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1. Main tasks and methods of financial management

1.1 The essence of financial management, goals and objectives

1.2 Control objects

1.3 Subjects of management

1.4 Basic methods and forms of financial management

2. Government bodies financial management

2.1 Higher authorities state power financial management

2.2 Managing the budget process

2.3 Public debt management

2.4 Tax management

3. Ministry of Finance and other financial management departments

Conclusion

References

1. Main tasks and methods of financial management

1.1 The essence of financial management, goals and objectives

Financial management is integral part common system management of socio-economic processes. It is aimed at improving the system of relations designed to normalize the financial resources necessary for social economic development society.

The goal of financial management is financial stability and financial independence, manifested in macroeconomic balance, reduction of public debt, the strength of the national currency, and the combination of economic interests of the state and all members of society.

Financial management includes objects and subjects of management. The objects are various types of financial relations that form the financial system. Subjects of financial management are the totality of all organizational structures that carry out financial management - the financial apparatus.

Financial management is carried out at all levels financial system. It can be nationwide, which establishes general principles, rules and norms, and also ensures the implementation of a unified fiscal policy, tax, exchange rate and monetary policy in Russian Federation; and financial management of individual management entities.

In the new economic conditions and the emergence of market relations in Russia, financial management is of particular importance, designed to ensure effective management of the resources of enterprises of various forms of ownership.

1.2 Control objects

Financial system- a set of various spheres of financial relations (links of the financial system), in the process of which funds of funds are formed and used. This is a combination of centralized and decentralized monetary funds.

The construction of the financial system is based on the following principles:

1) Functional purpose. It consists in the fulfillment of its tasks by each link of the financial system (the state budget expresses the distribution relations between the state, enterprises and the population; enterprise finance expresses the relations on the creation and use of monetary funds intended to meet the primary needs of social reproduction).

2) The unity of the financial system is predetermined by the unified economic and political basis of the state. This determines a unified financial policy pursued by the state through centralized financial bodies and common goals. All levels are managed on the basis of uniform legislative and regulatory acts.

3) Territoriality - each region has its own financial system with its own territorial characteristics.

National finance plays a leading role in ensuring certain rates of development of all sectors national economy, redistribution of financial resources between sectors of the economy and regions of the country, production and non-production areas, and also separate groups and layers of the population.
Public finance- these are relations regarding the distribution and redistribution of the total social product (SOP) and part of the national wealth, associated with the formation of the state’s financial resources and their use for the costs of expanding production, meeting the growing socio-cultural needs of society, the needs of defense and management.

In the field of public finance, the following units are distinguished:

· state budget

extra-budgetary funds

· state loan

State budget is the main link of the financial system. It represents a form of education and use centralized fund funds to ensure the functions of government bodies. It concentrates a significant part of the state's financial resources; the main share of SOP and national income (NI) is concentrated in the hands of the state (in Russia, up to 80% of funds are centralized).
The budget of the Russian Federation as a financial plan of the state is based on the indicators of the forecast of the country's socio-economic development for the next year. General indicators and structure of income and expenses are organically related to the volume of social product and national income and are determined by the tax system and budgetary financial policy states.

Off-budget funds are created by federal and regional government bodies and bodies local government to accumulate funds, they are used to finance expenses not included in the budget.

Off-budget funds have a strictly designated purpose and are independent financial and credit institutions. Based on the target orientation of spending funds, they can be combined into three groups. The first includes off-budget social insurance funds of national importance (Pension Fund of the Russian Federation, Social Insurance Fund of the Russian Federation, State Employment Fund of the Russian Federation, Compulsory Medical Insurance Fund). The second group covers extra-budgetary funds for intersectoral and sectoral (departmental) purposes (created at the federal level to finance the costs of R&D, social and logistical support for individual departments). The third includes various off-budget funds for territorial purposes.

As a financial and credit institution, an extra-budgetary fund can act as a financial market as an investor, purchasing government securities in order to generate income and increase financial resources.

State loan expresses credit relations between the state, represented by executive authorities at the federal level, on the one hand, business entities, individuals, non-residents and foreign countries, on the other hand, regarding obtaining loans, providing loans or guarantees.

The state attracts additional financial resources by selling bonds, treasury bills and other types of government bonds on the financial market. securities. State credit is also used to stabilize money circulation in the country.

State credit operates in following forms: government loans, guaranteed loans. Government loans are carried out by issuing and placing securities and receiving foreign loans. In the form of conditional public debt, there are guaranteed obligations of the federal government against loans received by executive authorities of constituent entities of the Russian Federation or by economic entities.

In accordance with the level of public administration, financial relations within the units of the sphere of public finance are divided into sub-units:

federal finances

· finances of the constituent entities of the Russian Federation

local finance

Enterprise finance various forms of ownership, being the basis of the country’s unified financial system, serve the process of creation and distribution of the social product and national income.
Enterprise finance represents monetary relations associated with the formation and distribution of monetary income and savings and their use to fulfill obligations to the financial and credit system and finance the costs of expanded reproduction, social services and material incentives for workers.

The finances of business entities can be divided into sub-sections:

· finance of commercial enterprises and organizations

· finance non-profit organizations

The financial relations of these two groups of economic entities have their own specifics associated with the form of organization of business activities, the formation of income and expenses, property ownership, fulfillment of obligations, and taxation.

Financial resources of enterprises represent cash income and savings (own funds), as well as cash receipts from outside (raised and borrowed funds), used by them for the production and sale of goods and services, reproduction of capital and labor.

Financial relations of enterprises consist of four groups:

Relations with other enterprises and organizations;

Inside the enterprise;

Within associations, enterprises that include relationships with a parent organization; within financial and industrial groups, as well as holding companies;

With the financial and credit system - budgets and extra-budgetary funds, banks, insurance, exchanges, various funds.

The provision of centralized monetary funds with financial resources depends on the state of the finances of enterprises. At the same time, the active use of enterprise finance in the process of production and sales of products does not exclude the participation of the budget, bank credit, and insurance in this process.

Insurance- this is a set of special closed redistributive relations between its participants regarding the formation, at the expense of cash contributions, of a target insurance fund intended to compensate for possible damage caused by business entities, or to equalize losses in family income due to the consequences of insured events.

Insurance finances are associated with the redistribution of funds coming from individuals and legal entities. Damage in insured events is distributed among the insurance participants.

Based on the differences in the objects of insurance, insurance relations can be divided into five groups:

· social;

· personal;

· property;

· liability insurance;

· insurance of business risks.

IN social insurance The object is the level of income of citizens and includes insurance of pensions, benefits, and benefits. In personal insurance, the object is life, health and ability to work - life insurance and accident insurance. The object of liability insurance is the obligation of policyholders to fulfill contractual terms for the supply of products, repayment of debts to creditors or compensation for material and other damage if it was caused by other persons. When insuring liability, compensation for damage is made by the insurance organization. In business risk insurance, the object is the risk of non-receipt of profit or loss (insurance in case of a decrease in the agreed level of profitability or income, insurance against equipment downtime, etc.)
Insurance is carried out in compulsory and voluntary form. The optimal combination of compulsory and voluntary insurance makes it possible to form an insurance system that provides a universal volume of insurance protection for social production.

1.3 Subjects of governanceleniya

Subjects general management Finance in the Russian Federation is the highest federal authorities - the President of the Russian Federation, the Federal Assembly of the Russian Federation, the Government of the Russian Federation.

The President of the Russian Federation regulates the activities of the financial system, signs the budget plan, and has the right to veto financial legislation adopted by the Federal Assembly.

The Federal Assembly of the Russian Federation (consists of two chambers: the Federation Council and the State Duma) - establishes taxes, fees, non-tax payments, approves the federal budget, adopts financial legislation (Budget and Tax Codes, etc.).

The Government of the Russian Federation reviews the federal budget and acts as a single center for financial management. The central body implementing financial policy, is the Ministry of Finance of the Russian Federation. It ensures the unity of financial, monetary and exchange rate policies in the Russian Federation, coordinates the activities of other federal bodies executive power.

Ministry of Finance of the Russian Federation (MF RF):

Provides methodological guidance in the field of financial planning and financing of economic sectors;

Develops fiscal federalism;

Develops a draft federal budget;

Draws up a report on the implementation of the federal budget;

Draws up a consolidated budget;
The Ministry of Finance is entrusted with the following functions:

Participation in the development of forecasts for the socio-economic development of the Russian Federation for long term, medium and short term prospects;

Prepares proposals and implements improvement measures budget system and the mechanism of interbudgetary relations

Participates in the preparation of proposals on the main directions of monetary policy;

Carrying out measures to monitor the target execution of the federal budget and the implementation targeted funds budget;

The Ministry of Taxes and Duties of the Russian Federation (Ministry of Taxes of the Russian Federation) and the Federal Tax Police Service (FSNP RF) exercise control over the correctness of calculation, completeness and timely payment of state taxes and other payments established by the Russian Federation to the relevant budget; The Ministry of Taxes and Taxes of the Russian Federation also carries out currency control.

The Federal Securities Commission monitors the activities of stock market participants, thereby helping to increase revenues to the budget fund.

The system of the Central Bank of the Russian Federation (CBRF) is an important body for implementing monetary policy. The Central Bank of Russia, along with the Federal Treasury, carries out cash execution of the budget and controls the activities of other credit institutions.

The Accounts Chamber of the Russian Federation is a special control body that exercises control over the state of federal property and control over the expenditure of federal funds. The Accounts Chamber is independent of the Government and is accountable to the Federal Assembly.

The subject of operational financial management is the financial apparatus: the Ministry of Finance of the Russian Federation, the Accounts Chamber, financial authorities of the constituent entities of the Federation, tax authorities and customs service, insurance organizations, directorates off-budget funds, financial departments and services of enterprises, organizations and institutions, as well as banks.

1.4 Basic methodsMethods and forms of financial management

Management subjects use specific methods of targeted influence on finances in each area and in each link of financial relations. At the same time, they also have common management techniques and methods.

Specific methods and forms of financial management are:

Financial planning;

Forecasting;

Programming;

Financial regulation;

Operational management;

Financial control;

Financial planning occupies an important place in the financial management system. It is during planning that any business entity comprehensively assesses the state of its finances, identifies opportunities to increase financial resources, and directs them in the most effective use. Management decisions in the planning process are adopted on the basis of an analysis of financial information, which in this regard must be sufficiently complete and reliable. Reliability and timeliness of obtaining information ensures informed decisions. Financial information is based on accounting, statistical and operational reporting.
In relation to public financial management, financial planning is the activity of balancing and proportionality of financial resources. Balance means the optimal ratio between the financial resources at the disposal of the state and the income remaining in the hands of business entities. Proportionality is a rational relationship between the amount of income before payment of tax and after payment for enterprises, sectors of the economy, regions, and constituent entities of the federation. The state, by increasing or decreasing this ratio, can stimulate or limit their development.

Financial planning is an integral part of national economic planning, is based on the indicators of the socio-economic development plan, and is aimed at coordinating the activities of all bodies of the financial system.

The main object of financial planning is the links of finance, which receive their quantitative expression in the plan. The movement of funds of a specific monetary fund is expressed and consolidated in the corresponding financial plans, which are combined into a single system.

All links of the financial system have financial plans, and the form of the financial plan and the composition of its indicators reflect the specifics of the corresponding link of the financial system. Thus, enterprises and organizations operating on a commercial basis draw up balance sheets of income and expenses; institutions carrying out non-commercial activities - estimates; public associations, insurance companies - financial plans; public authorities - budgets of various levels.

Specific objectives of financial planning are determined by financial policy. This is a determination of the amount of funds and their sources necessary to fulfill planned targets; identifying reserves for income growth and cost savings; establishing optimal proportions in the distribution of funds between centralized and decentralized funds.

Financial forecasting- foreseeing the possible financial situation, justifying the indicators of financial plans. Financial forecasting precedes the stage of drawing up financial plans and develops the concept of financial policy for a certain period of development. The purpose of financial forecasting is to determine the realistically possible volume of financial resources, sources of formation and their use in the forecast period. Forecasts make it possible to outline different options for the development and improvement of the financial system, forms and methods of implementing financial policy.

Financial forecasting involves the use of various methods:

Construction of econometric models that describe the dynamics of financial plan indicators depending on factors that determine or influence economic processes;

Correlation and regression analysis;

Expert assessment method.

Financial programming - A method of financial planning that uses a program-target approach, which is based on clearly formulated goals and means of achieving them, assumes:

Establishing spending priorities by area;

Increasing the efficiency of spending funds;

Termination of financing in accordance with the choice of an alternative option.

The choice of program option depends, first of all, on economic factors (resources). This takes into account not only the scale, significance and complexity of achieving the goal, but also the size of the existing reserves, the expected total effect, and potential losses from not achieving the goal.

Financial regulation socio-economic processes is an activity organized by the state to use all aspects of financial relations in order to adjust the parameters of reproduction. Subjects financial regulation are government structures, and the objects are the income and expenses of participants in the social system.

The main task solved in the course of financial regulation is related to the establishment of proportions for the distribution of accumulation, ensuring the maximum possible satisfaction of the needs of society, both at the macro and micro levels.

The financial regulators of the market economy are:

Taxes and non-tax payments to the budget;

Financial benefits and sanctions;

General and targeted subsidies;

Income and expenses of extra-budgetary funds;

Income and expenses of state enterprises and organizations.

Financial impacts include direct, indirect and mixed forms regulation.

Direct influence on the course of market processes is exerted: through the collection of direct national taxes; through the use of increased or reduced rates taxes and payments to the budget and centralized extra-budgetary funds; when government spending standards change; as a result of the collection of fines, penalties, penalties for violation of financial discipline. All this directly changes the level of income of reproduction subjects and market conditions.

Indirect forms of regulation include: indirect government taxation and current government expenditures.

Among the mixed forms of financial impact, the following stand out: local taxes, the system is not tax payments to the budget, preferential taxation and preferential financing of certain areas of activity and events, standards for education and the use of decentralized extra-budgetary funds and funds of state enterprises and organizations.

Operational financial management is associated with the implementation of practical actions to implement the financial plan, make adjustments to its indicators taking into account new economic circumstances, and find other sources for the formation of financial resources and directions for their effective investment. Operational management is a set of measures developed on the basis of an operational analysis of the current situation and pursuing the goal of obtaining maximum effect at minimum costs through the redistribution of financial resources. The main content of operational management comes down to maneuvering financial resources in order to solve newly emerging problems.

Operational financial management - main function apparatus of the financial system: the Ministry of Finance, financial departments of local authorities, directorates of extra-budgetary funds, insurance organizations, financial services of enterprises.

Financial control, on the one hand, is one of the final stages of financial management, and on the other hand, it acts a necessary condition efficiency of their management.

Financial control, being a form of implementation of the control function of finance, is a set of actions and operations for compliance with financial and economic legislation and financial discipline in the process of formation and use of monetary funds at the macro and micro levels in order to ensure the feasibility and efficiency of financial and economic operations.

Object financial control are monetary relations, redistribution processes in the formation and use of financial resources, including in the form of monetary funds at all levels and in all levels of the economy.

Financial control includes:

Checking compliance with economic laws (optimal distribution and redistribution of national income);

Composition and performance budget plan(budget control);

Efficient use of labor, material and financial resources of enterprises and organizations, budgetary institutions;

Tax control.

Financial control has the following objectives:

Promoting a balance between the need for financial resources and the size of funds;

Ensuring timely and complete fulfillment of financial obligations to the state budget;

Identification of internal production reserves for increasing financial resources.

An important role in ensuring the quality of financial control is played by the level of organization of accounting in the country - accounting, budgetary, tax. Reporting documentation is the main object of financial control. Successful and effective implementation of financial control depends on the level of organization and types of control, forms and methods of its implementation.
Depending on the subjects of control exercising financial control, the following types are distinguished: · nationwide control, carried out by government bodies. The main goal is to ensure the interests of the state and society in the receipt of income and in the expenditure of public funds; departmental control, carried out by control and audit departments, other structures of ministries and departments, covers the activities of enterprises, institutions and organizations reporting to them; intra-economic control is carried out by economic and financial services of enterprises and organizations. The object of control is economic and financial activity; public control is carried out by non-governmental organizations. The object of control depends on the tasks facing them; independent control is carried out by special bodies: audit firms and other services.

Financial control methods include:

The audit is carried out on individual issues of financial and economic activity on the basis of reporting, balance sheet and expense documents. During the inspection process, violations of financial discipline are identified and measures are planned to eliminate them.

The survey covers certain aspects of the activities of enterprises, organizations and institutions.

Supervision is carried out by regulatory authorities over economic entities that have received a license for a certain type of financial activities: insurance, banking, etc. It involves monitoring compliance with standards and rules.

Economic analysis, as a type of financial control, aims at a detailed study of periodic or annual financial and financial statements for the purpose overall assessment results of economic activities, financial condition and justification of the possibilities of their effective use.

Audit is the most common form of financial control, which is an interconnected set of checks of the financial and economic activities of enterprises, institutions and organizations. The audit is carried out to establish the feasibility, validity, economic efficiency completed business transactions, checking financial discipline, the reliability of accounting and reporting data - to identify violations and shortcomings in the activities of the audited entity.

Control is exercised by legislative authorities, executive authorities, financial, tax and credit institutions, insurance organizations, state committees, ministries and departments; financial services of enterprises, organizations and institutions.

2. Statefinancial management bodies

2.1 Supreme bodies of statefinancial management authorities

President of the Russian Federation in his annual message to the Federal Assembly on the situation in the country and the direction of domestic and foreign policy the state formulates, including the basic principles of the state’s financial policy for a given period. This largely determines the financial activities of the Government of the Russian Federation for the corresponding period.

In addition, the President makes some personnel appointments. So, with the consent of the State Duma, he appoints the Chairman of the Government of the Russian Federation, and, at his suggestion, deputy prime ministers, federal ministers, including the minister of finance and the minister of taxes and duties. The President submits to the State Duma the candidacy of the Chairman of the Central Bank of the Russian Federation.

The President of the Russian Federation signs and promulgates federal laws and submits bills to the State Duma. He issues decrees and orders that are binding throughout the entire territory of the Russian Federation, which are an important element of public financial management.

State Duma of the Russian Federation, according to the Constitution of the Russian Federation, adopts federal laws, including federal laws on issues of the Federal budget, federal taxes and fees, financial, currency, credit, customs regulation, which are subject to mandatory consideration Federation Council. However, bills on the introduction or abolition of taxes, on the issuance of government loans, on changing the financial obligations of the state and other bills that provide for expenses covered by the federal budget can only be introduced if there is a conclusion from the Government of the Russian Federation.

The Federation Council and the State Duma control the implementation of the federal budget. For this purpose, they form the Accounts Chamber. At the same time, the chairman of the Accounts Chamber and half of its auditors are appointed and dismissed by the State Duma, and the deputy chairman and the other half of its auditors are appointed by the Federation Council.

Government of the Russian Federation develops and submits the federal budget to the State Duma and ensures its execution, and also submits a report on budget execution to the State Duma.

The Government of the Russian Federation ensures the implementation of a unified financial and monetary policy in the Russian Federation.

The Government of the Russian Federation is the most important element in the strategic management of state finances. And at the same time, through the Ministry of Finance and other relevant federal departments, it functions as the main organizer, regulator and coordinator of activities for operational state management of finance and credit.

2.2 Budget process management

The budget process is an integral part of budget planning. Budget planning consists in the centralized distribution and redistribution of the value of the social product and national income between parts of the financial system on the basis of the state socio-economic program for the development of the country in the process of formation and execution of budgets and extra-budgetary funds of various levels.

Budget process- regulated by legal norms, the activities of state authorities, local governments and participants in the budget process for the preparation and consideration of draft budgets, draft budgets of state extra-budgetary funds, approval and execution of budgets and budgets of state extra-budgetary funds, as well as monitoring their implementation. The budget process includes 4 stages of budget activity:

1)drafting draft budgets;

2) review and approval of budgets;

3)execution of budgets;

4) drawing up reports on budget execution and their approval

An integral part of the budget process is budget regulation - the redistribution of financial resources between budgets of different levels.

The first stage of the budget process is the preparation of draft budgets. The preparation of draft budgets is preceded by the development of forecasts for the socio-economic development of the Russian Federation, constituent entities of the Russian Federation, municipalities and sectors of the economy, as well as the preparation of consolidated financial balances, on the basis of which executive authorities develop draft budgets.

Drawing up draft budgets is the exclusive prerogative of the Government of the Russian Federation, the relevant executive authorities of the constituent entities of the Russian Federation and local governments. Direct preparation of draft budgets is carried out by the Ministry of Finance of the Russian Federation, financial authorities of the constituent entities of the Russian Federation and municipalities.

The first stage of the formation of the federal budget is the development by federal executive authorities and the selection by the Government of the Russian Federation of a plan-forecast for the functioning of the economy for the next financial year. Based on the data from the forecast plan, the Ministry of Finance of the Russian Federation develops the main characteristics of the budget and the distribution of budget expenses. The Government of the Russian Federation is considering proposals to increase (maintain) the minimum wage and pensions and their indexation.

The Ministry of Finance of the Russian Federation sends projections of the main budget indicators to federal executive bodies for distribution to specific budget recipients and notifies the executive bodies of the constituent entities of the Russian Federation about the methodology for forming interbudgetary relations between the Russian Federation and the constituent entities of the Russian Federation.

The second stage of the formation of the federal budget is the distribution by federal executive bodies of the maximum volumes of budget funding in accordance with the functional and economic classifications of expenses and by recipients of funds, the development by these bodies of proposals for carrying out economic reforms, the repeal of unfunded regulations, as well as the preparation of a list of funded federal target programs . Uncoordinated issues are subject to consideration by an interdepartmental commission headed by the Minister of Finance of the Russian Federation.

Based on the documents submitted by the federal executive bodies, the Government of the Russian Federation must approve the draft law on the federal budget for submission to the State Duma.

The draft federal law on the federal budget for the next financial year, together with those specified in Art. 192 of the Budget Code of the Russian Federation, documents are submitted for consideration by the State Duma of the Russian Federation.

The State Duma Council sends the project to the State Duma Budget Committee to prepare a conclusion on the formal compliance of the submitted documents with the requirements of the law, after receiving which the project is sent to the Federation Council, committees of the State Duma, other subjects of legislative initiative for comments and suggestions, and to the Accounts Chamber of the Russian Federation for conclusion. The State Duma considers the draft budget in four readings.

In the first reading: The State Duma discusses the concept and forecast of the socio-economic development of the Russian Federation, the main directions of budget and tax policy, the basic principles and calculations for the relationship of the federal budget with the budgets of the constituent entities of the Russian Federation, the draft program for external borrowings of the Russian Federation in terms of sources external financing covering the federal budget deficit, as well as the main characteristics of the budget. The State Duma hears the report of the Government of the Russian Federation, the Budget Committee and the relevant committee responsible for considering the draft budget, the report of the Chairman of the Accounts Chamber and makes a decision on accepting or rejecting the draft. If the project is rejected, the State Duma may transfer the project to a conciliation commission (consisting of representatives of the State Duma, the Federation Council and the Government of the Russian Federation), return the project to the Government for revision, or raise the issue of confidence in the Government of the Russian Federation (in the latter case, a new draft budget is prepared and submitted to the State Duma new line-up Government of the Russian Federation). When submitting the project to the conciliation commission, it develops an agreed version of the main characteristics of the budget, after which the project is again submitted for consideration in the first reading to the State Duma. Based on the results of consideration of the draft in the first reading, a resolution of the State Duma is adopted on the adoption of the draft law on the federal budget in the first reading.

In the second reading, the State Duma approves federal budget expenditures by section functional classification within the total volume of federal budget expenditures approved in the first reading, and the size of the Federal background of financial support for constituent entities of the Russian Federation. If the State Duma rejects the draft federal law on the federal budget for the next financial year in the second reading, it transfers the said bill to the conciliation commission.

In the third reading, the State Duma considers federal budget expenditures by subsections of the functional classification, the distribution of funds from the Fund for Federal Support of Subjects of the Russian Federation by constituent entities of the Russian Federation, expenditures by federal targeted programs, Federal Targeted Investment Program within the limits of expenses approved in the second reading; a list of protected items of the federal budget, the Program of state external borrowings of the Russian Federation, programs for providing guarantees of the Government of the Russian Federation, programs for providing federal budget funds on a repayable basis for each type of expenditure, a program of state external borrowings of the Russian Federation.

When considering a draft federal law on the federal budget in the fourth reading, the draft is voted on as a whole; amendments to the draft, which are possible in the second and third readings, are not allowed in the fourth reading.

The Federal Law on the Federal Budget for the next financial year, adopted by the State Duma, is submitted to the Federation Council for consideration. The Federation Council considers the law and votes as a whole. If approved, the law is sent to the President of the Russian Federation for signing and promulgation. If the draft is rejected, it is submitted to the conciliation commission, revised, submitted to the State Duma for approval in one reading, then resubmitted to the Federation Council for final approval. A veto by the Federation Council may be rejected by the State Duma by a repeat vote of at least two-thirds of the votes. If the President does not sign the law, the law is sent to the conciliation commission and again considered by the Federal Assembly. To override a Presidential veto, at least two-thirds of the votes of the Federal Assembly are required.

The execution of budgets begins after their approval in the prescribed manner (for the federal budget - signing by the President of the Russian Federation). In the Russian Federation, treasury execution of budgets is established. The executive authorities are responsible for organizing the execution of budgets, managing budget accounts and budget funds.

A special role is assigned to the Federal Treasury of the Ministry of Finance of the Russian Federation - it is this body that ensures compliance with the principle of cash unity - the crediting of all incoming income and receipts from sources of financing the budget deficit to a single budget account and the implementation of all planned expenses from a single budget account.

The tax authorities and the State Customs Committee (and their local authorities) are responsible for the execution of the budget revenues, which, in addition to collecting taxes and other payments to the budget, are required to submit information on the execution of budgets to the Treasury, as well as bodies managing state (municipal) property.

Review and approval of a report on the execution of budgets is one of the forms of financial control carried out by legislative (representative) authorities (subsequent control).

To control the execution of the budget, the Federal Assembly of the Russian Federation creates a special body - the Accounts Chamber (this body also participates in preliminary control - when considering and approving the draft federal budget).

Federal Law “On the Federal Budget for 1999”: Art. 138 "The Accounts Chamber of the Russian Federation, in agreement with the State Duma of the Russian Federation, develops, approves and introduces forms of financial reporting mandatory for participants in the budget process, necessary for the Accounts Chamber to monitor the execution of the federal budget for 1999."

The Ministry of Finance of the Russian Federation is responsible for drawing up a report on the execution of the federal budget.
The report on the execution of the federal budget is presented in

the State Duma and the Accounts Chamber by the Government of the Russian Federation in the form of a federal law, together with reports on the execution of extra-budgetary funds and other documents and materials.

The Accounts Chamber audits the report on the execution of the federal budget for the reporting year, using materials and results of inspections and audits. The State Duma reviews the report on the execution of the federal budget after receiving the conclusion of the Accounts Chamber, after which it makes a decision to approve or reject the report.

2.3 Public debt management

Management of state internal debt, establishment of the procedure, conditions for the issue and placement of debt obligations of the Russian Federation is carried out by the Government of the Russian Federation.

Servicing of the state internal debt of the Russian Federation is carried out Central Bank and the Ministry of Finance.

The upper limit of domestic debt is established by the federal budget law.

Federal Law “On the Federal Budget for 1999”: Art. 92 "Set the upper limit of the state internal debt of the Russian Federation as of January 1, 2000: for debt obligations of the Russian Federation - 648.3 billion rubles; for target debt obligations of the Russian Federation - 30 billion debt rubles."

Transactions with public external debt are regulated by federal law and other regulations.

The right to carry out state external borrowings is within the competence of the Government of the Russian Federation. For example, the Ministry of Finance develops draft external borrowing programs and, with the participation of interested federal executive authorities, organizes work to attract foreign credit resources to the economy.

The maximum amount of government external borrowing is established annually in the law on the federal budget.

Federal Law “On the Federal Budget for 1999”: Art. 103 "Install size limit government external borrowings of the Russian Federation for 1999 in the amount of 9.5 billion US dollars."

2.4 Tax management

In tax management, the Federal Assembly takes only legislative participation - the adoption of tax legislation (amendments and additions to the Tax Code, laws on federal laws and fees, etc.)

The President of the Russian Federation issues such regulations as the Decree "On measures to increase the collection of taxes and other tax payments and streamline cash and non-cash money circulation, Decree " On strengthening financial discipline."

Taxation is directly administered by the Government of the Russian Federation. Through its legislation, it only indirectly regulates taxation, for example, by such resolutions as the “Regulation on the composition of costs included in the costs of production and circulation” or by introducing State Duma bills on the introduction of taxes and fees, on amendments and additions to certain laws of the Russian Federation on taxes. Through its ministries and departments, the Government directly manages taxation.

The Ministry of Finance carries out tax forecasting. The main task of tax forecasting is to determine the economically justified amount of tax revenues to the corresponding or consolidated budget. There are operational, short-term and medium-term tax forecasting.

In particular, operational forecasting is carried out by the Ministry of Finance and financial authorities for a month or quarter in order to provide a realistic assessment of tax revenues in the near future to determine funding limits (within the approved budget) in the context of economic classification, as well as ministries, departments, territories and government programs.

Tax forecasting plays an active role in the development of budget and tax policies. In addition, in the process of tax forecasting, measures are being developed to improve test work tax authorities.

The Ministry of Finance is also entrusted with the task of developing, together with the Ministry of Taxes of the Russian Federation and other federal executive authorities, proposals on the state’s tax policy, the development of tax legislation and the improvement of the country’s tax system.

The Ministry of the Russian Federation for Taxes and Duties is directly responsible for the completeness of the receipt of taxes and fees to budgets. More details about his activities in the next question.

3. Ministry of Finance and other financial management departments

The main provisions and essence of the functions and tasks of the Ministry of Finance of the Russian Federation, as well as the Ministry of Taxes of the Russian Federation and the Federal Tax Service were outlined above. Now let’s try to reveal the mechanism for implementing these functions and tasks.

The activities of the Ministry of Finance of the Russian Federation are determined and regulated by the regulations “On the Ministry of Finance” approved by the resolution of the Government of the Russian Federation.

According to the regulations of the Ministry of Finance of the Russian Federation, within the limits of its competence, based on the legislation of the Russian Federation, orders, instructions and other regulatory legal acts are issued.

The Ministry of Finance carries out, within its competence, comprehensive audits and thematic audits of receipts and expenditures of federal budget funds; controls in the prescribed manner the rational and intended use funds from state extra-budgetary funds and other federal funds. Also, the bodies of the ministry carry out documentary checks of the financial and economic activities of organizations on the instructions of law enforcement agencies, organize audits and financial inspections in organizations upon requests from state authorities and state authorities of constituent entities of the Russian Federation and local governments.

The Ministry of Finance has the right:

Limit, suspend, and necessary cases and stop, in accordance with the law, funding from the federal budget of organizations when facts of misuse of federal budget funds are revealed;

To recover, in accordance with the established procedure, from the organization federal budget funds spent by them in other than the intended direction, with the imposition of a fine;

Issue loans from the federal budget;

Provide deferments (installment plans) for tax payments to the federal budget;

Carry out licensing activities.

In accordance with the regulations, the Ministry of Finance may create its territorial bodies in accordance with the established procedure to exercise its powers.

The central office of the Ministry of Finance includes the following divisions:

1)Department of Budget Policy - draws up a draft budget and organizes its implementation.

2) Industry Finance Department - determines the direction of financing individual industries industry, agro-industrial complex, allocation of investments, financing of transport, communications.

3) Department of Interbudgetary Relations - regulates relations with the budgets of the constituent entities of the federation.

4) Department of State Internal Debt Management - deals with the issue of internal government loans, payment of interest and repayment.

5) Department of Public External Debt Management - issues external loans and repays them.

6) Audit Department - carries out regulation and licensing of auditing activities, certification of auditors, and also performs the functions of the abolished Control and Audit Department.

7) Department of Accounting and Reporting - develops methods, principles and forms of accounting and reporting, as well as regulatory documents on forms of accounting and reporting (Chart of Accounts, forms balance sheet and profit and loss statement, etc.)

8) and other departments.

As part of the Ministry of Finance, on the basis of the Decree of the President of the Russian Federation "On the Federal Treasury", the Decree of the Government of the Russian Federation "On the Federal Treasury of the Russian Federation", which approved the Regulations on it, the Federal Treasury of the Russian Federation operates, which is a single centralized system.

The structure of territorial treasury bodies is three-level:

1. Main Directorate of the Federal Treasury (GUFK). Carries out consolidated systematic, complete and standardized accounting of transactions and management of the movement of funds in treasury accounts, informs the highest legislative and executive authorities about the results of the execution of the federal budget in terms of income and expenses. Manages the work of lower-level treasury bodies, receives from them operational information and reporting data on income and funds of the federal budget and ensures their execution of the budget in accordance with current legislation.

2. Federal Treasury Departments (UFK) for the republics of the Russian Federation, territories, regions, autonomous entities, the cities of Moscow and St. Petersburg. Ensure, through lower treasury bodies, the execution of all decisions on the formation of revenue and expenditure of federal budget funds.

3. Branches of the Federal Treasury (FTC) for cities, districts and districts in cities, except for cities of regional subordination. They generate the revenue side of the federal budget in the territory and provide targeted financing of expenses for budget recipients. Keep records of operations on the movement of funds in bank accounts and personal accounts of budget recipients opened with treasury authorities, and provide higher treasury authorities with information on the execution of federal budget revenues and expenses in the territory. OFKs exercise ongoing control over the targeted expenditure of federal budget funds by budget recipients.

The execution of budgets by federal treasury bodies occurs on the basis of the law on the federal (or other level) budget for the corresponding year and represents two parallel processes: budget execution for income and budget execution for expenses.

Tax authorities of the Russian Federation- a unified system of control over compliance with the tax legislation of the Russian Federation, the correctness of calculation, completeness and timeliness of taxes and other contributions to the relevant budget mandatory payments, as well as compliance with currency legislation.

The activities of tax authorities are regulated and determined on the basis of the law “On Tax Authorities of the Russian Federation” and the Tax Code.

Tasks of control by tax authorities:

1) Identification of the amount of income hidden from taxation, hidden (understated) profit.

2) Finding additional payments to budget revenues.
Tax authorities are obliged to keep records of taxpayers in the prescribed manner, carry out explanatory work on the application of tax legislation, and inform taxpayers about current taxes and fees; are obliged to refund or offset overpaid and collected amounts of taxes, penalties and interest.

Tax authorities have the right:

1. To carry out checks of monetary documents, accounting books, reports, declarations and other documents related to the calculation and payment of taxes and other obligatory payments to the budget in government bodies and local government bodies, organizations, citizens of the Russian Federation, foreign citizens and stateless persons ; receive the necessary information on issues arising during inspections.

2. Inspect any production, warehouse, trading and other premises of enterprises, organizations and citizens used for generating income or related to the maintenance of taxable objects.

3. Demand that managers and other officials, as well as citizens, eliminate the identified violations.

4. Suspend operations on current and other accounts in banks and other financial and credit institutions in cases of failure to submit documents related to the calculation and payment of taxes and payments to the tax authorities.

5. Make decisions on holding bodies, organizations and citizens accountable for committing tax offenses.

6. Collect arrears and penalties for taxes.

7. Bring claims in court and arbitration court for the liquidation of enterprises of any organizational and legal form, for the recognition of transactions as invalid and for the recovery of all proceeds from such transactions to the state.

8. Impose administrative fines.

The Ministry of Taxes and Taxes of the Russian Federation is a currency control body and performs functions related to the implementation of currency control.

Tax authorities are responsible for complete and timely accounting of all taxpayers.

The unified centralized system of tax authorities consists of the Ministry of the Russian Federation for Taxes and Duties and its territorial bodies.

The Ministry of Taxes and Taxes of the Russian Federation is subordinate to the President of the Russian Federation and the Government of the Russian Federation.

The departments of the Ministry of Taxes of the Russian Federation (UMTS) for the constituent entities of the Russian Federation manage the territorial state tax inspectorates. And through them they provide solutions to the problems of the tax authorities. The Department of Tax Administration is also involved in monitoring large taxpayers with an interregional structure.

Territorial state tax inspectorates (TGNI) work directly with taxpayers. They conduct desk audits (based on the reporting data of enterprises and received tax reports), documentary audits (with access to the enterprise, at least once a year), comprehensive audits - all aspects of the enterprise’s activities are checked), thematic ones.

Financial management

thesis

1.1 Main tasks and methods of enterprise financial management

The financial system represents the financial relations that exist within a given economic formation.

The financial system is a set of various spheres of financial relations (links of the financial system), in the process of which funds of funds are formed and used. This is a combination of centralized and decentralized monetary funds.

The construction of the financial system is based on the following principles:

Functional purpose. It consists in the fulfillment of its tasks by each link of the financial system (the state budget expresses distribution relations between the state, enterprises and the population; enterprise finance expresses relations in the creation and use of monetary funds intended to meet the primary needs of social reproduction).

The unity of the financial system is predetermined by the unified economic and political basis of the state. This determines a unified financial policy pursued by the state through centralized financial bodies and common goals. All levels are managed on the basis of uniform legislative and regulatory acts.

Territoriality - each region has its own financial system with its own territorial characteristics.

Management is inherent in all areas human activity, including financial. Management is understood as a conscious, purposeful influence on an object using a set of techniques and methods for achieving a certain result. Management is based on knowledge of the objective laws of social development. At the same time, management is greatly influenced by the state represented by the relevant management structures. Important area management activities is financial management. It is carried out by a special apparatus using special techniques and methods, including various incentives and sanctions.

Management of an enterprise's financial resources is a set of targeted methods, operations, levers, and methods of influencing various types of finance to achieve a certain result. In financial management, as in any other managed system, management objects and subjects are distinguished. The objects of management are various types of financial relations associated with the formation of cash income, savings and use by business entities and the state. The subjects of management are those organizational structures that carry out management.

In accordance with the classification of financial relations by their spheres, such groups of objects as finance of organizations (enterprises, institutions), insurance relations, public finance and household finance are distinguished. They correspond to such management subjects as financial services (departments) of enterprises, insurance authorities, financial authorities and tax inspectorates. The totality of all organizational structures carried out by financial management is the financial apparatus.

Management subjects use specific methods of targeted influence on finances in each area and each link of financial relations. At the same time, they also have common management techniques and methods. Financial management methods are varied. The main ones are: forecasting and planning of financial condition, taxation, insurance, self-financing, lending, settlement system, financial assistance system, financial sanctions system, depreciation system, incentive system, pricing principles, trust transactions, collateral transactions, transfer transactions, factoring , rent, leasing. An integral element of the above methods are special financial management techniques: credits, borrowings, interest rates, dividends, exchange rate quotes, excise tax, discount, etc. The basis information support The financial management system consists of any financial information:

financial statements;

messages from financial authorities;

information from banking system institutions;

information on commodity, stock and currency exchanges;

other information.

The technical support of the financial management system is an independent and very important element of it. Many modern systems based on paperless technology (interbank settlements, mutual offsets, payments using credit cards, etc.) are impossible without the use of computer networks, personal computers, functional packages of application programs.

The functioning of any financial management system is carried out within the framework of the current legal and regulatory framework. These include: laws, presidential decrees, government regulations, orders and directives of ministries and departments, licenses, statutory documents, norms, instructions, guidelines etc.

Planning occupies one of the most important places in the financial management system. When planning, any business entity comprehensively assesses the state of finances, reveals opportunities for increasing financial resources, and determines the direction of their most effective use. Planning decisions are made based on the analysis of financial information, which is based on accounting, statistical and operational reporting. There is operational management, which is a set of measures developed on the basis of an operational analysis of the current financial situation and pursuing the goal of maximum effect at minimum costs through the redistribution of financial resources. The main content of operational management is the rational use of financial resources in order to improve economic activity.

Control as an element of management is carried out in the process of planning and operational management. It allows you to compile actual results on the use of financial resources with planned ones, identify reserves for the growth of financial resources and their more efficient use. In a market economy, a financial manager becomes one of the key figures in an enterprise. He is responsible for posing financial problems, analyzing the feasibility of using one or another method of solving them, and sometimes for making the final decision on choosing the most appropriate course of action. However, if the problem posed is of significant importance for the enterprise, he can only be an adviser to senior management personnel. Finally, the financial manager, as a rule, is the responsible executor of the decision made; he also carries out operational financial activities. Its activities include:

General financial analysis and planning;

Providing the enterprise with financial resources (managing sources of funds);

Allocation of financial resources (investment policy and asset management).

The financial manager is often part of the top management team of the company, as he takes part in solving all the most important issues.

In the most general view activity financial manager can be structured as follows: general financial analysis and planning; providing the enterprise with financial resources (managing sources of funds); distribution of financial resources (investment policy and asset management).

The logic for identifying such areas of activity of a financial manager is closely related to the structure of the balance sheet, as the main reporting form reflecting the property and financial condition of the enterprise.

The organizational structure of the financial management system of an economic entity, as well as its personnel composition, can be built in various ways, depending on the size of the enterprise and the type of its activity. For a large company, it is most typical to separate a special service headed by the vice president for finance ( financial director) and, as a rule, including accounting and finance department

In a market economy, the art of enterprise management increasingly focuses on using the internal potential of the enterprise, on the economic justification of management decisions, which requires improving the techniques and methods of financial management. It follows that financial management of an enterprise is the effective management of its cash flows, consisting of two interrelated directions: the receipt of funds and their use. In other words, financial management is a process whose goal is to improve the financial condition of an enterprise and obtain certain financial results. In other words, it is related to optimization financial resources enterprises in order to obtain maximum income for the owners.

Based on this goal, among the main tasks effective management Enterprise finance (financial management) can be distinguished:

1. Planning and forecasting the finances of the enterprise (among the main indicators of the financial plan, we will highlight the volume of capital investments and sales; profit; profitability).

2. Making appropriate decisions when investing (among the indicators we will highlight the optimal growth rate of sales volume, the structure of funds raised, methods of mobilizing them, methods of investment - through bank loans, issuing shares or bonds, loan term).

3. Coordination of the financial activities of the company with all its services.

4. Conducting operations on the financial market to mobilize additional capital, including the sale of own shares and bonds.

Based on financial strategy enterprise, ensuring liquidity and profitability is a prerequisite for its economic development, and ensuring profitability can be combined with such tasks as conquering the market or simply surviving the enterprise.

The financial results of an enterprise largely depend on what the enterprise gives preference to at each specific stage of its development - ensuring liquidity or profitability. Thus, the focus on increasing profitability, as a rule, increases the risk of insolvency and, consequently, liquidity. Conversely, increased liquidity is inversely proportional to profitability. With skillful financial management, the primary priority should be to ensure the liquidity of the enterprise based on an accurate balance of needs and the availability of funds in circulation.

If an enterprise focuses on maximum profit and profitability, then it will mobilize all its resources. including due to a decrease in liquidity, the abandonment of financial reserves, the involvement of large volumes of borrowed resources in the turnover, etc. If the goal is to conquer the market, then maximum profitability is sacrificed, here the requirements for liquidity and the presence of sufficiently large reserves sharply increase . If the goal is survival, the main thing for the enterprise is to maintain the level of zero profit with minimal deviations from it while ensuring liquidity and the presence of certain reserves, and the main support should be its own sources.

The enterprise interacts with other enterprises - suppliers and buyers, partners in joint activities, participates in unions and associations, as a founder contributes a share in the formation of the authorized capital, enters into relationships with banks, the budget, extra-budgetary funds, etc.

Financial relations arise only when, on a monetary basis, the formation of the enterprise’s own funds and its income occurs, the attraction of borrowed sources of financing economic activities, the distribution of income generated as a result of these activities, and their use for the development of the enterprise.

The organization of economic activity requires appropriate financial support, i.e. initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital. This most important source formation of property of any enterprise. Specific methods for forming authorized capital depend on the organizational and legal form of the enterprise.

When creating a business authorized capital is directed to the acquisition of fixed assets and the formation of working capital in the amounts necessary to conduct normal production and economic activities, and is invested in the acquisition of licenses, patents, know-how, the use of which is an important income-generating factor. Thus, the initial capital is invested in production, in the process of which value is created, expressed by the price of products sold.

Profit and depreciation are the result of the circulation of funds invested in production and relate to the enterprise’s own financial resources, which it manages independently. Optimal use of depreciation and profit intended purpose allows the resumption of production on an expanded basis.

The purpose of depreciation is to ensure the reproduction of fixed production assets and intangible assets. Unlike depreciation charges, profit does not remain entirely at the disposal of the enterprise; a significant part of it goes to the budget in the form of taxes, which determines another area of financial relations that arise between the enterprise and the state regarding the distribution of the generated net income.

The profit remaining at the disposal of the enterprise is a multi-purpose source of financing its needs, but the main needs of its use can be defined as accumulation and consumption. The proportions of profit distribution between accumulation and consumption determine the development prospects of the enterprise.

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

Directions for investing funds can be different: related both to the main activities of the enterprise in the production of products (works, services), and to purely financial investments. To obtain additional income, enterprises have the right to purchase securities of other enterprises and the state, invest funds in the authorized capital of newly formed enterprises and banks. Temporarily available funds of an enterprise can be separated from the general cash flow and placed in bank deposit accounts.

Self-financing is a prerequisite for successful economic activity of enterprises in a market economy. This principle is based on the full recovery of costs for the production of products and expansion of the production and technical base of the enterprise and means that each enterprise covers its current and capital costs through own sources. If there is a temporary insufficiency of funds, the need for them can be met through short-term bank loans and commercial credit (to cover current costs) and long-term bank loans (to be used for capital investments).

The financial resources of the enterprise allocated for its development are formed through:

* depreciation charges;

* profits received from all types of economic and financial activities;

* additional share contributions of participants in partnerships;

* funds received from the issue of bonds;

* funds raised through the issue and placement of shares in joint stock companies open and closed types;

* long-term loan from the bank and other creditors (except for bond loans);

The detail of the analysis methodology depends on the goals and objectives, as well as on various factors of information, time, methodological, personnel and technical support.

The main goal of enterprises in market conditions is to satisfy social needs, make a profit and ensure their financial stability.

To achieve this goal, enterprises must:

Produce high-quality products, update them in accordance with demand;

Rational use of production resources, taking into account their interchangeability;

Develop strategy and tactics for enterprise behavior

market and adjust them in accordance with changing circumstances;

Introduce everything new and advanced into production, labor organization and management;

Take care of employees, increase their qualifications, improve

standard of living, creating a favorable socio-psychological climate in the workforce;

Ensure the competitiveness of the enterprise;

Carry out a flexible pricing policy and implement other

The financial management system includes the following elements:

Financial methods;

Financial levers (instruments);

Legal support;

Information and methodological support.

Financial methods are ways of influencing financial relations on the economic process, the formation and use of funds

Financial leverage is the tools used in financial methods. These include economic indicators through which economic activity is influenced: profit, income, taxes, financial sanctions, price, dividends and interest, wages, as well as depreciation, share contributions, contributions to the authorized capital, portfolio investments, etc. Finance essential tool, with the help of which the impact is made on the economy of an economic entity (country, region, enterprise).

The financial mechanism is a system of organization, planning and use of financial resources.

Included financial mechanism includes: financial instruments, financial techniques and methods that provide subsystems (personnel, legal, regulatory, information, technical and software).

Financial instruments refer to various forms of short-term and long-term investment that are traded on stock markets: cash, securities, options, forward contracts, futures and swaps.

There are different approaches to the interpretation of the concept of “financial instrument”. In its most general form, a financial instrument is understood as any contract under which there is a simultaneous increase in financial assets one enterprise and the financial obligations of another enterprise.

Financial assets include:

· cash;

· contractual right to receive funds or any other type of financial assets from another enterprise;

· contractual right to exchange financial instruments with another enterprise on potentially favorable terms;

· shares of another company.

Financial obligations include contractual obligations:

pay cash or provide some other type of financial asset to another enterprise; exchange financial instruments with another enterprise on potentially unfavorable terms (in particular, this situation may arise in the event of a forced sale of receivables).

Financial instruments are divided into primary (cash, securities, accounts payable and receivable for current transactions) and secondary, or derivatives (financial options, futures, forward contracts, interest rate swaps, currency swaps).

There is also a more simplified understanding of the essence of the concept of “financial instrument”. In accordance with it, three main categories of financial instruments are distinguished: cash (funds on hand and in the current account, currency), credit instruments (bonds, forward contracts, futures, options, swaps, etc.) and methods of participation in the authorized capital (shares and shares).

In a market economy, the efficiency of an enterprise and the organization of its financial relations are influenced by various factors, which can be combined into the following groups:

Positive factors - positively, beneficially influencing the activities of the enterprise;

Negative factors - negatively affecting its activities;

Internal - depending on the activities of the enterprise itself;

External - independent of him.

Internal factors include:

With the personality of the leader;

With the acceleration of scientific and technological progress;

Improving the organization of production, labor and management (management) of the enterprise;

With the organizational and legal form of management;

With the specifics of production and industry;

With the quality and competitiveness of products;

With depreciation and investment policies, etc.

External factors include factors associated with changes:

World and domestic market conditions;

Political situation;

Inflationary processes and economic policy of the state

The successful operation of an enterprise is not possible without reasonable management of financial resources. It is not difficult to formulate goals to achieve which require rational management of financial resources:

survival of the company in a competitive environment;

avoiding bankruptcy and major financial failures;

leadership in the fight against competitors;

maximizing the market value of the company;

acceptable growth rates of the company’s economic potential;

growth in production and sales volumes;

profit maximization;

cost minimization;

ensuring profitable activities, etc.

The priority of a particular goal can be chosen by an enterprise depending on the industry, position in a given market segment and much more, but successful progress towards the chosen goal largely depends on the perfection of management of the enterprise’s financial resources.

Financial resource management is one of the key subsystems of the overall enterprise management system. Within its framework, the following issues are resolved:

What should be the size and optimal composition assets of the enterprise, allowing you to achieve the goals and objectives set for the enterprise?

Where to find sources of financing and what should be their optimal composition?

How to organize current and future management of financial activities, ensuring the solvency and financial stability of the enterprise?

Enterprise finance represents monetary relations associated with the formation and distribution of monetary income and savings and their use to fulfill obligations to the financial and credit system and finance the costs of expanded reproduction, social services and material incentives for workers.

The finances of business entities can be divided into subsections:

Finance of commercial enterprises and organizations,

Finance of non-profit organizations.

Based on the foregoing, it becomes clear that financial resource management is one of the key subsystems of the overall enterprise management system. The successful operation of an enterprise is not possible without reasonable management of financial resources.

Management of an enterprise's financial resources is a set of targeted methods, operations, methods and techniques for influencing finances to achieve the desired result. Financial management methods are varied. The main ones are: regulation, forecasting, planning, insurance, self-financing, lending.

These methods can be divided into two groups: the first group is methods for generating financial resources. These include regulation, forecasting and planning. The second group is methods of managing financial resources, namely, self-financing, lending, and insurance.

Let's consider the basic methods of managing financial resources that can be used in any enterprise. These methods include forecasting and planning.

Forecasting the activities of enterprises is an assessment of the prospects for their development based on an analysis of market conditions and changes in market conditions for the coming period. The results of forecasting the activities of enterprises are taken into account in enterprise marketing programs, when determining the possible scale of product sales, and when assessing expected changes in the conditions of sales and promotion of goods. Forecasting as a result marketing research is the starting point for organizing the production and sale of exactly the products that the consumer requires. The main purpose of the forecast is to determine trends in factors affecting market conditions. When forecasting, short-term forecasts are usually distinguished - for 1-1.5 years, medium-term - for 4-6 years and long-term - for 10-15 years. Formalized quantitative methods (factorial, statistical analysis, mathematical modeling), methods of expert assessments based on the experience and intuition of specialists in a given product and market are used as forecasting tools.

Forecasting is also necessary for drawing up economic development plans.

Planning is the process of developing and establishing by the management of an enterprise a system of quantitative and qualitative indicators of its development, which determines the pace, proportions, and trends of development of a given enterprise, both in the current and in the future.

The development and justification of enterprise development plans is carried out on the basis of a system of progressive technical and economic norms and standards. The most advanced method for developing norms is calculation and analytical, in which norms and standards are technically justified through a comprehensive critical analysis of the state of production, possible changes it studies the influence of various factors. Methods such as timing, photography of the working day, etc. are also used. The standards are based on the technical, economic and organizational conditions of work in the planning period.

The components of the above methods are special rates, dividends, exchange rate quotes, excise tax, discount, etc. The basis of the information support of the financial management system is any information of a financial nature:

financial statements;

messages from financial authorities;

information from banking system institutions;

information on commodity, stock, and currency exchanges;

other information.

Significant financial resources, especially for newly created and reconstructed enterprises, can be mobilized in the financial market. The forms of their mobilization are: sale of shares, bonds and other types of securities issued by a given enterprise, credit investments.

Financial management is the conscious influence of legislative and executive authorities on the finances of the country as a whole and its territories, economic entities, as well as financial processes, financial activities in order to achieve and maintain macroeconomic balance, financial stability of the economy, financial support for solved economic and social problems.

The financial management system in a modern market economy is an interconnected set of measures, tools, as well as financial institutions that ensure the stable and efficient functioning of the financial system as a whole and its individual links, contributing to the development of the real sector of the economy and solving pressing social problems.

In accordance with the structure of the financial system, financial management is divided into types of management objects: financial management of the federal authorities of the country; financial management of the subjects of the federation; financial management of municipalities; financial management of business entities (financial management).

Financial management is carried out using administrative, administrative and economic methods.

In financial management, objects, subjects and management tools are distinguished.

The objects of financial management include areas of financial relations: public finances (budgets different levels, state off-budget social funds, state credit, stock market), insurance, local finances (municipal budgets, local extra-budgetary funds), finances of commercial and non-profit organizations, finances of state and municipal unitary enterprises.

The subjects of financial management are a set of organizational power structures that regulate and control financial processes in the economy (legislative bodies that adopt laws on finance, financial activities, and executive bodies that direct, regulate and control financial processes at the national, regional and local levels, as well as financial apparatus in commercial and non-profit organizations).

The financial management tool is the financial mechanism, which is an integral part of the economic mechanism. It is a set of types and methods of organizing financial relations and is used to influence the economy and social sphere, carrying out a unified financial policy of the state. The financial mechanism aims to solve specific tasks, achievement real effect, meeting the needs of society. The structure of the financial mechanism is complex due to the variety of financial relationships. There are three main groups that reflect the economic content of finance: state and municipal finance, finances of organizations of various organizational and legal forms, including insurance organizations, household finances.

The structure of the financial mechanism includes such functional links as mobilization of financial resources, financing, incentives, etc. The financial mechanism sets financial resources in motion and influences social production through financial support and financial regulation.

The construction of the financial mechanism is carried out in accordance with financial policy and financial law norms reflected in financial legislation.

Financial management performs the following functions: financial analysis; financial forecasting; planning of financial resources and financial activities; operational regulation of finances; control over the state of finances.

Monitoring the state of finances will create feedback in the shadow of management, providing management bodies with the necessary information about compliance with laws, regulations, rules for the formation and use of finances.

- financial planning;
- forecasting;
- programming;
- financial regulation;
- operational management;
- financial control;
1. Financial planning

Financial planning occupies an important place in the financial management system. It is during planning that any business entity comprehensively assesses the state of its finances, identifies opportunities to increase financial resources, and areas for their most effective use. Management decisions in the planning process are made based on the analysis of financial information, which in this regard must be sufficiently complete and reliable. Reliability and timeliness of obtaining information ensures informed decisions. Financial information is based on accounting, statistical and operational reporting. In relation to public financial management, financial planning is the activity of balancing and proportionality of financial resources. Balance means the optimal ratio between the financial resources at the disposal of the state and the income remaining in the hands of business entities. Proportionality is a rational relationship between the amount of income before and after payment of tax for enterprises, economic sectors, regions, and federal subjects. The state, by increasing or decreasing this ratio, can stimulate or limit their development.

2. Financial forecasting

Financial forecasting - foreseeing a possible financial situation, justifying the indicators of financial plans. Financial forecasting precedes the stage of drawing up financial plans and develops the concept of financial policy for a certain period of development. The purpose of financial forecasting is to determine the realistically possible volume of financial resources, sources of formation and their use in the forecast period. Forecasts make it possible to outline different options for the development and improvement of the financial system, forms and methods of implementing financial policy.

Financial forecasting involves the use of various methods:

- construction of econometric models that describe the dynamics of financial plan indicators depending on factors that determine or influence economic processes;
- correlation and regression analysis;
- method of expert assessment.
3. Financial regulation.

Financial regulation of socio-economic processes is an activity organized by the state to use all aspects of financial relations in order to adjust the parameters of reproduction. The subjects of financial regulation are government agencies, and the objects are the income and expenses of participants in the social system.

The financial regulators of the market economy are:

- taxes and non-tax payments to the budget;
- financial benefits and sanctions;
- general and targeted subsidies;
- income and expenses of extra-budgetary funds;
- income and expenses of state enterprises and organizations.

Financial impact is characterized by direct, indirect and mixed forms of regulation.

4. Financial management

Operational financial management is associated with the implementation of practical actions to implement the financial plan, making adjustments to its indicators taking into account new economic circumstances, finding other sources for the formation of financial resources and directions for their effective investment.

Operational management is a set of measures developed on the basis of an operational analysis of the current situation and pursuing the goal of obtaining maximum effect at minimum costs through the redistribution of financial resources. The main content of operational management comes down to maneuvering financial resources in order to solve newly emerging problems. Operational financial management is the main function of the financial system apparatus: the Ministry of Finance, financial departments of local authorities, directorates of extra-budgetary funds, insurance organizations, financial services of enterprises.

5. Financial control.

Financial control, on the one hand, is one of the final stages of financial management, and on the other hand, it is a necessary condition for the effectiveness of their management.

Financial control, being a form of implementation of the control function of finance, is a set of actions and operations for compliance with financial and economic legislation and financial discipline in the process of formation and use of monetary funds at the macro- and micro-level in order to ensure the feasibility and efficiency of financial and economic operations.

The object of financial control is monetary relations, redistribution processes in the formation and use of financial resources, including in the form of monetary funds at all levels and in all parts of the economy.

Financial control methods include:

Inspection is carried out on individual issues of financial and economic activity on the basis of reporting, balance sheet and expense documents. During the inspection process, violations of financial discipline are identified and measures are planned to eliminate them.

The survey covers certain aspects of the activities of enterprises, organizations and institutions.

Supervision is carried out by regulatory authorities over economic entities that have received a license for a certain type of financial activity: insurance, banking, etc. It involves monitoring compliance with standards and rules. Economic analysis, as a type of financial control, is aimed at a detailed study of periodic or annual financial and accounting statements for the purpose of a general assessment of the results of economic activity, financial condition and justification of the possibilities for their effective use.

Audit is the most common form of financial control, which is an interconnected set of checks of the financial and economic activities of enterprises, institutions and organizations. The audit is carried out to establish the feasibility, validity, economic efficiency of completed business transactions, check financial discipline, the reliability of accounting and reporting data - to identify violations and shortcomings in the activities of the audited entity.