Conclusion

Current assets are assets that serve the process of current economic activity, while participating in the production and selling processes. The main purpose of current assets is ensuring the continuity and rhythm of the production and turnover. Due to rapidly changing market conditions companies have to change their policies toward current assets management, optimizing its structure and volume, increasing turnover and searching for additional reserves of their efficiency.

Nowadays, Russian telecommunication equipment market suffers because of high competition both in internal and external. Furthermore, producers face a lot of problems with payments of accounts receivable.

In this paper there was conducted a field research of financial performance of a specific example of Russian telecommunication equipment producer. There were used such methods as financial ratios analysis and mathematical statistical analysis. Furthermore there was conducted an interview to the company’s finance director, Victoria Ivanilova. The findings obtained in the course of the research show that the crisis has strongly affected the performance of SPETSSTROY-SVYAZ. The company’s main customers, governmental and departmental entities, have decreased their consumption. Other clients also do not represent high creditworthiness. Most of SPETSSTROY-SVYAZ’s accounts receivable is overdue. Thus the company cannot use its money for production and development what makes a vicious circuit. There has been made several attempts to improve the situation with accounts receivable, but, unfortunately, due to the peculiarities of the enterprise’s clients, these attempts have not brought much effect.

In this paper the following recommendations for improving company’s liquidity were given: to create a payment calendar in order to align and synchronize cash inflows and outflows by time periods, to speed up the cash flows. Also, there was proposed a model for receivables management, which could help to reduce the time of repayment. Besides these financial measures there was proposed a managerial one – a bonus policy. According to this policy, sales managers would get bonuses regarding their plan fulfillment. It is important, that managers’ performance is to be measured by money inflows. This policy is to increase the employees’ involvement in company’s economic activity.

Appendix 1. The listof spetsstroy-svyaz’es debtors and related accounts receivable

#	Debtor	Debt, rur	#	Debtor	Debt, rur
1	Business-Svyaz	10.00	23	Dalsvyaz	155 827.59
2	Ryazan	74.00	24	Pishevye Ingredienty	163 119.00
3	Zorg	280.00	25	Universum telecom	166 805.60
4	Regional telesystems	300.00	26	Fortex	198 570.91
5	Connect plus	1 200.00	27	Sokol-ATS	203 244.73
6	Cheboksarsky Electroapp plant	1 907.00	28	Resurstorg	218 748.00
7	Smolenskenergo	2 000.00	29	SFU	232 932.00
8	Krasnodargazavtomatika	3 600.00	30	Agatelecom	315 318.40
9	FSI Volga GBD Informtechcenter	4 100.00	31	Intellect.com Tula	329 454.00
10	Dalsvyaz Magadan	4 460.00	32	Almaz SSS	773 363.46
11	BTK Bryansk	4 922.60	33	Proton-T	826 935.95
12	Mir Techniki	7 265.00	34	Tambov telecom	869 833.18
13	Volga-Don GBUVPiS	9 600.00	35	Zeta telecom	942 729.00
14	Radionet-t	12 440.00	36	PAKS	1 165 000.00
15	Yakutsk-energo	25 220.00	37	Proton-Yug	1 276 416.64
16	Gassystemaavtomatika	48 597.53	38	Utek	2 198 621.43
17	Priboi	62 021.75	39	Seti i Systemi	3 395 428.54
18	RN-Inform	62 100.00	40	Rusingeniering	5 555 834.73
19	Seti-complect	71 088.81	41	Technoserv	6 153 596.45
20	Transcor	112 387.50	42	Infospetsservis	6 519 088.00
21	Universum bit	121 441.60	43	IFC	6 789 204.99
22	DTN	125 771.49	44	Proton-SSS	27 170 308.78