Introduction: Firstly, explain the institutional basis of implementing the cash pool operation mode, then explain the management requirements of establishing the cash pool management mode, and finally analyze the processing flow and requirements of the cash pool operation mode from the aspects of capital inflow and income distribution, capital outflow and interest payment, and internal settlement. In order to provide reference and guidance for group enterprises to implement intensive fund management mode.
First, the institutional basis for implementing the fund pool operation mode
Fund pool is a management concept and policy. In order to make it run effectively and achieve the expected results, it is necessary to comprehensively design and carefully organize the complex fund distribution and control system among the group, member units and banks.
1, concept 1, establishing the group's intensive fund management system.
In essence, the cash pool is the system of centralized management and control of funds by the Group. It is necessary to build a corporate management culture that maximizes the overall efficiency and competitiveness of the group through training and internal communication, rather than a corporate culture oriented to the business cost of a single subsidiary or a single fund. The recognition, support and cooperation of the management of subsidiaries to the cash pool is the most critical basic premise for the effective operation of the cash pool model. In order to cooperate with the management of cash pool, enterprise groups urgently need to establish and improve a series of systems such as internal operation flow, internal post responsibilities, information communication, division of fund authorization, classified budget of funds, internal entrusted loan rules, internal audit and performance evaluation.
2. Group headquarters should focus on improving the capabilities of relevant parties.
To implement the intensive management of group funds, the group headquarters must have strong capital planning, capital allocation and investment decision-making ability; At the same time, the centralized and unified external financing ability of the group headquarters requires sufficient cash reserves to ensure adequate cash supply; The group headquarters should also have the ability to control funds, because the fund pool business transfers funds from accounts with surplus positions to overdraft accounts in the form of entrusted loans, which needs to be transferred within the group. The headquarters not only manages the issuance of loans, but also is responsible for the withdrawal of funds. In addition, the group headquarters should make overall consideration and overall planning to improve the level of intensive management of funds.
II. Management requirements for implementing the cash pool management model
1. The bank accounts of the Group and its member enterprises are centralized.
To implement the cash pool management mode of the group, we must first implement centralized management of all bank accounts in the group, reduce the number of enterprise bank accounts and strengthen the intensification of bank accounts, so as to improve the capital capacity and efficiency of the cash pool and reduce the cost of capital use. If the group and member enterprises can't achieve intensive accounts, the scattered funds can't play the scale effect, which will also lead to increased transfer costs and reduced efficiency. When selecting cooperative banks, the group should pay attention to the service quality and charging standards of banks, and choose the most suitable bank after weighing.
From the group's point of view, it is necessary to limit the number of bank accounts to a reasonable range, or to manage funds in a unified way at the headquarters. In addition, in order to better manage and control the liquidity demand of the whole group, reduce the cost of capital and obtain the highest rate of return on capital under the premise of ensuring liquidity, the headquarters can actively manage idle funds through short-term investment.
The operating requirements for account concentration are as follows: (1) All independent accounting enterprises included in the scope of capital intensive choose 1-2 designated banks to open settlement accounts, and the main revenue and expenditure business of each subsidiary should be concentrated in intensive accounts. (2) For the special accounts opened by subsidiaries for basic deposit account, taxpayers and enterprise social security users, each subsidiary shall not cancel them and maintain a reasonable balance. (3) Opening and closing bank accounts: After the intensive management of funds is implemented, all directly affiliated enterprises are generally not allowed to open bank accounts. If each directly affiliated enterprise needs to open or cancel a bank account, it must report to the Group for approval. (4) Authorization: Each directly affiliated enterprise authorizes the Group through the intensive bank, and the Group can inquire about the intensive bank account to keep abreast of the fund receipt and payment trends of each enterprise. (5) Online banking: All directly affiliated enterprises should apply for opening the online banking business of intensive banks, so as to operate and check the collection and payment business at any time, grasp the dynamics of fund collection, payment and deposit, establish a good internal control of online banking payment business, and strengthen the audit of this business.
2, do a good job of capital budget
In order to make the group implement the cash pool management smoothly, enterprises must make a good capital budget. Accurate budget, smooth operation of fund pool, improved operation efficiency and reduced operation cost; When there is deviation in the capital budget, it is difficult to play the role of the fund pool. Should member enterprises follow the capital budget? Fund approval? Capital operation? Business control? Risk prevention? In the process of decision support, the budget table of capital income and expenditure is prepared every month, and the budget of capital income and expenditure for next month is reported to the group finance department, and the capital budget is audited by the headquarters. The specific requirements are as follows:
(1) Capital revenue and expenditure budget: Each subsidiary shall prepare a monthly capital revenue and expenditure budget statement according to its operating conditions, including the inflow and outflow of funds from operating activities, investment activities and financing activities.
(2) Capital budget audit: the pre-audit of capital budget emphasizes the audit of large revenue and expenditure, that is, the financial statistics department of the Group reviews and handles the capital demand of the capital expenditure budget reported by each subsidiary within the scope of enterprise capital collection; For the expenses beyond the scope of enterprise fund-raising, the loan procedures should be handled according to the provisions of intra-group loans. The ex post audit of capital budget emphasizes the audit of budget accuracy. The financial statistics department of the Group checks the funds actually received by each subsidiary with its capital revenue and expenditure budget table every month, and regularly checks the actual use of funds with the capital expenditure budget. If the deviation exceeds 20%, the corresponding subsidiary shall be required to explain the reasons.
In the fund management of the group, we must adhere to the fund management principles of no plan, no work, no budget and no money, strengthen the comprehensive fund budget management, and strictly control the flow of funds according to the budget. If the enterprise has a large sum of money at the end of the quarter and the end of the year, it should communicate with the Group Finance Department in advance and arrange the funds in advance.
Third, the fund flow management under the fund pool operation mode
1. Cash pool capital inflow and income distribution
The funds paid by member enterprises are the main part of intensive fund management. Each enterprise shall, according to the operating characteristics of its own business, set the limit of idle funds, and after the approval of the group, transfer the idle funds to the intensive bank account. In order to supervise the centralized management of funds of member enterprises and expand the cash pool business of the Group, the Group can verify the idle funds of each enterprise every quarter, and on the basis of verifying the data, increase or decrease the amount of idle funds in the Group's intensive bank account at the beginning of the next quarter. After centralized management of idle funds is implemented, all enterprises should transfer idle funds to the group fund pool in time. In principle, member companies are not allowed to use idle funds to purchase bank wealth management products. In case of special circumstances, it must be approved by the Group before handling.
According to the time when idle funds of enterprises are put into use, the Group settles interest at a rate higher than that of bank deposits in the same period, calculates the interest on corporate deposits at the end of each quarter and settles at the end of each year. The establishment of the group fund pool can make full use of the enterprise's funds to meet the financing needs within the group without external financing, which not only simplifies the procedures, but also reduces the interest fees, handling fees and other expenses and financing costs.
2. Expend funds from the cash pool and pay interest expenses.
(1) The head office of the Group manages and controls the cash pool funds, and conducts investment or entrusted loans and other related bank wealth management businesses to obtain investment income.
(2) The allocation of funds to member enterprises is divided into budgetary expenditures and extra-budgetary expenditures. Among them, each enterprise fills in the Application Form for Appropriation of Capital Expenditure Funds in Budget, and the Financial Statistics Department of the Group will allocate it to each enterprise after comparison and review according to the capital expenditure budgets of each enterprise in the current month; Extrabudgetary expenditures shall be signed by the financial director of the enterprise where they belong, and approved by the Group Financial Statistics Department and the Group Financial Director before the funds can be allocated to each enterprise.
If a member enterprise exceeds the capital expenditure of the fund pool collection quota, it must apply for project establishment and go through the loan procedures in accordance with the internal financing regulations formulated by the Group. The Group determines the preferential amount and preferential term of internal loans at the end of each quarter according to the average daily amount and term transferred by enterprises into the cash pool. For loans within this amount and term, the Group will calculate the loan interest according to the downward trend of the bank loan interest rate 10% in the same period; For loans exceeding the limit and term, the Group still calculates the loan interest according to the bank loan interest rate for the same period and settles at the end of each quarter.
3. Internal settlement of intensive funds
(1) Accounting Treatment of Internal Transactions
Group finance department debits after receiving the payment from the enterprise? Bank deposit? Credit? Other payables _ _ _? Company? ; Do all enterprises have to debit money? Other receivables _ _ _ _ group? Credit? Bank deposit? . Does the group have to debit every grant? Other payables _ _ _? Company? Credit? Bank deposit? ; Every time the enterprise receives the allocated funds, it must be debited? Bank deposit? Credit? Other receivables _ _ _ _ group? .
(2) Check the funds in the cash pool
Each enterprise shall designate a special person as the liaison for intensive fund management, responsible for fund transfer and reconciliation with the Group Finance Department, and establish a smooth information communication channel. At the end of each month, the group prepares a summary table and a detailed list of capital intensive transactions (prepared by each member enterprise), and after checking the amount of receipts and payments between each other in the current month with the fund managers of each member enterprise, signs and seals the detailed list of capital transactions for confirmation.
(3) Offset processing of internal transactions of intensive funds
When a group prepares consolidated statements, it needs to consolidate and offset the funds in the cash pool. For example, when preparing the cash flow statement, we should list the intensive capital transactions between the group and various enterprises in a unified and standardized way, and increase the digital description of the internal statements. The funds paid by the member enterprises to the cash pool of the group headquarters and the funds received by the group headquarters, as well as the funds allocated by the member enterprises to the member enterprises from the cash pool of the group headquarters, should offset each other, because there is no substantial inflow and outflow of these two funds from the group as a whole. In practice, the group can uniformly stipulate the cash flow generated by financing activities. Other cash received related to fund-raising activities? And then what? Pay other cash related to fund-raising activities? Reflect the transfer of project funds due to the merger.
To sum up, group enterprises should establish a pool of funds for intensive fund management, constantly optimize the operation mechanism of fund management, build a fund monitoring system for group enterprises, establish a fund management model and a fund risk control system with management characteristics, provide financial support for strengthening the professional development of the group and enhancing the core competitiveness of the group, and effectively reduce and avoid the fund risks arising from the group's reform, development and business decisions.
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