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The main object of analysis of financial condition of the enterprise is its balance of assets and liabilities.

To identify causes of changes in the financial sustainability of the enterprise for the period, it is necessary to analyze the financial results of the company during this period, as well as major fund flows, associated with current supply-side activities, and operations with current assets, with capital investments and capital-exclusions (i.e. transactions with non-current assets, their purchase and sale) and with financing (i.e. transactions with equity and loan commitments, their involvement and amortization).

The second step in the process of financial planning of the company is designing its desired (”normal” financial condition at the end of the plan period, namely, the construction of a realistic (taking into account the actual financial condition of the enterprise) draft balance sheet for the last reporting date. This project should reflect the future financial condition of the enterprise, appropriate with basic interests and expectations of prospective shareholders and creditors of the company, i.e. holders of provided resources for the company.
The next step of financial planning process is comparing the projected (estimated) financial condition of the enterprise with desired (normal) state (it includes an analysis of possible deviations).

Projected statement of assets and liabilities should be compared with the draft balance sheet of assets and liabilities, built earlier, based on the representations of company’s management about the desired (normal) financial condition of the company to the end of plan period. If the deviation of the basic parameters of prognostic balance of the relevant parameters is recognized as insignificant, then calculations of balances of assets and liabilities, revenues and expenses and receipts and payments should be approved in the financial plan of the enterprise. If the deviation of calculated parameters of the project is significant, then we should accept decision to adjust the initial data, which was calculated on the basis of forecast balance sheet and/or parameters of the desired state.

After reaching (by method of successive approximations) an acceptable conformity of calculated parameters of the balance of assets and liabilities of the company with desired (normal) parameters, defined in the design of balance and possible adjustments to the project, we should approve the financial plan of the enterprise. The principal documents of the financial plan should include (as minimum) the plan of incomes and expenditures, balance sheet of assets and liabilities and the plan of receipts and payments. In these three basic documents we define set of interrelated quantitative targets for revenues and expenditures, assets and liabilities and receipts and payments that must be met in the plan period to achieve the projected financial condition. This set of tasks is the basis for planning and implementing of coordinated and targeted actions in enterprise management.

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The mechanism of financial planning in non-profit organizations can be different depending on their organizational and legal forms. Planning of financial resources of budgetary institutions is carried out in accordance with the principles of the estimated funding. In this case in the estimate of revenues and expenses of budgetary institutions we should note as funds received from the budgets of the appropriate levels and extra-budgetary funds, as income from entrepreneurial and other income-generating activities.

Planning of budget allocations is based on the operational-network performances and cost standards, that are set either by law (e.g., minimum wage, unified social tax rate), or by calculating by financial authorities. These performances vary depending on the type of establishment: bed, bed-day, doctor’s visits - in health care, the student - in schools and institutions of secondary vocational education, students - in universities, etc. Planning for extra-budgetary funds should be made separately, in the context of their types: trust funds and grants received, funds from entrepreneurial and other income-generating activities (including revenue from paid services), the funds derived from state funds, currency funds. Revenue from the provision of services, which are the main type of off-budget funds in the majority of budgetary institutions, are based on predicting the number of billable services, that will be rendered in the planning year, and price (cost) for unit in provided services.

Unlike the budgetary institutions? non-profit organizations (with other legal forms of organization), by analogy with commercial organizations reflect the financial resources and directions for their use in financial terms, and its exact form is determined by the statutes of the organization. The financial plan may be submitted in the form of balance of incomes and expenditures or in the form of income and expense estimates, which has, in contrast to the estimates of income and expenditure of budgetary institutions, two additional sections that reflect the relationship with the budget system and payments to lending institutions. Budget allocations in the financial plan of non-profit organization can be recognized as single sum in the form of grants or subsidies received under the federal program or as a means provided by organizations on a state or municipal contracts to pay for goods and services. Planning of the budget is based on applications for participation in the federal target program or in the contest for host the municipal government contract and related calculations. Planning for other types of financial resources should be made in a manner similar to commercial organizations. The financial plan should be adopted by supreme governing body of a non-profit organization.

When we draw up financial plans for non-profit organizations (of all organizational and legal forms) we should use methods for financial planning that we use with commercial organizations: extrapolation, normative, indexed, balance. A special feature of the standard method in financial planning in the budgetary institutions is bound with the use of norms and standards established by law.

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In organization financial planning of activities can be divided into three types. They are different depending on the type of drawing up plan and depending on the term during which it should be developed. Financial planning can be: operative, current and prospective (strategic).

Prospective financial planning covers the period from one year to three years. It consists of the development of the financial strategy of the enterprise and financial forecasting.

Financial strategy of enterprise – these are long-term objectives of financial activity of the company and choosing of the most effective ways to achieve them. The financial strategy should also be consistent with the overall strategy of the company, although it also has impact on the overall strategy of the organization.
The formation of the financial strategy of the enterprise consists of the following steps:
• Identification of the implementation period of the strategy;
• Analysis of factors that have some influence on the external environment of the company;
• Formation of strategic objectives of financial activity;
• Developing of financial policies of the company;
• Developing a system of measures to ensure the financial strategy of the company;
• Assessment of financial strategy.
While developing the financial strategy of the company it is very important to understand clearly and honestly and to determine the period of the strategy correctly.

Much attention in the process of forming a financial strategy we should pay to the analysis of environmental factors, the study of economic and legal conditions for financial firms. It is also important to pay particular attention to the study of risk of factors and trends that take place in the market segment of enterprise, to record and to take into account currency fluctuations and direction of economic policy of the country.

The next stage of the financial strategy of the company is a formation some strategic objectives of financial activity. The main objective should be connected with maximizing the market value of the enterprise. All goals should be formulated more clearly and concisely. The objectives should be reflected in concrete indicators-regulators. Usually, as the strategic we use such indicators as:
• Average annual growth rate of its own financial resources;
• Internal rate of return of the company;
• Ratio of working capital and fixed assets of the company, etc.
On the basis of the financial strategy of the company we can form financial policies of the company on specific areas of financial activity: tax, depreciation, dividend, emission, etc.

Next we should develop system of measures ensuring the implementation of financial strategy, we should define the rights, obligations and liabilities of heads of departments and divisions of the company for the results of the financial strategy of the company.

On the final stage of the development of the financial strategy of the company we should evaluate the effectiveness of this strategy.

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The sense of it lies in fact that in addition to the plans of UB and PT we introduce specialized plans for sales of banking products, costs in the conduct of business, project plans, etc. These plans, in contrast with the UB and PT, contain, along with the financial, non-financial indicators, such as volume of investment and borrowing funds, the number of purchased computers, etc. The structure of these plans are more difficult than UB and PT: this is no longer a hierarchy of articles, but a number of specialized tables, cards, lists etc.

Planning of business activity of the bank with the budgets of sales of banking products can provide the required detail and accuracy of planning. This is achieved by the fact that the planner uses operates with not the values of budget items but with indicators of banking products and their characteristics. Among them we can identify quantitative indicators of sales of banking products, resource indicators, income and expenditure figures.

For each banking product people develop its own model of planning that consists of a set of interrelated indicators. Each indicator we set method of planning and a link to the budget.

An alternative way of sales planning - is planning the volume of business in the context of clients and client groups. In this approach, we use resource and income-expenditure indicators, with possible detailing of bank products. The choice of planning of sales - by product or customer - depends on the orientation of the bank toward the retail or corporate business.

When planning operating expenses and investments it is necessary to ensure the coordinated work of centres of financial responsibility (CFA) of various types: subsidiaries, business units and investment centres. The difficulty is that the results of planning of CFA are some background information for planning budgets of other or affect their plans significantly. In order to establish simple and effective rules of interaction, the diversity of the operational budget is usually limited to three types, depending on the purpose of execution costs:

Constant current expenses – Passport of fixed costs;
Time cost for upgrading - Estimated development;
Investments in new business projects - estimates of earmarked projects.

The process of obtaining the consolidated budget for planning model for the volume of business usually can be done in three steps. First we calculate volume and quantity indices of bank business, then UB and PT in the context of CFA on the basis of sales plans and cost estimates, and at the end we carry their consolidation by the bank. During consolidation we can apply transfers - to assess the income and expenditure of attracting and placing units.

Calculation of volume and quantity indicators usually runs from achieved. Information about the fact and terms of the previous period under UB and PT should be accessible for planners. Indicators themselves can be planned in several ways: set manually, calculated on the basis of standards, or defined using the mechanisms of linear and incremental trend and interpolation.

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Regional financial crises that shock world economy have their positive side. For example, they are at the level of national economies demonstrate the importance of a balanced budget; risk (risk-taking) of the emergence of a large number of “short debt,” etc.

A separate company, in this sense is a “state in miniature”, with the only difference that the decrease in size entails increase in risks. Russian financial crisis has confirmed this very clearly.

The main purpose of financial management and financial planning is:

To achieve a reasonable balance of assets and liabilities of the company. In other words, to ensure sustainable and appropriate cost sources to funding assets;

To ensure the adequacy of funds for all obligations of the enterprise as in terms as in magnitude.

Current and capital intensive operations [supply-related activities, investment and others] form needs in volume and nature of the financing [the structure and nature of the sources]. The task of financial management is to ensure these active operations with funding sources that corresponds to them by nature and structure. The second of the above problems are closely connected with the first. From the point of view of current activities (current operations), in the focus of finance controller there is a balance of payments, but basically it - the equivalence of assets of his business with commitments. It is impossible properly to generate payment transactions without the balance of assets and liabilities and first of all, current of assets and current of liabilities, and mainly for accounts to receive and accounts to pay.

The “double” content of financial planning (planning of assets and liabilities and receipts and payments) reflects the fact that there are two objects of financing: assets and operations.

Sources of financing of assets are liabilities, i.e. liabilities incurred in the company as the subject of civil rights to the owners of resources used by the company in its activities. These obligations can be debt [i.e. borrowed], can be returned upon the expiration of their provision, and equity [indefinitely] that form the obligations of the enterprise to its legal owners [shareholders. participants]).

The sources of finance operations are liquid assets that can be used as a means of payment (in the normal economic system, sources of financing are the funds and commercial paper).

Financial stability

The purpose of the financial management of the enterprise is ultimately achieving and maintaining its financial stability in the long term. The financial strength of companies in a broad sense is its ability to function, getting enough profit for their own production and timely performing of all payment obligations. In this sense, financially stable company is a company which activities provide:

Return on assets, not lower than rates on bank loans;

Return on equity, not lower than return on assets;

Balance of receipts and payments (incoming and outgoing financial flows) or a positive net cash flow in the medium term;

Sufficient mass of net income and amortization (including part of the social welfare and workforce development) to ensure the reproduction of the productive capacity of the enterprise.

Financial sustainability is an integral, general indicator, reflecting the status and business results.

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And also sign up to the RSS feed on this blog, because we will do the best to keep this blog tuned up to the day with new publications about the market of financial planning products and services.

Current planning of financial management is an integral part of the long-term plan; it is based on financial strategy and financial policy on selected aspects of financial activity and represents a specification of its parameters. Developing specific types of current financial plans enable the company to determine (for the next period) all sources of funding for its development; to form a structure of revenues and expenditures of the company, to provide permanent financial solvency, to determine the structure of assets and the firm’s capital at the end of the planning period.

Current financial planning means to develop three key documents:
plan for cash flow;
plan of statement the profit and loss;
Plan of the balance sheet.

The main purpose of these documents - is assessment of the financial situation of the company at the end of the planning period. The current financial plan is created for a period of one year.

Annual financial plan is divided quarterly or monthly, depending on the funding needs. A specific plan would more accurately coordinate the movement of funds, to compare income and expenses, eliminate cash gaps.

At the creation of the annual financial plan, the correspondence of enterprise capabilities to produce products, services supply and demand in the market is made.
Current financial plans of the enterprise are developed on the basis of data about:
Financial strategy of the company;
The results of financial analysis in the intervening period;
Planned volume of production and sales;
Other economic indicators of the operating activities of the company.
Also to the plans developing affect the existing legislation, the tax system and other external factors.

For the preparation of financial documents is important to determine the volume of future sales, usually this plan is already made at the stage of long-term financial planning.
On the basis of these data they calculate necessary amount of material and labour resources and other component costs of production are determined. And then on the basis of these data they develop plan account of profit and loss.
Next plan for cash flow. This plan takes into account all receipts and disbursements, costs and expenses, it shows a net cash flow, i.e. an excess or deficit of funds at a particular time. In fact, it shows the cash flows of the current, investment and financial activities. Differentiation of types of activities can improve cash flow management.

Plan cash flow is usually made for a year, quarterly, and includes two main parts: income and expenses. These parts are in turn divided into costs (revenues) by type of activity: the current, investment and finance.
Final Document of the current annual financial plan is a planned balance of assets and liabilities at the end of the planning period. It shows the state of the property and finance companies as a result of the proposed activity.

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And also sign up to the RSS feed on this blog, because we will everything possible to keep updating this blog with new publications about the market of financial planning products and services.

Financial planning and financial forecasting denote different in meaning concepts and represent different technologies in performance.

In broad terms, the plan - it is a system of targets for the development and operation of the facility, including the steps, methods of achieving and resource allocation. And prognosis - is a prediction about the development and outcome of events or about phenomena on the basis of available data.
Management of the enterprise can plan, only those parameters and indicators that depend on it and that he can control: as a rule, most of the costs and smaller portion of the proceeds.

Everything related to development (is at risk) is forecasting that is a tool of scientific prediction and variation analysis. To the development zone and risk zone refer the larger portion of business income, its dependence on the balance of supply and demand, the actions of competitors, the economic development of the region of state and many other factors.

In the classical technology of financial planning as a basis for planning of the future activity of the company people use the planned volume of sales, and then under it they compile other parameters. It means that the method of planning itself originally involves a high risk of execution of all plans and budgets of the enterprise. Unrealized plans lead to losses and gains and acquired assets become a burden for the company. Knowledge and use of methods of predicting and accounting for all significant factors can make plans more accurate and can reduce risks.
Methods of financial forecasting can be divided into expert and statistics. Be sure to use both. Comparing and analyzing the results, you can make fairly accurate prediction. As experts you should involve as internal sources - employees, as external sources - industry surveys, studies of investment companies, marketing companies, consulting companies, customers and suppliers. Statistical methods allow us to analyze the dynamics of past periods and adjust, if necessary, the expert forecasts.

Financial forecasting of company should not be limited with one variant for development. It is necessary to draw up several scenarios, each with its own parameters of income and expenditure, and to choose the most appropriate.
As described above, the cost is mainly controlled by management of the organization. Consequently, moving from financial forecasting to financial planning, you must set targets that characterize the ways of achieving the projected income and resources.

Financial planning is an integral part of business planning of company.
Financial planning involves following steps:
Strategic planning - vision of the company in a few years
Tactical planning - the dynamics of key indicators for the planned movement to the target
Budgeting - the development of budgets, assigning of responsibility, fixing of target dates.

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P.S. And also sign up to the RSS feed on this blog, because we will everything possible to keep updating this blog with new publications about the market of financial planning products and services.

Retirement is considered as the time when you can leave the main occupation and to enjoy rest and freedom, this is a desirable change for many people, but not for everybody. Crisis occurs when a person invested a lot of energy in the work and didn’t form a range of interests outside of work. Without work, he does not know what to do, and therefore can not treat retirement as a positive change in life. Other people are happy because they have enough time for hobby, on which he didn’t have time because of work.

Some stop working earlier than they planned, due to the changed financial situation, or state of health.

Whatever the reason for leaving, it takes time to adjust to the forced changes in the daily routine and the time, which will now be spend in the company of family members. In a more advantageous position are those who are preparing in advance to ensure that the loss of their traditional way of life and break with the usual environment can cause hard emotional experience.

In spite of the best preparation, for some people it’s very difficult to endure the time of retirement. It is useful for these people to talk about their feelings with family and friends. Gradually, they will find their place in life without their work. They may also find application for their knowledge and skills in private firms, use time and efforts to develop some new skills, attend interesting classes (alone or with partners).

All this also applies to those who had to leave work due to deteriorating health. In fact, to adapt not only to retirement, but also to deteriorating health, it will take time, look for additional opportunities, and it’s useful to talk openly about their worries and fears. We must aim to cope with disabilities, to improve our condition, learn new roles in the family and in the system of public support, to try to get joy from life. Do not underestimate the possibility of stress, you may need help from local social support services and public organizations.

Consulting and interference. Adapting to changes in life is an important task of late adulthood, and retirement, of course, is a significant change. Assistance is the main direction of work in the field of pension consulting. In addition to assistance for pensioners, experts on the pension counseling can help the retirees to adapt to a new lifestyle, find them an employment for additional income and to organize their leisure time. Numerous studies show that some retirees would like to work part-time. The necessity to work after retirement apparently increases with rising inflation and unemployment. Filling the free time is also important for the satisfaction of life of retired people, and that’s why the organization of leisure is one of the directions of consultants in preparing people for the life in retirement.

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P.S. And also sign up to the RSS feed on this blog, because we will everything possible to keep updating this blog with new publications about the market of financial planning products and services.

For each of us the period of retirement is a crisis time of development. Those, who just retired, confront the need to resolve several important problems. First, it is a problem of structuring a large amount of free time that appears.

Secondly, it is a search and testing of the new social roles. For those people who previously identified themselves with their social roles (for example, I am a chief engineer), there may be role shift.

Thirdly, you must find your own sphere of application of your activity.
In order to solve all these tasks successfully, a person must admit his own age and seek active ways to adapt to new situations.

Usually a person is trying to prepare for retirement. This process can be divided into three phases:
- Dropping speed. At this stage, people, approaching retirement age, long to escape from a number of responsibilities, to narrow the scope of liability to avoid a sudden sharp downturn after retirement.
- Advance planning. A person tries to present his life in retirement, to outline some plan of action or occupation, to which he will devote his spare time.
- Living in expectation of retirement. People are busy with caring for completion of work and of registration of the pension. They practically already live with the goals and needs, which will encourage them to act in the remaining years of life.

Everyone, who retired is experiencing this event in different ways. Some perceive it as a loss of the sense of life, as the end of their usefulness. Such person does everything to remain in the workplace after retirement age. Lack of work makes a person to realize that his role in society is weakened. In this case he looks for those activities that would have given him a sense of his own value and involvement in the life of society.

For others, who perceived their work as a heavy duty or emergency need, retirement means freedom from a boring, tedious routine, the need to subordinate authorities. Now they have a lot of free time they can devote to their hobbies, caring for relatives, etc.

Remember, that the retirement age may be time for you to implement many plans and dreams. In order to ensure a decent standard of living after work, you should make the necessary preparations, like:
• open a retirement savings program as soon as you hired;
• pre-determine the future goals for which you save your funds;
• check the performances of your pension fund at least once a year to make sure that they meet the goals set by you;
• at the end of each year you should be sure that you were given all the tax benefits provided by law for retirement savings.

After the termination of your employment your income is your pension and accumulated funds by this moment. With the use of proper, good plan for retirement, you can save a good amount of money, what will help you achieve your financial goals and will help you to feel good and happy at the age of retirement.

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Search Google and other search engines for financial planning systems. Visit social networks and have a look on the accounts that are relevant to your topic. Go to the niche forums and participate in the online discussion. All this will help you to build up a true vision of this market. Thus, giving you a real chance to make a wise and nicely balanced decision.

P.S. And also sign up to the RSS on this blog, because we will do the best to keep updating this blog with new publications about the market of financial planning products and services.

How do you see your future retirement? Maybe you want to move into a cottage on the beach or rent a house in the country? Or you fell depressed because of the fear of being homeless?
Is it possible to equate the word “old” to “poor”?
A number of psychologists drew attention to a new source of anxiety among the elderly people. This concern is particularly gripped the fair sex: many single, widowed or divorced women, looking into the future, see themselves as leaning against a pile of his property on the grid, through which steam was rising.
To get rid of fears, one needs to act according to the plan. It is true that after the withdrawal from affairs, your life will depend on the health status and how much money you will have .You should concern yourself with health and finances. It’s a good advice for all women, who find themselves faced with not a brilliant financial situation.
Let us turn to the facts:
- The majority of married women meet old age widowed.
- Most women earn less than men, and can not bring the same amount of funds in pension funds. Women, who retire, also receive far less than men on social welfare programs.
- Women, who didn’t work for some time (because it was required by the interests of families, those, who worked part-time or didn’t work, those, who were engaged in professional activity after their children have grown) have fewer opportunities to save for old age. When they retire, they find that they are so-called “punished” for the fulfillment of motherhood: their pension is lower because they have worked fewer years and earn less.
- Women on average live longer and suffer from chronic diseases more, so if a woman did not save enough money for old age in advance, she can’t live on her pension.
The planners, financiers, and psychologists agree that the basis for prosperity in the retirement age should start from saving money immediately, regardless of how old you are.
When you making plans for the time of retirement, you should not forget that fact that we do not always live happily. There is a big probability that at one moment you may have serious health problems. When you approach the age of fifty, you go in a transition period. You notice the changes. Fatigue can appear, you can not do what you did before. But to be true, there are some good moments in the time of retirement. In financial terms, this decade is more than satisfactory. At this time, people begin seriously think about what they will do when they grow old and perhaps lose their health, they can think about those things, which they can’t do when they were younger or which they were always dreaming of. And the time of retirement is the good time for new discoveries and new experience in life.

Need help with financial planning - then we highly recommend you to visit this web site with financial planning advice and other useful information.

Plus, some general tips - today the online technologies give you a truly unique chance to choose what you need at the best terms which are available on the market. Funny, but most of the people don’t use this opportunity. In real practice it means that you should use all the tools of today to get the info that you need.

Search Google or other search engines for financial planning products. Visit social networks and check the accounts that are relevant to your topic. Go to the niche forums and participate in the online discussion. All this will help you to build up a true vision of this market. Thus, giving you a real chance to make a wise and nicely balanced decision.

P.S. And also sign up to the RSS feed on this blog, because we will everything possible to keep this blog tuned up to the day with new publications about the market of financial planning products and services.