Imalimboleko yemali yokusebenza

Imali ebolekiwe yokusebenza iwuhlobo loxhaso olusetshenziselwa ukuxhasa izidingo zebhizinisi zansuku zonke zokusebenza — ukuthenga impahla, ukukhokha amaholo, ukukhokhela ama-invoyisi abahlinzeki nokuvala igebe kuze kube yilapho amakhasimende ekhokha — kunokuba kuthengwe izimpahla zesikhathi eside. Iyesikhathi esifushane ngokwakheka kwayo futhi ikhokhwa ngemali ekhishwa ukuhweba okuvamile.

Umehluko kwezinye izikweletu zebhizinisi umayelana nokuthi imali ixhasa ini nokuthi ukubuyiselwa kuvela kuphi. Imali ebolekiwe yesikhathi eside ithenga impahla futhi ikhokhwa ngenzuzo ekhiqizwa yileyo mpahla ngeminyaka. Imali ebolekiwe yokusebenza ixhasa umjikelezo wokuhweba futhi ikhokhwa lapho lowo mjikelezo uphela: isitoko siyadayiswa, i-invoyisi iyakhishwa, ikhasimende liyakhokha.

Yingakho uxhaso lwemali yokusebenza luchazwa ngokuthi luyazikhokhela. Into exhaswayo iphenduka ibe ukheshi ngokwayo, futhi leyo mali ikhokha leso sibonelelo.

Imali yokusebenza uma iqhathaniswa nemali ebolekiwe yokusebenza

Amagama amabili ahlobene kodwa ahlukile.

Imali yokusebenza iyisilinganiso seshidi lezimali:

Working capital = current assets − current liabilities

Imele izinsiza zesikhathi esifushane ezikhona zokuqhuba ibhizinisi. Imali yokusebenza enhle isho ukuthi izimpahla zamanje zidlula izibopho zesikhathi esiseduze.

Imali ebolekiwe yokusebenza ingumkhiqizo wesikweletu osetshenziselwa ukuxhasa ukushoda kuleso simo — noma, okuwusizo kakhulu, ukuxhasa igebe lesikhathi elidala isidingo kwasekuqaleni.

Igebe lesikhathi elidala isidingo

Amabhizinisi amaningi akhokha ngaphambi kokuba ekhokhelwe. Umkhiqizi uthenga izinto zokusetshenziswa, azigcine, akhiqize, adayise ngesikweletu, bese elinda ukukhokhelwa. Ukheshi uphuma ekuqaleni futhi ubuya ekugcineni. Ibanga phakathi kwalokhu okubili liwu umjikelezo wokuguqulwa kokheshi:

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

Isibonelo esisetshenziwe. Umkhiqizi ugcina isitoko sezinsuku ezingama-60, uqoqa kumakhasimende ngezinsuku ezingama-45, futhi ukhokha abahlinzeki ngezinsuku ezingama-35:

CCC = 60 + 45 − 35 = 70 days

Ngokuphuma kokheshi kokusebenza kwaminyaka yonke okungu-$2.4 million:

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

Leyo mali engu-$460,000 yinani loxhaso oluhlala luboshwe emjikelezweni wokuhweba ngamanani akhona njengamanje. Iyisisekelo sokukala isibonelelo.

Izilungiso ezimbili zibalulekile ekusebenzeni:

• Ukuya ngezikhathi zonyaka. Ibhizinisi elinenkathi yokuthengisa egxilile lingase lidinge okuphindwe izikhathi ezi-1.5 kuya kwezi-2 kwesidingo esimaphakathi ngesikhathi esiphakeme, futhi cishe lutho ngaphandle kwesikhathi esiphakeme. Ukulinganisa ngesilinganiso kulishiya lishoda ngesikhathi esifanele kanye lapho kubaluleka khona.
• Ukukhula. Isidingo semali yokusebenza sikhuphuka ngokuhambisana nemali engenayo. Ibhizinisi elikhula ngo-40% lidinga cishe uxhaso olwengeziwe ngamaphesenti angu-40 oluboshwe emjikelezweni — okuyisizathu sokuthi amabhizinisi anenzuzo, akhula ngokushesha aphelelwe ukheshi.

Okufanele nokungafanele kuxhaswe uxhaso lwemali yokusebenza

Ukusetshenziswa okufanele

• Ukuthengwa kwesitoko nezinto zokusetshenziswa
• Amaholo nezindleko zokusebenza phakathi kwemali engenayo
• Igebe lezimali ezisalindelekile ngemva kokukhishwa kwama-invoyisi
• Ukunqwabelana kwesizini ngaphambi kwesikhathi esiphakeme sokuhweba
• Ukuvala igebe le-oda elilodwa elikhulu elidlula umthamo ojwayelekile

Ukusetshenziswa okungafanele

• Ukuthenga impahla engaguquki — izimoto, imishini, izakhiwo
• Ukukhokha isikweletu sesikhathi eside
• Ukuxhasa izilahleko zokusebenza
• Ukwabiwa kwezimali kubanikazi

Umthetho oyisisekelo umgomo wokufanisa: impahla yesikhathi esifushane ixhaswa ngezikweletu zesikhathi esifushane, impahla yesikhathi eside ngezimali zesikhathi eside. Ukusebenzisa indlela yokuboleka yezinsuku ezingama-90 ukuthenga umshini onempilo yeminyaka eyisikhombisa kudala isibopho sokukhokha eminyakeni eminingi ngaphambi kokuba impahla ikhiqize imali yokusifeza. Iningi lokucindezeleka kwemali yokusebenza libuyela emuva kuleli phutha elilodwa.

Izinhlobo zoxhaso lwemali yokusebenza

• I-ovadrafti — Ukudonsa ngaphansi kukaziro ku-akhawunti yamanje kuze kube semkhawulweni; inzalo ikhokhiswa kuphela ebhalanisini elidonsiwe. Ilungela kakhulu amagebe amafushane angaqagelwa, ashintshashintshayo.
• Isikhungo sokukweleta esijikelezayo — Umugqa ozimele oqinisekisiwe, odonswa futhi ukhokhwe ngokuphindaphindiwe. Ilungela kakhulu izidingo ezinkulu noma eziqinisekisiwe zemali yokusebenza.
• Imalimboleko yesikhathi esifushane — Inani elinqunyiwe, uhlelo olunqunyiwe, izinyanga ezi-3–24. Ilungela kakhulu isidingo esisodwa esaziwayo.
• Ukwehliswa kwenani le-invoyisi / i-factoring — Imali etholwa ngaphambi kokukhokhwa kwama-invoyisi, ngokuvamile u-70–90% wenani elibhalisiwe. Ilungela kakhulu amabhizinisi anezinsuku ezinde zokuthola izimali namakhasimende athembekile.
• Imali yokuhweba / izincwadi zekhredithi — Ithuluzi lebhange eliqinisekisa ukukhokhelwa komphakeli. Ilungela kakhulu abangenisa impahla kwamanye amazwe kanye nokuthenga okunqamula imingcele.
• Imali ye-oda lokuthenga — Ixhasa izindleko zomphakeli ngokumelene ne-oda lekhasimende eliqinisekisiwe. Ilungela kakhulu amabhizinisi aqhutshwa ama-oda angenawo umbozo wesitoko.
• Isikweletu somphakeli / sokuhweba — Imigomo yokukhokha enwetshiwe evela kubaphakeli. Ilungela kakhulu ukwehlisa igebe emthonjeni, ngokuvamile ngaphandle kwezindleko ezicacile.
• Imali engaphambili yomthengisi — Imali ekhokhwa njengengxenye yamarisidi ekhadini noma e-till. Ilungela kakhulu izitolo ezinomthamo wekhadi ozinzile, nakuba ngokuvamile kubiza kakhulu.

Ithuluzi elifanele lilandela ubunjalo besidingo. Igebe elishintshashintshayo lilungela i-ovadrafti; elilindelekile lilungela imalimboleko yesikhathi esifushane; igebe elidalwa izimali ezisalindelekile lilungela imali ye-invoyisi, ekhula ngokuzenzakalelayo njengoba ukuthengisa kukhula.

Indlela ababolekisi abahlola ngayo isicelo semali yokusebenza

Umbuzo oyinhloko uwukuthi umjikelezo wokusebenza uguqukela emalini ngempela yini.

• Inani lokuthengisa kanye nomkhawulo wenzuzo ephelele — umthamo oxhaswa yilesi sikhungo kanye nomoya wokuphepha ekuqopheni amanani.
• Ukuguga kwezimali ezilindelekile — kungakanani okuyimanje uma kuqhathaniswa nalezo ezedlule izinsuku ezingama-60 noma ezingama-90, ngoba ibhuku eligugile kuyinkinga yokuqoqa efihlwe njengempahla
• Ukugxila kumakhasimende — ikhasimende elilodwa elimele ingxenye enkulu yezimali ezilindelekile lenza yonke incwadi ibe ukuchayeka okukodwa kwesikweletu
• Ukuphenduka kwesitoko kanye nokwakheka kwaso — isitoko esihamba kancane noma esingasasebenzi akusiyo imali eseduze kungakhathaliseki inani laso lencwadi
• Ukuqondisisa kwezimali ezikhokhwayo — imigomo yabahlinzeki eyeluliwe ingase ikhombe ukucindezeleka okukhona kunamandla okuxoxisana
• Ukuziphatha kwe-akhawunti — imali engenayo ku-akhawunti uma iqhathaniswa nohwebo olumenyezelwe, nokuthi izinsiza ezikhona ziyashintsha yini zibuyele ebhalansini enhle
• Izinsiza ezikhona kanye nezibambiso — okusevele kubekwe isibambiso phezu kwesitoko esifanayo nezimali ezilindelekile

Izivumelwano ezijwayelekile zihlanganisa ubuncane besilinganiso samanje (impahla yamanje ÷ izikweletu zamanje, ngokuvamile 1.2–1.5), isilinganiso esisheshayo ngaphandle kwempahla (ngokuvamile okungenani 1.0), kanye nesilinganiso sokumboza ukukhokha kwesikweletu cishe esingu-1.2x noma ngaphezulu.

Isakhiwo, isibambiso kanye nentengo

Izinsiza zemali yokusebenza ngokuvamile yilezi:

• Isikhathi esifushane — izinyanga ezi-3 kuye kwezi-24, noma eziqhubekayo ngokubuyekezwa kwaminyaka yonke
• Kuvikelwe phezu kwempahla yamanje — i-debenture noma isibambiso esintantayo phezu kwesitoko nezimali ezilindelekile, ukuze isibambiso sihambe nomjikelezo wohwebo
• Kusekelwa isiqinisekiso somuntu siqu esivela kubanikazi bamabhizinisi amancane
• Kunentengo engaphezulu kunesikweletu sesikhathi eside lapho kungenazibambiso noma lapho incwadi yezimali ezilindelekile ibuthakathaka, futhi ngaphansi kwayo lapho kusekelwe ngama-invoyisi kubakweletwayo abaqinile
• Kubuyekezwa minyaka yonke, ukuvuselelwa kuncike ekuziphatheni nasekutheni incwadi yezimali ezilindelekile iyaqhubeka

Izinsiza ezisekelwe ngama-invoyisi ngokuvamile zibekwa intengo ephansi kakhulu, ngoba umbolekisi empeleni uzibeka engcupheni kumakhasimende obolekayo kunakubolekayo uqobo.

Izimpawu eziyisixwayiso

Amaphethini athile akhombisa ukuthi insiza isetshenziswa ukufihla inkinga yesakhiwo kunokuxhasa igebe lesikhathi:

• Isikweletu esivunyelwe esingasoze sicace. Ibhalansi edonswa unomphela iwukuxhaswa ngezimali kwesikhathi eside okugqokiswe njengesikweletu sesikhashana. Bheka ingxoxo nge-overdraft engapheli.
• Ukukhula kokusetshenziswa kwesikweletu kanye nemali engenayo engashintshi. Ukuxhaswa ngezimali okwengeziwe okusekela umthamo ofanayo wokuhweba kusho ukuthi imali idliweka endaweni ethile — ngokuvamile amalahleko, noma ibhuku labakweletayo eliwohlokayo.
• Ukunwebeka kwezikweletu ezilindelekile. Izinsuku zabakweletayo ezikhuphuka ngekota ngekota zisho ukuthi ukuthengisa kuyenziwa kodwa imali ayifiki.
• Ukwelulwa kwezikweletu ezikhokhwayo. Ukunwebeka kwemigomo yabahlinzeki ngale kwesivumelwano ngokuvamile kuwuphawu lokuqala olubonakalayo lokushoda kwemali.
• Ukuxhasa kabusha isikweletu esivunyelwe ngesikweletu esivunyelwe esisha. Ukuguqula imalimboleko eyodwa yokusebenza ibe enye ngaphandle kokuthi umjikelezo uze ucaceke kuwukwenza i-evergreening.