Financial planning and improving of its methods

  • Received February 15, 2017;
    Accepted April 5, 2017;
    Published April 20, 2017
  • Author(s)
    ORCID Researcher ID , ORCID , ORCID ,
    Affiliation: 5th course student, Kharkiv Educational and Scientific Institute of SHEI “Banking University”
    Yuliia Kovalchuk
  • DOI
  • Article Info
    Volume 1 2017, Issue #1, pp. 39-47
  • Cited by
    5 articles

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The paper investigates issues, concerning financial planning at the enterprise. Methods and models of financial forecasting are analyzed and their unification is proposed. The main problems of financial instruments using (such as financial planning) are described. Planning is important element of management, which ensures achievement of strategic priorities. Effective financial planning is essential tool of achieving of the main goals of the enterprise - profit maximization and cost of the enterprise. As market conditions in Ukrainian market of goods and services have its own specificity, which is defined, on the one hand, by means of analysis, formation and allocation of financial resources, and, on the other hand, the sources of reserves increasing, in order to implement the operating and investment activities to ensure their sustainable financial development. It should be noted that the formation of these processes has a significant impact on both objective and subjective factors, such as instability of tax policy and regulatory legislation for national currency, the impact of the global economic crisis, reducing the resources and available current assets etc.

Thus, the increasing volatility of external environment requires managerial entities to speed decision-making and direct financial planning and forecasting, in order to reduce the impact of exogenous and endogenous factors on the financial activities of enterprises.

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    • Fig. 1. The stages of financial planning at the enterprise
    • Fig. 2.Graph of correlation between time period and net income of JSC “Kharkiv Tile Factory” in 2007-2015, ths. UAH
    • Fig. 3. Graphic representation of net income forecast of JSC “Kharkiv Tile Factory” in 2007-2017, ths. UAH
    • Fig. 4 Graph of polynomial model for current liabilities
    • Fig. 5. Forecasting of current liabilities based on polynomial model
    • Fig. 6 Graph of exponential smoothing for equity capital
    • Fig. 7. Forecasting of equity capital on the basis of exponential smoothing model
    • Fig. 8. Graph of polynomial model of net profit
    • Fig. 9. Forecasting of net profit on the basis of polynomial model
    • Table 1. The analysis of technical, economic and financial performance of JSC “Kharkiv Tile Factory” in 2013-2015 years
    • Table 2. Auxiliary table for calculation of time series variation
    • Table 3. Initial and defined data for the calculation of regression line of net income of JSC “Kharkiv Tile Factory”
    • Table 4. Input data for the multiple correlation, ths. UAH
    • Table 5. Calculation of quality of constructed model of multiple regression
    • Table 6 The propositions of improving of financial planning system of JSC “Kharkiv Tile Factory”