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32ECONOMIC SCIENCES
DEBTS OF THE ENTERPRISE IN THE CONDITIONS OF ANTI-CRISIS MANAGEMENT: ANALYTICAL AND CONTROL ASPECTS
Mulyk T.
PhD in Economics, Associate Professor, Head of the Analysis and Statistics Department, Vinnytsia National Agrarian University, Vinnytsia.
Mulyk Ya.
PhD in Economics, Associate Professor, of the Audit and State Control Department, Vinnytsia National Agrarian University, Vinnytsia.
Abstract
The system of analytical support of the enterprise in the conditions of crisis management is investigated. The approaches to understanding the essence of crisis management, its purpose, role and the basic requirements to the formation of the system of crisis management are specified. It is established that the crisis management system should provide an appropriate approach to the enterprise's debt in order to effectively manage it, to ensure optimum balance between receivables and account spay able, to prevent the occurrence of overdue debts, to systematically monitor the calculations, and soon. The analysis of receivables and accounts payables by branches of Ukraine is carried out and the significant excess of receivables is noted. The purpose and tasks of debt analysis, its information sources are highlighted. The procedure for organizing an enterprise debt analysis and a set of indicators for assessing the effectiveness of debt is described. The basic components of the enterprise debt management system are determined.
Keywords: analytical support, crisis management, debt, account receivable, account payable, debt management system
Formulation of the problem. The environment in which the company operates produces a system of calculations, as a result of which may be debt. The calculations are dynamic in nature, which requires appropriate management influences and decisions in the financial management system. Such indicators of the enterprise as solvency and liquidity are calculated based on data on debts to various counterparties and reveal the financial condition of the business entity,have an impact on the level of their investment attractiveness, solvency, business profitability, etc.
Unfortunately, in Ukraine there is a problem of late payments for goods (works, services), with the budget, wages, insurance and other transactions. This situation can be overcome by implementing an effective system of debt management, where an important place is given to analytical assessment of debt and thanks to which you can determine the degree of risk of non-payment of bills, control the relationship between accounts payable and receivable, exercise constant and effective control over culculations.
The works of domestic scientists, in particular, such as L.V. Kruchak, O.B. Volovych, E.P. Hnatenko, V.V. Voloshyna, M.P. Khohlov, В.К Savchuk, T.O. Mulyk and others are devoted to the study of the problems of analytical support of the debt management system of the enterprise. Along with that, some issues are debatable, and a number of important aspects of their organization need to be improved. In this regard, the choice of the topic of this study is quite relevant.
The purpose of the article. Research of organizational and methodological aspects of analytical and
control support of the company's debt, their improvement.
Presenting main material. In terms of crisis management, great importance is attached to debt management of the enterprise. After all, it can constantly occur with late payments, shipment and purchase of goods, which in large quantities can lead to such negative consequences as loss of solvency, deterioration of financial stability and business activity of the enterprise, bankruptcy of the enterprise.
As interpreted by Kovalska A.V., "crisis management of the enterprise is a complex system of enterprise management, which is different by a strategic nature, aimed at eliminating possible and existing problems in its activities by developing and implementing a special program using the full potential of modern management" [1] . In her opinion, "the crisis management system should provide constant monitoring of crisis phenomena, plan, organize and implement anti-crisis measures in order to preserve the basic positive characteristics of the enterprise, as well as to restore its effective functioning" [1].
According to Bass Y.V. and Petliuk A.S., the case of absence of crisis management or improperly formed system of its management, the company is on the verge of bankruptcy. Therefore, the use of an effective risk management system will help restore the solvency and avoid crises in the enterprise [2]. Scientists describe various features of crisis management in domestic enterprises. Thus, Havrilko T.O. and Labunskyi D.O. dis-tinquish:
1) in the context of a financial crisis it is necessary to apply special approaches and management methods;
2) crisis management minimizes the negative consequences;
3) timely detection of the crisis, including financial, reduces its negative impact on the enterprise;
4) it is possible to predict the occurrence of a financial crisis at the enterprise and diagnosis of the probability of risks occurence;
5) it is advisable to use a number of measures to
prepare for the financial crisis, which, in turn, will stabilize the financial condition of the enterprise;
6) the financial crisis can be managed (accelerate, reduce the negative consequences, diagnose threats) [3].
Fig. 1 shows the basic requirements for crisis management system.
ANTI-CRISIS MANAGEMENT
Crisis management _system_
Crisis management mechanism
L.
Crisis management processes_
Flexibility, adaptability, matrix structures Motivation focused on anti-crisis situations Mobility
Degree of informal management Setting on optimism and confidence Software-targeted approaches
Integration Integration according to the values of professionalism Impact assessments of solutions and alternatives
Management diversification Initiative Timeliness of decisions
Degree of centralization, system of situational response Corporateness, mutual acceptance Quality criteria for decisions
Management style
Professional trust
Purposefulness
A clear but anti-bureaucratic organization
Motivation of initiative and self-organization
Staff selection
Research of alternatives
Fig. 1. Crisis management: requirements for the system, mechanism and management process Source: [1].
We believe that the crisis management system should also provide an appropriate approach to debt in order to manage it effectively, to ensure the optimal ratio between receivables and payables, to prevent overdue debts, systematically control the culculations, etc. [4].
In modern business conditions, the rapid growth of debt of the enterprise as a part of obligations and current assets is a common phenomenon, that may endanger their solvency.
The current state of debt in Ukraine by types of economic activity in 2019 is growing.
Thus, current assets as of January 1, 2019 amounted to UAH 5650817.4 million, which is UAH 918268 million more than last year. In the field of agriculture, forestry and fisheries, as of January 1, 2019, current assets amounted to UAH 6,39025.2 million, which is UAH 85,596.2 million more than last year. The amount of receivables at the enterprises of Ukraine increased by UAH 533007.8 million, in the field of agriculture, forestry and fisheries, by UAH 34195.8 million. The share of receivables in agriculture, forestry and fisheries ranges from 11.3 to 10.6%, ie lower than last year by 0.8%. The State Statistics Service of Ukraine also shows that the share of receivables in agriculture, forestry and fisheries is quite significant and
at the beginning and the end of 2018 ranks third (after industry and trade) [5].
According to the State Statistics Service of Ukraine, the total amount of accounts payable by types of economic activity in 2019 is also growing. Thus, current liabilities and collateral as of January 1, 2019 amounted to UAH 5769539.0 million, which is UAH 947846.6 million more, than last year. In the field of agriculture, forestry and fisheries as of January 1, 2019, current liabilities and collateral amounted to UAH 416,146.2 million, which is UAH 77613.1 million more, than last year. The amount of accounts payable at the enterprises of Ukraine increased by UAH 367035.8 million, in the field of agriculture, forestry and fisheries - by UAH 29987.2 million. The share of accounts payable in agriculture, forestry and fisheries ranges from 6.1 to 6.4%, ie 0.3% higher than the last year. Statistics also show, that the share of accounts payable in agriculture, forestry and fisheries is quite significant and at the beginning and the end of 2017 takes third place [5].
The dynamics of changes in debt in Ukraine is also shown in Fig. 2, where it is seen, that
Fig. 2 Dynamics of changes in debt in Ukraine, UAH mln. Source: formed by the authors on the basis of [5].
during the study period at the enterprises of this industry the receivables is dominated , which may be evidence of a significant level of overall liquidity. At the same time, as noted E.P. Hnatenko and V.V. Vo-loshin, "this may indicate a faster turnover of accounts payable compared to the turnover of receivables. In this case, over a period of time, debtors' debts are converted into cash at longer intervals than at intervals when the company needs cash to pay debts to creditors in a timely manner. Accordingly, there is a lack of cash in circulation, which is accompanied by the need to attract additional sources of funding. The latter can take the form of overdue accounts payable or bank loans "[6].
In general, the occurrence of receivables and payables is an objective process. Its presence, size and composition ambiguously affect the results of economic activity of the enterprise, as they have both positive and negative features (Table 1) [7].
However, in order to manage effectively the debt of the business entity should systematically carry out its analytical assessment and control of changes in the field of debt.
First of all, the company's management will be interested in information on:
- the size, dynamics, composition and structure of its debt;
- quality of debt;
- the reasons that led to the emergence and existence (non-repayment) of debt;
- frequency of occurrence and debt repayment;
- the impact of debt on the financial condition of the enterprise;
- the expediency of investing in the debt of the enterprise, etc.
Table 1
Advantages and disadvantages of debt formation of enterprises
Receivables Payables
Positive impact on the enterprise
- stimulating sales growth; - establishing stable and long-term relationships with customers; - formation of a competitive range of goods; - accelerating the sale of stocks and a corresponding reduction in maintenance costs, etc. - additional financing of working capital and building economic potential; - obtaining additional income; - reducing the cost of raising capital; - reducing the risk of losses from inflation, etc.
Negative impact on the enterprise
- withdrawal of funds from circulation; - the occurrence of costs for the management of receivables; - the risk of non-return, losses from inflation and reduced profits, etc. - increase in liabilities; - occurrence of losses from non-receipt of discounts on products, goods, services purchased; - the risk of loss of solvency and financial stability, etc.
Source: [7].
Speaking about the purpose of the analysis of debt and its significance, Hnatenko E.P. and Voloshina V.V. note: "The purpose of the analysis of receivables and payables is to identify the amount of justified and unjustified debts; changes during the analyzed period, the reality of the amounts of receivables and payables, the reasons and prescription of debt formation, etc. In this regard, the analysis of receivables and payables is an important part of the financial analysis of the enterprise and allows to identify not only indicators of current (at the moment) and future solvency of the enterprise, but also the factors, influencing their dynamics, as well as to assess quantitative and qualitative trends in the financial condition of the enterprise in the future "[6].
Hence the main tasks of debt analysis are:
- determining the composition and structure of accounts payable and receivable in terms of debt payment, and by types of debt;
- determining the composition and structure of overdue debt, its share in the total debt;
- identification of the amount and structure of arrears on promissory notes, claims, advances issued and received, property and personnel insurance, settlements with other business entities, bank loans, etc .;
- detection of incorrect transfer or receipt of advances and payments on non-commodity accounts;
- control over compliance with cash and payment and settlement discipline;
- assessment of the quality of debt, the effectiveness of its use;
- assessment of the ratio of receivables and payables;
- development of proposals for effective debt management of the enterprise and its minimization [4].
The main sources of information for the analytical assessment of the debt of the business entity are "Balance Sheet", "Statement of financial performance" and "Notes to the financial statements", which indicates the amount of debt, its types and maturities.
At the same time, the analyst must be sure of the accuracy of the information, for which he examines the concluded agreements, contracts and other documents confirming the existence of debts, conducts interviews with specialists and other employees who have data on the company's debts. It is important to make sure that the information presented in the balance sheet matches the actual amount of accounts payable that exists in the company.
Thus, in the process of organizing the analysis of debt the presence,the composition and structure of the company's debt, its frequency, quality and causes, including overdue should be evaluated and studied separately. To study the composition and structure of debt, its dynamics, it is appropriate to compile special analytical tables, graphs, figures.
During the analysis it is also appropriate to compare the amounts of receivables and payables. The results of such a comparison may reveal an increase or decrease in debt of the enterprise.
As Kruchak L.V. aptly notes "the coverage of receivables by accounts payable is positively assessed. The results of such analysis may indicate that:
- increase or decrease in receivables and payables
can lead to negative consequences for the financial condition of the enterprise;
- reduction of receivables against accounts payable may occur due to the deterioration of relations with customers, ie due to a decrease in the number of buyers of products;
- increase in receivables against accounts payable may be the result of insolvency of buyers "[8].
She also notes that "some excess of accounts payable versus receivables will have a positive effect on the financial condition of the company. At the same time, the company must repay its debts regardless of the state of receivables. According to analysts, if accounts payable exceed receivables, the company uses funds rationally, ie temporarily attracts more funds, than distracts from circulation. Accountants believe, that the company is obliged to repay accounts payable regardless of the state of receivables "[8].
The ratio of accounts payable and receivable is calculated by the ratio of accounts payable to receivables, which allows to identify, as correctly noted Hnatenko E.P. and Voloshina V.V. [6] how much accounts receivable per 1 hryvnia accounts payable, and the optimal value of this ratio varies from 0.9 to 1.0, ie accounts payable should be only 10% higher than receivables.
The use of debt of the enterprise - is the course of the organization of its movement and one of the management stages, which is associated with the maintenance of various operations. The effectiveness of the use of debt is associated primarily with the ability to bring certain economic benefits. Management will be effective if the benefits outweigh the costs. Because of this, it is advisable to assess the effectiveness of the use of debt in the enterprise, based on the study of certain indicators that characterize the ratio of results to costs or resources. . This group includes indicators of turnover or indicators of business activity. In our previous studies, it was noted that "indicators of business activity, which characterize the effectiveness of economic activity in terms of changes in net income, asset turnover, resource use and volume of economic activity. These indicators make it possible to assess the company's growth in economic activity "[9].
The set of indicators for assessing the effectiveness of debt, it is recommended to assess the coefficients (table 2), which in a grouped form presented Vlasova N.O. and Nosach L.L. based on research by various authors.
These indicators, firstly, characterize the speed of debt (Obzi) - estimate how many times in a given period the debt arises and returns to the business entity (accounts receivable), or attracted and returned by the company (accounts payable), and secondly, characterize their average value in days for a certain period or the average period of time from their occurrence to repayment (TZI) - show the number of days required to repay receivables and the number of days required to make payments to creditors of the enterprise.
It should be noted that scientists suggest the use of different methods of analysis to manage the debt of the enterprise. So, one of them is ABC analysis. This is a
method of economic analysis, which is based on the principle of dividing all debtors into groups, according to the share of a particular indicator [11]. It involves the division of objects of analysis into 3 groups: debtors of group A are the most important - those 20%, which account for 80% of receivables and deserve increased
Thus, the application of ABC analysis will allow to carrout segmentation, which will give the chance to use the certain methods of influencing debtors: - financial sanctions, the transfer of property and property rights, the suspension of supplies; - reminders with using media or the dissemination of information among related suppliers, which threatens the debtor with the loss of image; - pretentious work, pre-trial rewriting, filing a lawsuit in the commercial court; - arrest of the debtor's property, made by the state executive service or investigative bodies [12].
The analysis of the structure of debt by types is carried out in order to identify the group of customers, who create the largest amount of receivables for the company, to determine the types of products or business directions, that are the most burdensome debts. Particular attention is paid to doubtful receivables. The assessment of the real value and turnover of existing receivables is based on the use of financial indicators; among which we highlight the following: the turnover ratio of receivables; the period of repayment of receivables; the share of doubtful receivables; ratio of doubtful receivables; reserve for doubtful debts; liquidity ratio [13].
One of the main points of debt management is the question of its balance, because the actual excess of receivables over accounts payable will attract credit resources by the company, which will also reduce profits
control, group B - debtors of medium importance -those, that account for 15% of receivables debt and require attention; group C - insignificant debtors -those, who account for 5% of the total receivables of the enterprise [12].
Table 2
due to the need to pay interest on loans. Estimation of receipt of funds from debtors, taking into account the collection coefficients contains the initial data for forecasting the receipt of funds on the account of the enterprise. Collection coefficients show what part of the sold products will be paid by the buyer in the current period, what part in the next.
To prevent the situation of non-repayment of the client's debt, it is necessary to set limits on the amount of debt, above which, the decision on further shipment is made by the top management of the enterprise [14]. In many countries, the method of receivables restructuring has become quite widely used. The application of this method involves the accelerated transfer of receivables into other forms of current assets of the enterprise: cash and short-term securities. The essence of the method is to use factoring techniques, accounting for bills issued to the client and forfaiting. However, in Ukraine the application of these methods has not become widespread, which is primarily due to the insufficient level of development of infrastructure of financial market [15].
Lending conditions are a very important factor, that affects sales volumes. They consist in establishing, for individual buyers: terms of payment, discounts for timely payment, terms of validity of discounts. Factors, influencing the choice of lending conditions by the
Indicators of turnover of receivables and payables
Formula Marking
1. Speed of turn, turns
TRa=NI/Ra TRa - turnover of the average for the period of accounts receivables - Ra; NI - net income of the enterprise for the relevant period
TPa= Cs/ Pa TPa - turnover of the average for the period of accounts payable - Pa; Cs - the cost of sales of the enterprise for the relevant period
TRc=NI/RCa TRc - turnover of the average for the period of commercial accounts receivables - RCa
TPc= CCs/ PCa TPc - turnover of the average for the period of commercial accounts payable - PCa
TRt= NI/RTa TRt - turnover of the average for the period of trade accounts receivables - RTa
TPt= Cs/ PTa TPt - turnover of the average for the period of commodity accounts payable - PTa
2. Duration of one turn, days
DR= Rc X 360/NI DR - the average duration of one turnover of accounts receivables per year
DP= Pc X 360 / Cs DP - the average duration of one turnover of accounts payable per year
DRa= Rca X 360/NI DRc - the average duration of one turnover of commercial accounts receivables per year
DPa= Pca X 360/ Cs DPc - the average duration of one turnover of commercial accounts payable per year
DRt= RTa x 360 /NI DRt - the average duration of one turnover of trade receivables per year
DPt= PTa x 360 / Cs DPt - the average duration of one turnover of commodity accounts payable debt for the year
3. Duration of the operating and financial cycle, days
DOc=DT+DR DOc - duration of the operating cycle, DT - the average duration of inventory turnover
DFc= DT+DR-DP DFc - duration of the financial cycle
4. The ratio of the duration of turnover of receivables and payables, units
Rt= DR/ DP; Rtc = DRc/ DPc; Rt3m=DRt/DPt
Source: [10].
company buyers include: shelf life of products, solvency of buyers, desired sales volumes, demand for products, seasonality of goods, features of pricing policy, size of the purchasing party, expansion of markets.
Repayment of receivables involves the following stages:
- creation of a register of debtors, which includes systematization, ordering of debtors by the amount of debt, terms, financial condition;
- planning daily activities with debtors: telephone conversations, letters, contracts, etc.;
- choice of actions, regarding debt repayment, which may include repayment schedules, analysis of borrowers' balance sheets and other information, related to economic activity;
- use of alternative debt repayment instruments.
In the economic literature there are two ways to
determine the allowable amount of receivables for the company:
- calculation of the required amount of working capital, which is directed to receivables for the day;
- calculation of the maximum amount of receivables for the year.
It should be noted, that an important element of management is control, which provides the ability to make effective management decisions, as well as their implementation. With the help of control, based on a detailed study of financial and economic activities of the enterprise, measures to prevent theft and loss, to save money and financial resources, to prevent deviations from legislation, regulations, optimal modes of operation of the enterprise are developed [16].
The purpose of controlling the settlements with debtors and creditors is to establish the completeness, accuracy and timeliness of data in the primary docu-
Source:
Controlling the correct reflection of receivables and payables in the financial statements of the enterprise is a very important issue, because to assess its financial condition the category of liquid assets is used, which includes receivables, and the category of short-term liabilities, which includes accounts payable. Control over the debt movement is one of the most important factors in maximizing profits, increasing liquidity, solvency and minimizing of financial risks. Properly designed debt control strategy gives the right to timely and fully fulfill existing obligations to customers, which contributes to the building a reputation of a reliable and responsible business entity.
It should be noted, that one of the effective tools of the control system at the enterprise, including the state of debt, is monitoring. In its primary meaning,
mentation of the enterprise, accounting registers and reports. Control provides for the verification of inspections for compliance with planned indicators; setting up a system for monitoring the timing of payments; control over the implementation of contractual relations by both contractors and staff; identification of reserves for growth of solvency of the enterprise and control over the results of optimization management decisions [16].
Control is an integral part of the management system of the economic entity and solves the problem of direct management of current activities. Based on the peculiarities of internal control and the functions, performed in the management system, it is possible to formulate its tasks, including debt management issues. The tasks of debt control are the following operations (Fig. 3):
Controlling the correct reflection of receivables and payables in the financial statements of the enterprise is a very important issue, because to assess its financial condition the category of liquid assets is used, which includes receivables, and the category of short-term liabilities, which includes accounts payable. Control over the debt movement is one of the most important factors in maximizing profits, increasing liquidity, solvency and minimizing of financial risks. Properly designed debt control strategy gives the right to timely and fully fulfill existing obligations to customers, which contributes to the building a reputation of a reliable and responsible business entity.
It should be noted, that one of the effective tools of the control system at the enterprise, including the state of debt, is monitoring. In its primary meaning, monitoring is a complex system of monitoring the state of the environment (atmosphere, hydrosphere, soil cover, etc.) in order to its control, forecast and protect [16].
monitoring is a complex system of monitoring the state of the environment (atmosphere, hydrosphere, soil cover, etc.) in order to its control, forecast and protect [16].
Monitor should be carried out on the occurrence and repayment of the company's debt, in order to identify early the signs of unstable functioning of the settlement system. Thus, the monitoring of indicators, that characterize the financial condition of enterprises, is one of the tools for analytical processing of information about the state of payment systems. The study of cash flow makes it possible to trace the dynamics of cash at the box office and on the current account of the enterprise. When analyzing the indicators of sales revenue, an analysis of changes in the dynamics of barter and monetary surrogates in its composition is carried out, as
S
a
S A T
- confirmation of the reliability of internal information on the amount of receiva-
bles and payables; - assessment of the effectiveness of their use;
- detection of deviations of actual indicators of receivables and payables from the
planned values and factors, that influenced these deviations; - search for domestic reserves to increase financial stability.
Fig. 3. The task of debt control
[16].
the use of such methods of calculation has a negative impact on the intensity of cash flows. Every quarter, or at other times specified at the enterprise, the monitoring department of the organization must assess the probability of debt collection. This assessment is based on data on the client's past debt repayment, terms of debt, current financial position and relationship with the company. As a rule, all large debtors are considered separately, and the general approach is applied to smaller ones.
The business entity may use the monitoring results as additional arguments, including when getting a loan, if the information provided by the company proves that its financial position is better, than in other companies in the region or industry. Despite the demand for monitoring data, there is almost no use of data on cash flows, as well as related analysis of investment activities of enterprises. But this is, where the information, that reveals the strategy of capital management of the enterprise, reflects the loss or lack of resources for financing is contained. Cash flow analysis data can be used to identify the main sources of funding for enterprises and assess the effectiveness of the use of funds.
Monitoring of the components of receivables and structuring it by terms will provide: control over the current amount of receivables; tracking the amount of receivables of all buyers by maturity; identification of debtors with the largest amount of overdue debt and development of urgent measures in the management of receivables.
In particular, the debt at the enterprise is controlled not only by the internal audit department, but also by such functional divisions of the company as: sales and procurement service, financial and economic service, accounting, legal department, marketing department, project managers and financial managers. In the presence of a developed structure of divisions and large volumes of activity, the function of coordination of work on the control of receivables and payables is entrusted to the internal audit service of the enterprise. The effectiveness of debt management largely depends on how coordinated the actions of the above services are.
In view of the above, and in order for control to ensure the proper effectiveness of management decisions, its organization should begin with clarifying the
data contained in the financial statements, involving additional sources of information, especially analytical registers and other available information about the controlled object. The result of such adjustment is the submission of more complete information on the composition and structure of debt, its provision, the value of collection rates, as well as the average size of outstanding debts for a number of years [16].
Thus, in practice, it may be necessary to develop detailed regulations, that describe in detail the entire process of debt management and contain the information about the rights and duties of the employees, involved in this process. In particular, such regulations should contain recommendations and requirements for the following components:
- the order of formation of the balance of payments of the trade organization;
- the procedure for establishing the reliability and solvency of a potential counterparty at the stage of concluding the contract;
- personal liability of officials, who initiated the conclusion of an agreement with "unreliable" counterparty, which led to the occurrence of overdue or bad debts;
- system of motivation of the personnel of the organization, involved in the process of managing receivables and payables;
- the procedure for creating reserves for doubtful debts;
- system of discounts provided;
- the procedure for conducting an inventory of assets and liabilities;
- the procedure for reconciling settlements with counterparties;
- the procedure for forming monthly and current reports for the company's management [16].
Thus, anti-crisis management of receivables and payables at the enterprise is a process of development and implementation of management decisions regarding the consistency of their size and speed in time, providing the required profit and the optimal amount of free funds.
The main components of the anti-crisis debt management system are presented in Fig. 4.
Fig. 4. The main components of the anti-crisis debt management system of the enterprise. Source: built by the authors on the basis of [7].
Based on the study, it is possible to propose measures to streamline information support for debt management.
In general, dictionaries give the following interpretation of rationalization. Rationalization (Russian -rationalization, English - rationalization, improvement, German - rationalisierung) - the organization of any activity in more appropriate ways than existing, improvement, improvement of something [17].
Under the rationalization of information support for debt management, we understand the process of improving it, which is aimed at making more effective management decisions, improving the company', its competitiveness and profitability, creating conditions for economic security and stability in the future.
The following measures to rationalize the information support for debt management are proposed:
- analysis of the composition, structure and dynamics of changes in the debt of the enterprise;
- monitoring the economic and financial activities of potential debtors and creditors, compiling a rating of their solvency;
- calculation of the term and amount of commercial credit, provided to buyers and justification of the optimal term for granting deferred payment of bills;
- justification of expediency of receiving a deferral of payment of suppliers' bills and the optimal term of such deferral;
- use of modern forms of refinancing of receivables;
- prevention of bad and overdue debts;
- construction of effective systems of control over the movement and timely repayment of debts of the enterprise;
- development of a debt management plan of the enterprise [4].
The consequence of the implementation of these measures in the practice of enterprises should be: en-
suring the continuous operation of business entities; accelerating the circulation of working capital; maximizing the profit of the business entity; improving its competitiveness, increasing the level of economic security, etc.
Conclusions. Thus, the crisis management system should provide an appropriate approach to the debt of the enterprise in order to effectively manage it, ensure the optimal ratio between receivables and payables, prevent the overdue debts, systematically control the-calculations, and so on. In order to effectively manage the debt of an economic entity, it is necessary to carry out its analytical assessment and control of changes in the field of debt systematically. Analytical and control support of debt in the crisis management system should be aimed at meeting the information needs of management in making management decisions regarding the occurrence or repayment of debt. Only on the basis of unbiased and timely information effective management decisions on debt can be made.
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TECHNOLOGY PLATFORMS AS A BASIS FOR DIGITAL TRANSFORMATIONS OF ORGANIZATIONAL AND ECONOMIC MECHANISM OF MANAGEMENT IN THE REAL
ECONOMY
Zhukova I.
Ph. D., associate Professor ofpublic and private law, The Russian Presidential Academy of National
Economy and Public Administration, Khabarovsk, Russia
Abstract
Digitalization processes and the introduction of digital technologies form the need for new management tools, the need to change the structure of organizational and economic mechanism for managing industries. Using the example of mining, the article shows that transformations in the management system of the industry in the context of digital innovations are possible, primarily on the basis of technology platforms. However, today there is not only a large number of different platforms, but also a different interpretation of the concepts of "platform". Conceptual aspects in determining the digital transformation processes of the real economy sector management systems based on the technology platform should be considered on the basis of systemic and institutional approaches.
Keywords: mining industry, control system, organizational and economic control mechanism, digital transformation, digital platform, digitalization, technological platform
In the context of dynamic development of the digital economy, digital transformation is not just the evolution of information technologies and computerization of the process. Economic processes are fundamentally changing, the logic of competition is being modified new economic conditions are being formed. In its totality, this creates the need for transition of industrial complexes and their enterprises to the more up-to-date models of functioning. New conditions form the need for
new management tools, the need for a change in the structure of organizational and economic mechanism of management (OEMM) of the industry.
Mining is an excellent example of demonstrating the digital divide between the governance and the real economy. The gap is due to the large volume of digital information, the possibility of providing digital services, the implementation of new forms and methods of
