Imali-mboleko yokusebenza

Imali-mboleko yokusebenza yinkxaso-mali esetyenziselwa ukuxhasa iimfuno zokusebenza zemihla ngemihla zeshishini — ukuthenga isitokhwe, ukuhlawula imivuzo, ukuhlawula ii-invoyisi zababoneleli nokuvala isikhewu de abathengi bahlawule — endaweni yokuthenga ii-asethi zexesha elide. Yenzelwe ixesha elifutshane kwaye ibuyiselwa ngemali eyenziwa lurhwebo oluqhelekileyo.

Umahluko kwezinye iimali-mboleko zeshishini umalunga nokuba yintoni exhaswa yimali nokuba intlawulo ibuyiselwa phi. Imali-mboleko yexesha elide ithenga i-asethi kwaye ibuyiselwa ngenzuzo eyenziwa yiloo asethi kwiminyaka. Imali-mboleko yokusebenza ixhasa umjikelo worhwebo kwaye ibuyiselwa xa loo mjikelo ugqitywa: isitokhwe siyathengiswa, i-invoyisi iyakhutshwa, umthengi uyahlawula.

Kungoko inkxaso-mali yokusebenza ichazwa njengezihlawulayo ngokwayo. Into exhaswa yiyo iphinda ibe yimali ngokwayo, yaye loo mali ibuyisela isibonelelo.

Ingqekemali yokusebenza vs. imali-mboleko yokusebenza

Amagama amabini anxulumeneyo kodwa ahlukileyo.

Ingqekemali yokusebenza ngumlinganiselo we-balance sheet:

Working capital = current assets − current liabilities

Imele izibonelelo zexesha elifutshane ezikhoyo zokuqhuba ishishini. Ingqekemali yokusebenza e-positive ithetha ukuba ii-asethi zangoku zingaphezulu kunezibophelelo zexesha elikufutshane.

Imali-mboleko yokusebenza yimveliso yetyala esetyenziselwa ukuxhasa intsilelo kweso sithuba — okanye, ngendlela eluncedo ngakumbi, ukuxhasa isikhewu sexesha esidala imfuno kwasekuqaleni.

Isikhewu sexesha esidala imfuno

Uninzi lwamashishini luhlawula phambi kokuba luhlawulwe. Umenzi wezinto uthenga izinto ezingasetyenziswanga, uzigcina, uvelisa, uthengisa ngetyala, emva koko ulinda intlawulo. Imali iphuma ekuqaleni ize ibuye ekupheleni. Umgama phakathi kwezi zinto zimbini ngumjikelo wokuguqula imali:

Cash conversion cycle (CCC) = days inventory outstanding
                            + days sales outstanding
                            − days payables outstanding

Umzekelo osebenzayo. Umenzi wezinto ugcina iintsuku ezingama-60 zesitokhwe, uqokelela kubathengi ngeentsuku ezingama-45, kwaye uhlawula ababoneleli ngeentsuku ezingama-35:

CCC = 60 + 45 − 35 = 70 days

Ngemali ephumayo yokusebenza yonyaka eyi-$2.4 million:

Daily outflow       = 2,400,000 ÷ 365 = $6,575
Working capital gap = 6,575 × 70 ≈ $460,000

Loo $460,000 sisixa senkxaso-mali esihlala sibotshelelwe kumjikelo worhwebo kwiivolumu zangoku. Sisisiseko sokumisela ubungakanani besibonelelo.

Uhlengahlengiso olubini lubalulekile ekusebenzeni:

• Ixesha lonyaka. Ishishini elinexesha lokuthengisa elixinzelelweyo linokufuna imali ephindwe ka-1.5 ukuya ku-2 kunomndilili weemfuno ngexesha eliphezulu, kwaye phantse kungabikho nto ngaphandle kwelo xesha. Ukumisela ubungakanani ngokomndilili kulishiya linqongophele kanye ngexesha elibalulekileyo.
• Ukukhula. Imfuno yengqekemali yokusebenza ikhula kunye nengeniso. Ishishini elikhula nge-40% lifuna malunga ne-40% yenkxaso-mali engaphezulu ebotshelelwe kumjikelo — yiyo loo nto amashishini anenzuzo nakhula ngokukhawuleza aphelelwa yimali.

Izinto emele ixhaswe yinkxaso-mali yokusebenza nezingamelanga ukuxhaswa yiyo

Ukusetyenziswa okufanelekileyo

• Ukuthengwa kwesitokhwe nezinto ezingasetyenziswanga
• Imivuzo neendleko zokusebenza phakathi kweengeniso
• Isikhewu sokufunyanwa kwentlawulo emva kokuthumela i-invoyisi
• Ukwakhiwa kweemfuno ngexesha elithile lonyaka phambi kwexesha eliphambili lokurhweba
• Ukuvala i-odolo enye enkulu eyolula umthamo oqhelekileyo

Ukusetyenziswa okungafanelekanga

• Ukuthenga ii-asethi ezisisigxina — izithuthi, oomatshini, izakhiwo
• Ukubuyisela ityala lexesha elide
• Ukuxhasa ngemali iilahleko zokusebenza
• Ukuhanjiswa kwezabelo kubanini

Umgaqo osisiseko nguumgaqo wokumatanisa: ii-asethi zexesha elifutshane zixhaswa ngamatyala exesha elifutshane, ii-asethi zexesha elide zixhaswa ngenkxaso-mali yexesha elide. Ukusebenzisa isibonelelo seentsuku ezingama-90 ukuthenga umatshini onobomi beminyaka esixhenxe kudala uxanduva lokuhlawula iminyaka ngaphambi kokuba i-asethi ivelise imali yokuhlangabezana nalo. Uninzi lweengxaki zekapitali yokusebenza lubuyela kwesi siphoso sinye.

Iintlobo zenkxaso-mali yekapitali yokusebenza

• I-overdraft — Ukutsala ngaphantsi kwe-zero kwi-akhawunti yangoku ukuya kumda othile; inzala ihlawuliswa kuphela kwimali etsaliweyo. Ifaneleka kakhulu kwizikhewu ezifutshane ezingenakucingelwa neziguquguqukayo.
• Isibonelelo setyala esijikelezayo — Umtya wetyala ozimeleyo oqinisekisiweyo, otsalwa uze uhlawulwe ngokuphindaphindiweyo. Ifaneleka kakhulu kwiimfuno ezinkulu okanye eziqinisekisiweyo zekapitali yokusebenza.
• Imali-mboleko yexesha elifutshane — Isixa esimiselweyo, ishedyuli emiselweyo, iinyanga ezi-3–24. Ifaneleka kakhulu kwimfuno eyaziwayo, eyenzeka kube kanye.
• Ukuncitshiswa kwe-invoyisi / ukuthengiswa kwamatyala — I-advansi ngokuchasene nee-invoyisi ezingekahlawulwa, ngokuqhelekileyo i-70–90% yexabiso elichaziweyo. Ifaneleka kakhulu kumashishini aneentsuku ezinde zokufumana iintlawulo kunye nabathengi abanokuthenjwa.
• Inkxaso-mali yorhwebo / iileta zekhredithi — Isixhobo sebhanki esiqinisekisa intlawulo kumthengisi. Ifaneleka kakhulu kubarhwebi abarhwebelana namazwe angaphandle nakuthengo oluwela imida.
• Inkxaso-mali ye-odolo yokuthenga — Ixhasa iindleko zomthengisi ngokuchasene ne-odolo eqinisekisiweyo yomthengi. Ifaneleka kakhulu kumashishini aqhutywa zii-odolo ngaphandle kokhuseleko lwesitokhwe.
• Ityala lomthengisi / ityala lorhwebo — Imiqathango yokuhlawula eyandisiweyo evela kubathengisi. Ifaneleka kakhulu ekunciphiseni isikhewu emthonjeni, ngokufuthi ngaphandle kweendleko ezicacileyo.
• I-advansi yemali yorhwebo — I-advansi ehlawulwa njengesabelo seerisithi zekhadi okanye zetili. Ifaneleka kakhulu kwintengiso enomthamo wekhadi ozinzileyo, nangona ihlala ibiza kakhulu.

Isixhobo esifanelekileyo silandela uhlobo lwemfuno. Isikhewu esiguquguqukayo sifanele i-overdraft; esinokucingelwa sifanele imali-mboleko yexesha elifutshane; isikhewu esibangelwa kukufunyanwa kweentlawulo sifanele inkxaso-mali ye-invoyisi, ekhula ngokuzenzekelayo njengoko ukuthengisa kukhula.

Indlela ababolekisi abavavanya ngayo isicelo sekapitali yokusebenza

Umbuzo ongundoqo ngowokuba ingaba umjikelo wokusebenza ngokwenene uguqukela kwimali na.

• Ingeniso yokuthengisa kunye nomyinge wenzuzo epheleleyo — umthamo oxhaswa sisibonelelo kunye nendawo yokuphefumla kumaxabiso
• Ukuguga kwee-receivables — ukuba kungakanani okukhoyo ngoku xa kuthelekiswa neentsuku ezingama-60 okanye ezingama-90 ezigqithileyo, kuba incwadi egugileyo yingxaki yokuqokelela efihlwe njenge-asethi
• Ukuxinana kwabathengi — umthengi omnye omele isabelo esikhulu see-receivables wenza ukuba incwadi yonke ibe kukuvezwa kwetyala elinye
• Ukujika kwesitokhwe nokwakheka kwaso — isitokhwe esihamba kade okanye esiphelelwe lixesha asisijikwa ngokukhawuleza sibe yimali nokuba ixabiso laso encwadini lithini
• Ukuphathwa ngendlela kwee-payables — iimeko ezoluliweyo zababoneleli zingabonisa uxinzelelo olukhoyo endaweni yamandla okuthethathethana
• Ukuphathwa kwe-akhawunti — imali ejikelezayo kwi-akhawunti xa kuthelekiswa norhwebo oluxeliweyo, nokuba iifacility ezikhoyo ziphindela na kwikhredithi
• Iifacility ezikhoyo kunye nesibambiso — into esele itshajiwe phezu kwesitokhwe esifanayo neereceivables

Izibophelelo eziqhelekileyo zibandakanya ubuncinane be-current ratio (i-asethi zangoku ÷ amatyala angoku, amaxesha amaninzi 1.2–1.5), i-quick ratio engabandakanyi i-inventory (amaxesha amaninzi ubuncinane 1.0), kunye nomlinganiselo wokugubungela inkonzo yetyala emalunga ne-1.2x okanye ngaphezulu.

Ubume, isibambiso kunye nokumiselwa kwexabiso

Iifacility zekapitali yokusebenza zidla ngokuba:

• Ixesha elifutshane — iinyanga ezi-3 ukuya kwezi-24, okanye okuqengqelekayo kunye nohlaziyo lonyaka
• Ikhuselwe ngee-asethi zangoku — i-debenture okanye i-floating charge phezu kwesitokhwe neereceivables, ukuze isibambiso sihambe nomjikelo worhwebo
• Ixhaswa sisiqinisekiso somntu siqu esivela kubanini bamashishini amancinci
• Linexabiso elingaphezulu kunetyala lexesha elide apho kungaxhaswanga sibambiso okanye apho incwadi yee-receivables ibuthathaka, kwaye ngaphantsi kwalo apho ixhaswa ngee-invoice inabathengi abomeleleyo
• Ihlolwa qho ngonyaka, kwaye uhlaziyo luxhomekeke kwindlela yokuphathwa kwe-akhawunti nakwincwadi yee-receivables ezinzileyo

Iifacility ezixhaswa ngee-invoice zihlala zifumana elona xabiso liphantsi, kuba umbolekisi ngokwenyani uthatha umngcipheko kubathengi bomboleki endaweni yokuthatha umngcipheko kumboleki.

Iimpawu ezilumkisayo

Iindlela ezithile zibonisa ukuba i-facility isetyenziselwa ukufihla ingxaki yesakhiwo endaweni yokuxhasa umsantsa wexesha:

• Isibonelelo esi ngaze sicace. Ibhalansi etsalwa ngokusisigxina yinkxaso-mali yexesha elide enxitywe njengemali-mboleko yexesha elifutshane. Jonga ingxoxo nge-hardcore overdraft.
• Ukunyuka kokusetyenziswa kunye ne-turnover engatshintshiyo. Inkxaso-mali eyongezelelekileyo exhasa umthamo wokurhweba ofanayo ithetha ukuba imali iyaphela kwenye indawo — ngokuqhelekileyo ziilahleko, okanye incwadi yamatyala ewohlokayo.
• Ukwanda kwee-receivables. Iintsuku zamatyala ezinyuka kwikota ngekota zithetha ukuba iintengiso ziyenziwa kodwa imali ayifiki.
• Ukwelula iipayables. Ukwandiswa kwemiqathango yababoneleli ngaphaya kwesivumelwano kudla ngokuba luphawu lokuqala olubonakalayo lokunqongophala kwemali.
• Ukuxhasa ngemali ngokutsha isibonelelo ngesibonelelo esitsha. Ukuqengqa imali-mboleko yokusebenza enye ukuya kwenye ngaphandle kokuba umjikelo ucace kukwenza i-evergreening.