OPTIMIZATION OF SETTLEMENTS WITH SUPPLIERS AND CONTRACTORS OF ENTERPRISES

Abstract

Currently, not a single organization can operate without accounting, regard-less of departmental affiliation and ownership. The raison is that only accounting data provide complete information about the property and financial condition of the organization. Synthetic and analytical information on the state of material, la-bour and monetary resources, the effectiveness of investment and credit policy, costs and production efficiency allows you to manage business activities and monitor the implementation of profit plans, develop long-term plans for production development. An important part of accounting is the accounting of settlements with suppliers and contractors, settlements with buyers and customers. In the course of economic activity, organizations constantly conduct settlements with suppliers for the fixed assets, raw materials, materials and inventory items, the executed works and the rendered services; with buyers – for the goods bought by them, finished goods; with credit institutions on loans, credits and other financial transactions; with the budget and tax authorities – on various payments; with other bodies and persons – for various business transactions. In a market economy, the risk of non-payment or late payment of bills increases, which leads to receivables and payables. Part of this debt in the process of financial and economic activities is inevitable and must be controlled within acceptable values. Overdue accounts payable indicate violations of financial and payment discipline by buyers, suppliers, and customers, which requires immediate action to eliminate the negative consequences. Timely application of these measures is possible only when the company carries out systematic control. This article considers the economic essence of settlements with suppliers and contractors as part of the obligations of the enterprise, their definition, recognition, classification, and evaluation in accounting. The legislative and normative regulation of accounting of settlements with suppliers and contractors is singled out. The final stage of this work is the presentation of ways to improve settlements with suppliers and contractors on the example of the company Public Joint Stock Company "ArcelorMittal Kryvyi Rih".