Open the door 

Arrangement of a workplace for the repair of switchboards. The procedure for carrying out maintenance work on electrical installations. How to choose modular equipment in an electrical panel

annotation. The article considers the basics of the conceptual apparatus of the efficiency of the use different types resources of enterprises in the conditions of the modern market. The author studied theoretical studies on the issue of a qualitative system for evaluating indicators of the efficiency of resource use in the course of an enterprise's activities. On the basis of practical developments of leading researchers-economists, promising directions for the development of new approaches to assessing the efficiency of using enterprise resources are identified.

Keywords: efficiency assessment, use of resources, financial resources, labor resources, fixed and working capital.

Formulation of the problem. The leading aspect of the optimal functioning of a modern enterprise in a competitive market environment is to ensure the efficiency of its economic activity. The need to assess the efficiency of the use of enterprise resources is predetermined by the needs of the formation of new goals, principles and foundations of management, focused on meeting the needs of consumers and market requirements.

Evaluation of the efficiency of resource use is an integrated part of a comprehensive system of enterprise development goals, which covers a number of factors and activities that determine the level of production organization. Management decisions in this case are aimed at rationalizing production under certain labor, technical and technological conditions, which consist in ensuring the functioning of the enterprise without unforeseen and significant costs, identifying and using reserves to increase production efficiency in a short time.

Performance evaluation occupies an important place in the enterprise management system, since it is an effective tool for information and analytical support of the enterprise. The results of the assessment of the use of resources form the basis for making managerial decisions, while they can be used to determine both strategic and tactical goals.

This study should become a theoretical basis for assessing the efficiency of using enterprise resources, searching for possible directions for its improvement and, as a result, making rational management decisions in the production sector. The practical significance of the problem under study determines the relevance of the chosen topic.

Presentation of the main material. According to leading scientists, when forming a system of indicators of the efficiency of resource use, it is necessary to adhere to certain principles:

  • ensuring the organic relationship of the criterion and the system of specific performance indicators; ·
  • reflecting the efficiency of the use of all types of resources; ·
  • fulfillment by leading indicators of a stimulating role in the process of using certain reserves for increasing production efficiency.

The system of indicators of the efficiency of resource use, based on these principles, consists of general indicators and indicators of the efficiency of the use of specific resources (Fig. 1.).

Specific types of efficiency can be distinguished not only by the variety of results (effects) of the enterprise, but also depending on what resources (used or consumed) are taken for calculations.

Picture 1. Enterprise Resource Efficiency Indicators

Applied resources are a set of living and materialized labor, and consumed resources are current costs for the production of products (rendering services) for a certain period. In this regard, in practice, there are resource and cost approaches to determining efficiency using the appropriate types of indicators.

The level of use of fixed assets occupies a leading place in the system of indicators of production efficiency. The performance of existing fixed assets depends on their technical level, optimal service life, the level of its load, the proper organization of maintenance and the like.

Evaluation of the effectiveness of the use of material resources in practice is carried out using generalizing and individual indicators. Materials, fuel and energy have a positive effect on the level of production efficiency, subject to resource saving, reduction of material consumption and energy intensity of products and services.

Of the above categories, it is objective to pay attention to two groups of resources: financial and labor resources. Of course, the variety of resources used in an enterprise largely depends on the specifics of its activities and, accordingly, this entails the presence of separate types of resources in a particular company. But at the same time, it is difficult to imagine an enterprise that lacks financial and labor resources.

Financial resources are the funds at the disposal of enterprises, economic organizations and institutions. From another point of view, some scientists consider financial resources as necessary sources of financing the activities of a business entity. From the definition of financial resources it follows that by origin they are divided into internal (own) and external (attracted).

Ways of the most rational use of financial resources:

1) identification of the goals of the enterprise in the short term;

2) determination of the available volume of financial resources and the actual receipt of financial resources in the near future;

3) setting priorities in the use of financial resources at the current moment, in the short and long term;

4) assessment of lost benefits various options distribution of financial resources;

5) choice the best option use of funds based on selected criteria;

6) ensuring the necessary flexibility and maneuverability when using the chosen option, which consists in the possibility of adjusting this option depending on changes in internal and external conditions.

Evaluation of the effectiveness of the use of labor resources provides for the study of the level, structure and dynamics of labor costs. When conducting such an assessment of the available labor resources, the enterprise, in the event of a decrease in the efficiency of their use, must analyze the factors that influenced this trend.

It is possible to determine the factors for reducing the efficiency of the use of labor resources using the methods of economic and statistical analysis, which are widely used in practice at domestic enterprises. The initial data for providing such an assessment is the analysis of the enterprise's availability of labor resources and the effectiveness of their use.

Findings. Thus, in practice, there is and is used a large number of indicators that characterize one or another side of the efficiency of resource use. Each individual indicator reflects the efficiency of using a certain type of economic resources or costs. All these indicators are important, but they are not able to give an unambiguous integral assessment of the effectiveness of the use of enterprise resources as a whole.

According to the results of the study, it should be noted that the essence of the problem lies in determining such an integral indicator of the economic efficiency of the use of resources, which would reflect the results of the combined action of individual factors. The generalization and averaging of indices for each type of resource, from the point of view of the author, does not make it possible to develop a single formula for enterprises of all types of activity, since the specifics of the sphere involve the use of absolutely different methods achieving high resource efficiency. But, at the same time, an individual approach on the part of managers to each type of resource and the determination of the role of each indicator by the index method will contribute to the development of a qualitative assessment of the effectiveness of the use of organization resources.

Bibliography:

  1. Vorobyov Yu.N., Vorobieva E.N. Financial stability of enterprises // Scientific Bulletin: finance, banks, investments. 2015. No. 1 (30). pp. 5-11
  2. Gerchikova I.N. Management: Textbook / I.N. Gerchikov -. - M.: Unity-Dana, 2010. - 371 p.
  3. Mazurova I.I., Belozerova N.P., Leonova T.M., Podshivalova M.M. Analysis of the effectiveness of the enterprise: Tutorial. - St. Petersburg: SPbGUEF, 2010. - 113 p.
  4. Parkhomchuk M.A., Kurasova I.I., Mukhina L.V. Evaluation of the effectiveness of human resource management in the socio-economic systems of the region // Bulletin of the Kursk State Agricultural Academy. 2015. No. 4. S. 7-9
  5. Razumovskaya E.A., Bogacheva N.S. Theoretical issues of the effectiveness of the use of financial resources of the corporate sector // IN SITU. 2015. No. 1. P. 56-59
  6. Fedosov V.A., Moldovan A.A. The problem of sovereign debt in the world economy // Finance and credit. 2013. No. 28 (556). pp. 32-38

24. The system of indicators of the effectiveness of the use of economic resources of the enterprise (fixed and working capital, labor potential). 3

Task 51 10

Problem 81. 12

References: 16

24. The system of indicators of the effectiveness of the use of economic resources of the enterprise (fixed and working capital, labor potential).

The system of production efficiency indicators should provide a comprehensive assessment of the use of all enterprise resources and contain all general economic indicators. It is very important that production efficiency calculations are carried out continuously: at the stages of the draft plan, the approval of the plan, as it is being implemented.

In the system of indicators of production efficiency, not all of them have the same significance. There are main and additional (differentiated) indicators. If the former are usually called generalizing, then the latter are functional, characterizing any particular aspect of activity 1 .

Generalizing indicators mainly express the final results of production and the fulfillment of strategic tasks. Functional indicators are used to analyze and identify efficiency reserves, eliminate bottlenecks in production.

The effective, mobilizing role of production efficiency indicators is largely determined by the methodology for their calculation.

It should be noted that, focusing only on growth rates as an indicator characterizing the efficiency of production, one can miss the main factor of efficiency - the intensification of production, because. high growth rates can also be achieved due to extensive factors, i.e. as a result of additional capital investments for the expansion of production (new construction, equipment renewal, reconstruction of enterprises), although the use of funds and internal production reserves may remain at a low level.

However, it would be erroneous to conclude from what has been said that the indicator of growth rates is unsuitable for assessing the efficiency of production and individual technical and economic indicators.

Speaking about the production efficiency of secondary winemaking enterprises, we do not mean the process of secondary winemaking itself, which is a part of the winemaking process - the storage and aging of wine materials. In this case, we are talking about separate urban-type wineries, mainly engaged in bottling the resulting processed grape wines, producing a small amount of grape wines of their own blend and fruit and berry wines. Secondary winemaking plants also include champagne wineries that produce champagne using a special technology from champagne wine materials obtained at primary winemaking enterprises.

In secondary winemaking, a number of features can be distinguished that must be taken into account when choosing indicators of economic efficiency of production.

Secondary wineries are distinguished by a well-known specialization: they bottle mostly still wines, mainly into glass bottles on automatic bottling lines. Other technological processes carried out at secondary wineries are necessary preparatory steps for bottling wine (aging, storage) or are carried out in order to correct poor-quality (non-bottling) wines obtained from primary wineries. All products manufactured by factories are calculated in one dimension decalitre (dal).

These features of production in secondary winemaking enable a number of enterprises to measure individual performance indicators not only in cost terms, but also in natural terms.

Losses of wine in production have a great influence on the economic performance of secondary wineries. Therefore, it is important to reflect the savings in material costs in production efficiency indicators, which is dominated by the savings in wine materials (raw materials).

As already mentioned, for a long time among economists there was a discussion about which indicator can be used to most objectively determine the efficiency of production. Various formulas were proposed, but each of them had its positive and negative sides, advantages and disadvantages. And since none of the proposed indicators can act as a universal one, to assess the efficiency of production, a scorecard, in which the indicators for assessing and planning the increase in economic activity were combined into four groups (and thus, economic efficiency is considered as a multidimensional phenomenon):

    Generalizing indicators of economic efficiency of production.

    Labor efficiency indicators.

    Indicators of the effectiveness of the use of fixed assets, working capital and capital investments.

    Indicators of the efficiency of the use of material resources.

The group of indicators of the efficiency of the use of living labor includes the following:

    the growth rate of labor productivity;

    share of the increase in production as a result of growth in labor productivity;

    relative economy of living labor.

Fixed capital is a financial investment in non-current assets of the organization (fixed assets, intangible assets) used for the production and sale of products for profit. Fixed assets are that part of physical capital that transfers its value to the cost of production in parts, over several production cycles. In the organization's balance sheet, this type of fixed capital (part of the assets) is presented in the form of land plots and nature management facilities, buildings, structures, machinery and equipment, construction in progress. To denote this concept, the expression "durable means of labor" is also used. 2

According to the purpose and scope of application, fixed assets are divided into production (used for the production of specific products) and non-production (social sphere, consumer services, etc.).

According to the degree of participation in the production process, the main production assets are divided into active and passive parts. In this case, it is necessary to take into account the specifics of the industry. So, for mechanical engineering, machines and equipment are an active part. In the oil refining industry, facilities (eg wells) are an active part.

A significant proportion of the active part of fixed assets in comparison with the passive part is a distinctive feature of their structure for construction. The basis of the active part of fixed production assets (funds) here are construction machines and mechanisms, power and production equipment.

According to ownership, fixed assets are divided into own and borrowed. Own fixed assets are funds that are on the balance sheet of the enterprise. Attracted are those that are taken for temporary use from another organization on a lease or service basis. Currently, new forms of attracting labor resources are beginning to be used, for example, leasing and other forms of rent. Therefore, in new forms financial statements As part of the balance sheet asset, the lines “Property for leasing” and “Property provided under a rental agreement” appeared, which were not in the previously valid forms.

Labor potential is an integral characteristic of the quantity, quality and measure of the total ability to work, which determines the ability of an individual, various groups of workers and the able-bodied population as a whole to participate in socially useful activities.

The labor potential has a quantitative and qualitative characteristic.

Quantitatively, it is determined by the amount of labor resources and working hours that can be worked out in a given period.

The quality of labor potential is characterized by four main components:

- physical - this is an indicator of effective performance, health status;

- intellectual - this is an indicator of the system of knowledge and experience in the training of qualified personnel (educational and qualification composition of labor resources);

- social - is an indicator of the social, psychological and moral state of society (social environment, justice and security);

- technical and technological - this indicator depends on the technical equipment.

Labor potential is a combination of various qualities of people that determine their ability to work, or the possible quantity and quality of labor that society has at a given level of development of science and technology. Distinguish labor potential of a person, enterprise, generation and country. The labor potential of a person (as an individual) is a combination of his various qualities: state of health, endurance, type of nervous system, that is, his physical, mental and intellectual capabilities.

The labor potential of an enterprise is the limiting value of the possible participation of workers in production, taking into account their psychophysiological characteristics, the level of professional knowledge and accumulated experience.

The labor potential of a region, a municipality is the total labor potential of people of different generations living in the region.

The labor potential of a generation, a country is a summary economic and geographical characteristic of the labor activity of people (person-years).

Labor potential is a resource category. It includes sources, means, resources of labor. Number is used as the main volume indicator, and person-year is used as the utilization indicator. However, a number of researchers suggest using a man-hour as a general indicator, since the average number of enterprises with part-time employment cannot be a benchmark in assessing the magnitude of the potential (15% is the amount of man-hours worked by the average number). At the same time, it is possible to single out the total value of the used working time, which includes three indicators:

- the number of hours by which the working day is reduced;

- the number of days of additional vacations;

- the number of days of general morbidity.

Determining the value of labor potential

1) In relation to the enterprise, the value of the labor potential is determined by the formula: 3

where Фп is the total potential fund of the enterprise's working time, hours;

Фк - the value of the calendar fund of time, hours;

Tnp - non-reserve-forming absences and breaks, hours;

Chr - the number of workers, people;

D - the number of working days in the period, d .;

Tsm is the length of the working day, hours.

2) In relation to society, the labor potential is determined by:

,

where Ф p.total - the potential fund of the working time of the company, h. It is determined by:

- the number of the population capable of participating in social production, by groups;

T p - the legally established value of the time of work according to the schedule of employees during the calendar period (year, quarter, month). It is the product of the number of working days in the period and the established debt of the working day in hours.

Problem 51

In the reporting year, the company sold products worth 518 thousand rubles. Working capital amounted to 74 thousand rubles. In the planned year, the volume of sales should increase by 16%, and the time of one turn will be reduced by five days. Determine the need for working capital for the planned year, the savings in working capital as a result of reducing the duration of one turnover.

The turnover ratio of working capital (K o) shows how many turnovers were made by working capital for the corresponding period (quarter, half year, year). It is determined by the formula:

,

where Tn is the volume of commercial (sold, gross) products produced during the reporting period in value terms;

- the average balance of working capital for the reporting period.

The duration of one turnover in days (Kd) shows how long it takes for the company to return its working capital in the form of proceeds from the sale of marketable products. It is determined by the formula:

or
,

where D is the number of days in the reporting period (90, 180, 360).

Cd 0 = 360*74/518 = 26640/518 = 51.43 days

Kd 1 \u003d 51.43 - 5 \u003d 46.43 days

Determine the need for working capital for the planned year:

Working capital savings as a result of reducing the duration of one turnover is determined by the formula:

∆O \u003d 518 * 1.16 / 360 * (-5) \u003d -1.6691 * 5 \u003d -8.3456 thousand rubles.

As a result of the reduction in the duration of one turnover, there was a saving of working capital in the amount of 8.3456 thousand rubles.

Problem 81.

Justify the feasibility of building an industrial enterprise based on the data in the table (thousand rubles).

Table 19

Options for the construction of an industrial enterprise

The normative coefficient of efficiency of capital expenditures is 0.25.

Decision

The coefficient of efficiency of capital investments is determined by the ratio of profit to capital investments. So it is required to determine the profit for each option as the difference between the annual output and the cost:

Then we determine the coefficient of efficiency of capital investments for each option:

500 / 1200 = 0,42

400 / 1400 = 0,29

Answer: Construction is expedient under any option, but the second option is the most optimal, in which the capital cost efficiency ratio was 0.42.

Tests

8. What are the advantages of a joint-stock company (JSC):

a) the ability to attract additional investment by issuing shares;

b) the shareholders do not bear any responsibility for the obligations of the JSC;

in) shareholders are liable for obligations worth their shares;

d) increase entrepreneurial risks;

e) reduce business risks.

10. What are the characteristics of mass production type:

a) one or more products are produced;

b) universal equipment is used;

c) high qualification of workers;

d) production is constantly repeated;

e) low unit cost of production.

16. Which of the following positions increase efficiencyuse of fixed assets:

a) increasing the degree of loading of equipment;

b) increasing the service life of equipment;

c) use of modern technologies;

G) improvement of the organization of production and labor.

29. Which of the following indicators are related toproduction program indicators:

a) sold products;

b) commercial products;

c) profit;

G) gross output;

d) the cost of production.

36. The grouping of costs by calculation items includes the costs of:

a) on the raw materials and materials;

b) on the fuel and electricity for technological purposes;

in) on the basic and additional wages natural workers;

d) for depreciation of fixed assets;

e) on the overhead costs;

e) non-manufacturing expenses.

46. Which of the following answers is correctcharacterizes the breakeven point:

a) the price at which the company begins to make a profit;

b) the volume of production at which the producer works no loss;

c) the level of costs necessary for the production of products.

51. Financial investments are:

a) investment in fixed capital;

b) investments in securities of other legal entities;

c) investments in the growth of working capital;

d) investments in growth (increase) of production capacities.

Bibliography:

    Artemova L.V. Investments and innovations. Dictionary-reference book from A to Z, -M, 2004.

    Korobeinikov O.P., Khavin D.V., Nozdrin V.V. Enterprise Economics - M.: Economics, 2002.

    Enterprise Economics / Ed. Volkova O.I. – M.: Infra-M. 2002.

1 Korobeinikov O.P., Khavin D.V., Nozdrin V.V. Enterprise Economics - M .: Economics, 2002.- p. 67

2 Enterprise Economics / Ed. Volkova O.I. – M.: Infra-M. 2002.- from 89

3 Enterprise Economics / Ed. Volkova O.I. – M.: Infra-M. 2002.- from 103

Main systems wages...

  • Indicators efficiency use labor potential enterprises

    Abstract >> Economics

    Labor resources, indicators and evaluation methods efficiency use labor resources. In the practical part, the organizational and economic characteristic enterprises MUP...

  • Efficiency use labor resources on the company

    Abstract >> Economics

    ... main goals, objectives and activities enterprises, production characteristics, types of enterprise services. 2. System indicators efficiency use labor resources... coefficients have the same economic meaning.

  • Analysis efficiency use labor resources enterprises on the example of OJSC Chelyabinsk

    Coursework >> Finance

    ... major economic indicators activities …………………………………………………………………………...16 2.2. Analysis efficiency use labor resources………...20 Chapter 3. Offers for promotion efficiency use labor resources ...

    • For any leader, it is important that production is profitable, and all activities are productive. But how to evaluate it? Read the article "Financial Director" about what indicators allow you to evaluate the effectiveness of the company and how to calculate them.

    The activity of the company is considered effective, in which the enterprise makes a profit, using each unit of available resources as efficiently as possible, while striving to minimize the costs of the enterprise.

    There is no single indicator that would affect all aspects of the company's production activities and characterize its effectiveness.

    Enterprise performance indicators - this is an assessment of the profitability of the enterprise and the return on assets, this is an analysis of asset turnover, and an increase in labor productivity and efficiency in the use of equipment and available resources of the enterprise.

    In other words, in order to evaluate the effectiveness, it is necessary to calculate a number of financial ratios and then analyze the results obtained in the aggregate. This will give us a final picture of the effectiveness of the enterprise as a whole.

    Ef \u003d Production results / Production costs

    However, it is difficult to apply this formula in practice, since it is not easy to quantify the results and all production costs. For example, the results of activities can only be assessed qualitatively, in which case it is difficult to reduce everything to a single result.

    Enterprise Key Performance Indicators + Formulas

    To assess the effectiveness of activities, it is customary to use a system of indicators:

    1. Production efficiency indicators. Here, first of all, they consider such indicators as the company's net profit for the reporting period and the company's profitability. They give an idea of ​​the final result of production activities for a certain period and, as a rule, are calculated according to the company's financial statements:
    • Net profit. The general calculation formula is as follows:

    PE \u003d Gross profit + other operating profit + profit from investment (financial) operations - Taxes.

    Gross profit can be calculated if we subtract the cost of goods manufactured from the revenue received for the reporting period. Further, if we remove from the gross profit all the administrative and commercial expenses of the enterprise for the period, we get the profit from sales. If we add to the sales profit all income from investment activities and subtract the expenses for interest payable and other expenses, we get profit before tax, which, in turn, differs from the final net profit only by the presence of the amount of unpaid taxes in its composition. As a result, we get the following formula for Net Profit based on the lines of the Statement of financial results:

    CHP = p.2110 - p.2120 - p.2210 - p.2220 + p.2310 + p.2320 - p.2330 + p.2340 - p.2350 - p.2410.

    • Profitability of sales shows how much net profit the company received per 1 ruble of sales. This ratio is calculated as follows:

    Рп = Net profit / Sales proceeds * 100%.

    For ease of calculation, let's refer to the Statement of Financial Results, in this case the formula will be:

    Rp = line 2200 / line 2110 * 100%.

    The growth of the indicator indicates an increase in profit per unit of the product produced.

    1. A group of indicators characterizing the use of material and production resources and fixed production assets. These include:
    • material consumption. The ratio reflects how efficiently the company uses each unit of available raw materials and shows how much gross profit falls on each ruble of used reserves. It is calculated as the ratio of material costs for the production of products to the volume of output of manufactured goods:

    Me \u003d Material costs / Volume of production of this type of product

    As a rule, the result of calculations of material consumption is compared with the standard value. If the resulting coefficient exceeds 1, we are talking about the overspending of raw materials and materials for production. A result of less than 1 indicates savings in raw materials in production.

    • Cost indicator for 1 unit of marketable output. Allows you to analyze the cost of goods and is calculated as the ratio of material costs of production to the cost of production. If the indicator exceeds the value of 1, then the production is unprofitable - you need to increase the prices for products or reduce the total cost of producing goods. This indicator is applicable to any industry, since it directly reflects the relationship between profit and the cost of the product.
    • Working capital turnover. It reflects how effectively the current assets of the enterprise are used and is calculated as the ratio of proceeds from the sale of manufactured products to the average value of all current assets of the company over the period. As a rule, due to the simplicity and availability of data, accounting data are used for calculation.

    Kooa \u003d s.2110 OFR / ((s. 1200 BB at the beginning of the year + s. 1200 BB at the end of the year) / 2).

    The higher the number of turnovers that the company's working capital makes during the reporting period, the more funds are released from circulation, which leads to a decrease in the company's need for current assets. It is possible to accelerate the turnover of assets by reducing the material consumption and energy intensity of production; improving and updating production equipment, reducing manufacturing time through the use of new methods and technologies, improving product quality, increasing its competitiveness in the market for similar products, and so on.

    • Capital intensity and capital productivity. Capital intensity shows how much the cost of fixed assets falls on 1 ruble of manufactured products. It is calculated as the ratio of the average cost of fixed assets for the period to the sales revenue for the period. Return on assets is an indicator that is the inverse of capital intensity. It shows the return in rubles of revenue for each ruble invested in fixed assets of the enterprise. It is calculated as the proceeds received from the sale of products (net of VAT, excises) to the average cost of fixed assets for the period.

    The formulas for the data in the Balance Sheet and the Statement of Financial Results will look like this:

    Fe = ((s. 1150 BB at the beginning of the year + s. 1150 BB at the end of the year) / 2) / s. 2110 OFR

    Fo \u003d s.2110 OFR / ((s.1150 BB at the beginning of the year + s.1150 BB at the end of the year) / 2) \u003d 1 / Fe

    The lower the capital intensity index, the higher the return on assets, and hence the more efficient use of production equipment at the enterprise. The growth of capital intensity and the decrease in capital productivity indicates the irrational use of equipment, equipment downtime, and tired fixed assets. Within each industry, a different value of the indicator may be normal.

    • capital-labor ratio. The indicator characterizes how much equipment in rubles falls on each employee of the enterprise. in other words, how much fixed assets each employee has.

    Фв = average cost of fixed assets / average number of employees for the period

    It is necessary to analyze this indicator of the efficiency of the enterprise's activity together with the analysis of labor productivity, since the growth of labor productivity should go at a comparable pace with the growth of capital-labor ratio. Otherwise, we will talk about a decrease in the efficiency of using equipment in production, an increase in equipment that is little used in production, downtime of production equipment, etc.

    The resources of any enterprise can be divided into three large blocks - material, labor and financial. A group of indicators helps to evaluate the efficiency of using the company's resources and answer the question of the optimal volume of certain assets in terms of the implementation of the current production program.

    The efficiency of the use of material resources is assessed, for example, by the capital productivity indicator (the turnover of fixed assets, showing how much revenue we will receive from the ruble (dollar, etc.)) of fixed assets. Labor productivity indicators help to assess the efficiency of the use of labor resources. Finally, to understand how efficiently financial resources are used, you can use the turnover ratios of current assets.

    Indicators can be calculated in days (duration of one turnover) or expressed in terms of the number of turnovers of a particular resource during the analyzed period (turnover ratio).

    But what actually depends on the rate of turnover of assets and capital of the company? Why are all the efforts of managers ultimately aimed at accelerating their turnover? First, each turnover generates income; the more times the assets are turned over, the greater the amount of income the company will receive. Secondly, with a decrease in turnover, there is a threat of a shortage of liquid assets to conduct operating activities and search for sources of their financing. Thus, the need for additional financing, the sufficiency of funds, etc. depend on the turnover rate of current assets. The lower the turnover rate of current assets, the greater the need for financing. Indeed, if the funds invested in current assets are returned to the company not after 10, but after 13 days, then additional investments will be required to conduct operations for an "extra" three days.

    Generalizing indicators of resource use efficiency include:

    • o the turnover ratio of assets (capital) or their components, showing what is the number of asset turnover for the analyzed period;
    • o the duration of one turnover of assets (capital) or their components, showing how many days one turnover is made, i.e. What is the average period for which the invested funds are returned to the economy.

    The asset turnover ratio (Assets Turnover, AT) is defined as the ratio of sales proceeds to the amount of assets:

    It characterizes the effectiveness of the company's use of all available resources, regardless of the sources of their attraction.

    The coefficient shows how many times a year a full cycle of production and circulation is completed, bringing the corresponding effect in the form of profit. AT varies greatly by industry.

    If this indicator is below the industry average, then the company does not develop sufficient economic activity for a given amount of investment in its assets.

    The managers of such a firm should develop ways to increase sales, get rid of unnecessary assets, and so on.

    The duration of one turnover of assets (Turnover in Days, TD) can be calculated by dividing the number of days in the analyzed period (360, 90, 30) by the number of turnovers or by the formula

    Similarly, the turnover indicators of individual elements that are part of the assets and capital of the enterprise are determined.

    Fixed assets turnover ratio (Fixed Assets Turnover, FAT)

    Capital productivity. This coefficient characterizes the effectiveness of the use of fixed assets by the enterprise. The higher the value of the coefficient, the more efficiently the company uses fixed assets. A low rate of return on capital indicates insufficient sales or too high a level of capital investment. However, the values ​​of this coefficient differ greatly from each other in various industries. Also, the value of the indicator strongly depends on the methods of calculating depreciation and the practice of assessing the value of assets. Thus, a situation may arise that the fixed asset turnover rate will be higher in an enterprise that has worn-out fixed assets.

    Calculated according to the formula

    Inventory turnover ratio (Stock Turnover, ST)

    Reflects the rate at which stocks are sold. To calculate the coefficient in days, it is necessary to divide 360 ​​days by the value of the coefficient. In general, the higher the inventory turnover ratio, the less funds are tied up in this least liquid group of assets.

    It is especially important to increase turnover and reduce inventory in the presence of significant debt in the company's liabilities:

    The duration of the turnover of receivables (Days Sales Outstanding, DSO)

    Shows the average number of days it takes to collect a debt. The smaller this number, the faster the receivables are converted into cash, and consequently, the liquidity of the working capital of the enterprise increases. A high value of the coefficient may indicate difficulties in collecting funds from accounts receivable.

    Calculated according to the formula

    An analysis of such indicators as the growth rate of accounts receivable, the share of doubtful debts in its composition (the quality of accounts receivable), as well as the duration of its turnover, allow us to determine the limits of accounts receivable in the company, assess the impact of its quality on the liquidity of the company, and competently build a credit policy as a whole.

    Working capital turnover ratio (Working Capital Turnover, WCT)

    Shows how effectively the company uses investments in working capital and how this affects sales growth.

    The higher the value of this ratio, the more efficiently the company uses net working capital.

    Calculated according to the formula

    Financial analysts warn to be aware of the impact of working capital on a company's cash flow. Thus, an increase in balances on items of current assets that are part of working capital leads to an outflow of funds (for example, the acquisition of inventories), and a reduction leads to an inflow. Essentially net cash flow is the difference between profit and change in working capital.

    The system of indicators used to analyze the turnover of the company's working capital is presented in Table. one

    It is also necessary to keep in mind the dynamic aspect of the process in order to better understand the role of self-management.

    Table 1. System of indicators of efficiency of resource use