Quản lý tài chính doanh nghiệp vừa và nhỏ

3 sr ry, RONALD C SPURGA 719 t!,405•L QUAN lt TAI CHINH doanh nghiOp vita va nho Bien ditch PGS TS NGUYtN VAN QUV Tbi btin itIn tint nhat Nha xuat ban Thong kit Re NOi 300040 1996 r sb:kl);:12L BALANCE SHEET BASICS FINANCIAL MANAGEMENT FOR NON - FINANCIAL MANAGERS Ronald C.Spurga A MENTOR BOOK L 6I N6I D XU Cdc nhd qudn 19 thdi buck phdi nhieu quyit djnh tdi chinh hon so vol bdt ?Or thdi ndo trudc ddy Thdt kh6 c6 thidc mdt ngdy and cdc nhd qudn 19 khOng phdi xd 19 nhanh hang loot chdng ttl, gidi quy6 hang tdn kho hay cdc khodn cap van caa ngdn hang Bdi vi, hdu hit cdc nhd doanh nghiep deu bdt ddu nghiep cud mink nhang link voc kluIng phdi tdi chinh 14 vay, le nhien ho nhan thdy cdc ddi hei mdi d61 vdi cdc quy6 djnh tdi chinh thoc sO gay nhieu nit rdi Attic dick can sdch Id cung cap cho cdc nhd qudn 131 khong hoot dOng link vuc tdi chinh nhang hieu butt co bdn ve cdc luring th6ng tin tdi chinh del dudc thu thdp thi ndo di ;clic dinh dtkic thai "sac khde" cud doanh nghiep 1/di cudn sdch bon c6 the ndng cao thtdc trinh dd tdi chinh ctia minh nhd: - Mit duoc cdc nhiem vu to bin aid ngudi qudn 19 tdi chinh - Tim thdy cdc ky thugs phan tich cac beau bang tai chinh - Dian gidi duQc bang guy& toan 18 - Mt - Tinh todn dUQc hang an caa cons ty - Sit dung cdc tY le kink doanh dl tinh hog! Ong nth doanh nghiep 'Prong cu6n sdch se kh6ng dung at hanh van vat ckc td nga dgc biet chuyen mon ma sa dung ckc thugt nga tdi chinh thong dung nhdt Chdng hgn nhu chudng bgn se &Mc tat ldm thee ndo de khai tha bang quye't man to - lot czia mgt nhd sdn zulit nhg &Ong thdi qua bgn cang se hoc duoc cdch xdc clink gni ctia ckc nguyen lieu MO, caa lao dgng tnic vd Sc khodn tong chi phi sari xudt a mink hoct bang guy& todn 1ii - tai Tieep theo, bgn se cluoc cung cdp mgt bieu ty l¢ and vdi n6 bgn c6 thi so seitzh hien hogt Ong caa doanh nghiep minh voi Sc ddi thu cgnh tranh Chuong se chi cho bgn thdy ldm ctich ndo de kiim tra ve (man ty tdi chbih Thanh c6ng hay thdt bgi lien quan vdi viec quan /9 tdi chink nhu thi ndo Hay 41 minh tinh tocin vd d6i chiau vdi cdc chudn nutc cad nhang ngttdi thdnh dat Chuang se trinh bay mOt tinh hang ye phlin tIch t9 le Hay to khdm phd cho minh "pluiang phap tinh hidng" ndi ding phdn tich tdi chink duo sa dung d trudng kink doanh Haward no Vd cdc chttang cdn lai khdc se chi cho ban !dm the` ndo vd ndo thi dp dung "phuang phdp tinh hitting" vdo ante tian di !dm cho minh trd thdnh mot chuyen gia !di chink &au kiji boc xong cu6n dip bon St kik oath • NhUng nhiem vu chit yen cua quan 19 tai chinh • Lam the nao de phan tich nhanh va day dU mOt bao cao tai chinh • Dien giai nhu the nao mOt bang quyet town 16 Idi de cfi duoc bite tranh 'attic ve tinh hinh lam an Cu doanh nghiep • Lam the nao de duoc nhan t6 guy& djnh lubng von ding ty • Lam the nao de danh gia "uy tin doanh nghiep", ngubn tien mat, vasac ty le CO - No • Lam the nao de so sanh dieu kien tai chinh cOng ty ban vii cac d6i thU canh tranh • Lam the nao de sit thing cac cOng cu tai chinh nham dat duoc nhung bit& ngoat kinh doanh bat nger va hon the rata a QuAN TAT CH/NH DOANH NGH1$P WA VA NHO Nen dkh td can CO SO CUA BANG TONG ICErT TAI SAN - BALANCE SHEET BASICS CUA RONALD C SPURGA, mat (rang cdc nhd gain ngdn hang au to vd plain rich chi ng khodn n& fling ala mg Hien Mg Id PM chi tich cart Irving Trust vd MGM° su tdi chinh elk, Dpi hoc New York Ong Id Mc ski cua gido trinh d8u at chide as chuling "Chi diin thyc han.h cho cac thj in:dug Ming Ma" (N BD) 10 MUC L VC Trang LOI NOI DAU I OUAN LY TAI CHINH LA GI? Tim ngutin tai chinh ma ban an 22 23 Lam loi nhuan - nghia vu chinh cila ban 24 25 Quan 19 tai san GO Cac c6ng cu quail 19 tai chinh 27 SO sach kee toan 27 Cac ban can tat chinh 28 Kg that phan tich bang tai chinh 29 CAC BANG TAI CHNH Bang tong k& tai san Tai san c6 31 32 • 32 Tai san luu dOng 32 Tai san c6 dinh 33 Cac tai san khac 34 Tai san no 34 11 V6n so him cua doanh nghiep Cdc khoan djnh gia Cac )(hoar' phai thu 35 36 36 Cac khodn hao hat via gia tri hang h6a kho 37 TM san c6 djnh 37 MOt vai vi du 37 Bang quyet toan 16 - lai coa mOt thuong gia ban le hodc ban bu6n 42 Doanh s6 ban hang 42 Nguyen gid hang ban 43 Chi phi ban hang 45 Chi phi chung va chi phi hanh chinh 46 Thu nhap ngoai hoat dOng kinh doanh 46 Bang quyet todn 16 - lai cua mOt nguei san xu6t nh6 12 50 Nguyen lieu tho 50 Lao dOng trim fiery, 51 Chi phi chung cho san 51 Giai thich bang guy& town 16 - Idi 54 Hay sit dung mOt cach than trong! 55 PHAN TICH TY LE COA CAC BAO CAO TAI CHINH Cac doanh nghiep khOng the so sanh yei mQt each chinh xac 56 Cac ty le duos tinh Wan cho nheng thoi diem quy djnh 57 Cac bac) cao tai chinh se cho they diem gi da xay qGa Hui 57 Cac ty le kh6ng phai la nhung kat qua cuoi cilng 57 Thuds tien mat 58 Ty le hien hanh 58 Von luu dOng 60 Ty le thu - "chua" 64 Chu Ity thu h8i trung binh 66 Vong quay hang h6a 68 Chi s6 sinh loi Kha nang sinh loi cna tai san 72 73 Ty suet 10i nhuan cue v6n so him doanh nghiep 73 13 Ty suat loi nhuan rang c6a doanh s6 ban hang VOng quay von dau to Ty suat loi nhuan cua van dau to Cac bao cao tai chinh cang so Sit dung cac ty le KIEM SOAT TRONG QUAN DOANH NGHItP Thanh c6ng hay that bai lien tivan den viec quan ly nhu the nao Ve nthing nguei dot CAC Ti' LE KINH DOANHVA CHUNG DVOC SD DUNG NHU THE NAO Cac bao cao lam hoc 10 nhang mai lien he quan Ba loai ty le Muoi ty le then chat 1.Ty le tai san luu Ong tren no ngan han Ty le no ngan han tren gia trj tai san hau hinh rung 14 74 75 75 79 79 81 83 85 89 91 92 92 94 96 tiu tien hay mei lien he tren tai sAn c6 dei vdi nguOi cho vay, thi ban phAi dua nhang bao dam ten met Ong rdi ve tinh tinh tai chinh n6i chung cho Ioai cap van Viec chap nhen tin dung thuong dita tren nhang yeu t6 sau day: (1) ty 14 no tren tat sAn va (2) tinh hinh tai sin luu ding rang Trong nhieu truang hop cai ty 14 no tren tai sAn la tren hay them chi tren la hoan toan chap nhen duck Tuy nhien, ngob.i gidi han de, cac kg taaat cap von khic cling cd the phAi duoc sit dung Tuy theo tinh tai sin luu ding rang can ban, thong thuong cac ngan hang han the nhung khoAn nQ khOng c6 bao dam gidi han ti 40% den 50% van luu dOng; dei cao hen mQt chat de cho phep xa ly cac cao diem thoi vu Cho den nay, cac ngan hang (Minh gia tinh phi) hop ciia muc lieu vay khOng cO bao dam di chi y den ty le hiOn hard' xem nhu mQt chi s6 dam lien ve tiln mat D6i vdi Mu het cac loM DN mot ty 10 hien hanh chap nbe.n Owe la 1,5 yen DAT Blidc CHAN THAT KHEO PHIA TRubc Dieu quan tong la biet trinh bay truong Nip cia cOng ty bon mOt cich thuy6t phoc cho ngAn hang net nhu ban can phAi gianh ducic cat khoin tin dung khOng c6 bit° dam Ban cats phAi c6 mot k6 hoach tai chinh 198 bao gbm mot ngan sach den mat cho 12 thang cnng flint mot BTKTS va bao cao thu nhap dg !Oen Ban phai chudn bj Q6 giiti thich can Ice nhang bao cao da cfuoc chutin bj va cac gia thief dh xuat tren d6 s6 lieu duoc lap Wan Hay lam d6 ho they rang flitting de /mat clang ditOc ang hO MOt nhac /the cubi cang la nhibu ngan hang tia thich cac bao cao dupe mot nhan vien ke toan ben ngoai doanh nghiep chuiln bj CO the, den tau Q6 khOng duOc Bien giai, niumg kit tam vien ben ngoai hay c6 van tai chinh thwang c6 them met sit tin cay ket qUa caa kinh nghiem chuyen mein d6i vdi cac van de tai chinh va su quen thubc vdi nhieu DN Chi c6 ban c6 the quyet dinh lieu su he' Ito caa nguoi ngolti cO ich cac clam phan vdi ngan hang chit quan caa ban hay khOng 199 12 CAP VON Luu BONG co BAO DAM COng ty caa ban c6 the da dat cidn diem ma d6 khOng thd thu xdp bd sung cac khoan khOng c6 bao dam vdi met ngan hang among mai Dieu c6 thd ngan hang caa ban da dat ddri gidi han cho vay caa minh hoac nhan thay rang khOng the and rOng hon ntia cac khoan tin dung bd sung khOng c6 bao dam Trong tinh hinh d6 c6 the thu xep vdi ngan hang cim ban a ho dam phan vdi mot cling ty tai chinh thuong mai cho met khoan tin dung c6 bao dam holm khoan vay vdi Jai suit thuen IOi hon la khoan vay cd bao dam nhOn trim tiep tit cac chuong trinh cho vay Su khac biet co ban gala khoan cho vay c6 ban dam va khoan vay khOng c6 bao dam d chuong trudc IA viec ten tai met khoan thd chap, tac la met trai quyen uu tien tren tai san c6 dac biet ma ngudi di vay trao cho %mei cho vay Theo BO lust thuong mai ndi thong nhat duOc ban hinh tat ca 50 Bang My, thi tat ca cdc loai the chap hien duoc lien ket vdi mOt 200 suit bao dam" Mo nen co sO cho mOt kite thuat nga ink bao lanh So hien dien dm vat thd chap c6 nghia Ia cac chn no binh thuOng va nlaing nguoi cung (trig thuong mai khOng the nhin vao gia tri cua tai san c6 nhat djnh dd dOl no ngoai tit d6i vdi 'Mang yeu cau cua nguoi cho vay c6 gill the chap CAP V6N BANG TAI KHOAN PHAI THU Hinh [him chung nhat dm cap von cO bao dam la n6 bao gem flitting khoan the chap a doi lay khoan tien cua tai khoan phai thu Kidu cap On duoc ca ngan hang thuong mai va cOng ty tai chinh chao mai Trong billing noon cho vay phan biet gilla cac cOng ty cOng nghiep va cac DN ca nhan, thi thOng thuOng cac khoan Ung trudc c6 the nhan duoc chiem tit 70 den 90% so no ton dong phai thu Th6ng thuong c6 mOt han mO" duoc thidt lap a giai quyeet mot khoan cap von tong luOng ky phial phai thu cua ban tang hay giam Mac du, chi phi tai mat duoc cOng boa c6 the cao hon dal vdi cac khoan vay ngin hang khOng c6 ban dam, phan chinh tech chi phi hien theli vay c6 bao dam Va khOng c6 bao dam c6 thd khOng den not cao nhu the hien ban dau Dieu 15 the chi phi vay c6 bao dam thuong duoc tinh toan doa ten so tien met hien 201 th6i ma nguoi di vay St dung va cac chi phi tai sugt duoc tinh man theo mix vita phai so vdi cac chi phi vay khOng c6 bao dam BAO THANH TORN Nhu cid luu y viec cap On bang cac tai khoan phai thu bao gem khoan vay vdi tai khoan phai thu cim ban vdi to each mot khoan ky guy Trong nghiep vu bao town, khOng gi6ng nhu viec cap von bang cac tai khoan phai thu Cac khoan phai thu duoc cOng ty thud bao mua ma kh6ng can phai truy dbl Tuy the, su dan zep Ming phai truy d6i thOng thu6ng duoc gidi ham doi vdi rui ro tin dung, va yeti to duQc bao ve nhung firth hating hang h6a ban khOng het Bao town (Factoring) la mot logic c6 y nghia doi vdi cac ben deb tac ngoai trach nhiem theo duOi va thu hbi tien Theo truyen thong, cac nghiep vu thu@ bao duoc sit dung cac nganh nghe noi ma cac cOng ty bao town c6 su hieu biet ve khach hang va gia trj khoan tin dung tOt hon cac thuong gia va o nhiltig noi chAng ca the phat buy hieu qua hon chuyen cac khoim phai no tien mat , Viec cap van luu dOng co bao dam cans c6 the thuc hien bang each cam cot hang h6a Trong mQt so truong hop hang boa duoc cat gill cac cita hang cOng Gong, 202 not ma cac ben thii ba khOng lien quan gi vdi noel di vay c6 the dOng bao ve hitting nguoi cho vay cling hOi cling thuyen vdi ho Pho thuOc vao thuc luc cila DN ban va cac dieu kien nganh, ban c6 the !than dttoc to 60 den 75% tien cho vay thong qua mOt khoan the chap bang hang h6a 203 13 CAP VON PHAT TRIEN Co BAO DAM NhUng ngubi cho vay cho la cac khoan vay vOn luu dOng - cho du c6 me rOng tren co so c6 bdo ddm hay kh6ng di Ma - se du0c hoan tra th6ng qua viec toan to dOng cac khoan phai thu va hang Ma suOt chu ky kinh doanh Nhu way, la mOt khoan den mat caa DN, (tang hon la tong loi nhuan h6 tro cho chuong trinh vay Bang each d61 chi6u cac khoan vay vOn phat tridn chiOc me rong cho nhang thoi ky dai hon va duoc hoan tra tU loi nhuan gia tang host dOng cta DN mot vai nam tuong lai Dowdy, mOt each logic la cac khoan vay vOn phat trim duoc bao dam bang ky qty ma khans thay ddi so hau cim ngubi di vay, d6 la phin khOng luu dOng cua tai san c6 dinh nhu may m6c va thi& bi Trong viec cap von tai san luu dOng thi viec cap tin clung ban dau duoc dua vao sO Wong cta tai san ky qty Doi vdi viec cho vay tai san phat then ngubi to finking chu vao_viec xac dinh hOp 19 mOt khoan vay N6i each 204 'chat, bon se can phai chUng minh rang, ven-phat then c6 the duoc sit dung de lam tang cac luting tien mat hay ngubn toan thong qua tang doanh s6 ban hang, het kiem chi phi, hoac stn xugt hieu qua hon Cho du nha xuong, thiet bi hay may al& cta ban chgc se la khoan the chap a, vay von Oat tri‘n, thi viec sit clang cac khoan hen khOng can thiet phai han the mua thiet bj be sung Moi mac Bich kinh doanh deu la chap nhan mi6n la nfi him hen nhitng kha nang cling Mac du ban ca the mong mu6n vay Ia de mua sate met Sian dac biet cfm thiet bi mdi, nEu nhu cac lchoan cht yet cim von phat tridn cht0c thu but vao, thi nguai cho vay c6 le se ddi hei tat ca may m6c va thiet bj cua DN phai duoc the chap va ty le Oki tram ctla tien dat truck chac la phan b6 Mu Q6 gift 25% va 57% cim gift trj btt toan thiet HOP DoNG CHO THUS Doi vdi mOt Oki dac biet cua thiet bi mdi c6 the thu xep mot khoan cho thue Q6 ban se nam giU IchOng phai titc thoi thiet bj ma dung hon la tham gia vao mot Ira can xeep ma ct6 hang eta ban nhan du0c viec sit dung thiet bj mOt se nam qui dinh Nghiep vu c6 mOt se 10i the ye thug ngoai nhiing khoan tien duoc giai ph6ng chua pilaf tra a so btu thigt bi 205 MUA BAN CO DIEU KItN MOt phuong thiic lchae bao gbm vitt mua sam thidt bi tren co s6 toan theo thOi gian MOt each to uhien, sel him tai sin nghiep vu la du® gia nguyen phia ngubi ban cho den nguoi mua da thvc hien ducle tat cA cac khoan than theo yeu cau hang thitng hoot hang guy thei han cUa hop dbng BAN CHO TRUE LAI Hau het cac khoan cho thud mua bao la thiet bi med D6i c6 the ban thiet bi ma DN cua ban nam gift cho, mat 9011g ty cho' thud va sau d6 thud lai n6 Dibu c6 the dux hien dupe theo each net' tren dd nhan &toe mot khoan vay truck bang hoc ldn hon khoan tien c6 the nhan dupe theo kieu am co c6 hop dbng GAN N6I CAC 111/ TO ICHAC NHAU LAI Nhitu hoat dOng kinh doanh duoc cap Win met ach t6t dep b6i su ket hop hai has nhieu loaf nghiep vu tin dung khac throe m6 to tren day Vi du DN ciut ban c6 the du tieu chuiin de vay mat khoan tin clung ngan hang c6 bao dam loci th6i han 90 ngity p6 the gia han mien lit dieu d6 c6 the dam bio cho wan hang kha nang "don each hang niiin" hay Ishoin cOn lai" hang nam 206 Neu viec todn nhu au tai chinh ngem han cua ban duoc tach khen the yeu t6 dai han, thi nen thuc to can se c6 the thuc hien duoc Cac y6u to dai han co le phu hop vdi mOt so clang cap von c6 ban dam Cap v6n bang the khoan phai thu va cho vay bang hang h6a c6 le la hai s6 nhiing clang d6 va nhang dung den luot MUM c6 the duQc bd sung bang viec di vay c6 cam al hay bang mOt s6 cac clang di vay khfic de d6i lay tai san c6 dinh Cac thing ty tai chinh thuong mai c6 nang Mc de gulp ban tim gidi phap rieng viec sit dung the kb* nang cap von c6 bao dam cling vdi nhting ngubn vay kitting c6 bdo dam 207 LW Cu6n sach nh6 da m6 ta met s6 khai niem va cOng cu cua phan tich tai chinh dd cho mOt chit DN Nita va nha ly giai duoc cac se lieu tai chinh va quan ly cac hoat dOng eta DN minh Nhung dieu quan tr9ng can nh6 la hidu va ap dung nhang cOng en mOt cach clang del h6i phai c6 nhieu kiln thuc hon ve viec citc cOng ca d6 duQc sit dung nhu the nao DEng thei, van de chil yeru phiti hidu dupe nao nhimg cOng cu de nen duoc sit dung, va dieu quan hon la cai gi dang la loi the va hart chd caa Phan tich tai chinh kitting thd thuc hien duoc theo kidu rap khuOn ma can phai hidu duOc cite khai niem va cling cu d6i vdi cac yeu cau ring cita chinh ON minh Ban phai to heti mirth "NhOng cam hal nap can duOc het ve DN cua ta" va sau de, "Phuong phap nao ta se sit eltinfdd nhan doe nhank cat tra lei thuc t6 cho cac can hen nay?" Truac phan tich mOt van de tai chinh, hay to hai minh nhang eau heti sau: "Nhinag y6u td, khuynh huOng, quan he va khoang 208 thoi gian nao lien quan den ye van de nay?" "Cong cu hay phuong phap phan tich nao se 06 ich nhat?" "Can ly giai chi tiet den mile dO nao?" Sau ban da W suy nghi de giai quyet van de dm DN cua minh, ban dpc lai ellen sach Chac no se giup ich cho ban them a tiep tnc cOng viec quart ly tai chinh DN tot hon 209 , PHU LYC Ti! TIgNG ANH Sit DUNG TRONG TAT Financial Statements Financial Resources Current Assets Fixed Assets Current Liabilities Equity Valuation Accounts Accounts Receivable The Front and Loss Statement Sales Goodwill tau Cdc bdo cao tat chink sack kltoan Tdi sdn hat clang Tat sdn cd dinh Cdc khodn no ngdn km Vail sd hzlu (dut DN) Cdc khodn Binh gia Cdc khodn phdi thu Bang guy& toan Jai Doanh s6 ban hang Su tin nhiem hay uy tin caa DN Gross Margin Lai gap hay lei nhudn gap Cost of Good Sold Nguyen gid hang ban Selling expenses Chi phi ban hang Non operating Income Thu nhep ngodi hogs dons kinh doanh Ratio Analysis Phan tick tj, le The Current Ratio TS, le hien hank (Tdi sdn lau dans tren nQ ngdn hen) The Acid - test Ratio 7)31¢ tlut chug Average Collection Period Thai gian thu Si trung birth Inventory Turn Over Vong quay hang Ma 210 Asset Earning Power KM ming sink lot caa tai sdn suit lot nhu4n caa win Return on the Owner's Equity sd hau can DN 7)) sat loi nhu4n rang • Net profit on Sales caa doanh sd ban hang fang quay win au al Investment Turn Over Return on Investment (ROI) suit 1pi rthu4n Wei win dau to Tdi hau hinh rang Tangible Net Worth Lai nhuen rang Net Profit Idng no Total Debt Lot nhu4n gop tthl doanh Gross Profit on Sales sci ban hang 1.41nhu4n kinh doanh Operating Profit Chi phi gating cdo Advertisment Cost Net Profit after Taxes Lot nhu4n rang sau thud Loi nhu4n tong int* thud Net Profit before Taxes Standard or typical Ratios Cac 0, le chain hay N le mdu Operating Ratios T, le kink doanh T• re tat chink Financial Ratios Kin sd luZu Equity Capital Kin Ida deng Working Capital Min phat niers Growth Capital 211 NHA 3EUXT BAN THONG ICE ***** • * ** 2! • Chia &itch nhitm xuat ban BO DUC TUYEN Chin tnich ohiem ban thin NGUYEN PHI DANG Sita bin in TOILET LOAN Tank bay bin 06 VAN CHIN 011AN it TAI CHINK DOANH WHIP VUA VA NHO In 3.000 cu6n, kho 13cm x 19cm, tai Xi nghi5p in Mc Thai Giiiy phep XB: 56-686/CXB neay 12/1/1996 In xong va nCt hru chiCh thang 1/1996 1/0 rv