Indlela yokusebenza yohlalutyo lwemali

Yenza uhlalutyo lwemali, "yenza amanani athethe". Uhlalutyo lwemali luvavanyo olubalulekileyo lweengxelo zemali ukuze kuhlolwe imeko yemali yenkampani. Ukwenza oku, kukho iindlela ezimbini. L'indlela yokusebenza kunye nendlela yezemali. Kweli nqaku Finance de Demain Sibonisa indlela yokuqala ngokweenkcukacha.

🌿Iinjongo zohlalutyo lwemali

Njengesixhobo solawulo lwemali, lusekwe kumbono wobugcisa kuphela osekwe kucazululo nokutolikwa kweziphumo ezinxulumene nokufunda amaxwebhu ocwangciso-mali kunye nawemali.

Inika ulwazi olufunekayo gcina ibhalansi yemali yenkampani kwixesha elide kunye nelifutshane. Ivumela ngokubanzi thatha isigqibo malunga ne-solvency yenkampani, inzuzo yayo kunye nekamva layo. Kule nto, lo msebenzi ufuna ulwazi olufanelekileyo lwemarike ekujoliswe kuyo kunye nezakhono ezithile kwizemali.

Uhlalutyo lwemali lukwinkonzo ye abasebenzisi bangaphakathi nabangaphandle kwinkampani. Ulwazi olusetyenziswa ngawo onke la mahlakani lubalo-mali kunye nolwazi lwezemali.

Ngokuxhomekeke kwizinto abazilindeleyo, iqela ngalinye liya kusebenzisa iziphumo zohlalutyo lwemali ukwenza isigwebo sabo kwimpilo yezemali yenkampani. Ngoko :

✔ Abaninizabelo umzekelo uya kuba nomdla kwi iinzuzo ezinokuthi zibekho, kumvuzo wenkunzi enikelwe kubo nakwinzuzo eyinkunzi eyenziweyo. 

✔ Ababolekisi umdla omfutshane kwi amandla okuhlawula amatyala kunye namandla yenkampani ukuhlangabezana nale mihla yokugqibela yexesha elifutshane.

???? Abasebenzi banomdla kwi uzinzo lwenkampani, kuba nakuphi na ukusilela kuphumela ekuphulukaneni nomsebenzi wabo. Bangamaqabane okwenene enkampani, banelungelo lokuthatha inxaxheba kwingeniso kwaye banokuba ngabanini-zabelo;

✔ Umphathi malunga nokusetyenziswa kocazululo lwemali ukulinganisa intsebenzo yabalawuli bayo, ukuyithelekisa nabo bakhuphisana nabo ngokuthe ngqo, kwaye mhlawumbi nokuphumeza amanyathelo okulungisa. Kananjalo kwaye ngaphezu kwayo yonke into ivumela umphathi ukuvavanya i-solvency yabathengi bayo.

✔urhulumente isebenzisa iziphumo zohlalutyo lwemali ukuya ukuseka iziseko zengeniso yerhafu.

🌽 Yintoni indlela yokusebenza esekelwe kuyo?

Indlela yokusebenza isekelwe kuhlalutyo lwebhalansi yokusebenza ngovavanyo lweMfuneko yeNkunzi yokuSebenza (WCR), i-Working Capital (FR) kunye neNet Cash (TN). Le ndlela yohlalutyo lwemali ithanda ukusebenza kwezoqoqosho kwinkampani. Le ndlela isekelwe kuhlalutyo lomsebenzi, imisebenzi eyenziwayo, kunye nemijikelo eyahlukeneyo apho iinkampani zincanyathiselwe. Indlela yokusebenza ikhokelele ekusekweni kwe- functional balance sheet.

I- functional balance sheet yinkcazo ethile ye-accounting balance sheet. Izikhundla zihlengahlengiswa kwaye zihlanganiswe ngokomsebenzi wazo kunye nomgangatho wazo wokungabikho kwemali. I- functional balance sheet luhlobo lwe-balance sheet apho ukusetyenziswa kunye nezibonelelo zihlelwa ngokomsebenzi. Asisathethi ke apha nge assets and liabilities kodwa sithetha ngemisebenzi ne resources.

Yenza kube lula ukuhlalutya umsebenzi wenkampani ngenjongo ukuqhubeka kweshishini. Olu xwebhu lomncono lufunyenwe emva kokuhlaziywa kunye nokuhlelwa kwakhona kwe-balance sheet sheet, kwaye kwenza kube lula ukuhlalutya ubume bemali yenkampani ngokuthelekisa ukusetyenziswa kwayo nemithombo yayo. Iqaqambisa imijikelo eyahlukeneyo:

• Umjikelo ozinzileyo okanye ozinzile: uthelekiso phakathi kotyalo-mali oluzinzileyo kunye nenkxaso-mali ezinzileyo.
• Umsebenzi: uthelekiso phakathi koluhlu lweempahla, izinto ezifunyanwayo nezihlawulwayo ezinxulumene nemisebenzi.
• Umjikelo ongasebenziyo: uthelekiso phakathi kwezinto ezifunyenweyo nezihlawulwayo;
• Imali : uthelekiso phakathi “i-asethi” imali kunye nemali “yetyala”.

🌽 Ukuhlelwa ngokutsha kunye neenkcazo kwakhona kwiphepha lomnconoe

Ukusuka kwi-balance sheet sheet, i-balance balance sheet ifumaneka ngokwenza iinkcazo ezininzi kunye nokuhlelwa kwakhona kwizinto ezahlukeneyo. Le theyibhile ilandelayo igxininisa ukwahlulahlula kwakhona okwahlukeneyo.

EMPLOIS	IINKCUKACHA
Imisebenzi ezinzileyo (umsebenzi wotyalo-mali) Ii-asethi ezisisigxina ezingabambekiyo (kumaxabiso e-gross) Ii-asethi ezisisigxina ezibambekayo (kumaxabiso apheleleyo) Ii-asethi ezisisigxina zemali (kumaxabiso apheleleyo)	Izibonelelo ezizinzileyo (umsebenzi wenkxaso-mali) ULingano Ukwehla kwexabiso kunye nezibonelelo (uluhlu lwempahla) Izibonelelo (amatyala) Amatyala emali azinzileyo
Iimpahla zangoku ukusebenza Izabelo (kumaxabiso apheleleyo) Iimali ezihlawulwa kwangaphambili kunye nezavenge ezihlawulweyo Iimali ezifunyenweyo ezisebenzayo (ngamaxabiso apheleleyo) Iindleko zokusebenza ezihlawulwa kwangaphambili Ngaphandle kwendawo Izinto ezifunyanwayo ezingasebenzisiyo (kumaxabiso apheleleyo) Iindleko ezingekahlawulwa ezingekasebenzi Ii-asethi zemali Izinto ezifumanekayo (Ibhanki kunye nedesika yemali) Izibambiso ezithengiswayo	Amatyala okusebenza ngoku Ingeniso kunye nezavenge ezifunyenweyo Iintlawulo zorhwebo ezisebenzayo Amatyala ezentlalo kunye nerhafu Ezinye iintlawulo zokusebenza Umvuzo wokusebenza omisiweyo Ngaphandle kwendawo Amatyala erhafu Amatyala kwii-asethi ezisisigxina Amanye amatyala angasebenzisiyo Umvuzo orhoxisiweyo ongasebenziyo Imali yetyala Ii-ovadrafti zebhanki zangoku kunye neebhalansi zetyala lebhanki
TIYONKE ESEBENZAYO	TI-OTAL PASSIVE

✔ Ukuhlelwa ngokutsha komjikelo “wotyalo-mali”

Ngexesha lohlalutyo lwemali, ii-asethi ezingatshintshiyo kufuneka zibandakanywe kwii-asethi zesixa-mali sazo esipheleleyo, o.k.e. ingabandakanyi ukuhla kwexabiso kunye nokunciphisa amaxabiso. Le yokugqibela, ethatyathwe kwii-asethi, kufuneka ivele kwi-equity yabanini-zabelo phantsi kwee-liabilities. Kwabo baxhaswa ngemali ngokuqeshisa, ixabiso lokuqala (Ithatyathwe kwixabiso lentsalela) kufuneka ichongwe kwaye yongezwe kwimisebenzi ezinzileyo, ngendlela efanayo nempahla esisigxina yenkampani.

Ukuhla kwexabiso okongezelekayo okwenziwa ukuza kuthi ga kulo mhla kufuneka kubalwe kwaye isixa-mali esingeniswa kwizibonelelo ezizinzileyo. Amaxabiso ashiyekileyo kufuneka afakwe kumatyala emali. Inzala eyongeziweyo engekahlawulwa kwiimali-mboleko kufuneka itsalwe kwii-asethi eziyimali ize yongezwe kwii-asethi ezingasebenziyo.

✔ Ukuhlelwa ngokutsha komjikelo “wemali”

I-capital ebhalisiweyo engabizwayo kufuneka inciphise isixa-mali senkunzi njengoko ibonakala kwimithombo ezinzileyo enempembelelo kwii-asethi. THE iibhonasi zembuyekezo izibophelelo (ukuphelisa uhlengahlengiso lwempahla) kufuneka ihlawulwe ngokupheleleyo kwimiba yebhondi enxulumene nayo.

Njengoko kukhankanyiwe ngezantsi, ukuhla kwexabiso okwenziwa kwii-asethi ezisisigxina ezizezakhe okanye eziqeshiweyo kufuneka zongezwe kwi-equity. Ngempahla engatshintshiyo ethathelwe ingqalelo ukuqeshisa, ityala lemali kufuneka lirekhodwe kwi-equity ukwenzela ukulinganisa ukungena kwii-asethi zepropati eqeshiweyo. THE izibonelelo zemingcipheko engafanelekanga enxulumene nexesha elide kufuneka ibandakanywe kwi-equity. Lawo angathethelelekanga kufuneka aphinde acazululwe njengamatyala okusebenza okanye amatyala angasebenziyo ngokuxhomekeke kubume bawo.

Les iqabane akhawunti zangoku, xa ivaliwe, kufuneka iphathwe njengemithombo ezinzileyo. Kufuneka ke ngoko zibandakanywe kwi-equity. Ukuba azihlawulelwanga nangaliphi na ixesha, zihlala zingamatyala angoku.

Les inzala eyongeziweyo ayifunekanga ekubolekeni kufuneka kususwe kwinto "imali ebolekwayo kunye namatyala emali kunye afana nawo" ukunyusa into " amatyala angasebenziyo ". Kunjalo nangee-ovadrafti zebhanki. Kufuneka, ngokwecala labo, zirekhodwe njengamatyala emali.

✔ Ukuhlelwa ngokutsha kwemijikelo “yokusebenza nengasebenziyo”

Kwimeko yohlalutyo lwemali, iimali ezihlawulwa kwangaphambili kunye neediphozithi ezihlawulwe kwii-odolo, iindleko ezihlawulwa kwangaphambili, i-VAT exhuzulwayo (mhlawumbi intengo yetyala leVAT) kunye namatyala athotyiweyo angekahlawulwa (isizathu esichaseneyo siyasebenza nakumatyala okusebenza: iimali ezihlawulwa ngaphambili kunye nezavenge ezifunyenweyo, iVAT okanye amatyala erhafu, kunye nomvuzo orhoxisiweyo).

Isithuba " ezinye iimali ezifunyenweyo » kumaxesha amaninzi, idityaniswe kwizinto ezifunyenweyo ezingasebenziyo. Amatyala kubaboneleli bempahla esisigxina, amatyala erhafu kwingeniso ngokunjalo “ Amanye amatyala agqalwa njengamatyala angasebenzisiyo. Ukongeza, izabelo ezihlawulwayo ezibandakanyiweyo kwizabelo zamashishini ezingenanzala emisiweyo kufuneka zicazululwe ngokutsha kwii-liabilities zangoku ezingasebenziyo.

✔ Ukuhlelwa ngokutsha komjikelo “wemali”

Izibambiso zotyalo-mali, ukuba ziyi-liquid, kufuneka zenziwe zibe yimali esebenzayo. Iqabane lamatyala athotyiweyo angekavuthwa abandakanya amatyala emali.

✔ Ukuhlelwa ngokutsha kweeyantlukwano zoguqulo

Uqhubekeko oluntsonkothileyo lunikiwe kwiiyantlukwano zoguqulo:

Ukuba uGuqulo umahluko uyasebenza: zikhutshelwa kwii-asethi zokusebenza. Ukuba kukho ukuncitshiswa kwetyala kwaye siyabasusa kwii-asethi kwaye sisusa kumatyala okusebenza, ukuba kukho ukwanda kwetyala.

Ukuba inguqulelo yePasitive iyahluka: ziyasuswa kumatyala kwaye zitsalwe kwii-asethi zokusebenza ukuba kukho ukunyuka kwezinto ezifunyenweyo. Kwimeko yokunciphisa amatyala, sibadlulisela kumatyala okusebenza. Isishwankathelo, le theyibhile ingezantsi idibanisa iinkcazo ezahlukeneyo kunye nokuhlelwa ngokutsha ekufuneka kwenziwe kwiphepha lomncono.

Izithuba	Ukuhlaziya
I-Amortization kunye nokuhla kwexabiso	§ Ukuphelisa kwii-asethi § Ukongezwa kwezixhobo zakho
Iindleko eziza kusasazwa kwiminyaka emininzi yemali	§ basuse kwi-asethi § Itsalwe kwi-equity
Iintlawulo zentlawulo kunye neebhondi	§ Ukuphelisa kwii-asethi § Itsalwe kwi-equity
Abaninizabelo abangabizwayo-inkunzi	§ Itsalwe kumatyala emali (iiakhawunti ezivaliweyo) § Ukongezwa kumatyala exeshana elifutshane (iidiphozithi zethutyana)
Ii-ovadrafti zebhanki zangoku kunye neebhalansi zetyala lebhanki	§ Itsalwe kumatyala emali § Ukongezwa kwamatyala ajikelezayo
Iiakhawunti zangoku zamaqabane amatyala	§ Ukongezwa kwizinto zangoku (iimali ezifunyenweyo) § Ukongezwa kwamatyala ajikelezayo
Inzala efunyenweyo kwimali-mboleko	§ Ukongezwa kwizinto zangoku (iimali ezifunyenweyo) § Ukongezwa kumatyala angekahlawulwa
Inzala efunyenweyo kwiimali ezifunyenweyo eziyinkunzi Amatyala athotyiweyo akafunekanga kunye nezifunyenweyo ezabelweyo azifunekanga Imali yokuqeshisa	§ Amaxabiso oqobo e-asethi yongezwa kwii-asethi ezingatshintshiyo § Ukulingana kokuhla kwexabiso longezwa kwi-equity § Ukulingana kwenxalenye ye-unamortized yongezwa kumatyala emali

🌽Ibhalansi yemali

Ibhalansi yemali yenkampani ivavanywa ngeendlela ezintathu. Uhlalutyo lwemali lujolise ngokusisiseko Inkunzi yomsebenzi I-Net Global (FRNG), i Ukufuna imali I-Net Global (BFRNG) kunye ne-Net Cash (TN).

✔ Global Net Working Capital

I-FDR yingcinga yobulungisa kwi-balance sheet esebenzayo yenkampani. Kukho amanqanaba amabini enkunzi yokusebenza. Iyonke inkunzi yokusebenza eyintsalela kunye nemali yokusebenza eyimali. Xa kungekho nto ichaziweyo, ingcamango " inkunzi yomsebenzi » ibhekisa kwisambuku sokusebenza sisonke. Ukubala iFR, zimbini iindlela ezikhoyo. Umphezulu wendlela ye-balance sheet kunye nezantsi kwendlela ye-balance sheet. Ukusuka phezulu kwiphepha lomncono, sine:

Iyonke iNet Working Capital = (PF + Ebolekwayo) - Ii-asethi eziZinzileyo

Ukuqhubela phambili ukusuka ezantsi kwiphepha lomncono, sine:

IGlobal Net Working Capital = (uluhlu lweempahla + ezifunyenweyo + ii-asethi zangoku ezahlukeneyo) - amatyala exeshana elifutshane

Itheyibhile engezantsi ibonisa iindlela ezahlukeneyo zokutolika imali esebenzayo.

Uphawu lweFRNG	Iingcaciso
FRNG>0 (positive)	Izibonelelo ezizinzileyo zefemu zilingana nee-asethi ezisisigxina. Oku kuya kuthetha ukuba izixhobo ezizinzileyo zigubungela iimfuno zexesha elide zenkampani. Ibhalansi yemali iyahlonitshwa ke ngoko kwaye inkampani, ngenxa yenkunzi esebenzayo, intsalela yemithombo eya kuthi iyivumele ukuba ikwazi ukuxhasa ngezimali ezinye iimfuno zayo zenkxaso-mali yexesha elifutshane.
si FRNG =0 (null)	Oku kubonisa ukuba izixhobo ezizinzileyo zigubungela iimfuno zexesha elide zenkampani. Nokuba ibhalansi yenkampani ibonakala ifikelelwe, ayinayo nayiphi na intsalela yemithombo yexesha elide yokuxhasa umjikelo wayo wokusebenza. Le meko yenza ukuba ibhalansi yayo yezemali ibe yingozi.
FRNG<0 (negative)	Izibonelelo ezizinzileyo zefemu zi ngaphantsi kwee-asethi ezisisigxina. Iimfuno zexesha elide azihlawulwa ngokupheleleyo ngezibonelelo ezizinzileyo. Ngoko ke kufuneka ixhase inxalenye yeemfuno zexesha elide ngezibonelelo zexesha elifutshane. Le meko yenza ukuba iqhube umngcipheko omkhulu wokutshona. Inkampani kufuneka emva koko ithathe amanyathelo akhawulezileyo ukunyusa izixhobo zayo zexesha elide ukuze iphinde ifumane intsalela yeFRNG.

✔ Imfuno yenkunzi yokusebenza (BFR)

I-(BFR) ngumlinganiselo wemithombo yemali ekufuneka inkampani iyiphumeze ukuhlawula imfuno yezemali evela kwiishifti zokuhamba kwemali ehambelana nokukhutshwa kunye neerisithi ezihambelana nomsebenzi wayo.

Idla ngokubizwa ngokuba " isibonelelo sokusebenza » xa inegetive. Ukubaluleka kwayo kuxhomekeke kubude bomjikelezo wokusebenza, ixabiso elongezelelweyo elidityanisiweyo kwinqanaba ngalinye lalo mjikelezo, ukubaluleka kunye nobude bokugcinwa kwezinto. ekrwada/ukupakishwa, imveliso eqhubekayo kunye neemveliso ezigqityiweyo, kunye nemihla yokugqibela yentlawulo enikwe ngababoneleli okanye ekuvunyelwene ngayo kubathengi. Inkcazo yealgebra eyenziwe lula ye-BFR imi ngolu hlobo lulandelayo:

Imfuno yenkunzi esebenzayo = Ii-asethi zangoku (izitokhwe + ezifunyenweyo zorhwebo) - amatyala akhoyo (iintlawulo zorhwebo + ezihlawulwa irhafu + ukhuseleko loluntu + nezinye ezingezizo ezemali)

Kwakhona sinokuyiqwalasela i-WCR njengomahluko phakathi kwee-asethi zokusebenza kunye namatyala okusebenza.

Isidingo seNkunzi eSebenzayo = (I-Inventory + I-Asethi enokwenzeka) - Amatyala eXesha elifutshane

Ngokwahlula i-WCR esebenzayo kwi-WCR (BFRHE) engasebenziyo, i-WCR iba:

IMfuno yeNkunzi yokuSebenza yeNgcaciso yeSinethi yeHlabathi = BFRE + BFRHE

Abahlalutyi ngokubanzi bafuna ukuba iWCR iziswe ngeentsuku zokurhweba. Ngoko ke, yahlula ngokulula inani elifunyenwe yi-CAHT kunye phinda-phinda nge 365 okanye 360 ​​iintsuku. Ngokuqhelekileyo, kuhlalutyo lwemali, sihlula iimeko ezintathu zeemfuno zenkunzi yokusebenza.

Utoliko lwe-BFR

✔️Le-BFR ilungile

imisebenzi yokusebenza yenkampani mikhulu kunezixhobo zayo zokusebenza. Inkampani kufuneka ixhase ngezimali iimfuno zayo zexesha elifutshane isebenzisa izixhobo zayo zexesha elide ezishiyekileyo. Inokukwenza oku kwakhona ngokusebenzisa izibonelelo zemali zexesha elifutshane ezongezelelweyo, ezifana nemali-mboleko yebhanki.

✔️Ukuba I-BFR ingu-zero

imisebenzi yokusebenza yenkampani ilingana nezixhobo zokusebenza. Inkampani ayinazo iimfuno zokusebenza zokuxhasa ngemali kuba amatyala akhoyo anele ukuxhasa ngemali izinto ezikhoyo.

✔i-BFR ayinayo

umsebenzi osebenzayo wenkampani ungaphantsi kwezixhobo zayo zokusebenza. Inkampani ayinazo iimfuno zokusebenza zokuxhasa ngemali amatyala ayo akhoyo ngoku adlula iimfuno zayo zenkxaso-mali yempahla yokusebenza. Ngoko ke akukho mfuneko yokuba isebenzise inkunzi yayo yokusebenza ukuxhasa ngezimali iimfuno ezinokwenzeka zexesha elifutshane.

🌽 Imali eseleyo (TN)

I-TN luphawu olubalulekileyo lwe-accounting kunye nezezimali kwinkampani. Ukuzimisela kwayo, ukuhlalutya kwayo kunye nokulandelwa kwayo kwenza kube lula ukuqhuba ulawulo olusebenzayo lwamashishini.

I-TN zizo zonke iimali ezinokuthi ziqokelelwe kwixesha elifutshane (sikwathetha ngemali ebonakalayo). Kufuneka kumiselwe:

• Phezulu kwi-pre-creation okanye i-pre-shishini isigaba sokuthatha

Xa inkokeli yeprojekthi iceba ukwenza ishishini layo, kufuneka ibale ukuhamba kwemali eseleyo. Ngokubanzi, olu balo lwenziwa xa kusakhiwa ibhajethi yokuhamba kwemali, itafile eyenza i-forecast yemali.

Ukuzimisela kwayo kwenza ukuba kuqinisekiswe ukuba iprojekthi iyasebenza kwaye ubume bemali benkampani buqinisekisa ukuqina okuthile.

• Kubo bonke ubomi benkampani

Imali eyintsalela yinto ebalulekileyo yeshishini. Sihlala sithetha " inerve ye guerre kuba ilawula zonke iingxelo kunye nokuhamba kwemali ejoliswe kumahlakani enkampani.

Inokujongwa yonke imihla, ngeveki, ngenyanga, ngekota okanye ngonyaka. Kufuneka idityaniswe kuqikelelo kwiideshibhodi. Ngokwe-algebra, ibalwa ngezi ndlela zilandelayo:

Imali eyiNgxowa-mali = iNkunzi eSebenzayo-iMfuneko yeNkunzi yokuSebenza

Okanye

Imali eseleyo = Imali - ityala lemali lexeshana elifutshane

Imithombo yemali imele zonke izinto ze-asethi eziyimali kwiphepha lomncono ezinokuqokelelwa ngexesha elifutshane. Ziquka ii-asethi ezigcinwe ezibhankini, kwiirejista zemali nakwi-Investment Securities (VMP).

✔Utoliko lweMali yeNet

Emva kokubala, iimeko ezintathu zinokuvela:

NT >0: Imali ekhokhwayo iluphawu lokuba inkampani inokukhawuleza ihlawule ityala. Olu luphawu oluhle lolawulo olululo. Nangona kunjalo, akufanele kube phezulu kakhulu. Kule meko, iya kuba yimali engasetyenziswanga ngokwaneleyo kwaye ivelisa kancinci.

lorsque TN <0 : i-priori, ukungena nokuphuma kwemali okungalunganga luphawu olubi lolawulo. Kodwa ngaphezu kwako konke, kufuneka sihlolisise izizathu zale meko ngaphambi kokuba sikhuphe uluvo.

Ukuba i-cash flow inegethivu ngenxa yokuba i-WCR (iMfuneko yeNkunzi yokuSebenza) iphezulu kakhulu, Lulawulo olungcono lweWCR ekufuneka lusetyenziswe. Ukuba ayilunganga ngenxa yokuba inkunzi yokusebenza ayonelanga, ngumgaqo-nkqubo wotyalo-mali wenkampani ekufuneka ujongiwe.

TN=0: le meko xa isenziwa ayifikeleleki.

Unokufunda nendlela yokwenza uhlalutyo lwemali kusetyenziswa ulungelelwaniso. Kukuwe

Izimvo zakho kwizimvo