DIRECTIONS OF IMPROVING ORGANIZATION OF FINANCIAL PLANNING OF ENTERPRISE ACTIVITIES

Abstract

The purpose of the article is to develop directions for improving the organization of financial planning of the enterprise and increasing its efficiency. To achieve the goal, such methods as: analysis and synthesis, induction and deduction, generalization, logical method and others were used. The relevance of the topic is due to the fact that the experience of many companies in the developed countries of the world shows that in the modern market with its fierce competition, financial planning is the most important condition for their survival, economic growth and prosperity. It enables them to more effectively organize their production-economic and financial-economic activities, identify problems existing at the enterprise, and take the necessary measures to overcome them. The following areas of improvement of the organization of financial planning of the company's activities are highlighted: introduction of budgeting as a tool of operational controlling; implementation of financial controlling; implementation of strategic planning at the enterprise; risk minimization; reduction of receivables, etc. Thanks to these measures, the enterprise will be able to forecast its solvency and manage it, control the liquidity of the balance sheet, justify and choose sources of increasing financial resources, strengthen its competitive position. It is noted that with the help of financial planning, the uncertainty of the market environment and its negative consequences for the business entity are significantly reduced. However, in practice, the importance of financial forecasting and planning is unjustifiably underestimated. A significant number of enterprises do not use this method of increasing the efficiency of functioning, which is mostly caused by such factors as: a high level of uncertainty in the market environment; instability of the legal framework of entrepreneurial activity; insufficient amount of financial resources in enterprises, payment crisis and high interest rates, which cause the actual lack of funds for the implementation of large investment projects. Problems related to the organization of this system at enterprises have a significant impact on the effectiveness of the financial planning system, namely: the unreality of financial plans, which is usually caused by unsubstantiated sales data, a large specific weight of funds in calculations, understated terms of repayment of receivables, excessive financing needs; lack of efficiency in drawing up plans, lack of a clear system of preparation and transfer of planning information from department to department, unreliability of information, which leads to untimely preparation of the plan; lack of transparency of plans for management, lack of clear internal standards for the formation of financial plans; separation of long-term plans from short-term ones inconsistency, violation of the sequence of operations; low degree of implementation of plans from the point of view of providing the necessary financial and material resources, the presence of deficits. That is why the improvement of the system of plans at the enterprise and the implementation of new progressive methods of forecasting are becoming necessary at the enterprise today, because they stimulate the use of existing and hidden resources and increase the economic efficiency of the financial and economic activities of any firm.