for paying for goods: paid earlier - received a discount on payment for goods, paid on time - lost the discount provided, paid late - pay a fine.

Control over the maturity of receivables includes ranging receivables by the timing of their occurrence. The most common classification provides for the following grouping of receivables in days: up to 30 days, from 30 to 60 days, from 60 to 90 days, from 90 to 120 days, more than 120 days.

Accounts receivable management involves mandatory comparative analysis the amount of receivables with the value accounts payable. For financial position it is very important for the company that the receivables do not exceed the accounts payable.

Receivables management also consists in creating reserves for doubtful debts and analyzing actual losses associated with non-payment of receivables.

One of the main approaches to managing receivables is the formation of an enterprise's credit policy. The purpose of the credit policy is to obtain additional profit by stimulating the growth of sales. But the implementation of the credit policy is associated with certain costs of control over the payment of bills and servicing receivables. In addition, there are risks of bad debts when shipped products are not paid at all.

Factors affecting the conduct of credit policy:

1. The state of the economy in the country and abroad. During periods of general economic downturn a more liberal credit policy is being pursued in order to stimulate potential buyers. With an increase in demand and an improvement in the economic situation in the country, the enterprise can gradually pursue a more stringent credit policy.

2. Place of the enterprise in the market. If there are a significant number of enterprises offering identical products and services, the company needs to compete and pursue a more liberal credit policy so as not to frighten off existing and future customers.

3. The nature of the products offered. As a rule, for durable goods, the loan term is longer.

4. Financial condition of buyers, customers. For clients whose financial condition is stable or who have proven themselves on the good side in the past (positive credit history), credit can be provided on preferential terms.

Factors affecting the amount of receivables: the volume of sales of products on credit and middle period the time between the date of shipment of products and receipt of funds.

The main elements of credit policy:

1. The volume of sales on credit, the average terms of the loan, the prices for products offered on credit depend on the behavior of the enterprise when conquering the market, the company's risk appetite, consumer demand for the company's products, the shelf life of the goods, the volume of purchases by customers, the level of competition, the amount of bank interest rates, credit risk, on the prevailing lending conditions in the region.

The calculation of the amount of money required by the enterprise to form the appropriate amount of receivables, based on the volume of products sold on credit, is determined by the formula:

where DZ - accounts receivable enterprise debt;

P to - products sold on credit.

T to - the actual average term of a commercial loan, taking into account the possible time of its default;

It is important to determine the cost of one day of deferred payment:

, (2)

where SP od - the cost of one day of delay;

P to - products sold on credit;

D is the duration of the analyzed period.

2. Standards of credit reliability. They define the acceptable reliability that a client must demonstrate in order to be granted a loan. The creditworthiness of the borrower is characterized by:

Its reputation, which depends on the timeliness of settlements on previously received loans (the borrower's credit history), the responsibility and competence of the management;

Current financial condition the enterprise itself and the ability to produce competitive products and services;

The stability of activities and the ability, if necessary, to mobilize funds from various sources.

When analyzing creditworthiness, the following quantitative indicators are used: liquidity ratios, financial stability ratios, turnover ratios, profitability ratios, investment attractiveness. In the same way, such absolute indicators are calculated as net assets enterprises and the value of own working capital.

Also, customers and buyers are divided into groups, depending on the size of the commercial loan provided to them: a loan provided in maximum size, in a limited amount and credit is not available.

3. Terms of deferred payment, including discounts for early payment. They are determined by the type of policy adopted by the enterprise and include the following:

Payment grace periods;

The amount of commercial credit provided to various clients;

The amount of discounts when paying for products by the buyer in the first days after unloading:

1. The amount of penalties and the mechanism for their collection.

2. The share of deferred payment, drawn up by a bill.

The terms and amounts of deferred payments are determined by the following conditions:

Features of the relationship of the enterprise with certain groups of buyers or individual buyers;

credit policy enterprises and the prevailing this moment practice in the market of commercial loans;

The financial capabilities of the enterprise, suggesting the need to divert funds into receivables, which lengthens the operating and financial cycles, slows down the turnover of the company's working capital, and reduces profitability.

Sometimes providing a discount for early or fast payment for products has a positive effect on the speed of return of funds. However, it must be remembered that discounts in contracts are necessary in the following cases:

If they lead to increased sales and higher total profit;

If the company is experiencing a shortage of funds;

To calculate the feasibility of providing a discount, it is usually used following formula:

, (3)

where I - total interest costs of using a commercial loan;

T to - the term of a commercial loan;

P is the period of the discount.

Consider an example:

For example, the following is indicated in the delivery contract on the terms of deferred payment: “4/10-30”, which means: if the buyer pays for the goods within ten days, then he is given a four percent discount on the cost of the goods. If the buyer does not use the discount, he must pay for the goods within thirty days. We substitute the initial data into formula (3) and get: or 25.56 percent. This means that the cost of the loan provided by the supplier firm from the tenth to the thirtieth day will be twenty-five percent. Therefore, if a client can purchase a loan from a bank cheaper and pay off the lender within ten days, it will be more profitable than using the lender's money for another twenty days.

As practice shows, it is not uncommon for bad faith debtors to fail to fulfill their obligations under contracts in terms of payment terms, which leads to the formation of overdue receivables from suppliers. For violation of the terms of contracts, the following measures of civil liability are applied: fines, penalties, interest. The amounts of sanctions recognized by the debtor for which court decisions were received on their recovery, commercial organizations included in non-operating income (paragraph eight of the Regulations on accounting"Income of the organization" (PBU 9/99)). The amounts of fines, penalties, forfeits before they are received are reflected in balance sheet included in accounts receivable.

There is such a thing as the formation of a collection procedure for receivables. Under the collection of receivables is understood the receipt of funds in the repayment of this debt. The collection coefficient, in turn, allows you to establish when and in what amount cash is expected to be received from sales of a given period. The collection coefficient expresses the percentage of expected cash receipts from sales in a certain time interval, starting from the moment the product is sold:

, (4)

where K inc - collection coefficient;

Change in the amount of receivables in the interval n;

OP t - sales of the month t;

n - the first month of shipment of goods.

Define value this indicator can be based on an analysis of cash receipts (repayment of receivables) of past periods. When calculating this ratio, it is necessary to pay attention to the register of aging receivables, compiled on the basis of accounting data.

At present, such approaches to refinancing receivables as factoring, forfeiting, promissory notes and others have been developed in Russia. securities used as a means of payment.

4. Control of settlements and debt collection policy. As part of the debt collection policy, procedures are developed that the company adheres to when collecting overdue debts.

Unlike production stocks and work in progress, which cannot be changed dramatically, accounts receivable is a very variable and dynamic element of working capital, significantly depending on the policy adopted by the organization in relation to product buyers. Since receivables represent the immobilization of own working capital, that is, in principle, it is not beneficial for the organization, then the conclusion about its maximum possible reduction is obvious. Accounts receivable can be reduced to a minimum, however, this does not happen for many reasons, including competition.

From the point of view of reimbursement of the cost of the supplied products, the sale can be carried out in one of three ways:

Prepayment (the goods are paid in full or in part before being transferred by the seller);

Payment for cash (the goods are paid in full at the time of the transfer of the goods, that is, there is a kind of exchange of goods for money);

Payment on credit (the goods are paid through certain time after it has been handed over to the buyer).

When developing a lending policy for buyers of its products, an organization must decide on the following key issues:

The term for granting a loan (most often in an organization there are several standard contracts providing for the deadline for payment for products);

Credit standards (criteria by which a supplier determines financial solvency the buyer and the possible payment options arising from this);

The system for creating reserves for doubtful debts (it is assumed that, no matter how the system of working with debtors is debugged, there is always a risk of non-receipt of payment, at least due to force majeure; therefore, based on the principle of caution, it is necessary to create a provision for losses due to with the insolvency of the buyer);

Payment collection system (this includes procedures for interacting with customers in case of violation of payment terms, a set of indicators indicating the significance of violations in payment, a system for punishing unscrupulous counterparties, etc.);

Discount system.

No matter how effective the buyer selection system is, in the course of interaction with them all sorts of overlaps are not excluded, so the organization is forced to create some system of control over the fulfillment of payment discipline by buyers.

The formation of an organization's receivables management policy (or its credit policy in relation to product buyers) is carried out according to the following main stages.

Stage one. Analysis of accounts receivable of the organization in the previous period.

The main objective of this analysis is to assess the level and composition of the organization's receivables, as well as the effectiveness of investments invested in it. financial resources. Analysis of accounts receivable for settlements with customers is carried out in the context of commodity (commercial) and consumer credit.

Stage two. Formation of principles of credit policy in relation to buyers of products.

In modern commercial and financial practice, the sale of products on credit (with a deferred payment for it) has become widespread both in our country and in countries with developed market economies. The formation of credit policy principles reflects the conditions of this practice and is aimed at improving the efficiency of the operating and financial activities organizations.

In the process of forming the principles of credit policy in relation to buyers of products, two main issues are resolved:

In what forms to sell products on credit;

What type of credit policy should be chosen by the organization.

In the process of choosing the type of credit policy, the following main factors should be taken into account:

Modern commercial and financial practice of trading operations;

The general state of the economy, which determines financial opportunities buyers, the level of their solvency;

The current conjuncture of the commodity market, the state of demand for the organization's products;

The potential ability of the enterprise to increase the volume of production while expanding the possibilities of its implementation by providing a loan;

Legal conditions for ensuring the collection of receivables;

Financial capabilities of the enterprise in terms of diverting funds into receivables;

The financial mentality of the owners and managers of the organization, their attitude to the level of acceptable risk in the implementation process economic activity.

When determining the type of credit policy, it should be borne in mind that its rigid (conservative) version negatively affects the growth in the volume operating activities organization and the formation of stable commercial relations, while its mild (aggressive) version can cause excessive diversion of financial resources, reduce the level of solvency of the organization, subsequently cause significant debt collection costs, and ultimately reduce the return on current assets and capital used.

Stage three. Determination of the possible amount of working capital directed to receivables under a commodity (commercial) loan.

When calculating this amount, the following must be taken into account:

Planned sales volumes of products on credit;

The average period for granting a deferred payment for certain forms of credit;

The average period of delay in payments, based on the prevailing business practice (it is determined by the results of the analysis of receivables in the previous period);

The ratio of the cost and price of products sold on credit.

Stage four. System formation credit conditions.

These conditions include the following elements:

1) The term of the loan (credit period) characterizes the maximum period for which the buyer is granted a deferred payment for sold products. An increase in the term of the loan stimulates the volume of sales of products (ceteris paribus), but at the same time leads to an increase in the amount of funds invested in receivables and an increase in the duration of the financial and entire operating cycle of the organization. Therefore, setting the size credit period, it is necessary to evaluate its impact on the results of economic activity in the complex.

2) The amount of the granted credit (credit limit) characterizes the maximum limit of the amount of the buyer's debt on the provided commodity (commercial) or consumer credit. It is established taking into account the type of credit policy being implemented (the level of acceptable risk), the planned volume of sales of products on the terms of deferred payments, the average volume of sales transactions finished products(at consumer credit -- average cost goods sold on credit), the financial condition of the organization - the lender and other factors. The credit limit is differentiated according to the forms of credit provided and the types of products sold.

3) The cost of providing a loan is characterized by a system of price discounts when making immediate payments for purchased products. In combination with the term of the loan, such a price discount characterizes the rate interest rate for the provided credit, calculated for comparison on an annualized basis. The system of penalties for delay in fulfilling obligations by buyers, formed in the process of developing credit conditions, should provide for appropriate penalties, fines and penalties. The amount of these penalties must fully compensate for all financial losses of the creditor organization (loss of income, inflationary losses, compensation for the risk of reducing the level of solvency, and others).

4) The system of penalties for delay in fulfilling obligations by buyers, formed in the process of developing credit conditions, should provide for appropriate penalties, fines and penalties. The amount of these penalties must fully compensate for all financial losses of the creditor organization (loss of income, inflationary losses, compensation for the risk of reducing the level of solvency, and others).

Stage five. Formation of standards for assessing buyers and differentiation of conditions for granting a loan

The basis for establishing such standards for evaluating buyers is their creditworthiness. The creditworthiness of the buyer characterizes the system of conditions that determine his ability to attract credit in various forms and in full, within the stipulated time frame, to fulfill all financial obligations associated with it.

The formation of a system of customer evaluation standards includes the following main elements:

Determination of a system of characteristics that assess the creditworthiness of individual groups of buyers;

Formation and expertise information base assessing the creditworthiness of buyers;

The choice of methods for assessing individual characteristics of the creditworthiness of buyers;

Grouping buyers of products according to the level of creditworthiness;

Differentiation of credit conditions in accordance with the level of creditworthiness of buyers.

The grouping of buyers of products according to the level of creditworthiness is based on the results of its assessment and usually provides for the allocation of the following categories:

Buyers to whom credit can be granted to the maximum extent, i.e. at the level of the established credit limit(a group of "prime borrowers");

Buyers to whom credit can be granted in a limited amount, determined by the level of acceptable risk of default;

Buyers to whom credit is not provided (with an unacceptable level of risk of default, determined by the type of credit policy chosen).

Differentiation of credit conditions in accordance with the level of creditworthiness of buyers, along with the size of the credit limit, can be carried out according to such parameters as:

term of the loan;

The need for credit insurance at the expense of buyers;

Forms of penalties, etc.

Stage six. Formation of the collection procedure for receivables

As part of this procedure, the terms and forms of preliminary and subsequent reminders to buyers of the date of payments, the possibilities and conditions for prolonging the debt on the granted loan, and the conditions for initiating bankruptcy proceedings for insolvent debtors should be provided.

Stage seven. Ensuring use in the organization modern forms refinancing of receivables

Development market relations and infrastructure financial market allow to use in practice financial management a number of new forms of receivables management - its refinancing, i.e. accelerated transfer to other forms of current assets of the organization: cash and highly liquid short-term securities.

The main forms of refinancing of receivables currently used are:

Factoring;

Accounting for bills of exchange issued by buyers of products;

Forfaiting.

Control of the movement and timely collection of receivables is organized as part of the construction of a general system of financial control in the organization as an independent block of it.

One of the types of such systems is the ABC-system in relation to the organization's receivables portfolio. Group "A" includes the largest and most doubtful types of receivables (the so-called problem loans); in group "B" - medium-sized loans; in group "C" - other types of receivables that do not have a serious impact on the financial performance of the organization.

In addition to the considered stages of the formation of the receivables management policy, it should also be noted that it is necessary to constantly monitor the level of accounts payable, i.e. analyze the level of funds attracted from suppliers

CORPORATE MANAGEMENT OF FINANCIAL AND ECONOMIC ACTIVITIES

Systematic approach to receivables management

N. F. Mormul, S. A. Enikeeva

National Research University "MIET"

The main approaches to the definition of the terms "accounts receivable" and "accounts receivable management" are considered, a systematic approach to the management of receivables as an integral part of the management of current assets of an enterprise through the implementation of the main management functions (planning, control and evaluation, regulation and motivation), the relationship of which presented as a feedback system. In addition, the content of each control function is briefly outlined.

Key words: accounts receivable; receivables management; credit policy; systems approach.

In modern economic conditions, most enterprises are experiencing a shortage of financial resources, which actualizes issues related to their formation, optimal placement and effective use.

Current state mutual settlements of enterprises is characterized by a high proportion of receivables in the structure of their current assets. This may cause a decrease in financial stability and solvency, an increase in the cost of debt collection and, as a result, a decrease in the profitability of the capital used. In this regard, the improvement of accounts receivable management becomes one of the main tasks of financial management.

In domestic and foreign literature, different definitions of the essence of receivables are accepted. Some authors think that it

represents a debt to the organization of various legal and individuals arising in the course of business activities. Others mean by it the obligations to this enterprise arising from other organizations and (or) individuals in connection with the provision of products, performance of work and provision of services. The definition of an obligation is given in Article 307 of the Civil Code of the Russian Federation: “By virtue of an obligation, one person (debtor) is obliged to perform a certain action in favor of another person (creditor), such as: transfer property, perform work, pay money, etc., or abstain from a certain action, and the creditor has the right to demand from the debtor the performance of his obligation.

In accounting, receivables, as a rule, are understood as property rights, which are one of the objects civil rights. Article 128 of the Civil Code of the Russian Federation

states: “Objects of civil rights include things, including cash and documentary securities, other property, including non-cash funds, book-entry securities, property rights; results of work and provision of services; protected results of intellectual activity and equivalent means of individualization (intellectual property); intangible goods". Consequently, the right to receive receivables is property, it itself is part of the assets of the enterprise, which means that as an asset it must meet the following conditions: bring economic benefits in the future; be at the disposal of an economic entity, which could freely use it at its own discretion or sell it; be the result of past transactions.

A number of authors consider receivables from the standpoint of marketing: as a tool to stimulate demand. Under the influence market competition enterprises seek to attract as many buyers as possible by providing them with a deferral (installment plan) of payment for purchased goods, which benefits in the form of increased sales. At the same time, receivables are expected and planned within the framework of the credit policy of the enterprise. However, the evaluation of the effectiveness of the use of receivables as a marketing lever that increases the demand for products (works, services) and sales remains one of the unresolved methodological problems.

In another approach, receivables are treated as trade credit provided by the company to its debtors. The amount of accounts receivable shows

the amount of funds diverted from the turnover of the enterprise and in circulation with the debtor. Article 823 of the Civil Code of the Russian Federation states: “Agreements, the execution of which is associated with the transfer of ownership to another party sums of money or other things determined by generic features, a loan may be provided, including in the form of an advance payment, prepayment, deferment and installment payment for goods, works or services ( commercial loan), unless otherwise provided by law.

Accounts receivable, in accordance with IAS 32 " Financial instruments: presentation of information" is a financial asset that represents financial requirements, giving their owner the right to receive payment, i.e., the contractual right to demand money or other financial asset from another company.

There is also a well-known interpretation of receivables as a form of investment: enterprises, providing a deferral (installment plan) of payment for sold products (works, services), lend to their counterparties, counting on additional revenue, and thereby form a risky environment for non-performing commodity loans when long terms calculation.

A number of domestic and foreign economists attribute receivables to the tools for managing the working capital of an enterprise. From these positions, it represents an investment of funds and the expansion of sales on credit in order to increase the volume of sales. This approach rather describes the properties of receivables, rather than reveals its essence.

The variety of approaches to the definition of receivables indicates its impact on various aspects of the enterprise.

In the scientific literature there is no unambiguous interpretation of the concept of "receivables management". Modern authors agree in understanding the purpose of this process: optimization of the level of receivables is recognized as such. However, its growth is not always a problem for the enterprise. If it expands its activities, increases sales, then the number of buyers increases and, accordingly, receivables may increase. In this case, the presence and growth of only overdue receivables will be undesirable, as this increases financial risks enterprises connected with non-payment of the principal debt, as well as with the diversion and freezing of working capital. Representatives of the American school of economics Y. Brigham and L. Gapensky believe that the optimization of the amount of receivables should ensure the achievement of a balance between the desire of the enterprise to maximize its net cash receipts per certain period and minimize the costs associated with maintaining the amount of receivables at a certain level. They also offer mechanisms to influence its value through credit policy.

Despite a common understanding of the goal of receivables management, in the scientific literature there is no unity of views on how to achieve it.

So, E. S. Stoyanova considers receivables management as part of the working capital management system and offers two approaches to this process:

1) comparison of the additional profit associated with a particular scheme of spontaneous financing, with the costs and losses arising from a change in the policy of product sales;

2) comparison and optimization of the terms of receivables and payables.

According to P. Khitrov, the main stages of receivables management include planning its size, managing credit limits for buyers, controlling receivables and motivating employees.

Most complete list management measures presented by G. M. Kolpakova: it includes a financial analysis of the activities of the supplier enterprise, the development of a credit policy for the enterprise, decision-making on the provision of a loan, insurance of receivables, control of the shipment of products, control over the financial condition of debtors and measures to collect receivables.

Professor V. V. Kovalev focuses on such a component of the receivables management process as the development of an enterprise's credit policy.

Analysis of the above approaches to the management of receivables indicates the lack of consistency in their implementation. In our opinion, receivables management, like any process of managing any object, involves the implementation of basic management functions (planning, control and evaluation, regulation and motivation). The implementation of each of them requires the implementation of calculation and analytical procedures, i.e., the analysis function, one might say, permeates the entire management process.

The receivables management process can be implemented as a feedback system. This approach is based on the principles of automatic control theory, when it is necessary to set (formulate)

the required state of the system, then ensure control over its observance (monitoring), analyze and evaluate the emerging deviations from the specified state and, if necessary, implement regulatory actions in order to timely eliminate the deviations that occur or correct the required state level.

In this case, the main task of the planning function will be to determine the required state of the system, i.e., the calculation of the expected amount of receivables (ARac):

DZras, "= LG ^ ™" - S / C ■ +: 360,

where -LT is the planned volume of re-

product leasing on credit; C / C - the ratio of the cost and price of a unit of production;

about - the average period of provision

credit to buyers, in days; -

average period of delay in payments on the granted loan, in days.

If the financial capabilities of the enterprise do not allow investing the estimated amount of funds in receivables, it is necessary to adjust the credit conditions or the planned volume of sales of products on credit, therefore, the calculation of the expected amount of receivables (DZrasch) should be preceded by a set of works called the formation of the credit policy of the enterprise. It includes:

Development of debtor creditworthiness standards;

Establishment of terms for granting loans;

Determining the conditions and amounts of discounts and penalties (markups) charged;

Creation of a payment collection system;

Creation of a system of reserves for doubtful debts.

The credit policy can be conservative, moderate or aggressive, depending on the operating conditions of the enterprise, and requires periodic adjustments.

When determining the type of credit policy, it should be borne in mind that the conservative type has a negative effect on the growth of sales volumes and the formation of stable commercial relations, while the aggressive type can cause excessive diversion of financial resources from the enterprise's turnover, increase debt collection costs and, as a result, reduce profitability his assets.

The implementation of the control function requires monitoring and analysis of the state of receivables based on maintaining a payment calendar and comparing it with the schedule of expected cash receipts from debtors in order to prevent the formation of problem debts.

Comparison of the data of the schedule and the payment calendar makes it possible to assess the state of the parameters of receivables and choose methods of influencing them, i.e., to implement the regulation function.

In most cases, the implementation of the motivation function is associated with the stimulation of employees of the commercial divisions of the creditor enterprise and is based on the possibility of redistributing credit limits. The departments that provided the enterprise with the largest amount of markups at minimum delay payment and thereby increased sales, receive a reward in the form of a fixed percentage of this volume. At the same time, if the credit limits allocated to departments are exceeded, managers are subject to a fine in the amount of the product of the amount of exceeding the credit limit by the percentage of the enterprise's profitability. However, this can be influenced

only on the motivation of employees of creditor enterprises, while in the implementation of the motivational function it is necessary to take into account the motivation of debtors to fulfill contractual requirements for timely payment for delivered products.

Thus, the proposed approach is systematic, since all management functions are interconnected, which provides a holistic view of the issues of receivables management.

Literature

1. Civil Code Russian Federation(Civil Code of the Russian Federation) // Codes and laws of the Russian Federation: legal navigation system [ Electronic resource]. URL: http://www.zakonrf.info/gk/ (date of access: 04/02/2015).

2. international standard financial reporting(IAS) 32 Financial Instruments:

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Mormul Nina Fedorovna - candidate economic sciences, Associate Professor, Professor of the Department of Economics and Management (E&M), MIET. Email: [email protected]

Enikeeva Stella Anatolyevna - Candidate of Economic Sciences, Associate Professor of the Department of E&M MIET. Email: [email protected]

In order to correctly assess all trends related to receivables, every financial manager must be able to analyze the scorecard associated with receivables. First of all, this is the value of the receivables turnover period (V / Dz). If this ratio has decreased compared to the previous period, it means that the company has reduced sales on credit. You should also carefully monitor the period of repayment of receivables. After all, the longer the period of repayment of receivables, the higher the risk of non-payment (this relationship will be discussed in more detail below).

In addition to the above indicators, you should calculate:

* the share of receivables in the total volume of working capital according to the following formula:

UV \u003d (DZ / CO) x 100, where

DZ - the average value of receivables for the period, rub.;

SO - the average value of working capital, rub.

The lower this indicator, the more mobile the structure of the company's property and the higher the financial stability;

* the amount of doubtful receivables in the total volume of receivables:

SW.sdz \u003d (SZ / DZ) x 100, where

SZ - the average value of doubtful receivables, rub.

This indicator characterizes the "quality" of receivables, and its growth indicates a decrease in the company's liquidity, an increase in risks.

One of the components financial analysis accounts receivable is an assessment of its real state. When conducting such an assessment, not only the amount of receivables is considered, but also the date of its occurrence: the current (non-overdue receivables), overdue (doubtful) and bad receivables are allocated. Further, based on the analysis, a register of accounts receivable is compiled, in which all three groups of debtors are distinguished and any decisions are made for each group: an active reminder to the debtor of the need for immediate payment, write-off of bad debt, etc.

The frequency of analytical reports of this kind depends on the duration of the cash flow cycle (average grace period). If all deferrals are granted for sufficient a large number of days, for example, 60 or more, then it is advisable to draw up this report no more than once a quarter. Although here you need to remember that you can miss the time to make some operational decisions.

Accounts receivable management is a specific function of financial management, the main purpose of which is to increase the company's profits by effective use accounts receivable, as economic instrument. And above all, accounts receivable is a very variable and dynamic element of working capital, significantly depending on the policy adopted by the organization in relation to buyers of products. Since receivables represent the immobilization of own working capital, i.e. in principle, it is not beneficial to the organization, then the obvious conclusion is that it should be reduced as much as possible. Accounts receivable can be reduced to a minimum, however, this does not happen for many reasons, including competition. Of great importance are the selection of potential buyers and the determination of the terms of payment for the goods provided for in the contracts. The selection is carried out using informal criteria: observance of payment discipline in the past, predictive financial capabilities of the buyer to pay for the volume of goods requested by him, the level of current solvency, the level of financial stability, economic and financial conditions enterprise-seller (overstocking, the degree of need for cash, etc.).

It is important to prevent further growth in the share of receivables in the total current assets of the enterprise - this may lead to a decrease in all financial indicators, a slowdown in the turnover of resources, downtime due not to internal problems, but to external ones, and a decrease in the ability to pay one's obligations to creditors.

Accounts receivable management includes several main tasks: