The directions of management of the commodity debts receivable

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The directions of management of the commodity debts receivable

Stupnytska T. Ph.D., Associate Professor

Department of Accounting and Auditing

Volodina O. Assistant

Department of Foreigh Languages

Zhidkova K. Undergraduate

Department of Accounting and Auditing

Odessa National Academy of Food Technologies

The existing problems of management of debts receivable, which economic entities deal with, have been considered in the article and the mechanism of management of debts receivable has been stated and the stages of its implementation have been characterized.

Keywords: debts receivable, the problems of management, stages of development of management mechanism.

Дебиторская задолженность занимает значительную долю в оборотных активах предприятия, но на современном этапе экономического развития предприятия не могут эффективно управлять ею, что вызывает кризис неплатежей. Это приводит к обострению вопроса эффективного управления де-биторской задолженностью, своевременного ее возврата и предупреждению возникновения безна-дежных долгов.

В экономической литературе рассматриваются аспекты формирования дебиторской задол-женности и ее оценки, однако остается еще много нерешенных вопросов, особенно в области разра-ботки теоретических и практических основ управления дебиторской задолженностью предприятий в современной рыночной экономике Украины.

В статье рассмотрены существующие проблемы управления дебиторской задолженностью, с которыми сталкиваются субъекты хозяйствования, также приведен механизм управления дебиторской задолженностью и охарактеризованы этапы его внедрения.

Одной из проблем предприятия, которая требует безотлагательного решения, является эф-фективное управление дебиторской задолженностью, что оказывает непосредственное влияние на прибыльность предприятия и определяет дисконтную и кредитную политику для покупателей, пути ускорения возврата долгов и уменьшение безнадежной задолженности, а также выбор условий про-даж, обеспечивающих гарантированное поступление средств. Для улучшения финансового состояния предприятия необходимо разработать механизм управления дебиторской задолженностью на пред-приятии, который позволит оптимизировать ее объемы, сроки погашения.

Ключевые слова: дебиторская задолженность, направления управления дебиторской задол-женностью, механизм управления дебиторской задолженностью.

Дебіторська заборгованість займає значну частку в оборотних активах підприємства, але на сучасному етапі економічного розвитку підприємства неспроможні ефективно управляти нею, що ви-кликає кризу взаємонеплатежів. Це призводить до загострення питання ефективного управління дебіторською заборгованістю, своєчасного її повернення та попередження виникнення безнадійних боргів.

В економічній літературі розглядаються аспекти формування дебіторської заборгованості та її оцінки, проте залишається ще багато невирішених питань, особливо в галузі розробки теоретичних та практичних основ управління дебіторською заборгованістю підприємств у сучасній ринковій економіці України.

У статті розглянуто існуючі проблеми управління дебіторською заборгованістю, з якими стика-ються суб'єкти господарювання, а також наведено механізм управління дебіторською заборгованістю й охарактеризовано етапи його впровадження. Однією з проблем підприємства, яка потребує негайно-го вирішення є ефективне управління дебіторською заборгованістю, яке безпосередньо впливає на прибутковість підприємства і визначає дисконтну і кредитну політику для покупців, шляхи прискорення повернення боргів і зменшення безнадійної заборгованості, а також вибір умов продажу, що забезпе-чують гарантоване надходження коштів. Отже, для того щоб покращити фінансовий стан підприємства необхідно розробити механізм управління дебіторською заборгованістю на підприємстві, який до-зволить оптимізувати її обсяги, терміни погашення.

Ключові слова: дебіторська заборгованість, напрями управління дебіторською заборгованіс-тю, механізм управління дебіторською заборгованістю.

Statement of the problem and its connection with important scientific and practical tasks. Debts receivable occupy a great part in current assets but at the modern stage of economic development of an enterprise, it's impossible to manage inefficiently and it causes crisis of mutual defaults payment.

The majority enterprises can't actually function properly with significant debts receivable, because they divert money from the turnover. That's why the question of the effective management of debts receivable is be-coming more and more urgent as well as its timely re-payment and prevention of bad debts appearance. management debt receivable economic

Forming of the aims of the research. The aim of article is studying of problems which arise in case of inefficient management of debts receivable at an enter-prise, revealing of the mechanism of management of debts receivable and stages of management of debts re-ceivable.

The analysis of the latest publications on the problem. The works of the following home scientists are devoted to investigation of the problems of analysis and management of debts receivables O. Borodkin, Ph. Buti- nets, O. Gorbachova, L. Lakhay, L. Prus, O. Rybalko, M.Sychova, O. Tuchak, O. Pavlovska, І. Pylypenko, M. Pushkar, І. Blanc, , I.Vlasov, S. Golov, T. Golovchenko, B. Zhnyakin, E. Ivanov, R. Kaplan, G. Kireytsev G., L. Kovalenko, V. Krasnova, V. Len, S. Maslova, L. Nosach, D. Norton, A. Rerkhacheva, E. Stoyanova. The authors consider the questions of credit policy that's why they reveal general aspects of formation of debts receivable and their estimate in their works. But there are a lot of unsolved questions, especially in the fields of develop-ment of theoretical and practical grounds of management of debts receivable of the enterprises in modern market economy of Ukraine.

Giving an account of the main results and their substantiation. Debts receivable is an integral part of current assets of the enterprise and create both positive and negative consequences for enterprise.

More than 80% of the general volume of debts receivable fall on the payments with customers for the loaded production (goods, works, services), the analysis of the economic activity of the production enterprises testifies to it. That's why debts receivable are one of the main objects of financial management of the enterprise [4, p. 115-116]. In the general structure of the assets, the great part of debt receivable reduces financial stableness of the enterprise, liquidity and increases risks of financial losses. The effective policy of management of debtors allows to expand markets of commodity marketing, to attract new sellers of the production.

We can systematize the main problems of man-agement of debt receivable, with which enterprises and organizations come across, in such a way (fig. 1).?

The above-mentioned problems arise in case of introducing and use of inappropriate corporate policy, marketing and management. One of such methods, ac-cording to some scientists, is determining of the methods and stages of management of debts receivable at the en-terprise, which will result in improving of the financial condition of the enterprise and solving of a number of the marked problems.

Nowadays the main aim of the policy of man-agement of debts receivable is to minimize its volume and terms of collection of debts.

For providing of the paying capacity, liquidity, a profit margin of an enterprise by creating of the efficient mechanism of debts receivable, it's necessary to fulfill the stages, shown in fig. 2 [2].

The proposed stages of development of the me-chanism of debts receivable management (fig. 2) aren't exhaustive. The enterprises, depending on the specific character of their activity, can include additional stages or omit some of the above-mentioned. The content of each stage will be considered in detail. The first stage is fulfilling of the analysis of debts receivable for previous periods. The main task is an estimate of the composition and level of debts receivable of an enterprise as well as efficiency of the current assets in it. The average annual size, average term of payment and share in the structure of the revenue from operating performance are the main parameters which characterize the condition of debts receivable. It is necessary to analyze quantitative and qualitative composition of debts, coefficients of the turnover, proportions of the debts according to the sums and terms of payment, their influence on the financial results of the enterprise. The index of this probability is a term of the debt appearance as well as specific gravity of the stale debt in the total sum. The practice of the activity of eco-nomic entities testifies to the following: the larger the term of debts receivable is, the lower the probability of its payment [5, p. 114].

The great part of debts receivable stipulates re-duce of the financial stability of the enterprise because it requires application of the additional sources of financing and diverts money from the turnover, that's why nowa-days, in modern economic conditions, comparison of debts receivable and credit indebtedness at the enterprise is expedient. And when credit indebtedness exceeds debts receivable, the threat of financial insolvency of the enter-prise is created [1, with. 47].

Formation of the principles of credit policy con-cerning customers, that will allow to increase sales volume, is carried out at the second stage.

The enterprises which extend commercial credit on favorable conditions for the customers, have a great demand for their production and services.

On the basis of correlation of the levels of prof-itability and risk of credit activity of the enterprise, the type of credit policy is determined.

Concerning relation to the customers who buy the production, there are three types of credit policy of the enterprise (fig. 3).

Types of credit policy of the enterprise concerning the consumers (is designed to minimize credit risk). The mechanism of realization of the policy of such type is: reduce of the circle of the production buyers on credit at the expense of groups of the increased risk; minimization of the terms of allocation of the credit and its size; complication of the conditions of credit allocation and increase of its cost; use of strict procedures of collection of debts. characterizes typical conditions of its fulfilling and is oriented to the average level of credit risk during production purchase with post-ponement of payment. has the purpose of increas-ing of the additional profit at the expense of widening the volume of realization of the production on credit, not paying attention to the high level of the credit risk, which accompanies these operations.

Fig. 3. Types of credit policy of the enterprises in relation to buyers [2, p. 23]

In modern conditions the credit policy is widely used in the economically developed countries. In com-munication with temporary hard economic conditions, the credit policy in Ukraine isn't common. That's why the aim of monetary policy of Ukraine at this moment is to decrease inflation rate (by the index of consumption pric-es) to the level of a simple index and keeping it at this level in a moderate-term prospect.

Realization of the third stage will allow to de-velop individual conditions of allocation commercial cre-dits to different customers.

To achieve this, it's necessary to form the sys-tem of standards of the customers: estimate, which in-cludes the following elements: determining of the charac-teristics system, which estimate credit solvency of sepa-rate groups of buyers, formations of the expertise of the information base of carrying out the characteristics of credit solvency of the buyers; choice of the methods of estimate of certain characteristics of credit solvency of the buyers; groupings of the buyers according to the level of credit solvency, differentiation of credit conditions in accordance with the level of credit solvency.

Conditions of crediting are a rather important factor which influences the sale volumes. They mean determining the terms of payment for certain buyers; dis-counts for timeliness of payment; terms of discounts va-lidity. The enterprise must independently introduce terms of payment of the loaded protection by buyers, discounts and terms of discounts validity depending on its demands and specifics character of functioning [2, p. 24].

The next stage provides development of a num-ber of measures concerning liquidation of debts receiva-ble, the terms of which are stale, that is formation of the procedure of collection of debts receivable.

These are procedures of interaction with buyers in case of breaking of payment, the system of punishment of counterparts, who made delay in payments possible and so on.

In this case various methods, which can be clas-sified in the following groups can be used:

- economical-financial sanctions (a fine, a penalty, a forfeit), creation of a mortgage on the property and rights on this property, stoppage of the production delivery;

- juridical-work with claims, sueing;

- psychological - reminding by phone, fax, mail, use of mass media or spreading the information among neighboring suppliers that threatens by a loss of the image of the debtor;

- physical - seizure of a debtor's property, which is done by organs of the state executive service [5, with. 117].

Appearance of the threat of alteration of debts receivable into doubtful is a signal for the enterprise that it will not only lose its profit, but also receive a damage or a loss and for its settlement it will be necessary to use own financial resources.

To avoid such situation it's necessary for the en-terprise to refinance the debts receivables.

Refinancing is a transfer of debts receivables in-to other forms of liquid assets of the enterprise (money or high liquid funs) with the aim of acceleration of the cal-culations. In the world market and in Ukraine, the me-chanism of returning of debts receivable which provide some methods of refinancing of debts receivable, is used, namely this are: factoring, forfaiting, accounting or bill discount.

In such a way, the following priority directions of management of debts receivable can be highlighted [6]:

- organization of the complete and reliable accounting of debts receivable of the enterprise and transfer of the accounting data to its reporting;

- analysis of the structure and dynamics of debts receivable of the enterprise for the previous periods;

- determining of the circle of potential debtors and strict planning of debts receivable of the enterprise for future periods;

- optimization of the structure of debts receivable of the enterprise;

- determining of the possibility of application of the credit policy concerning separate buyers of the production and formation of its principles and conditions;

- acceleration of the process of liquidation of debts receivable with the help of modern forms of its refinancing;

- carrying out of the effective control of formation and liquidation of debts receivable of the enterprise.

Conclusions and prospects of the further investigations. Nowadays the leading question remains perfection of the process of management of debts receivable, because it's an integral component of functioning of any enterprise. So, this subject is rather urgent and in the article the existing problems of management of debts receivable at the enterprises, have been considerate and the stages of development of the mechanism of management of debts receivable have been stated.

One of the problems of the enterprise, which requires immediate solving is efficient management of debts receivable, which directly influences the profitability of the enterprise and determines discount and credit policy for customers, ways of acceleration of the debts liquidation and reduction of hopeless debts as well as choice of the sales conditions which provide guaranteed money receipt. Therefore, to improve a financial state of the enterprise it is necessary to develop a mechanism of debts receivable management at the enterprise which will allow to optimize its volumes, the terms of liquidation.

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Received 14 July 2017 Approved 28 July 2017 Available in Internet 30.09.2017

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