Iyo inoshanda nzira yekuongorora mari

Ita ongororo yemari, zviri "kuita" nhamba kutaura. Ongororo yezvemari inongororwa yakakosha yezvinyorwa zvemari kuitira kuti uongorore mamiriro emari ekambani. Kuti uite izvi, kune nzira mbiri. Nzira yekushanda uye nzira yezvemari. Munyaya ino Finance de Demain Isu tinopa nzira yekutanga zvakadzama.

🌿Zvinangwa zvekuongorora mari

Sechishandiso chekutonga kwemari, chinobva pachiratidzo chehunyanzvi chakavakirwa pakuongorora nekududzirwa kwemhedzisiro ine chekuita nekuverengwa kweakaunzi uye magwaro emari.

Inopa ruzivo rwakakodzera chengetedza chiyero chemari chekambani zvese munguva refu uye pfupi. Zvinowanzobvumira sarudza pane solvency yekambani, purofiti yayo uye tarisiro yayo yeramangwana. Nokuda kweizvi, basa iri rinoda ruzivo rwakanaka rwemusika unotarirwa uye unyanzvi hwemari.

🌿 Ndiani anobatsirwa nekuongorora mari?

Kuongorora kwemari kuri pabasa re vashandisi vemukati nekunze kukambani. Ruzivo rwunoshandiswa nevese ava vabatsiri ndeye accounting uye ruzivo rwemari.

Zvichienderana nezvavanotarisira, bato rega rega richashandisa mhedzisiro yekuongorora kwemari kuita mutongo wavo pahutano hwemari hwekambani. Saka:

✔️ Shareholders semuenzaniso uchafarira zvinogona kubatsira, kumubhadharo wemari yavakapihwa uye kumari inowanikwa. 

✔️ Vakweretesi pfupi kufarira mu liquidity uye kugona yekambani kuti isangane nenguva dzenguva pfupi idzi.

👉 Vashandi vanofarira kusimudzira kwekambani, nokuti kukundikana kupi nokupi kunoguma nokurasikirwa nebasa ravo. Ivo vadyidzani vechokwadi vekambani, vane kodzero yekutora chikamu mupurofiti uye vanogona kuve vagovanisi;

✔️ Mutungamiriri kana iri yekushandisa kuongorora kwemari kuyera kuita kwemanejimendi ayo, kuenzanisa neayo evakwikwidzi vayo, uye pamwe nekuita zviito zvekugadzirisa. Izvo zvakare uye pamusoro pezvose zvinobvumira maneja kuongorora solvency yevatengi vayo.

✔️nyika inoshandisa mhedzisiro yekuongorora kwemari ku simbisa hwaro hwemihoro yayo yemutero.

🌽 Chii chinonzi functional approach yakavakirwa pa?

Nzira yekushanda inobva pakuongororwa kwehutano hwekushanda kuburikidza nekuongorora kweKushanda Capital Requirement (BFR), Working Capital (FR) uye Net Cash (TN).

Iyi nzira yekuongorora mari inofarira kushanda kwehupfumi kwekambani. Iyi nzira yakavakirwa pakuongorora kwechiito, mashandiro akaitwa, uye matenderedzwa akasiyana ayo anosungirirwa makambani. The functional approach inotungamirira pakugadzwa kwekuongorora kwebasa.

The functional balance sheet inomiririra imwe accounting balance sheet. Iwo zvinzvimbo zvinorongwa patsva uye zvinounganidzwa zvinoenderana nebasa ravo uye dhigirii ravo remvura.

The functional balance sheet imhando yebalance sheet umo mashandisirwo uye zviwanikwa zvinorongwa nebasa. Hatichataura pano nezveassets and liabilities asi nezvemabasa nezviwanikwa.

Zvinoita kuti zvikwanise kuongorora basa rekambani nechinangwa che kuenderera mberi kwebhizinesi. Iri pepa rekuenzanisa rinowanikwa mushure mekudzokororwa uye kudzokororwa kweiyo accounting balance sheet, uye zvakare inoita kuti zvikwanise kuongorora mamiriro emari ekambani nekuenzanisa mashandisiro ayo nezviwanikwa zvayo. Inotaridza ma cycles akasiyana:

• Iyo yakagadzikana kana yakagadzikana kutenderera: kuenzanisa pakati pekudyara kwakasimba uye mari yakatsiga.
• Operation: kuenzanisa pakati pezvinhu, zvinogamuchirwa uye zvinobhadharwa zvine chekuita nemashandiro.
• Iyo isiri-operating cycle: kuenzanisa pakati pezvakasiyana zvinogamuchirwa uye zvinobhadharwa;
• Cash : kuenzanisa pakati pe "asset" mari uye "chikwereti" mari.

🌽 Reclassifications uye kudzokorora kwebalance sheete

Kubva pane accounting balance sheet, iyo inoshanda balance sheet inowanikwa nekuita akati wandei kudzokorora uye reclassification pazvinhu zvakasiyana. Tafura inotevera inosimbisa kwakasiyana-siyana reclassification.

EMPLOIS	ZVINODZIDZISWA
Mabasa akatsiga (investment function) Zvinhu zvisingabatike zvakagadzika (muhukoshi hwakazara) Zvinhu zvinobatika zvinobatika (muhukoshi hwakazara) Mari yakagadziriswa assets (muhuwandu hunokosha)	Stable resources (basa rekupa mari) Equity Depreciation uye zvigadziro (assets column) Provisions (zvikwereti) Zvikwereti zvemari zvakatsiga
Current assets kushanda Mastock (mumutengo wakakwana) Kufambira mberi uye zvidimbu zvakabhadharwa Zvishandiso zvinogamuchirwa (mumutengo wakakura) Prepaid yekushandisa mari Kunze kwenzvimbo Zvisiri-kushanda zvinogamuchirwa (mumutengo wakakwana) Mari dzeprepaid dzisiri dzekushanda Cash assets Kuwanikwa (Bhangi uye Cash desk) Mari dzinotengeswa	Zvikwereti zvekushanda zvazvino Kufambira mberi uye zvidimbu zvakagamuchirwa Operating trade payables Zvikwereti zvemagariro nemitero Zvimwe zvekushandisa zvinobhadharwa Mari yekushanda yakamisikidzwa Kunze kwenzvimbo Zvikwereti zvemitero Zvikwereti pamidziyo yakatarwa Zvimwe zvikwereti zvisiri-kushanda Zvisiri-kushanda zvakaverengerwa mari Liability cash Ikozvino kubhengi overdrafts uye mabhengi echikwereti chebhangi
TACTIVE TOTAL	TOtal PASSIVE

✔️ Reclassifications ye "investments" cycle

Munguva yekuongorora kwemari, midziyo yakatarwa inofanirwa kuverengerwa mumidziyo yehuwandu hwayo hwakazara, i.e. kusasanganisa kuderera uye kuderedzwa. Iyo yekupedzisira, yakabviswa kubva kumidziyo, inofanirwa kuoneka mumasheya evaridzi pasi pezvikwereti.

Kune avo vanopihwa mari nekurenda, kukosha kwekutanga (kubviswa kubva pamutengo wasara) inofanirwa kucherechedzwa uye kuwedzerwa kumabasa akagadzikana, nenzira imwechete seyakagadziriswa asset yekambani.

Iyo cumulative depreciation inoitwa kusvika zuva rino inofanirwa kuverengerwa uye mari inopinzwa mune yakagadzikana zviwanikwa. Zvisaririra zvinofanirwa kuverengerwa muzvikwereti zvemari. Mubereko wakawedzerwa usiri wechikwereti unofanirwa kubviswa pazvinhu zvemari uye wowedzerwa kune zvazvino zvisiri kushanda.

✔️ Reclassifications ye "financing" kutenderera

Iyo isingadayirwe yakanyoreswa capital inofanira kudzikisa huwandu hwemari sezvahunoonekwa mune yakagadzikana zviwanikwa zvine chekuita nemidziyo. THE mabhonasi ekudzorera zvisungo (kubvisa asset regularizations) inofanira kubhadhariswa zvizere kunyaya dzebhondi dzavanonangana nadzo.

Sezvataurwa pazasi, kuderera kwakaunganidzwa kunoitwa pazvinhu zvakagadziriswa zvemidziyo kana yakabhadharwa kunofanirwa kuwedzerwa kune equity. Zvezvinhu zvakagadziriswa zvakaverengerwa leasing, chikwereti chemari chinofanirwa kuiswa muhutano hwevashandi kuitira kuenzanisa kupinda muzvinhu zveimba yakakoswa.

Les gadziriro dzenjodzi dzisina kufanira izvo zvine chekuita nenguva yakareba zvinofanirwa kuverengerwa mukuenzana. Izvo zvisina kurongeka zvinofanirwa kuverengerwa sezvikwereti zvekushandisa kana zvisiri-kushanda zvikwereti zvinoenderana nehunhu hwazvo.

Les shamwari dzazvino maakaundi, kana yakavharwa, inofanira kubatwa sezviwanikwa zvakagadzikana. Naizvozvo dzinofanirwa kuverengerwa mukuenzana. Kana vasina kubhadharwa chero nguva, vanoramba vari zvikwereti zvazvino.

Les mubereko wakawedzerwa usina kufanirwa pazvikwereti zvinofanirwa kubviswa pachinhu "kukwereta uye zvikwereti zvemari uye zvakafanana" kuwedzera chinhu " zvisiri-kushanda zvikwereti ". Ndizvo zvimwe chete nemaovhadhemu emabhangi. Ivo vanofanirwa, kune yavo, kurekodhwa semari yepasi.

✔️ Reclassifications ye "kushanda uye kusashanda" kutenderera

Muchirevo chekuongorora kwemari, kufambira mberi uye madhipoziti akabhadharwa pamaodha, prepaid mari, deductible VAT (zvichida VAT chikwereti) uye mabhiri anotarisirwa haasati asvika (kufunga kwakapesana kunoshandawo kuzvikwereti zvekushandisa: madhipoziti akagamuchirwa, VAT kana zvikwereti zvemutero, uye mari inocherechedzwa pachine nguva).

Iyo post " zvimwe zvichemo » iri, kazhinji, inofananidzwa kune zvisiri-kushanda zvinogamuchirwa.

Zvikwereti kune vatengesi vezvinhu zvakagadziriswa, zvikwereti zvemitero pane purofiti pamwe ne “ Zvimwe zvikwereti » zvinoonekwa sezvikwereti zvisiri kushanda. Uyezve, migove inobhadharwa inosanganisirwa muequity inofanirwa kuverengerwa muzvikwereti zvisiri zvekushanda zvinotenderera.

✔️ Reclassifications ye "cash" cycle

Zvicherwa zvinotengeswa, kana zviri mvura, zvinofanirwa kubatwa semari. Muenzanisi wemabhiriro akaderedzwa asati akura anoumba zvikwereti zvemari.

✔️ Kurongeka patsva kwemisiyano yeshanduro

Kugadziriswa kwakaomarara kunopihwa kumisiyano yeshanduro:

Kana Shanduko misiyano ichishanda: vanoendeswa kumidziyo yekushandisa. Kana pane kuderedzwa kwechikwereti, tinovabvisa kubva kune zvinhu uye tinobvisa zvikwereti zvekushanda kana pane kuwedzera kwechikwereti.

Kana Passive dudziro misiyano: ivo vanobviswa kubva pazvikwereti uye vanobviswa kubva kuzvinhu zvekushanda kana pane kuwedzera kwekugamuchira. Munyaya yekuderedzwa kwechikwereti, tinovaendesa kune zvikwereti zvekushanda. Muchidimbu, tafura iri pazasi inounganidza pamwe chete zvakasiyana-siyana kudzokorora uye kupatsanurwa kunofanira kuitwa pabalance sheet.

Posts	Restatements
Amortization uye depreciation	§ Bvisa pazvinhu § Kuwedzera kune yako zviwanikwa
Mari dzinofanira kuparadzirwa mumakore akawanda emari	§ kuvabvisa kubva kune asset § Kubviswa kubva kune equity
Mapremium ekudzikinura uye mabhondi	§ Bvisa pazvinhu § Kubviswa kubva kune equity
Uncalled shareholders-capital	§ Yakabviswa kubva kuzvikwereti zvemari (akavharwa maakaundi) § Kuwedzera kune zvikwereti zvenguva pfupi (yenguva dhipoziti)
Ikozvino kubhengi overdrafts uye mabhengi echikwereti chebhangi	§ Kubviswa pazvikwereti zvemari § Kuwedzera kune cyclical zvikwereti
Maakaundi ezvino evanokwereta vadyidzani	§ Yakabviswa kubva kune zvemari yakagadziriswa assets § Zviwedzere kune zvinogamuchirwa zvinotenderera (zvakasiyana zvinogamuchirwa)
Yakawedzerwa mhindu pazvikwereti	§ Wedzero kuzvinhu zvazvino (zvinogamuchirwa zvinogamuchirwa) § Kuwedzera kune zvikwereti zvakasara
Yakawedzerwa mubereko pamari inotambirwa Mabhiriro akaderedzwa haafanirwe uye anopihwa anogamuchirwa asina kufanira Mari yekurenda	§ Yekutanga kukosha kweiyo asset inowedzerwa kune yakagadziriswa midziyo § Izvo zvakaenzana nekuderera kunowedzerwa kune equity § Izvo zvakaenzana nechikamu chisina kubhadharwa chinowedzerwa kune zvikwereti zvemari

🌽Mari yakaenzana

Mari yemari yekambani inoongororwa kuburikidza nezvikamu zvitatu. Kuongorora kwemari kunonyanya kukoshesa Kushanda Capital Net Global (FRNG), iyo Kudiwa mumari Net Global (BFRNG) uye Net Cash (TN).

✔️ Global Net Working Capital

FDR ipfungwa yekururamisa kwekambani inoshanda bharari pepa. Pane mazinga maviri emari yekushandisa. Yakazara net working capital uye mari inoshanda capital. Kana pasina chinotsanangurwa, pfungwa yekuti " kushanda mari »inoreva mambure ekushanda mari.

Kuverenga iyo FR, nzira mbiri dziripo. Pamusoro penzira yebalance sheet uye pasi penzira yebalance sheet. Kubva pamusoro pepepa rekuenzanisa, tine:

Yakazara Net Working Capital = (PF + Borrowings) - Fixed Assets

Kuenderera mberi kubva pazasi pebalance sheet, isu tine:

Global Net Working Capital = (inventories + receivable + miscellaneous current assets) - zvikwereti zvenguva pfupi

Tafura iri pazasi inopa kududzira kwakasiyana-siyana kwemari inoshandiswa.

FRNG chiratidzo	Dudziro
FRNG>0 (zvakanaka)	Izvo zvakagadzikana zviwanikwa zvekambani zvakaenzana neyakagadziriswa midziyo. Izvi zvinoreva kuti zviwanikwa zvakatsiga zvinovhara zvinodiwa zvenguva refu zvekambani. Mari yakaenzana saka inoremekedzwa uye kambani ine, nekuda kwemari yekushanda, yakasara yezviwanikwa izvo zvinoitendera kuti iwane mari yezvimwe zvinodiwa zvenguva pfupi.
si FRNG =0 (isina)	Izvi zvinoratidza kuti zviwanikwa zvakatsiga zvinovhara zvinodiwa zvenguva refu zvekambani. Kunyangwe iyo kambani ichiita kunge yasvika pakuenzanisa, haina kana imwe nguva yakareba yakasara yezviwanikwa kuti iwane mari yekushanda kwayo. Mamiriro ezvinhu aya anoita kuti hupfumi hwayo huve husina kunaka.
FRNG <0 (negative)	Zviwanikwa zvekambani zvakagadzikana ndizvo yakaderera pane yakatarwa assets. Zvido zvenguva refu hazvifukidzwe zvizere nezviwanikwa zvakatsiga. Naizvozvo inofanirwa kupa mari chikamu chezvinodiwa zvenguva refu nezviwanikwa zvenguva pfupi. Mamiriro ezvinhu aya anoiisa panjodzi huru yekutadza kubhadhara mari. Iyo kambani inofanirwa kutora matanho nekukurumidza kuwedzera zviwanikwa zvenguva refu kuti iwanezve imwe FRNG yakasara.

✔️ Chinodiwa chemari yekushandisa (BFR)

Iyo (BFR) ndiyo chiyero chezviwanikwa zvemari izvo kambani inofanirwa kuita kuti ivhare iyo inoda mari inokonzerwa nekuchinja kwemari inoyerera inoenderana nekubvisa uye marisiti ane chekuita nebasa rayo.

Inowanzonzi " kushanda capital resource »kana iri negative. Kukosha kwayo kunoenderana nehurefu hwekutenderera kwekushanda, kukosha kwakawedzerwa kwakabatanidzwa pane imwe neimwe nhanho yekutenderera uku, kukosha uye nguva yekuchengetera zvinhu. mbishi zvinhu / kurongedza, kugadzirwa kuri kuenderera mberi uye zvigadzirwa zvakapedzwa, uye mazuva ekubhadhara anopihwa nevatengesi kana kubvumirana kune vatengi.

Iyo yakareruka algebraic kutaura kweBFR ndeiyi inotevera:

Kushanda mari inodiwa = Zvazvino zvinhu (masheya + ekutengesa zvinogamuchirwa) - zvikwereti zvazvino (zvinobhadharwa zvekutengesa + mutero unobhadharwa + kuchengetedzwa kwevanhu + zvimwe zvisiri zvemari)

WCR inogonawo kufungidzirwa semusiyano pakati pezvinhu zvekushandisa uye zvikwereti zvekushandisa.

Kushanda Capital Inodiwa = (Inventory + Realizable Assets) - Short Term Zvikwereti

Nekusiyanisa kushanda BFR kubva kune isiri-kushanda BFR (BFRHE), BFRNG inova:

Global Net Working Capital Inodiwa = BFRE + BFRHE

Vanoongorora kazhinji vanoda kuti WCR iunzwe mumazuva ekuchinja. Saka, ingo govana mari inowanikwa neCAHT uye wedzera nemazuva 365 kana 360. Kazhinji, mukuongorora kwemari, tinosiyanisa zviitiko zvitatu zvekushanda mari zvinodiwa.

BFR Dudziro

✔️Le BFR yakanaka

kushandiswa kwekushanda kwekambani kwakakura kudarika zviwanikwa zvekushanda. Iyo kambani inofanirwa kupa mari yainoda kwenguva pfupi ingave nerubatsiro rwekusara kwayo kwezviwanikwa zvenguva refu. Inogonawo kuita izvi nerubatsiro rwekuwedzera mari yenguva pfupi, sezvikwereti zvebhangi.

✔️Kana iyo BFR iri zero

kushandiswa kwekushanda kwekambani kwakaenzana nekushandisa zviwanikwa. Iyo kambani haina mari yekushandisa kuti iwane mari sezvo zvikwereti zvazvino zvinokwana kupa mari zvinhu zvazvino.

✔️WCR haina kunaka

basa rekushanda kwekambani iri pasi pekushandisa kwayo. Iyo kambani haina mari yekushandisa inodiwa; zvikwereti zvazvino zvinodarika zvinodiwa nemari yekushandisa zvinhu.

Naizvozvo haidi kushandisa mari yayo yekushanda kuti iwane mari yezvido zvenguva pfupi.

🌽 Net cash (TN)

TN yakakosha accounting uye zvemari chiratidzo chekambani. Kutsunga kwake, kuongorora uye kutarisa zvinomugonesa kudzidzira manejimendi anoshanda ebhizinesi.

Iyo TN ndiyo yakazara mazakwatira emari anogona kuunganidzwa munguva pfupi (isu zvakare tinotaura nezvekuwanikwa kwekuona). Inofanira kusarudzwa:

• Kumusoro mune pre-kusika kana pre-bhizinesi kutora chikamu

Kana mutungamiri wepurojekiti akaronga kugadzira bhizinesi rake, anofanirwa kuverenga mambure emari. Kazhinji, kuverenga uku kunoitwa pakuvaka bhajeti rekuyerera kwemari, tafura inogadzira iyo fungidziro yemari.

Kutsunga kwayo kunoita kuti zvikwanise kuona kuti chirongwa ichi chinoshanda uye kuti chimiro chemari chekambani chinovimbisa kusimba.

• Hupenyu hwese hwekambani

Net cash chinhu chakakosha chebhizinesi. Tinowanzo kutaura nezve " nerve ye hondo sezvo ichitonga mishumo yese uye mafambiro emari akaitirwa vanodyidzana nekambani.

Inogona kuongororwa zuva nezuva, vhiki nevhiki, pamwedzi, kota kana gore negore. Inofanirwa kubatanidzwa mune zvakafanotaurwa mumadhibhodhi. Algebraically, inoverengwa nenzira dzinotevera:

Net Cash = Kushanda Capital - Kushanda Capital Requirement

Kana

Mari yakawanda = Cash - chikwereti chemari chenguva pfupi

Zviwanikwa zvemari zvinomiririra zvinhu zvese zvemari zviri pabalance sheet zvinogona kuunganidzwa munguva pfupi. Anosanganisira midziyo iri mumabhanga, mabhuku emari uye Investment Securities (VMP).

✔️Net Cash Dudziro

Mushure mekuverenga, zviitiko zvitatu zvinogona kuitika:

TN >0: Positive net cash flow chiratidzo chekuti kambani inogona kukurumidza kubhadhara chikwereti. Ichi chiratidzo chakanaka chehutungamiri hwakanaka. Zvisinei, haifaniri kunge yakanyanyisa. Muchiitiko ichi, idzi dzinenge dziri mari dzisina kushandiswa zvakakwana uye dzinobereka zvishoma.

lorsque TN <0 : a priori, yakashata mambure mari chinzvimbo chiratidzo chakashata chekutarisira. Asi, zvinonyanya kukosha kuongorora zvikonzero zvechiitiko ichi usati wapa maonero.

Kana iyo mari inoyerera isina kunaka nekuti iyo WCR (Working Capital Requirement) yakanyanya kukwirira, Iyo iri nani manejimendi yeWCR inofanirwa kushandiswa. Kana zvisina kunaka nekuti mari yekushandisa haina kukwana, igwaro rekudyara rekambani rinofanira kuongororwa.

TN=0: mamiriro ezvinhu aya mukuita haakwanisi kuitika.

Unogonawo kudzidza kuzviita kuongororwa kwemari uchishandisa zviyero. Zviri kwauri

Maonero ako mumacomments