Indlela yokusebenza yokuhlaziywa kwezezimali

Yenza ucwaningo lwezezimali, "yenza izinombolo zikhulume". Ukuhlaziywa kwezezimali kuwukuhlola okubalulekile kwezitatimende zezimali ukuze kuhlolwe isimo sezimali senkampani. Ukuze wenze lokhu, kunezindlela ezimbili. Indlela yokusebenza kanye nendlela yezezimali. Kulesi sihloko Finance de Demain Sethula indlela yokuqala ngokuningiliziwe.

🌿Izinjongo zokuhlaziywa kwezimali

Njengethuluzi lokuphatha izimali, kusekelwe embonweni wezobuchwepheshe osuselwe ekuhlaziyweni nasekuchazeni imiphumela ehlobene nokufundwa kwezincwadi zokubala kanye nezezimali.

Inikeza ulwazi oludingekayo ukuze gcina ibhalansi yezezimali yenkampani kokubili esikhathini eside nesifushane. Ivumela ngokujwayelekile nquma nge-solvency yenkampani, inzuzo yayo kanye namathemba ayo esikhathi esizayo. Kulokhu, lo msebenzi udinga ulwazi oluhle lwemakethe eqondiwe kanye namakhono athile kwezezimali.

🌿 Obani abahlomulayo ekuhlaziyeni imali?

Ukuhlaziywa kwezimali kusesevisini ye abasebenzisi bangaphakathi nabangaphandle enkampanini. Ulwazi olusetshenziswa yibo bonke laba bozakwethu i-accounting nolwazi lwezezimali.

Ngokuya ngokulindelekile kwabo, iqembu ngalinye lizosebenzisa imiphumela yokuhlaziywa kwezimali ukuze lizenzele esalo isinqumo ngempilo yezezimali yenkampani. Ngakho :

✔️ Abaninimasheya isibonelo uzoba nentshisekelo ku izinzuzo ezingaba khona, emholweni wezimali zabo ezinkulu ezinikelwe kanye nenzuzo yemali etholiwe. 

✔️ Ababolekisi omfishane onentshisekelo kuyo i-liquidity namandla yenkampani ukuhlangabezana nalezi zinsuku zokugcina zesikhashana.

???? Abasebenzi banentshisekelo ku ukusimama kwenkampani, ngoba noma yikuphi ukwehluleka kubangela ukulahlekelwa umsebenzi wabo. Bangabalingani beqiniso benkampani, banelungelo lokubamba iqhaza enzuzweni futhi bangaba abanikazi bamasheya;

✔️ Umphathi mayelana nokusebenzisa ukuhlaziya kwezezimali ukukala ukusebenza kwabaphathi bayo, ukuyiqhathanisa nalokho eqhudelana nayo ngqo, futhi ngokunokwenzeka nokuqalisa izenzo zokulungisa. Futhi futhi ngaphezu kwakho konke kuvumela umphathi ukuhlola i-solvency yamakhasimende ayo.

✔️umbuso isebenzisa imiphumela yokuhlaziywa kwezimali ukuze sungula izisekelo zenzuzo yayo yentela.

🌽 Iyini indlela yokusebenza esekelwe kuyo?

Indlela yokusebenza isekelwe ekuhlaziyweni kwebhalansi yokusebenza ngokuhlolwa kwe-Working Capital Requirement (BFR), i-Working Capital (FR) kanye neNet Cash (TN).

Le ndlela yokuhlaziya izimali ivuna ukusebenza kwezomnotho kwenkampani. Le ndlela isekelwe ekuhlaziyweni komsebenzi, wemisebenzi eyenziwayo, yemijikelezo ehlukene izinkampani ezinamathele kuyo. Indlela yokusebenza kuholele ekusungulweni kwe- functional balance sheet.

Ishidi lebhalansi elisebenzayo liwukumelwa okuthile kwe-balance sheet. Izinto zihlelwa kabusha futhi zihlanganiswe lapho ngokomsebenzi wazo kanye nezinga lokungabi namali.

Ishidi lebhalansi elisebenzayo liwuhlobo lwe-balance sheet lapho ukusetshenziswa nezisetshenziswa zihlukaniswa ngomsebenzi. Asisakhulumi ngezimpahla nezikweletu lapha, kodwa mayelana nokusetshenziswa nezisetshenziswa.

Kwenza kube nokwenzeka ukuhlaziya umsebenzi wenkampani ngenhloso ukuqhubeka kwebhizinisi. Leli shidi lebhalansi litholwa ngemva kokuphinda kuchazwe kabusha kanye nokuhlelwa kabusha kwe-balance sheet, futhi lenza kube nokwenzeka ukuhlaziya uhlaka lwezezimali lwenkampani ngokuqhathanisa ukusetshenziswa kwayo nezinsiza zayo. Igqamisa imijikelezo eyahlukene:

• Umjikelezo ozinzile noma ozinzile: ukuqhathanisa phakathi kokutshalwa kwezimali okusimeme kanye nokuxhaswa ngezimali okuzinzile.
• Ukusebenza: ukuqhathanisa phakathi kwempahla, okutholwayo nokukhokhelwayo okuhlobene nokusebenza.
• Umjikelezo ongasebenzi: ukuqhathanisa phakathi kwezinto ezitholwayo nezikhokhelwayo;
• Imali : ukuqhathanisa phakathi ukheshi “wempahla” kanye nemali “yesikweletu”.

🌽 Ukuhlelwa kabusha kanye nezitatimende zebhalansie

Kusuka eshidini lebhalansi lokubalwa kwezimali, ishidi lebhalansi elisebenzayo litholwa ngokwenza izitatimende ezimbalwa kanye nokuhlelwa kabusha kwezinto ezihlukene. Ithebula elilandelayo ligqamisa ukuhlukaniswa kabusha okuhlukahlukene.

EMPLOIS	IZINSIZA
Imisebenzi ezinzile (umsebenzi wokutshalwa kwezimali) Izimpahla ezingaguquki ezingaphatheki (ngamanani aphelele) Izimpahla ezingashintshi ezibambekayo (ngamavelu esamba) Izimpahla ezingashintshi zezimali (kumanani aphelele)	Izinsiza ezizinzile (umsebenzi wokuxhasa ngemali) Ukwehla kwenani nokuhlinzekwa (ikholomu yezimpahla) Imibandela (izikweletu) Izikweletu zezimali ezizinzile
Izimpahla zamanje ukusebenza Izitoko (kumanani aphelele) Izimali ezithuthukile nezitolimende ezikhokhelwe Okutholwayo okusebenzayo (ngamanani aphelele) Izindleko zokusebenza ezikhokhelwa kusengaphambili Ingaphandle kwendawo Okutholwayo okungasebenzi (kumanani aphelele) Izindleko ezikhokhelwa ngaphambili ezingasebenzi Izimpahla zemali Ukutholakala (Ideski Lebhange Nemali) Izibambiso ezithengiswayo	Izikweletu zokusebenza zamanje Intuthuko kanye nezitolimende ezitholiwe Izinkokhelo zokuhweba ezisebenzayo I-Dettes fiscales et sociales Ezinye izinkokhelo zokusebenza Imali engenayo yokusebenza ehlehlisiwe Ingaphandle kwendawo Izikweletu zentela Izikweletu zezimpahla ezingashintshi Ezinye izikweletu ezingasebenzi Imali ehlehlisiwe engasebenzi Imali yesibopho Ama-ovadrafti asebhange amanje namabhalansi esikweletu sasebhange
TINANI ELISEBENZAYO	TI-Otal PASSIVE

✔️ Ukuhlelwa kabusha komjikelezo "wotshalomali".

Phakathi nokuhlaziywa kwezimali, izimpahla ezingashintshi kufanele zifakwe ezimpahleni zesamba sazo sesamba, okungukuthi okungabandakanyi ukwehla nokwehliswa kwemali. Lokhu kwakamuva, okukhishiwe ezimpahleni, kufanele kuvele ekulinganeni kwabaninimasheya ngaphansi kwezikweletu.

Kulabo abaxhaswe ngezimali ngokuqashisa, inani langempela (kukhishwe kunani eliyinsalela) kufanele ikhonjwe futhi yengezwe emisebenzini ezinzile, ngendlela efanayo nempahla engashintshi yenkampani.

Ukwehla kwenani okuqongelelekayo okwenziwe kuze kube yilolu suku kufanele kubalwe kanye nenani elifakwe ezinsizeni ezizinzile. Amanani ayinsalela kufanele afakwe ezikweletini zezimali. Inzalo enqwabelene engafanele ukubolekwa kufanele idonswe ezimpahleni zezimali futhi yengezwe ezimpahleni zamanje ezingasebenzi.

✔️ Ukuhlelwa kabusha komjikelezo "wokuxhasa ngezimali".

Ikhephithali ebhalisiwe engabizwa kufanele yehlise inani lemali njengoba livela ezinsizeni ezizinzile kanye nomthelela ezimpahleni. THE amabhonasi embuyiselo izibopho (ukuqeda ukulungiswa kwempahla) kufanele ikhokhiswe ngokugcwele ezindabeni zebhondi ehlobene nazo.

Njengoba kushiwo ngezansi, ukwehla kwenani okunqwabelene okwenziwa ezimpahleni ezingashintshi eziphethwe noma eziqashisiwe kufanele kwengezwe ekulinganeni. Ngezimpahla ezingashintshi ezicatshangelwa ukuqashisa, isikweletu sezezimali kufanele sifakwe ngokulingana kwabanikazi bamasheya ukuze kulinganiswe ukufakwa ezimpahleni zesakhiwo esiqashiwe.

Les izinhlinzeko zobungozi obungenasizathu okuhlobene nesikhathi eside kufanele kufakwe ekulinganeni. Lezo ezingafaneleki kufanele zibekwe kabusha njengezikweletu zokusebenza noma izikweletu ezingasebenzi kuye ngohlobo lwazo.

Les ama-akhawunti amanje kazakwethu, lapho ivinjiwe, kufanele ithathwe njengezinsiza ezinzile. Ngakho-ke kufanele bafakwe ekulinganeni. Uma zingenayo imbuyiselo nganoma yisiphi isikhathi, zihlala ziyizikweletu zamanje.

Les inzalo enqwabelene engafanele ekubolekweni kufanele kukhishwe entweni "izikweletu zezimali kanye nezikweletu ezifanayo" ukuze kwandiswe into " izikweletu ezingasebenzi ". Kungokufanayo ne-ovadrafti yasebhange. Kufanele, ngakolunye uhlangothi, zirekhodwe njengemali engenzi lutho.

✔️ Ukuhlelwa kabusha kwemijikelezo "yokusebenza nengasebenzi".

Esimweni sokuhlaziywa kwezimali, ngokuvamile kubhekwa njengemali etholwayo yokusebenza njengemali ekhokhwa ngaphambili nezitolimende ezikhokhwa kuma-oda, izindleko ezikhokhwa kusengaphambili, i-VAT edonswayo (mhlawumbe isikweletu se-VAT) kanye nezikweletu ezinesaphulelo ezingakakhokhi (isizathu esiphambene siyasebenza nasezikweletini zokusebenza: imali ekhokhwa ngaphambili nezitolimende ezitholiwe, i-VAT noma izikweletu zentela nemali engenayo ehlehlisiwe).

Okuthunyelwe " okunye okutholwayo ezikhathini eziningi, ifaniswa nokutholwayo okungasebenzi.

Izikweletu kubahlinzeki bempahla engashintshi, izikweletu zentela engenayo kanye Ezinye izikweletu » zithathwa njengezikweletu ezingasebenzi. Ngaphezu kwalokho, izabelo ezikhokhwayo ezifakwe ekulinganeni kufanele zihlelwe kabusha ezikweletini ezijikelezayo ezingasebenzi.

✔️ Ukuhlelwa kabusha komjikelezo "wemali".

Izibambiso ezidayiswayo, uma ziwuketshezi, kufanele zithathwe njengezimpahla zemali. Isamba sezikweletu ezinesaphulelo esingakavuthwa sihlanganisa izikweletu zemali.

✔️ Ukuhlelwa kabusha komehluko wokuhumusha

Ukucutshungulwa okuyinkimbinkimbi okwengeziwe kunikezwa ukuze kutholakale umehluko wokuhumusha:

Uma umehluko wokuguqulwa usebenza: zidluliselwa ezimpahleni zokusebenza. Uma isikweletu sincishisiwe, siyawasusa empahleni futhi sikhipha izikweletu zokusebenza uma kukhona ukwanda kwesikweletu.

Uma umehluko wokuhumusha okwenziwayo: ziyakhishwa ezikweletini futhi zidonswe ezimpahleni zokusebenza uma kukhona ukwenyuka kokutholwayo. Endabeni yokwehliswa kwezikweletu, sizidlulisela ezikweletini zokusebenza. Kafushane, ithebula elingezansi lihlanganisa ndawonye izitatimende ezihlukahlukene nokuhlelwa kabusha okufanele kwenziwe eshidini lebhalansi.

Okuthunyelwe	Izitatimende
I-Amortissements et depréciations	§ Khipha ezimpahleni § Ukwengezwa kwezinsiza zakho
Izindleko zizosatshalaliswa eminyakeni yezimali eminingana	§ ukuwasusa efeni § Idonswe ku-equity
Amaphrimiyamu okubuyisela namabhondi	§ Khipha ezimpahleni § Idonswe ku-equity
Abanikazi bamasheya abangabaliwe	§ Kudonswe ezikweletini zezimali (ama-akhawunti avinjelwe) § Ukwengezwa ezikweletini zesikhashana (amadiphozithi esikhashana)
Ama-ovadrafti asebhange amanje namabhalansi esikweletu sasebhange	§ Idonswe ezikweletini zezimali § Ukwengezwa ezikweletini zomjikelezo
Ama-akhawunti amanje ozakwethu babakweleta	§ Kudonswe ezimpahleni ezingashintshi zezezimali § Zingeze kokutholwayo okujikelezayo (okutholwayo okuyingxubevange)
Inzalo etholiwe kokubolekwayo	§ Ukwengezwa ezimpahleni zamanje (okutholwayo okusebenzayo) § Ukwengezwa ezikweletini ezisasele
Inzalo engenile kokutholwayo okunosonhlamvukazi Izikweletu ezinesaphulelo azifanele futhi ezitholwayo ezabelwe azifanele Ukuqashisa ngezimali	§ Amanani oqobo empahla engezwa ezimpahleni ezingashintshi § Okulingana nokwehla kwenani kwengezwa ekulinganeni § Okulingana nengxenye engakhokhiswanga yengezwa ezikweletini zezimali

🌽Ibhalansi yezezimali

Ibhalansi yezezimali yenkampani ihlolwa ngezigaba ezintathu. Ukuhlaziywa kwezezimali kuhloswe ngakho Inhloko yokusebenza I-Net Global (FRNG), i- Kudingeka izimali I-Net Global (BFRNG) ne-Net Cash (TN).

✔️ I-Global Net Working Capital

I-FDR ingumqondo wokulunga kweshidi lebhalansi elisebenzayo lenkampani. Kunamazinga amabili emali yokusebenza. Isamba semali yokusebenza kanye nemali yokusebenza yezezimali. Lapho kungekho lutho olushiwo, umqondo wokuthi " Inhloko yokusebenza ibhekisela emalini ephelele yokusebenza.

Ukuze ubale i-FR, kukhona izindlela ezimbili. Phezulu kwendlela ye-balance sheet kanye naphansi kwendlela ye-balance sheet. Kusukela phezulu kwe-balance sheet, sine:

Sekukonke Imali Esetshenziselwe Isamba Semali = (PF + Ebolekwayo) - Izimpahla Ezigxilile

Ukusukela phansi kwe-balance sheet, sine:

I-Global Net Working Capital = (impahla + etholwayo + izimpahla zamanje ezixubile) - izikweletu zesikhashana

Ithebula elingezansi liveza izincazelo ezahlukene ezingaba khona zemali yokusebenza.

FRNG uphawu	Izincazelo
I-FRNG>0 (enhle)	Izinsiza ezizinzile zefemu zilingana nezimpahla ezingashintshi. Lokhu kungasho ukuthi izinsiza ezizinzile zikhava izidingo zesikhathi eside zenkampani. Ibhalansi yezezimali ngakho iyahlonishwa futhi inkampani, ngenxa yemali yokusebenza, inensalela yezinsiza ezizoyivumela ukuthi ikwazi ukuxhasa ngezimali ezinye izidingo zayo zezimali zesikhashana.
si I-FRNG =0 (null)	Lokhu kubonisa ukuthi izinsiza ezizinzile zikhava izidingo zesikhathi eside zenkampani. Ngisho noma ibhalansi yenkampani ibonakala sengathi ifinyelelwe, ayinazo izinsiza zesikhathi eside ezisalayo zokuxhasa umjikelezo wayo wokusebenza. Lesi simo senza ibhalansi yayo yezezimali ibe sengozini.
FRNG<0 (negative)	Izinsiza ezizinzile zenkampani ziyi ngaphansi kwezimpahla ezingashintshi. Izidingo zesikhathi eside azihlanganiswa ngokuphelele nezinsiza ezinzile. Ngakho-ke kufanele ixhase ngezimali ingxenye yezidingo zesikhathi eside ngezinsiza zesikhashana. Lesi simo siyenza ibe sengozini enkulu yokungabi nazikweleti. Inkampani kufanele-ke ithathe izinyathelo ezisheshayo zokwandisa izinsiza zayo zesikhathi eside ukuze iphinde izuze i-FRNG eyengeziwe.

✔️ Imfuneko yemali yokusebenza (BFR)

I-(BFR) isilinganiso sezinsiza zezezimali inkampani okufanele iyisebenzise ukuze ibhekane nesidingo sezezimali esiwumphumela wokushintshashintsha nokugeleza kwemali okuhambisana nezimali ezikhishwayo namarisidi ahlobene nomsebenzi wayo.

Ngokuvamile kubizwa ngokuthi " insiza yemali yokusebenza lapho negative. Ukubaluleka kwayo kuncike kubude bomjikelezo wokusebenza, inani elengeziwe elihlanganiswe esigabeni ngasinye salo mjikelezo, ukubaluleka kanye nobude besikhathi sokugcinwa kwezinto. eluhlaza/ukupakishwa, ukukhiqizwa kuyaqhubeka nemikhiqizo eqediwe, kanye nezinsuku zokukhokha ezinikezwe abahlinzeki noma okuvunyelwene ngazo namakhasimende.

Inkulumo ye-algebraic eyenziwe lula ye-BFR imi kanje:

Imfuneko yemali esebenzayo = Izimpahla zamanje (izitoko + ezitholwayo zohwebo) - izikweletu zamanje (izinkokhelo zohwebo + ezikhokhelwa intela + ukuvikeleka komphakathi + okunye okungezona ezemali)

I-WCR ingase futhi icatshangwe njengomehluko phakathi kwezimpahla zokusebenza nezikweletu zokusebenza.

Isidingo Semali Esebenzayo = (Uhlu + Izimpahla Ezitholakalayo) - Izikweletu Zesikhathi Esifushane

Ngokuhlukanisa i-BFR esebenzayo kune-BFR engasebenzi (BFRHE), i-BFRNG iba:

I-Global Net Working Capital Imfuneko = BFRE + BFRHE

Abahlaziyi ngokuvamile bafuna ukuthi i-WCR yethulwe ngezinsuku zenzuzo. Ngakho-ke, kwanele ukuhlukanisa inani elitholwe yi-CAHT kanye noku phindaphinda ngezinsuku ezingama-365 noma ezingama-360. Ngokuvamile, ekuhlaziyeni kwezezimali, sihlukanisa izimo ezintathu zezidingo zekhephithali yokusebenza.

BFR Izihumusho

✔️Le-BFR iphozithivu

ukusetshenziswa kwenkampani kukhulu kunezinsiza zokusebenza. Inkampani kufanele ixhase ngezimali izidingo zayo zesikhathi esifushane ngosizo lwensalela yayo yezinsiza zesikhathi eside. Ingakwenza futhi lokho ngosizo lwezinsiza zezimali ezengeziwe zesikhathi esifushane, njengemalimboleko yasebhange.

✔️Uma I-BFR ingu-zero

ukusetshenziswa kwenkampani kuyalingana nezinsiza zokusebenza. Inkampani ayinazo izidingo zokusebenza zokuxhasa ngezimali njengoba izikweletu zamanje zanele ukuxhasa izimpahla zamanje.

✔️i-BFR inegethivu

imisebenzi yokusebenza yenkampani iphansi kunezinsiza zokusebenza. Inkampani ayinazo izidingo zokusebenza zokuxhasa ngezimali, izikweletu zayo zamanje zidlula izidingo zayo zezimali ezimpahleni zokusebenza.

Ngakho-ke ayidingi ukusebenzisa imali yayo yokusebenza ukuxhasa ngezimali noma yiziphi izidingo zesikhashana.

🌽 Imali esele (TN)

I-TN iyinkomba ebalulekile yokubalwa kwezimali kanye nezezimali zenkampani. Ukuzimisela kwayo, ukuhlaziya nokulandelelwa kwayo kwenza kube nokwenzeka ukuzijwayeza ukuphatha amabhizinisi ngempumelelo.

I-TN yizo zonke izizumbulu zemali ezingaqoqwa esikhathini esifushane (siphinde sikhulume ngemali oyibukayo). Kumele kunqunywe:

• Enhla nomfula esigabeni sokudalwa kwangaphambilini noma sokuthatha ibhizinisi langaphambi kwebhizinisi

Lapho umholi wephrojekthi ehlela ukudala ibhizinisi lakhe, kufanele abale ukugeleza kwemali yonke. Ngokuvamile, lesi sibalo senziwa lapho kwakhiwa isabelomali sokugeleza kwemali, ithebula elenza isibikezelo sezimali.

Ukuzimisela kwayo kwenza kube nokwenzeka ukuqinisekisa ukuthi iphrojekthi iyasebenza nokuthi isakhiwo sezimali senkampani siqinisekisa ukuqina okuthile.

• Kuyo yonke impilo yenkampani

Isamba semali siyinto ebalulekile yebhizinisi. Sivame ukukhuluma " inzwa ye impi njengoba ilawula yonke imibiko nokugeleza kwezimali okuhloselwe ozakwethu benkampani.

Ingagadwa nsuku zonke, masonto onke, nyanga zonke, ngekota noma ngonyaka. Kufanele ihlanganiswe nezibikezelo kumadeshibhodi. Ngokwe-algebra, kubalwa ngezindlela ezilandelayo:

Imali Ephelele = Imali Esebenzayo - Imfuneko Yemali Esebenzayo

Noma

Isamba semali = Ukheshi - isikweletu sezimali sesikhathi esifushane

Izinsiza zemali zimelela zonke izinto zemali eshidini lebhalansi ezingaqoqwa esikhathini esifushane. Ahlanganisa izimpahla ezigcinwe emabhange, kurejista yemali kanye ne-Investment Securities (VMP).

✔️Ingqikithi Yezincazelo Zemali

Ngemuva kwezibalo, amacala amathathu angavela:

NT >0: ukheshi we-positive kuwuphawu lokuthi inkampani ingasikhokha ngokushesha isikweletu. Lokhu kuwuphawu oluhle lokuphatha kahle. Nokho, akufanele kube phezulu kakhulu. Kulokhu, kungaba izimali ezingasetshenziswa ngokwanele futhi ezikhiqiza kancane.

lapho TN <0 : i-priori, isikhundla semali esingesihle siwuphawu olubi lokuphatha. Kodwa, kudingekile ikakhulukazi ukuhlola izizathu zalesi simo ngaphambi kokukhipha umbono.

Uma ukugeleza kwemali kungalungile ngenxa yokuthi i-WCR (Imfuneko Yemali Esebenzayo) iphezulu kakhulu, wukuphatha okungcono kwe-WCR okumele kusetshenziswe. Uma kunegethivu ngenxa yokuthi imali yokusebenza ayanele, yinqubomgomo yokutshalwa kwezimali yenkampani okumele ibuyekezwe.

TN=0: lesi simo ngokwenzayo asifezeki neze.

Ungafunda futhi ukuthi ungakwenza kanjani ukuhlaziywa kwezimali kusetshenziswa izilinganiso. Kuphuma kuwe

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