Management of financial resources to optimize enterprise costs

The subject of the study is the theoretical and methodological foundations of organizational and
economic approaches to the processes of managing the company’s financial resources in order to
optimize them.
The purpose of the study is the systematic theoretical and practical substantiation of the
processes of managing the company’s financial resources and optimization of the company’s costs,
analysis of the processes of formation and use of financial resources.
Research methods. The article uses general scientific and special research methods, while
processing and analyzing information traditional methods and techniques of economic analysis,
planning and forecasting (statistical, tabular, comparison, index, vertical, horizontal, modeling methods,
etc.) were used.
Results of work. As a result of the conducted research, it was proven that the use of financial
resources of the enterprise is carried out in the following directions: current costs for production
and sale of products; investment of funds in capital investment, use of intangible assets; investment
of financial resources in securities; payments to financial and banking systems, contributions to
extrabudgetary funds; creation of monetary funds and reserves (for development, encouragement,
social development); sponsorship, charitable contributions, etc.
The volume of production and its efficiency determine the size, composition and structure of the
company’s financial resources. In turn, the growth of production and socio–economic development
of the enterprise depends on the amount of financial resources. The availability of financial resources
and their effective use determine the financial stability of the enterprise: solvency, liquidity, financial
resistance. In this regard, the most important task of the enterprise is the search for reserves to
increase its own financial resources and their most effective use in order to improve the efficiency of
the enterprise as a whole.
The initial data for cost planning are: planned volumes of production, purchase and sale of products
in physical and value terms; norms of consumption of material resources for the implementation of

economic activities and calculation of the need for resources in kind; the amount of capital investments
to ensure the amount of economic activity; norms of labor costs, conditions of payment of labor
determined by the enterprise; economic norms: norms of depreciation deductions, rates of deductions
for social measures and tax payments, etc.; plans for organizational and technical measures to save
material assets, improve the use of labor resources and fixed assets.
The plan makes it possible to determine the costs of carrying out entrepreneurial activities, that is,
to estimate the need for resources, which is the basis for evaluating the effectiveness of investments
and the basis for concluding on the feasibility of an idea in the field of entrepreneurship.
Field of application of results. Economics and management of the national economy at the
macroeconomic and microeconomic levels, enterprise finance, financial management, enterprise economy.
Conclusions. As a result of the research, taking into account a number of additional factors and
national economic standards, it is possible to determine the costs of the enterprise as a decrease
in economic benefits, in the form of the disposal of assets or an increase in liabilities, which lead to a
decrease in equity. Enterprise costs at the level of production structural subdivisions appear in the
form of production cost of products.
Expressed in monetary terms, costs of spent means of production, wages and social measures
constitute the cost price. In other words, the cost price is the sum of all costs for the creation of
products, expressed in monetary terms.
The emergence of any entrepreneurial idea should be supported by economic calculations of its
feasibility regarding the sources of property formation, its use, settlements with employees, owners
and the state, determination of costs, income and profit, assessment of the attractiveness of the
business entity. Business activity must be organized in such a way as to cover all expenses and also to
obtain a certain profit.
In the process of management, the enterprise incurs costs related to the cost of used production
stocks (raw materials, materials, works, services), wages of employees, implemented social measures,
wear and tear of non–current tangible and intangible assets. The aggregate costs of living and tangible
labor for the production of products make up the costs of economic activity of business entities. In this
most abstract sense, production costs are equally characteristic of all socio–economic formations.
Effective management requires that the enterprise carries out its activities on the basis of economic
calculation, the main requirement of which is to ensure high production efficiency by creating the
appropriate material interest of employees in the results of their work.
At the current stage of development of the market economy, the issue of the cost of products and
services should be in the center of attention of all employees of business entities.