How to establish a financial control system (1) and a comprehensive budget system.
Comprehensive budget management is an important means for enterprise groups to implement centralized control of funds, which should be adopted? Top down? With what? Bottom up? The combined management mode comprehensively manages the operating budget, investment budget, financing budget and financial budget, and promotes the improvement of the management level and overall efficiency of the Group. The establishment of a comprehensive budget management system should start from the following aspects.
1. Determine the budget target
When determining the goal of comprehensive budget management, enterprise groups should not only consider the internal and external environment of enterprises, but also consider the development strategy, current market position and expected goals of enterprises. Therefore, the most appropriate positioning of the budget target should be the concrete embodiment of the strategic development target of the enterprise group during the budget period, and take this strategic target as the guidance to provide guidance for the determination of the annual budget target index. At the same time, the operability of the annual budget target should be reflected through the preparation of the budget.
2. Scientific budget
Enterprise groups should make a good budget forecast beforehand, and can adopt flexible budget method. For example, according to historical data, market demand and other factors, the best expected return value can be obtained through probability analysis to make sales forecast; The cost forecast should follow the principle of prudence, analyze with the cost mathematical model, and forecast according to the actual market situation. In the specific preparation of financial budget, we should follow the principle of total score, up and down, internal and external combination, comprehensively consider market information and the specific situation of the group, and prepare a comprehensive budget to meet market demand with scientific and reasonable procedures and methods.
3. Budget execution and control
In the process of budget implementation, due to the changes in the group's operating environment, resources and operating capacity, the actual operating results often deviate from the budget objectives. Therefore, it is necessary to analyze the causes of deviation, formulate and implement control measures to prevent adverse deviation from expanding. Enterprise groups can set variance analysis criteria, that is, set budget variance to? 10%, if the difference is within this range, it is considered acceptable; If the difference is beyond this range, we must classify and analyze the nature of the difference and find out the reasons for the difference. Generally speaking, the budget deviation of enterprise groups can be divided into the following categories, as shown in Table 2.
When analyzing the budget deviation, enterprise groups should accurately identify the controllable factors and uncontrollable factors in the reasons for the deviation, strengthen the control of the controllable factors, and control the unfavorable budget deviation in the minimum range by implementing the incentive mechanism, assessment mechanism and reward and punishment mechanism to ensure the realization of the group's budget objectives.
4. Implement budget evaluation
Budget evaluation is a form for managers to motivate and restrain executors. Through budget evaluation, we can ensure that the budget is not a mere formality. Therefore, enterprise groups should pay enough attention to this. On the one hand, budget evaluation is the evaluation of profit budget management system, that is, the evaluation of business performance of enterprise groups. This is an optimization measure, which can optimize the operation of the profit budget management system; On the other hand, it is an evaluation of the work of budget executives, which belongs to an incentive and restraint measure. In budget control, budget evaluation is an indispensable and important link. Because the budget needs to be evaluated during the implementation and after completion, it belongs to dynamic comprehensive evaluation.
(B) the establishment of fund management and control system
1. Capital integrity control
In the process of capital integrity control, the group can take corresponding measures to control capital integrity according to the specific content of the business.
(1) Control of receipts and invoices. You can check whether the income amount is consistent with the receipt and invoice amount through the serial number of the receipt and invoice, so as to ensure that all funds can enter the account of the group company. Because there are many kinds of invoices, such as VAT invoices, transport invoice and so on. In order to facilitate checking, you can establish an invoice storage management system and designate a special person to conduct spot checks so as to find and stop mistakes in time.
(2) Control of bank statements. We can check the bank reconciliation list and the group's bank deposit records to find out the outstanding funds and ensure the integrity of bank deposits. At the same time, we can prepare the deposit balance adjustment table, analyze the reasons for the outstanding funds and recover the corresponding funds in time.
(3) Traffic control. The integrity of funds can be checked and calculated according to the actual situation of business volume, and effective measures should be taken in time to deal with any abnormality.
(4) Current account control. It is necessary to regularly check current accounts, promptly investigate and deal with corporate fund misappropriation and corruption, and evaluate the efficiency of unit fund recovery.
2. Capital security control
Due to the variety of group funds, it is necessary to do a good job in safety control.
(1) Capital inventory control. We can make on-site inventory of funds in a regular and irregular way to safeguard the asset safety of enterprise groups.
(2) Inventory limit control. The balance of daily funds should be kept within the prescribed inventory limit, and the excess part should be directly deposited in the bank to reduce the security risk of funds and make the funds highly concentrated, which is conducive to avoiding the shortage of funds.
(3) Post separation control. It is necessary to adhere to the principle that accounts are managed by accountants and cash is managed by cashiers, and formulate a control system for the separation of incompatible posts in order to achieve the purpose of mutual containment and mutual supervision.
3. Cost-benefit control
In order to achieve the goal of maximizing the economic benefits of enterprise groups, various means should be reasonably used to raise funds and invest, so as to improve the utilization efficiency of funds and achieve the purpose of value-added and profitability. When making the medium and long-term capital revenue and expenditure plan, the Group should implement the procurement measures of delaying the payment of funds and the marketing strategy of accelerating the withdrawal of funds on the premise of accurately predicting the capital stock in a certain period. At the same time, it can also help alleviate the shortage of funds by recovering the company's investment. In addition, in order to achieve the strategic objectives of enterprise groups, in the process of financing and investment decision-making, relevant personnel can be organized to comprehensively analyze various schemes and make the most reasonable and feasible decision.
(C) the establishment of financial risk control system
1. Establish financial risk early warning mechanism.
Enterprise groups should establish financial early warning mechanism, avoid financial risks, minimize group operating losses and eliminate various financial risks from the source. In order to promote the orderly development of various businesses in a safe financial environment, it is necessary to improve the risk management awareness of all member units, emphasize the identification of value chain risks and scale risks, and build a risk early warning system, as follows.
(1) Establish a cash flow early warning system. The Group shall require each member company to establish a fund early warning system, set different risk levels, and submit early warning reports on schedule. The Group should monitor the cash flow of each member company, grasp the cash flow situation, summarize and analyze it regularly, and make clear the risk level of cash flow risk, so as to provide a basis for implementing risk prevention strategies.
(2) Establish a short-term early warning system. If the Group has sufficient operating funds, it will ensure the orderly operation of the Group's businesses; If the group is short of operating funds, it will put the group in danger. Therefore, the group should make a reasonable capital plan according to the comprehensive budget, establish a short-term early warning system, and regard the capital flow as one of the important objectives of financial monitoring.
(3) Establish a long-term early warning system. The Group shall monitor the long-term large debts of each member unit and judge the influence of long-term debts on the Group's operation from the overall and long-term perspective.
(4) Establish a cost early warning system. The group should grasp the overall situation of the expenses of each member unit and set the upper limit of the expenses. If a member company exceeds the upper limit of expenses, the Group shall issue a financial early warning to constrain all units to strictly control expenses and avoid the shortage of operating funds of the Group.
2. Establish a financial risk assessment mechanism
Financial risk assessment is to predict and analyze the possibility and influence of the Group's financial risks, make qualitative and quantitative assessments, and provide reliable basis for formulating financial risk coping strategies. In qualitative risk assessment, methods such as ranking main risks and questionnaire survey should be adopted. Judging the risk factors and their structure faced by the group from a qualitative point of view and evaluating the nature of future development; In the aspect of quantitative risk assessment, we use mathematical methods to analyze the cash flow generated by operating income, investment and financing, profit distribution and other important links, identify the investment risk, financing risk, interest rate risk and market risk faced by the group, and evaluate the impact of various risks on the group.
3. Establish a financial risk response mechanism
According to the results of financial risk assessment, the risk coping strategies of enterprise groups are formulated, which mainly include the following three aspects: first, risk avoidance, that is, withdrawing or avoiding financial management activities that will produce risks; The second is to reduce risks, that is, measures to reduce the possibility or impact of risks; The third is risk sharing, that is, the risk is transferred and dispersed, and only part of the risk is borne by itself; Fourth, risk tolerance, that is, passively accepting the impact of risk on yourself. Enterprise groups can determine the combination of financial risk coping strategies according to their own financial risk tolerance requirements to ensure that the remaining risks and risk tolerance are coordinated after adopting coping strategies.
How to establish a financial management and control system (I) The objectives of financial management and control of enterprise groups
The fundamental goal of enterprise group formation is to optimize the allocation of resources and maximize the value of enterprises within the group. As an important part of enterprise group management, financial control must serve the realization of this goal. Therefore, we should establish the goal of financial management and control of enterprise groups, ensure the healthy and efficient operation of group business, maximize the overall financial value of the group and promote the sustainable development of the group. Specifically, its financial control objectives can be analyzed from the following three levels: at the group level, that is, under the guidance of the group's strategic objectives, the overall financial strategy of the group is formulated and implemented to serve the realization of the group's strategic objectives; The goal of financial management and control at the functional level is to integrate and allocate financial resources within the group according to the overall financial strategy, so as to maximize resource utilization efficiency, minimize resource consumption and optimize group value; The goal of financial control at the operational level is to reduce the cost of agents who violate the group's decision-making and professional ethics.
(B) the characteristics of financial management and control of enterprise groups
1. Diversification of financial entities. This is a typical feature of enterprise groups. The relationship between the group headquarters and its subsidiaries or holding subsidiaries is controlled and controlled. As independent legal persons, the subsidiaries of the group have the right to operate their own management institutions, but they also need to bear financial and legal responsibilities. Therefore, there are often several financial entities in enterprise groups at the same time.
2. Multi-level financial decision-making. The parent company of an enterprise group is the core layer of the whole enterprise, and its management level is different from that of its subordinate enterprises, so its financial management authority is also different, which makes the financial decision within the enterprise group have multi-level characteristics. In order to encourage subsidiaries to improve their performance according to the group's strategic objectives, the group will give them corresponding financial authorization, so that they can have financial decision-making power, thus giving full play to their business enthusiasm. In this way, there will be multiple financial decision-making centers within the group, but the core financial decision-making power is still in the hands of the group headquarters, and the rest will be delegated to various subsidiaries layer by layer, thus forming a multi-level financial decision.
3. The dual functions of the parent company. The parent company of an enterprise group is the core part of the whole group, which not only needs to undertake its own business activities, but also needs to organize, coordinate and direct its member enterprises, manage the whole group on the basis of equity, form a unified whole, operate in an orderly manner and develop in a coordinated way.
4. Standardization of related party transactions. Related transactions such as product purchase and asset transfer often occur between enterprises in enterprise groups. If these related party transactions are based on market prices, they will not affect the operation of the Group. However, this is not the case. The internal related party transactions of many enterprise groups are not based on market prices, but on the value will of the group and the price level to achieve the purpose of profit transfer.
(C) financial control mode of enterprise groups
With the change of enterprise group organization mode, its financial control function has also changed, resulting in different financial control modes. According to the distribution of financial control authority, the types of financial control modes can be divided into centralized mode, eclectic mode and decentralized mode, as shown in Table 1.
1. Centralized financial control mode
This model means that the parent company in an enterprise group has unified and centralized control over all financial decisions of its subsidiaries and has absolute financial control rights. The parent company is responsible for verifying the capital and liquidity limits of the member units of the group company and formulating a unified cost standard and scope. Subsidiaries must use funds within the approved scope of funds. Centralized financial control mode helps to realize the rational allocation and high enjoyment of resources, improve the efficiency of financial management and reduce the operating cost of enterprise groups by controlling the financial behavior of subsidiaries in an all-round way. However, this financial management model is too rigid, which easily leads to information asymmetry and is difficult to adapt to the complex and changeable development of market economy, which seriously restricts the enthusiasm and creativity of financial management of subsidiaries.
2. Decentralized financial management and control mode
This model means that the subsidiaries of the group have complete financial management decision-making power, while the parent company only has decision-making power or approval power for major financial decision-making matters of the subsidiaries, and indirectly controls the financial activities of the subsidiaries according to the contract and other norms. As a shareholder of the subsidiary, the parent company does not interfere with the strategic positioning of the subsidiary, but is only responsible for determining the overall financial objectives and performance evaluation of the subsidiary. Decentralized financial management and control mode has the advantages of short financial decision-making cycle, strong market adaptability and high financial management enthusiasm of subsidiaries. At the same time, the decentralization system is easy to aggravate the disharmony among subsidiaries, and it is difficult to completely control the illegal activities such as setting up private coffers and misappropriating funds at will, resulting in serious waste of internal resources.
3. Compromise financial management and control mode
This model can be regarded as a combination of centralized financial control model and decentralized financial control model. The parent company is positioned as the strategic planner of the enterprise group, which is mainly responsible for formulating the development strategy of the group company, planning and allocating resources, evaluating the operating performance of the subsidiaries, implementing centralized control in financial information, personnel management, fund raising and investment, and giving the subsidiaries independent management rights in other aspects. The eclectic financial management and control mode is conducive to giving full play to the advantages of centralized and decentralized modes and avoiding the operational risks brought by excessive centralization or decentralization, which is the mode pursued by many enterprise groups' financial management and control systems.