How to strengthen the financial management ability of tourism enterprises

How to prevent and resolve financial risks in order to achieve financial management objectives is the focus of enterprise financial management. The author believes that the following work should be done to prevent financial risks of enterprises. (A) the establishment of enterprise financial risk identification system to prevent enterprise financial risks, first of all, we must accurately and timely identify enterprise financial risks. Generally speaking, the following methods can be used to identify the financial risks of enterprises. 1. Establish an early warning system with "arman" model. This method was invented by Edward of America. In 1960s, Arman put forward a financial early warning system based on multivariate discriminant model. He gradually extracted five kinds of financial ratios with the most predictive ability by using stepwise multivariate discriminant analysis, and established a Z-scoring model similar to the regression equation: z = 0.012x1+0.014x2+0.033x3× 0.006x4+0.99x5, where: x655. X2 = retained earnings/total assets; X3 = earnings before interest and tax/total assets; X4 = total market value of common shares and preferred shares/total book value of liabilities; X5 = sales revenue/total assets. In fact, the model organically links the indicators reflecting the solvency, profitability and operational capacity of enterprises with a multivariate linear function formula through five variables (five financial ratios) to comprehensively evaluate the possibility of financial risks of enterprises. Arman believes that if the z value is less than 1.8 1, the enterprise has great financial risks; If the z value is in the gray area of 1.8 1-2.99, the financial situation of the enterprise is unclear; If the z value is greater than 3, it shows that the enterprise is in good financial condition and the possibility of financial risk is very small. Arman also put forward that z value equal to 1.8 1 is the critical value to judge enterprise bankruptcy. 2. Use the deterioration of a single financial risk indicator to predict and monitor. Usually, according to the nature of financial ratio indicators and the ability to comprehensively reflect the financial situation of enterprises, the ratio of enterprise financial risk early warning mainly includes: (1) the ratio of cash to total liabilities. It is equal to net operating cash flow divided by total liabilities. The higher the ratio, the stronger the ability of enterprises to bear debts. (2) current ratio. It is the ratio of current assets to current liabilities. It is generally believed that the current ratio should be above 2, but not lower than 1. The main factors affecting the current ratio are business cycle, the amount of accounts receivable in current assets and the turnover rate of inventory. (3) Net interest rate of assets. Equal to net profit divided by total assets. It compares the net profit of an enterprise in a certain period with the assets of the enterprise, and shows the comprehensive effect of the utilization of the assets of the enterprise. The higher the index, the better the efficiency of asset utilization, indicating that enterprises have achieved good results in increasing income and reducing expenditure. Otherwise, the situation is just the opposite. At the same time, the net interest rate of assets is a comprehensive index. The assets of an enterprise are formed by investors' investment or borrowing, and the net profit is closely related to the assets, asset structure and management level of the enterprise. The main factors affecting the net interest rate of assets are: the price of products, the level of unit cost, the production and sales volume of products, and the amount of capital occupied. (4) Asset-liability ratio. It is the ratio of total liabilities to total assets. It is mainly used to measure the ability of enterprises to use liabilities for business activities and reflect the degree of protection of enterprises to creditors' capital investment. Under normal circumstances, the ratio should be low, but when the business prospects of enterprises are optimistic, the asset-liability ratio can be appropriately increased to obtain the benefits brought by debt management; If the enterprise has a bad prospect, it should reduce the asset-liability ratio, thus reducing financial risks. (5) Asset safety rate. It is the difference between the asset realization rate and the asset-liability ratio, in which the asset realization rate is the ratio of the expected asset realization amount to the asset book value. It is mainly used to measure the residual coefficient after the total assets of an enterprise are realized and the debts are repaid. The greater the coefficient, the safer the assets and the smaller the financial risk; Otherwise, the situation is just the opposite. Enterprises can use comparison and ratio analysis to examine the changing trend of their own financial ratio indicators over the years, and use the average value of industry indicators and the index value of advanced enterprises for reference to judge their own financial situation, so as to effectively avoid risks, control risks, delay crises or even put an end to them. 3. Prepare the cash flow budget. The preparation of enterprise cash flow budget is a particularly important part of financial management. Since the object of corporate finance is cash and its flow, in the short term, whether an enterprise can survive depends not entirely on whether it is profitable, but on whether it has enough cash for various expenses. Accurate cash flow budget can provide early warning signals for enterprises and enable operators to take measures as soon as possible. In order to accurately prepare the cash flow budget, enterprises should summarize the specific objectives, express the expected future income, cash flow, financial status and investment plan in quantitative form, establish a comprehensive budget for enterprises, predict future cash receipts and payments in weekly, monthly, quarterly, semi-annual and one-year cycles, and establish a rolling cash flow budget. Of course, a financial risk early warning system should have a good internal control system and audit system, otherwise even the most advanced early warning system can not operate normally. Due to the differences in organizational forms and enterprise scale, enterprises should design financial risk early warning systems that meet their own requirements and characteristics according to actual conditions. (2) Establish an effective risk handling mechanism to enhance the ability to resist risks. In order to effectively prevent possible financial risks, enterprises must set out from the long-term interests and establish and improve the financial risk prevention mechanism. (1) We can transfer some or all of the financial risks to others in some way (such as participating in social insurance), and establish and improve the enterprise risk transfer mechanism. (2) Through joint venture, diversified operation and diversification of foreign investment among enterprises, the financial risks of enterprises can be dispersed and dissolved in time, and the risk dispersion mechanism of enterprises can be established and improved. (3) When choosing a financial plan, we can comprehensively evaluate the possible financial risks of various plans, and establish and improve the risk avoidance mechanism on the premise of ensuring the realization of financial goals. (4) We can establish and improve the enterprise's risk fund and accumulation and distribution mechanism, timely and fully supplement the enterprise's own funds, enhance the enterprise's economic strength, and improve the enterprise's ability to resist financial risks. (3) Build a financial risk system culture and enhance the awareness of risk prevention. The efficient management of enterprise financial risk benefits from the full participation and system support of the whole enterprise. Only by strengthening the financial risk awareness of enterprise employees at the cultural level, breaking the traditional idea of self-independence and self-segmentation management of risks, establishing a comprehensive and holistic risk concept, evaluating and discovering ubiquitous risks in work, spontaneously coordinating and realizing team risk control, and implementing the concept and actions of risk management to everyone. At the same time, the management should devote themselves to investigating and planning the construction of enterprise risk system culture, and strive to improve the risk management level of enterprises through system control and cultural guidance. To make financial managers understand that financial risks exist in all aspects of financial management, and mistakes in any link may bring financial risks to enterprises, so risk prevention must be carried out throughout financial management. Enterprise leaders should strengthen scientific decision-making and collective decision-making, abandon subjective decision-making habits such as empirical decision-making and "slapping the head" decision-making, and reduce financial decision-making risks. (4) Improve the risk management organization and the internal control system. The complexity and diversity of enterprise financial risk management require enterprises to establish and improve corresponding organizations and implement timely and effective risk management. Only by organizing the financial risks of enterprises can we realize sufficient attention and real large-scale operation of enterprise financial risk management. Enterprises can set up a separate financial risk management office, equipped with corresponding personnel to predict, analyze and monitor financial risks, discover and resolve risks in time, and establish and improve risk control mechanisms. In addition, the weakening of governance structure and internal control system is itself a manifestation of high risk. Therefore, we must first improve the corporate governance structure, improve the risk control ability, realize scientific decision-making and management, and form a complete decision-making mechanism, incentive mechanism and restraint mechanism. Secondly, it is necessary to establish a supervision and restriction mechanism, especially to strengthen authorization examination and approval, accounting supervision, budget management and internal audit. Thirdly, finance and accounting should be separated, and the leaders in charge of the unit should be separated, and management centers should be set up respectively, with their own responsibilities. Finally, we should give full play to the role of internal audit institutions and personnel, and do a good job in internal control review and risk assessment. (5) Straighten out the internal financial relations of the enterprise, so as to unify the responsibilities and rights. In order to guard against financial risks, enterprises must also straighten out various internal financial relations. All departments should make clear their position, role, responsibility and corresponding power in enterprise financial management, so as to make clear the rights and responsibilities. In addition, in the distribution of benefits, enterprises should give consideration to the interests of all parties in order to mobilize the enthusiasm of all departments to participate in enterprise financial management and truly achieve the unity of responsibility, right and benefit.