Before each financial manager in mandatoryorder is the problem of determining the financial position of the enterprise. It, in turn, is evaluated from various points of view, one of the most important among which is the liquidity assessment. To this end, the liquidity of the enterprise's balance sheet is assessed, and liquidity ratios are calculated. On their calculation it is worthwhile to dwell in more detail.
Первым делом определяется коэффициент текущей liquidity (otherwise - the total coverage ratio), which describes the ability of the organization to settle for short-term debts due to current assets. Accordingly, to determine it, it is necessary to divide the amount of current assets by the amount of short-term liabilities. In the course of practical work it was determined that the normal value of this indicator should correspond to the interval from 1 to 2. Sometimes it is more correct to apply not generally accepted norms, but the norms of an individual industry or even a specific enterprise. To calculate the norm, you need to divide the sum of short-term debts and the reserve ratio by the amount of short-term debts. In addition, the total coverage ratio is the upper limit for such an indicator as the ratio of the term liquidity ratio.
To calculate this coefficient, which is alsois called an intermediate coverage factor, it is necessary to divide current assets, of which stocks are excluded, by the amount of short-term liabilities. Quick liquidity determines how much the firm is able to pay off its debts if all receivables are recovered. The lower limit of the indicator is 1, and the upper limit, as already noted, is the total coverage coefficient.
To properly assess the financial situationit is necessary to more accurately calculate the ratio of the term liquidity. This can be achieved by eliminating the least liquid assets from the calculation, but including more liquid assets. If an enterprise shipped a part of its products on a prepayment basis, then this share should be included in the calculation. On the other hand, illiquid financial investments and overdue debts are logically not taken into account, as they will distort the real picture.
The factor of urgent liquidity does not reflectthe ability of the company to instantly recover its debts, so it is necessary to calculate the absolute liquidity indicator. It is determined by the ratio of the most liquid assets of the enterprise, that is, its short-term financial investments (excluding illiquid) and cash, and the amount of the most urgent obligations. According to Western experience, the enterprise should be able to repay immediately 20-25 percent of its urgent debts, but Russian enterprises rarely reach this level. Limited access to highly liquid securities, as well as frequent non-observance of payment discipline, set the average level of the indicator in Russian reality at around 0.1.
For the payment of debts, an enterprise can takesuch measure as the sale of stocks. The amount of the share of liabilities that will be covered in this case is determined by the liquidity ratio when raising funds. Normally, it is from 0.5 to 0.7.
Head of Financial Departmentthe company should closely monitor the levels of liquidity ratios, special attention should be paid to accurately calculate the ratio of liquidity. For a more complete assessment of the state, it makes sense to make a liquidity balance, and also calculate other financial ratios. If these or other indicators do not meet the standards or have negative dynamics, then it is necessary to identify the reasons for this and take measures to stabilize the situation.
