Recommendations for reducing accounts payable. Decrease in accounts payable speaks about. Video: what is included in long-term and short-term debt
"Financial newspaper. Regional edition", 2011, N 39
The obligations of the organization arising in the course of its financial and economic activities have certain deadlines, the violation of which can lead to a decrease in the authority of the organization in the eyes of partners, counterparties, its own employees, etc. Repeated non-binding of the organization entails, as a rule, the refusal of partners from interaction, fines and other sanctions stipulated by legislation and agreements, which may ultimately result in its bankruptcy.
Of course, in order to prevent negative developments, it is necessary to constantly monitor the occurrence and timely repayment of debts to creditors. However, what to do if the organization for some reason finds itself in a difficult financial situation, because in this case it is almost impossible to maintain financial discipline?
In the practice of financial activities of organizations, there are mechanisms with which it is possible to reduce the volume of burden (pressure) of obligations on the finances of the organization in the current period, which will increase or restore its solvency. Let's consider the procedure for their application in accounting and tax accounting.
If an organization intends to continue its financial and economic activities, but is in financial difficulty, one of the primary measures that it should take is to conduct an analysis of accounts payable. For this, each obligation, including its various components (principal, interest, penalties), is considered separately for each specific creditor.
A list of priority creditors is then drawn up. The order of repayment of obligations is determined in terms of the consequences of a delay in payment. After grouping the creditors, depending on the urgency and importance of the obligations, the amount of debt for each creditor is determined and the possibility of restructuring the debt with them is considered, or, in other words, finding alternative ways to pay off the debts in the current period. The choice of one or another method of restructuring the accounts payable of the organization should be based on the efficiency criterion: the maximum effect as a result of debt reduction, the minimum cost of its implementation.
Let's consider the main methods of debt restructuring.
1. Deferral and installment plan of payments
One of the ways to solve the problem of insufficient funds to pay off the debt may be to conclude an agreement with the creditor on a deferral (installment plan) of payments. A deferral means the postponement of the payment to a later date. An installment plan is a splitting of a payment into several smaller ones, carried out during a period agreed by the parties.
From the standpoint of civil law, if the agreement (supplementary agreement) stipulates the conditions for deferred (installment) payments (clause 1 of article 823 of the Civil Code of the Russian Federation), commercial lending relations arise. The sale of goods on such terms is a sale on credit.
For the crediting period, the contract may establish the buyer's obligation to pay interest, which in this case is a payment for a commercial loan (Articles 809 and 823 of the Civil Code of the Russian Federation). It should be noted that interest is not a penalty, but the fulfillment of an additional condition determined by the agreement on the basis of clause 1 of Art. 809 of the Civil Code of the Russian Federation.
Example 1... Alpha LLC has concluded agreements with creditors on deferring debt payments for a period of more than a year. As a result, it was possible to save 550 thousand rubles this year. At the same time, according to the terms of the agreements, OOO Alpha is obliged to pay interest to creditors in the amount of 5.5 thousand rubles. for the use of their funds.
The implementation of the relevant business transactions should be reflected in accounting and tax accounting as shown in table. 1 and 2.
Table 1
table 2
In accordance with clause 6.2 of PBU 10/99, clause 17 of PBU 15/01, when paying for purchased goods on the terms of a commercial loan provided in the form of a deferred payment and payment by installments, expenses are accepted for accounting in the full amount of accounts payable. Therefore, the amount of accounts payable increases by the amount of interest under a commercial loan agreement.
Interest on the received deferral is recognized as other expenses of the period in which they were incurred on the basis of clauses 11, 12, 14 of PBU 15/2008. Interest is accrued in accordance with the procedure established in the agreement (clause 16 of PBU 15/01).
Income tax. In order to apply Ch. 25 of the Tax Code of the Russian Federation, commercial loans are debt obligations (clause 1 of Article 269 of the Tax Code of the Russian Federation). According to paragraphs. 2 p. 1 art. 265 expenses in the form of interest on debt obligations of any kind are recognized as non-operating expenses, taking into account the specifics provided for in Art. 269 of the Tax Code of the Russian Federation.
By virtue of paragraph 1.1 of Art. 269 of the Tax Code of the Russian Federation, an organization has the right to recognize an expense in the amount of interest not exceeding the maximum amount equal to the interest rate established by the agreement of the parties, but not exceeding the refinancing rate of the Bank of Russia, increased by 1.8 times, when issuing a debt obligation in rubles and equal to the product of the refinancing rate The Bank of Russia and the coefficient 0.8 - for debt obligations in foreign currency. The procedure for such determination of the maximum interest rate is valid from 01.01.2011 to 31.12.2012 inclusive.
VAT on interest received for deferred payment is not charged to the buyer.
2. Re-registration of debt into promissory notes
It is possible to use the option of restructuring the organization's debt by providing the creditor with its bills. The use of this method can also relieve the organization from paying debt in a given period and, accordingly, help to improve the performance of the organization.
Let us recall that a bill of exchange is a security, which, in accordance with Art. 815 of the Civil Code of the Russian Federation certifies the unconditional obligation of the drawer to pay off the borrowed money within a certain period.
Carrying out payments for goods (work, services) using our own bills is essentially receiving a commercial loan in the form of a deferred payment (clause 1 of article 823 of the Civil Code of the Russian Federation). A bill of exchange, therefore, is a new obligation that must be performed in accordance with the newly established time frame.
Accounting for business transactions on debt restructuring to a creditor is practically similar to the already considered option of deferred payments.
Example 2... LLC Alfa issued a promissory note to the supplier with a maturity date not earlier than 01.01.2012, which made it possible to save 300 thousand rubles for current activities in the current year. At the same time, new obligations arose to repay interest on the promissory note in the amount of 8% per annum (Table 3).
Table 3
Reflection of business transactions in accounting
In analytical accounting, payment transactions in bill form should be accounted for on account 60 "Settlements with suppliers and contractors" separately. The construction of analytical accounting should provide, among other things, the possibility of obtaining the necessary data on issued bills of exchange, the due date of which has not come, and on overdue payment of bills.
Interest on the bill of exchange payable is shown separately from the bill amount as accounts payable (clause 15 of PBU 15/2008). Accrued interest is accounted for by the promissor as part of other expenses in the reporting periods to which these accruals relate, or evenly during the period of payment of the borrowed funds provided for by the promissory note (Table 4).
Table 4
Reflection of business transactions in tax accounting
Income tax. Neither the transfer of the promissory note to the seller nor the return of the bill does not generate income and expenses that are taken into account for the purpose of taxation of profits.
Expenses in the form of interest on a promissory note are recognized as non-operating expenses in the amount of interest not exceeding the maximum amount determined by Art. 269 of the Tax Code of the Russian Federation (subparagraph 2 of paragraph 1 of article 265).
Value Added Tax. The transfer of own bill for the buyer is the issuance of an obligation, and not the transfer of property (clause 2 of article 38 of the Tax Code of the Russian Federation, article 128 of the Civil Code of the Russian Federation), therefore, the object of VAT does not arise.
3. Set-off of mutual payment claims
Often, an organization is both a debtor and a creditor of the same person. In this case, an effective way to reduce accounts payable, of course, is to carry out an operation to offset mutual payment claims (offset).
Offsets are governed by Art. Art. 410 "Termination of obligations by offset" and 411 "Cases of inadmissibility of offset" of the Civil Code of the Russian Federation.
Russian legislation allows for offsets between three or more participants. The purpose of this event is to identify among the debtors of the organization those who, in turn, have a debt of the creditor, the due date for which for the organization has already arrived or is overdue. By completing the offsetting procedure, all parties reduce their receivables and payables.
In the absence of counter-debts of the creditor for offsetting, the financial employees of the organization can create such debts through the mechanisms of selling accounts receivable to the creditor (under an assignment agreement) and transferring the organization's debt to another creditor. This scheme is of particular importance in the case when the receivable is sold to the creditor, then the creditor's counter debt arises, which can be repaid by offsetting mutual payment claims with the creditor.
The credit scheme can also be applied in the case of the transfer of accounts payable from one creditor to another. Such an opportunity, with the consent of the creditor, is provided for in paragraph 1 of Art. 391 of the Civil Code of the Russian Federation. In this case, an agreement on the transfer of debt must be concluded in the appropriate written form (clause 2 of article 391, clause 1 of article 389 of the Civil Code of the Russian Federation). When the debt is transferred to a new debtor, the obligation remains unchanged, but the persons in the obligation change. With the help of this scheme, the organization is eliminated from the liability, i.e. its accounts payable to the supplier shall be considered extinguished from the moment the new debtor accepts the obligation to pay the debt. Accounts payable incurred by the organization to the new debtor in the amount of the original obligation can be repaid by offsetting with him.
Please be aware that in some circumstances, offsetting may not be possible. According to Art. 411 of the Civil Code of the Russian Federation, it is not allowed to set off claims for which the limitation period has expired, in case of compensation for harm caused to life and health, recovery of alimony, life support and other cases stipulated by law or contract.
Example 3... Alfa LLC, after taking a number of measures to identify counter-debts of creditors, carried out offsetting of mutual monetary claims. As of the date of the offset, accounts receivable with counterparties amounted to 2690 thousand rubles, the amount of accounts payable - 3200 thousand rubles. Offsets were made in the total amount of 2690 thousand rubles. As a result, in the accounting records, the amount of the set off decreased the debt to creditors. The organization does not generate income and expenses during this operation (Table 5).
Table 5
Reflection of business transactions in accounting
| the name of the operation | Sum, rub. | Correspondence accounts | Base | |
| Debit | Credit | |||
| On the date of the offset | ||||
| The offset of mutual monetary claims from debtors | 2 690 000 | 60 | 62 | Offset report mutual requirements |
Income tax. If the organization keeps accounting on an accrual basis, the tax base is not determined. When applying the cash method, the obligation arises to recognize income at the date of offset in accordance with paragraph 2 of Art. 273 of the Tax Code of the Russian Federation and expenses on the basis of paragraphs. 1 p. 3 art. 273 of the Tax Code of the Russian Federation.
Value Added Tax. There is no object of taxation at the time of the transaction to offset mutual monetary claims.
4. Repayment of debt by transferring the property to the creditor
By agreement of the parties, the obligation can be terminated by providing in return for the execution of a compensation (payment of money, transfer of property, etc.), the amount, terms and procedure for the provision of which are established by Art. 409 of the Civil Code of the Russian Federation.
In order to pay off or reduce debt, it is possible to transfer real estate for industrial and socio-cultural purposes, objects of unfinished construction, equipment, machines, mechanisms and material values on the balance sheet of the organization, securities (shares, bonds of both the debtor itself and other companies) , liabilities secured by property. By way of compensation, own products, goods, works, services of the debtor organization may also be transferred.
Example 4... Alfa LLC transferred its own property (fixed assets item) in the amount of RUB 1,180,000 as compensation for paying off accounts payable. (including VAT - 18%). As a result of this measure, funds were received from the sale of property and the amount of accounts payable was reduced in the amount of 1,180,000 rubles.
Corresponding business transactions can be reflected in accounting and tax accounting in such a way as shown in table. 6, 7 and 8.
Table 6
Reflection of business transactions in accounting
| the name of the operation | Sum, rub. | Correspondence accounts | Base | |
| Debit | Credit | |||
| On the date of debt repayment by providing compensation | ||||
| Debt repaid transfer of compensation (object of the main funds) | 1 180 000 | 60 | 91-1 | Agreement on payoff, documents for shipment (invoice, act reception and transmission) |
| VAT charged on object realization fixed assets | 180 000 | 91-2 | 68 | Invoice |
| Recognized other expense in the size of the residual object value fixed assets | 960 000 | 91-2 | 01-2 | Agreement on payoff, documents for shipment (invoice, act reception and transmission) |
Table 7
Reflection of business transactions in tax accounting
Table 8
Income tax. When the property is transferred as compensation, the organization receives income from its sale in the amount of the debt to be repaid (excluding VAT) (clause 1, clause 1 of article 248, clause 1 of article 248, clause 1 of article 249 of the Tax Code of the Russian Federation). This income is reduced by the value of the property being sold.
Value Added Tax. In accordance with paragraphs. 1 p. 1 of Art. 146 of the Tax Code of the Russian Federation, the sale of goods (works, services) on the territory of the Russian Federation is recognized as subject to VAT, therefore, 180,000 rubles. the amount of tax increases during the period of the sale of the property, which should be reflected in line 010 sec. 3 value added tax return.
So, according to general estimates, OOO Alpha, as a result of measures to restructure accounts payable, managed to reduce its size by 4720 thousand rubles. without raising funds, which weakened the financial pressure of creditors on the organization this year and thereby influenced the improvement of its financial position.
Accounts payable arises in the event that the time of receipt of services does not coincide with the established time of their payment. This also includes salary arrears owed by the organization to its employees. Loan debt can be reduced in many ways.
Talk to your creditors first. Try to come to a common solution together and agree with them about a deferred payment. They will be happy to receive at least some amount instead of the wasted time on litigation. Set a due date for new payments and sign an addendum. Lenders can delay your payment, lengthen the maturity of your debt, or temporarily freeze all payments. But "vacations" are rarely used. You can lower your monthly payment by restructuring your debt. In this case, the debt repayment period will be extended by installments. You will have to pay more funds in the form of interest, but in difficult circumstances this option is most convenient for both parties. And if your business goes well over time, you can easily pay off the debt ahead of schedule so as not to overpay on interest.
If your problems are accidental and temporary, chances are, creditors and the court will meet you halfway. But if they find the situation critical, they will use radical methods in the form of selling collateral.
The restructuring of an organization's accounts payable involves a certain process of executing a number of transactions and operations between the debtor enterprise and its creditors.
The organization is a debtor, in the process of searching for new solutions, with the help of which accounts payable and its change can have a positive impact on the company (increase in authorized capital, increase in reserve capital), in turn, strive to obtain certain concessions from creditors. Lenders' concessions can include changing the timing of payments, reducing the total amount owed, reducing or completely abandoning interest, obtaining additional loans.
The executive authorities, in accordance with their competence at the federal, regional and local levels, in order to ensure in the long term obligatory payments to the corresponding budgets, can provide the debtor organization with benefits and influence the debt restructuring.
Consequently, by means of various methods of restructuring, the enterprise seeks to minimize its obligations, that is, it carries out an optimal search for solutions in the field of accounts payable management, as a result of which the existing accounts payable would be reduced to its reduction, up to full repayment. The methodology for restructuring the organization's obligations, which is carried out at the stage of financial recovery and external management, can be divided into several stages.
At the first stage, it is necessary to make the distribution of the order of debt repayment, primarily according to the degree of the largest amount of debt.
Based on the above, we will draw up and consider a diagram of the main creditors of Volna LLC, Figure 3.1, which will allow us to identify the sequence of debt repayment.
Rice. 3.1 Accounts payable of LLC "Volna" for 2010
As can be seen from Fig. 3.1, the largest part of the debt of Volna LLC falls on FE Kartunov A.A, LLC PGS-Logistic and Unistroy, and the debt to FE Kartunov A.A and Unistroy throughout the year not treason. Consequently, Volna LLC, first of all, needs to pay attention and develop measures to reduce this debt, and the choice of rational ways to minimize accounts payable is already the second stage.
Consider the main ways to restructure accounts payable:
- - deferral or payment by installments;
- - offsetting mutual payment claims;
- - re-registration of debt into promissory notes (loans);
- - the conclusion of an agreement on compensation;
- - transfer of short-term liabilities into long-term;
- - refusal to fulfill obligations;
- - tax restructuring;
- - debt repayment by transferring the debtor's property to the creditor.
Of all the above methods of restructuring accounts payable, Volna LLC can recommend such a method as installment plan or deferred payments and offset. Installment or deferral of payments for the obligations of the organization can be carried out with the consent of creditors by changing the deadline for paying the debt. A deferral means the postponement of the payment to a later date. An installment plan is a splitting of a payment into several smaller ones, carried out during a period agreed by the parties.
For example, the enterprise LLC "Volna" will conclude with LLC "Unistroy", which LLC "Volna" owes in 2010. 1,327,436 thousand rubles, a contract for an installment plan for a year and the contract will indicate the monthly payment amount. Thus, LLC "Volna", after the conclusion of such an agreement, from the first month will pay LLC "Unistroy" 110 619 thousand rubles. (1,327,436 thousand rubles: 12 months). But in such a situation, the company "Volna" will always and enough have to have available funds, and monthly. Consequently, under favorable economic conditions, LLC "Volna" by the end of 2010. could pay off these obligations to LLC "Unistroy".
When choosing the option with a deferred payment, it can be assumed that Volna LLC has concluded an agreement for a deferred payment with one of its suppliers in the amount of 1,625,851 thousand rubles. on the following conditions of the supplier: if you pay 10% of the amount owed within 10 days, the remaining amount of the debt can be repaid one year after the signing of the contract. Consequently, with this option, Volna LLC will repay 162,585 thousand rubles within ten days. and 1,463,265 must be repaid by the expiration of the contract.
Now let's consider the second, proposed method of restructuring accounts payable - offset using debt transfer. As a rule, a debt transfer agreement is concluded in order to reduce previously arisen or existing debts at a certain point in time, when none of the participants transfers funds to the other.
Let us visualize a diagram showing the process of transferring accounts payable of Volna LLC, Fig. 3.2
Rice. 3.2 Debt transfer process diagram
It follows from this scheme that Volna LLC is a debtor in relation to Nerudsidti LLC, and LensSpetsStroy LLC is a debtor in relation to Volna LLC. Consequently, the transfer of accounts payable by Volna LLC will be forwarded to its debtor, ie, LenSpetsStroy LLC, which in turn will subsequently act as a creditor to Nerudsidti LLC.
Next, we will supplement the scheme with real amounts of debts of each enterprise. LLC "Volna" at the end of 2010 has an outstanding debt to LLC "Nerudsidti" for the rendered freight forwarding services in the amount of 262,255 thousand rubles. At the same time, the enterprise LLC "LenSpetsStroy" at the end of 2010. is a debtor to the organization LLC "Volna" for the shipped goods in the amount of 368,483 thousand rubles. Suppose that if all three enterprises enter into a trilateral agreement, then within the time period established by the debt transfer agreement, the LLC LenSpetsStroy enterprise will transfer funds in the amount of 262,255 thousand rubles. to the LLC Nerudsidti enterprise. In such a situation, the accounts payable of Volna LLC completely decreases, but the accounts receivable only by 106,228 thousand rubles.
Let's summarize the results of the proposed activities in the analytical table 3.9.
Table 3.9 - Results of the debt transfer measure for Volna LLC.
As can be seen from table 3.9, the accounts payable after the event should be reduced by 1,750 thousand rubles. therefore, there will be an increase in the accounts payable turnover ratio by 0.2%, which will affect the reduction of the period for repayment of the company's obligations (51 days).
Thus, the restructuring of an organization's accounts payable involves a certain process of executing a number of transactions and operations between the debtor enterprise and its creditors.
When optimizing, the debtor company always tries in the process of searching for new solutions, with the help of which accounts payable and its change can have a positive impact on the company, strive, in turn, to obtain certain concessions from creditors. Consequently, the choice of the optimal solution in the field of accounts payable management, in the long term, will allow minimizing accounts payable.
The recommended measures to optimize the accounts payable of Volna LLC allowed to minimize the Volna LLC debt by 1,750 thousand rubles, and by transferring the Volna LLC debt through its debtor, it allowed not only to reduce accounts payable by 262 thousand rubles. , and also a part of receivables in the amount of 106 thousand.
As a result, Volna LLC will increase the accounts payable turnover ratio by 0.2, with a simultaneous reduction in the repayment period by 51 days and with a 1.1% decrease in the prevalence of accounts payable over accounts receivable.
Accounts receivable is the total amount owed to an individual or legal entity from other counterparties and business partners (various companies, firms of the organization, individuals, etc.), that is, the amount that must be returned to a specific organization. According to international accounting standards, I call debtors debtors, hence the concept of "accounts receivable".
Accordingly, the debt of debtors leads to the immobilization of the company's working capital and leads to significant financial losses.
Debtors' debts are divided into:
- Normal (the final date for repayment of the debt, which was previously specified in the contract, has not yet arrived).
- Overdue (the debt was not repaid on time). Overdue debts of debtors can be conditionally divided into the following categories: doubtful (the organization still expects to get the money back, but this will require certain measures) and bad debts of debtors (bankruptcy of the debtor, liquidation of counterparties, the statute of limitations has passed and has not been confirmed by the debtor).
The reasons for the debt of debtors may be:
- External (economic, political, various force majeure) - the buyer cannot repay debts on time due to the impact of unforeseen external situations that do not depend on his functional activities.
- Internal - the reasons for the increase in debtor debt directly related to ineffective work within the company; lack of appropriate control and due diligence of counterparties, buyers; poor organization of work on the return of debt obligations.
Effective debt collection procedures for debtors
What are the mandatory actions of the organization.
There are two effective ways to recover debts by an organization:
- Bringing a claim to the debtor (voluntary procedure). On a voluntary basis, the company applies with a corresponding request to the debtor, with a demand to return the amount of debts on certain conditions, without going to court.
- According to the application to the court (judicial order). In case of ignoring the voluntary appeal by the debtor, many companies have to file lawsuits to return the amount owed by the debtor.
Often, a voluntary procedure is ineffective and one has to seek help from an arbitration court. Before filing a statement of claim, the company needs to carefully read the terms of the agreement that was previously signed with the debtor organization.
It is best when the clause on the possible settlement of the dispute (in the event of non-return of debt obligations) in court is preliminarily spelled out in the agreement. Otherwise, your claim will be considered in order of priority and importance.
Already based on the assessment of the debtor company, make a decision on going to court: if these are your permanent partners and a company with good assets, then it is better to use the filing of a claim; if the debtor company is a small company, it can quickly liquidate or drain its assets, then immediately go to court and, when concluding an agreement, indicate the appropriate points about the timing of debt repayment (especially for new partners, little-known companies, firms, which is difficult to verify and etc.).
Excessive vigilance will not hurt to avoid the occurrence of arrears in the future and its negative impact on the overall functioning of the organization.
When preparing a claim to the court, indicate the following:
- Grounds for a previously concluded agreement.
- A brief description of the main terms of the contract.
- The actual situation of cooperation with a partner.
- Requirements of the country's legislative framework according to the terms of the agreement, possibly links to articles.
- Demand for debt repayment by the debtor.
- The consequences that will be if the debtor ignores the requirements for the return of debts.
If the debtor agrees with the claims, but nevertheless returns the debt, it will be much easier to re-achieve a positive decision of the arbitration court.
The recognition of the relevant claim is equivalent to the restoration of the statute of limitations.
Measures and their plan to reduce accounts receivable
In order to avoid the accumulation of bad accounts receivable, the organization must develop a clear plan and strategy to reduce the indicators of debtor debt.
The action plan may contain the following points:
- Daily or weekly monitoring of unruly clients. A systematic collection and analysis of information on counterparties will be required, which allows delays for a short time. It is best to assign a responsible employee or organize a department (depending on the size of the company) to promptly warn the debtor about the required amount of money back.
- The company must have the maximum amount of information about the buyer: contacts, addresses, data of managers, bank details, information about possible partners of the buying organization. This will further simplify the process of debt collection from debtors.
- When concluding a cooperation agreement, carefully work on the relevant points: about the timing of payment, penalties for delays for a certain number of days, lawsuits, etc. When drawing up a contract, it is better to use legal advice.
- Weekly reporting on the work done to collect debts to the management. This will greatly simplify the procedure for controlling the current situation with debtors and help to avoid the loss of financial assets.
Measures to reduce the indicator of receivables:
- Calling the debtors of the company.
- Sending notification letters.
- Restriction in the supply of goods and services or complete suspension of delivery.
- Accrual of fines.
- Submission of claims and claims.
- Blacklisting a partner.
An example of a debtor's debt and a possible procedure for its collection
For example, Supplier A has shipped $ 1,000 worth of goods to Buyer B. According to the terms of the agreement: company “B” was obliged to transfer the equivalent of $ 1,000 to the account of company “A” within 10 working days, but transferred only the equivalent of $ 800. Accordingly, the payment went through, but the supplier company did not receive the full amount.
In this case, prompt intervention of the supplier's employees will be required to clarify information on the amount paid and the reasons for incomplete repayment of the debt. First of all, this should be a call to the accounting department of the buying company to clarify the corresponding reasons for the incomplete amount of transfers.
Perhaps the reasons could be:
- Accounting error.
- Return of a certain amount of goods.
- Inability to pay the full amount of debts on time.
Prompt intervention will allow you to deal with the current situation and avoid the accumulation of debts to the supplier company.
The procedure for the return of debtors 'debts may contain various types of measures depending on the current situation, but the main thing is the operational control of the current situation with regard to the partners' debts.
Evaluation of the effectiveness of measures to reduce the counterparties' debt indicator
To effectively control the repayment of debts by debtors, it is necessary to carry out:
- A weekly or monthly appraisal of the performance of the staff doing the related work.
- Check the data of the financial statements for the indicators of debtors' debt.
- Make a rating of the solvency of counterparties.
- Monitor the effectiveness of operational and strategic measures to reduce receivables.
- In fact, compare the current financial performance of the company on accounts receivable with the data for the past periods.
This will help to effectively assess the current situation with regard to debt recovery and prevent deterioration of the company's financial condition, effectively manage working capital, make a profit on time, assess the current state of the company's overall work and functioning. Monitoring and evaluating the effectiveness of relevant activities is the key to the successful development of any company.
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General limitation period
Coverage ratio - formula
Measures to reduce accounts payable by Tekhkom-Avtomatika LLC
The policy of management and accounts payable is part of the general policy of managing current assets and the marketing policy of the enterprise, aimed at expanding the volume of sales of products and consisting in optimizing the total amount of this debt and ensuring its timely collection.
Accounts payable is an inevitable consequence of the currently existing system of monetary settlements between organizations, in which there is always a gap in the time of payment from the moment of transfer of ownership of the goods, between the presentation of payment documents for payment and the time of their actual payment.
Competent cash management, leading to an increase in the company's solvency, obtaining additional income is the most important task of financial work.
Decrease in accounts payable will occur at the expense of funds received from the sale of accounts receivable in factoring. This will increase the level of the company's solvency and improve its financial condition.
It is also advisable to form an information base, grouping buyers by the level of creditworthiness. To develop it, you can use information on the execution of payments, data on the company's participation in official events, litigation, arbitration, as well as other information characterizing counterparties; general information - the structure of the company, its history, biographical data of managers, a list of banks doing business with the company, a review of the company published in the press.
Based on all this information, you need to make a decision about the possibility of a loan. To do this, it is worth using the "decision tree" method, the most accessible and popular method in management.
A less liberal collection policy should be pursued (increased pressure on debtors who delay payment of invoices). It is necessary to use the "Calendar of collection of accounts receivable" - payments are included in the calendar in the amounts and terms stipulated by the corresponding contracts with counterparties. It provides day-to-day cash flow management.
Since the proposed moderate type of credit policy prioritizes the increase in additional profit by stimulating the sale of goods on credit with an average level of risk, it is likely that the volume of the company's accounts receivable should increase slightly. However, any increase in receivables must be financed, with only a portion of the receivables to be financed from external sources, and the remainder covered by profits.
It is necessary to improve the analysis and control of accounts receivable.
In order to improve the analysis and control of accounts receivable in the considered LLC "Tekhkom-Avtomatika", it is proposed:
1) the use of modern methods of accounts receivable management: determination of the main financial ratios of accounts receivable, weighted "aging" of accounts of debtors, compilation of a register of "aging" of accounts of debtors, forecasting of bad accounts receivable;
2) create a reserve to cover the forecasted bad debts in the amount of 120,500 rubles;
3) assess the future impact of the proposed discounts on financial results;
4) determine the effect obtained from investing in receivables (the absolute amount of the effect) according to the formula:
4) to establish remuneration of personnel for work with accounts receivable, depending on the effectiveness of measures for sales and receipt of payments;
5) the widespread use of computer technology in the management of accounts receivable, as well as in the management of stocks and funds. Computer systems are used to keep track of sales, movement of bills, receipts of payments, etc. In addition, the computer system can inform the manager of the company in question about overdue accounts receivable, as well as about the onset of payment of obligations. These processes are automatic. With the help of computer technology, data is collected for each client - the so-called "payment history", then these data are summarized and on their basis decisions are made on setting the maximum loan amount that can be provided to the client; debtors are classified. Data for each customer is summarized and used in the receivables control system. The summary information on relations with debtors is concentrated in the firm's database and is used to make decisions about possible changes in credit policy.
It is necessary to ensure the active use of modern forms of refinancing of receivables
It can be argued that Tekhkom-Avtomatika LLC does not use modern forms of refinancing. This is due to the fact that in Russia these forms of refinancing are relatively new, therefore, most economic entities lack knowledge and experience, as well as information on the mechanism of their use.
The specialists of Tekhkom-Avtomatika LLC are recommended to use promissory notes in their practice, the main term of which is 2 - 7 years. The average duration of a bill of exchange may be shorter than 1 year and longer than 7 years. Both bills of exchange and promissory notes are issued on special forms that can be purchased at the bank.
If it is necessary to receive money on the bill before the payment term, the specialists of Tekhkom-Avtomatika LLC can sell it to the bank, which discounts it.
In the activities of Tekhkom-Avtomatika LLC there are problems with collection of payment for goods from unscrupulous customers. The amount on such highly risky accounts in 2010 amounted to 9845671 rubles. Therefore, managers and specialists of the enterprise are recommended to use a factoring system, which gives a 100% guarantee of payment on average 80% of the invoice amount. In case of protesting a bill of exchange, the decree on bills of exchange and promissory notes makes it possible to demand not only the amount of the bill, but also a 6% discount and 3% interest calculated from the end of the due date of payment, as well as all costs of compensation and protesting the bill.
The principle of factoring is as follows: a factoring company takes over from its clients the rights to receive funds according to payment documents for delivered products and after 2 - 3 days pays an advance, which is from 70% to 90% of the total amount demanded, the factoring company returns the remaining 10 - 30% of funds only after the debtor pays for the goods.
Using factoring, Tekhkom-Avtomatika LLC will receive in 2 - 3 days - 83782035 rubles. (9845671H 85%). The amounts of overdue debts of the four main debtors are indicated by numerical values:
1. Firm A - the debtor will return 69,710 rubles.
2. Firm B the debtor will return 2,491,893 rubles.
3. Firm B the debtor will return 3945182
4. Firm D - the debtor will return 2,711,488 rubles.
If Tekhkom-Avtomatika LLC decides to use a more concessional moderate credit policy through measures such as a moderate lengthening of the loan period, the provision of trade discounts, the establishment of credit standards and the transition to less loyal methods of work on collecting overdue debts, this will lead to in our opinion, to an increase in the volume of sales. Since the following rule is followed in almost all cases, the concessional lending policy stimulates implementation. If the credit policy has become more loyal and the volume of sales has increased due to this, then one should expect an increase in costs, since more raw materials, materials, etc. will be required. for the sale of additional quantities of goods. In addition, the volume of accounts receivable will increase, therefore, the operating costs associated with it, as well as an increase in the number of costs associated with the provision of discounts. However, income from sales, in our opinion, will increase to a greater extent than costs.
Since, firstly, those measures to improve the management of accounts receivable, which are given here, can reduce the number of bad debts, and secondly, the provision of discounts is justified in any case, since LLC "Tekhkom-Avtomatika" is experiencing a shortage of funds and discounts are offered in order to increase the inflow of money, even if in the long term the overall financial result from a particular transaction will be negative.
As you can see, from the calculations of Tekhkom-Avtomatika LLC, thanks to the sale of accounts receivable to factoring, it can free up additional monetary resources and pay off the most urgent part of its accounts payable.
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Ways and reserves for reducing accounts payable
Based on the analysis of the composition, structure and dynamics of the company's accounts payable, it can be concluded that, in general, the situation in the field of payment and settlement relations between the enterprise and its creditors does not pose a significant threat to the stability of the financial condition of the enterprise. Nevertheless, the dynamics of growth of both accounts payable and receivable indicates the need for close attention of the management to the organization of payment and settlement relations.
Therefore, the following can be distinguished as ways to reduce accounts payable in the FSUE Educational and experimental farm "Milovskoye" BGAU:
1) Draw up a budget for accounts payable.
Enter the following information into the accounts payable budget:
- debt balances at the beginning of the period;
- the amount of debts of previous periods to be paid in the current period;
- payment of debts of the current period to creditors;
- payment of other debts of the current period to creditors;
- advances received for shipment of future periods;
- debt of the current period to be repaid in the next period;
- debt balances at the end of the period.
It is necessary to calculate the balance of accounts payable at the end of the period using a calculation method.
2) Analyze the ratio of receivables and payables.
The ratio of accounts receivable and payable characterizes the financial instability of the company. In the practice of financial activities of Russian firms, a situation often develops when it becomes unprofitable to reduce accounts receivable without changing accounts payable. A decrease in receivables reduces the coverage ratio. The enterprise acquires signs of insolvency and becomes vulnerable from the side of tax authorities and creditors. Therefore, it is necessary to solve not only the problem of reducing accounts receivable, but also balancing it with accounts payable. In this case, it is important to study the terms of a commercial loan provided to the company by suppliers of raw materials and materials.
3) Development of measures to improve the efficiency of accounts payable management.
The activities of any enterprise are associated with the acquisition of materials and products. If payments for products are made on a post-payment basis, as in the case of the FSUE Educational and experimental farm "Milovskoe" BGAU, we can talk about the enterprise receiving a commercial loan from its suppliers. The company itself acts as a creditor to its buyers and customers, as well as suppliers in terms of advances issued to them for the forthcoming delivery of products. Therefore, the financial well-being of the enterprise depends on the extent to which the terms for which the educational farm is provided with a commercial loan correspond to the general conditions of its production and financial activities.
The fact that the accounts payable of the FSUE Educational and experimental farm "Milovskoye" BGAU is repaid earlier than the specified period indicates that its own working capital was used, and if it was insufficient, additional financial resources were attracted from outside.
In order for relations with creditors to be as consistent as possible with the goals of ensuring the financial stability (security) of the organization and increasing its profitability and competitiveness, it is necessary to develop a clear strategic line regarding the nature of attracting and using borrowed capital.
The main point in the management of accounts payable is compliance with the terms of repayment of borrowed funds, since when fines and sanctions are imposed, of course, the amount of proceeds will decrease, but at the same time the business reputation of the enterprise will suffer and, as a result, there is a risk of termination of cooperation with suppliers and contractors on the part of the latter ...
In the process of analyzing accounts payable, the fact is revealed that the price of a commercial loan can be comparable to the price of loans and borrowings, and in some cases significantly exceeds the value of the company's financial obligations.
We will calculate the economic efficiency of the application of the supplier's proposal to pay for the products provided and a commercial loan.
So, with the counterparty FSUE Educational and experimental farm "Milovskoe" BGAU was signed an agreement, the price of the contract was 1,500 thousand rubles. At the same time, according to the terms of the supplier, if payment is made within 10 days from the date of delivery, the buyer is provided with a 3% discount. Thus, the amount payable in case of payment within 10 days will be 1,455 thousand rubles.
Since the FSUE Educational and Experimental Farm "Milovskoye" BGAU did not have funds in the amount of the contract price and after 10 days the picture did not change, a month later the company made a payment for the supplied products in full - 1,500 thousand rubles.
When lending from a bank, the Federal State Unitary Enterprise Educational and Experimental Farm "Milovskoye" BGAU receives loans at 17% per annum, which makes short-term loans much more attractive. This indicates the ineffectiveness of the management of accounts payable at the enterprise.
Therefore, further we will calculate the amount of the release of funds when obtaining a loan from the bank for the amount of the concluded agreement, i.e. opportunity costs of society when using funds that the company owes to the supplier.
So if the company issues a bank loan for 30 days at 17% per annum, the rate will be: i = [(1 + 0.17 * 30/360) * 30/360 - 1] / (30/360) = 1.35%.
Then the amount to be paid will be: 150,000 * 1.35% = 1,480 thousand rubles.
Economic efficiency when using the FSUE Educational and experimental farm "Milovskoye" BGAU commercial loan for settlement with the supplier will be: 1480 - 1455 = 25 thousand rubles.
Accounts payable are liabilities, which may include the amount of debts payable by the organization in favor of other legal entities and individuals as a result of business relationships with them and accounts receivable in connection with deliveries on credit or payment in installments.
Controlling the status of accounts payable is an important part of managing the company as a whole, since if properly handled, such debt can become an additional, and most importantly, a cheap source of borrowing. The way relations with counterparties are built, the terms of the concluded contracts are agreed, the timing of their payment is monitored, the efficiency of using the funds received largely depends. Debt analysis is an integral part of assessing the company's liquidity, its ability to repay its obligations.
The object of the research is the financial and economic activities of the FSUE Educational and experimental farm "Milovskoye" BGAU Ufa region of the Republic of Bashkortostan. The enterprise was formed in order to carry out scientific and scientific-technical activities in the agro-industrial complex and to make a profit.
During the analyzed period, the assets of the FSUE Educational and experimental farm "Milovskoye" BGAU decreased by 2.0% or by 1,555 thousand rubles. It can be concluded that the organization has lowered its economic potential. From the point of view of the structure of assets, the observed decrease occurred both due to a decrease in current assets by 28.92% or by 6416 thousand rubles. At the same time, there is an increase in non-current assets by 8.77% or 4861 thousand rubles.
In the structure of assets of the balance sheet of FSUE Educational and experimental farm "Milovskoye" BGAU, a significant share belongs to non-current assets. At the end of 2013, the value of non-current assets amounted to 79.26%, there is a tendency to an increase in the share of this type of assets. The share of current assets of FSUE Educational and experimental farm "Milovskoye" BGAU decreased and at the end of 2013 was 20.74%. There is a tendency towards a decrease in the share of this type of asset.
For the period 2011 - 2013 the amount of sources of equity capital of the organization increased by 0.19%, and the amount of sources of debt capital of the organization decreased by 10.53%. It is believed that the threshold value of the share of equity capital in the total volume of sources of funds is 50%. And in the FSUE Educational and experimental farm "Milovskoe" BGAU the share of own funds in 2013 is more than 50% (81.32%), it can be said that by selling the assets belonging to the enterprise, the farm will be able to fully pay off its debts to various creditors.
The indicators characterizing the financial condition of the economy, on the whole, satisfy the permissible coefficients. This suggests that the FSUE Educational and experimental farm "Milovskoye" BGAU is able to pay its debts, but for a certain period. In general, FSUE Educational and experimental farm "Milovskoe" BGAU is a solvent farm. The likelihood of bankruptcy is low.
In FSUE Educational and experimental farm "Milovskoe" BGAU accounts payable decreased by 3050 thousand rubles. or 19.22%. The educational farm has only short-term accounts payable. This decrease is characterized by a decrease in the debt of suppliers and contractors by 17.50% or 798 thousand rubles. as well as other debt by 40.81% or 3324 thousand rubles. During the analyzed period, the debt on taxes and duties increased by 33.86% or by 1,072 thousand rubles. The largest share in the composition of short-term accounts payable is occupied by other debts: 2011 - 51.33%, 2012 - 33.33%, 2013 - 37.61%.
In the analyzed period, there are no overdue receivables.
The period of turnover of accounts receivable exceeds the period of repayment of accounts payable. This trend can lead to a deterioration in the financial condition of the enterprise, therefore, it is necessary to strictly monitor the ratio of accounts receivable and payable at the enterprise in the Federal State Unitary Enterprise Educational and Experimental Farm "Milovskoe" BSAU. Note that the amount of accounts payable is much higher than the amount of accounts receivable, which negatively affects the liquidity of the enterprise.
The turnover ratio of accounts payable increased by 0.06, including due to a decrease in the cost of goods sold, the turnover ratio increased by 0.10, and due to a decrease in accounts payable, the turnover ratio decreased by 0.04.
The following can be distinguished as ways to reduce accounts payable in FSUE Educational and experimental farm "Milovskoe" of BGAU:
- draw up a budget of accounts payable;
- analyze the ratio of receivables and payables;
- development of measures to improve the efficiency of accounts payable management.
Analysis of accounts payable and measures aimed at reducing it in the enterprise
Copy the formatted bibliographic link from the clipboard or follow one of the import links in the Bibliography Manager.
CHIZHIKOVA TATIANA ALEXANDROVNA, FEDOTENKO SVETLANA ALEXANDROVNA, PRYAKHINA INGA LEONIDOVNA Analysis of accounts payable and measures aimed at its reduction in the enterprise // Electronic scientific and methodological journal of Omsk State Agrarian University. 2015. No. 2 (2) P. 80-87.
CHIZHIKOVA TATIANA ALEXANDROVNA et al. "Analysis of accounts payable and measures aimed at reducing it in the enterprise" Electronic scientific and methodological journal of Omsk State Agrarian University (2015).
CHIZHIKOVA TATIANA ALEXANDROVNA, FEDOTENKO SVETLANA ALEXANDROVNA & PRYAKHINA INGA LEONIDOVNA (2015). Analysis of accounts payable and measures aimed at reducing it in the enterprise. Electronic scientific and methodological journal of Omsk State Agrarian University
Accounts payable management at the enterprise: ways to reduce debt
Credit resources of an enterprise are money that can maintain the high competitiveness of an enterprise by providing it with the necessary resources. Somewhat different meanings are put into the term "credit resources", but all of them can be combined with the help of one wording - the money unpaid by the enterprise at the present time for the supplied products, raw materials, services or goods.
It is important to note that such resources cannot be taken as constant values. If the accounts payable are not repaid on the basis of reasonable terms, the company will lose its stability and, as a result, will be on the verge of bankruptcy.
There is a downside to the same problem - skillful manipulation of credit resources, the constant involvement of borrowed funds from suppliers in the production of products, will allow to operate on the market with minimal losses, to receive the most profitable money for the enterprise's economy, without significant damage.
Debt analysis
The debts of an enterprise to other suppliers can be divided into two main groups:
Bank loans... as a rule, they are closely monitored by financial and credit institutions that constantly monitor the state of the enterprise. Ways of collecting credit resources of an enterprise, which appear due to installment payments or other contractual relationships with banks, are very effective.
It is useful to know that banks have the right, in accordance with the federal law "On Banks and Banking Activities" (Article 34 says about this), to apply to arbitration in order to start the debtor's bankruptcy procedure. Moreover, the bank, according to the same law, will be obliged to do this, since it has been tasked with finding all available means of restoring the debtor's creditworthiness. Therefore, it is necessary to take into account this possibility of a financial creditor to transfer relations from the category of business to the category of arbitration. In such a judicial or pre-trial dispute, the creditor-bank will clearly have a winning position.
The situation is somewhat different. with borrowed funds obtained from suppliers... Here, relations are directly regulated by the Civil Code of the Russian Federation. It has a separate paragraph governing the relationship between the supplier of goods and services and their buyer-consumer. It is important to understand that the legislation in this case describes in some detail the concept of supply contracts specifically in relation to entrepreneurial activity.
A peculiarity of the legislation in this matter is that, in addition to legislative norms, it also contains the right to supply products based on what the parties to the agreement themselves understand by obligations and what rules of doing business have developed in the market. This wording can be used when concluding a contract with the maximum possible payment period for the delivered goods. Thus, it is possible to regulate these terms by contractual relationship, and not only by the way it is prescribed in the Code.
A separate article of the Code (article 516) directly indicates that payments for the resources received are carried out as stipulated in the text of the commercial agreement. It should be noted that if the recipient has not transferred the money within the agreed period, the supplier has the right, according to the law, to demand payment. However, in the text of the Code there is a phrase about the unjustified refusal to pay or about late payment, after which the obligation comes and, accordingly, the collection of the debt is enforced.
That is, if the case comes to the arbitration court, then it will be necessary to prove there that this trouble occurred precisely unreasonably on the part of the debtor. Thus, we again point out the importance of the text of the supply agreement, which can significantly regulate the relationship between the company and the supplier.
Settlement methods
The current state of the economy, which statistical data as of August 2016 assessed in the industrial sector as not striving for growth, indicates the need to find the best ways to solve the problems of enterprise loan portfolios.
Analysis of the real state of the economy and the practice of solving serious credit problems of enterprises indicates several such methods.
- Commercial negotiations ... An effective method of resolving the problem of economically negative credit resources of an enterprise remains the method of conducting commercial negotiations with suppliers.
- Relending. The option of solving acute credit problems of the enterprise remains the possibility of on-lending.
- New prices. The third option for the settlement of credit resources with a negative balance is the optimization of not only the current costs of the enterprise, which goes without saying, but also the formation of new price proposals.
- Arbitration. An attempt to optimize these debt obligations through legal disputes remains the option for resolving disputed credit histories of the enterprise.
Descent paths
The best way to eliminate negative credit resources of the enterprise is to improve the management of the enterprise. It is at the stage of making managerial decisions that problems arise, which then develop into the emergence of credit resources in the form of non-payments. Among the main positions of ineffective management in this matter, there can be three most important:
- underestimation of financial risks,
- illiterate formation of a circle of suppliers,
- lack of safety margin for obligations.
Decrease in credit resources, as we have already noted, is not always a positive moment in the work of an enterprise. However, when the issue reaches a critical level, management is obliged to seriously tackle the problem and suggest ways to reduce credit resources. Let us briefly assess the advantages of various methods of reducing credit pressure on the operation of an enterprise.
Negotiating and reaching the optimal option for the terms and volumes of payment for the supplied resources will not only save money on possible litigation, but also allow a more flexible approach to solving the credit problems of the enterprise.
Over-lending, in turn, will allow, without leaving an active economic state, to create a springboard for a significant and long-term reduction in credit resources. This is a very realistic path, since only in the first half of this year VTB24 bank refinanced loans from other institutions in the amount of about 3.6 billion rubles. In total, in 2016, this figure may grow to 1 billion rubles in one month. At the same time, the bank refinances loans at lower rates, expecting positive actions from customers who have a good credit history and payments are made regularly.
The introduction of optimal pricing will allow debt obligations in some areas to be repaid through an effective approach to the formation of proposals for other commodity items. Simply put, the price burden can be shifted to more liquid goods and services. It is important to note that this approach can be effective with competent marketing, which will take into account all the risks of a possible decrease in the competitiveness of the enterprise, due to an increase in selling prices or changes in the terms of supply agreements.
The path of arbitration litigation can also be tough, but quite effective. At the same time, the amounts of payments to suppliers can be reduced to a minimum or become deferred for a very long time. This option can become really effective only when the company has at least minimal legal grounds for such decisions and is able to effectively defend interests in arbitration courts independently or through a representative.
Return strategies
We have already talked a little about how to reduce the negative impact of credit resources on the economy of the enterprise. But here it is important to say about the opposite process - strategies for returning borrowed funds issued to suppliers by the enterprise itself. The firm's balance sheet depends on the correct choice of strategies for recovering such debts.
There are three main approaches to recurrent strategies:
- formation of an up-to-date list of priorities of debtors,
- clear legal and economic support for the return of funds,
- interaction with fiscal and judicial authorities.
What are the specialists who work with the return of the company's debts actually talking about? An up-to-date list, compiled on the basis of economic data and on the basis of consultations with banks, partners and representatives of debtors, will help orient the company's management to the most effective directions. Simply put, it is necessary to determine the circle of debtors from whom it is possible to collect funds quickly and in a more complete volume.
Clear support of this process and constant control from both the directorate and the legal sector of the enterprise will allow not to miss the procedural deadlines, the opportunity in the dispute process to resolve the debt dispute at the proposal of the debtor, etc. Perhaps the most effective is the last point - this is interaction with arbitration and tax authorities, which may, under threat of blocking accounts and enforced collection, force the debtor to fulfill financial obligations.
Restructuring
Not always full and unconditional fulfillment of credit obligations leads to a positive result both for the debtor company and for those who wanted to receive money. Debt restructuring. but in fact, changes in the terms of the supply agreement allow, within the framework of the law and economic feasibility, to solve problem loan portfolios of enterprises. This will allow not to destroy the enterprise that has potential and can bring great benefit precisely as an active economic object, and not as a pile of metal, brick and paper.
A restructuring of liabilities can entail a restructuring of the enterprise and an attempt to breathe a second life into it. But it is important not to forget that creditors have the right to demand guarantees stipulated by law, up to a pledge of liquid property or a requirement to provide a surety
Debt reduction reserves in the organization
Among the important ways to reduce negative credit indicators, various reserves within the enterprise itself can be used. Here are the most important ones:
- Optimization of the enterprise structure and reduction of financing costs.
- Improving control over the use of resources.
- Involvement of external expert control over the labor and economic activities of the enterprise.
A little more detail. We are talking about identifying the irrational from the point of view of production needs and sales, operating units in the enterprise. These can be just individual positions that do not have a load that allows you to work off the resources spent on them. Control over the use of resources is best organized end-to-end and with the use of information technologies, including on the line "raw materials-warehouse-production-warehouse-supplier". Bottlenecks, where unnecessary costs are present, can often only be identified through a comprehensive and thorough analysis of the resource chain of use and delivery.
With regard to external control over the work of the enterprise, this is useful when the above methods show the highest degree of rationality of work. Very often this is due to the fact that permanent employees do not see ways to resolve problems from the outside and entrust their solution to standard mechanisms. In this case, the opinion of an outside expert is very valuable, although it is necessary for the administration to listen to it, taking into account the real characteristics of the specific conditions of the enterprise.
How to reduce accounts payable: examples
Among the successful projects of restructuring an industrial enterprise during which it was significantly reduced, and then liquidated accounts payable, one can point to the Efremov Synthetic Rubber Plant. The company underwent a full course of restructuring of the production and financial and economic sectors on the recommendations of consultants.
To improve the financial situation of the company, the approaches to the company's credit resources were changed, in particular, solid credit lines were attracted for the long term, which made it possible to settle current liabilities, and the segment of non-monetary (barter) relations was completely liquidated. The new system of electronic accounting and cost control made it possible to balance the work of the enterprise and bring it to a breakeven and then profitable state.
The textile company "Gavrilovo-Yamskiy flax-processing plant" was able to get out of the crisis due to the structural restructuring of the entire production. Among the important tasks that were solved during the restructuring was a change in pricing policy and, in fact, the introduction of new marketing of the enterprise, as well as cost optimization using a modern accounting system for economic and accounting indicators.
In conclusion, it is worth recalling the main goal of enterprise management, including in relation to accounts payable, is not only to reduce unproductive indicators, but also to give perspective, to find a way for the enterprise to develop, including with the help of third-party financial resources.
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