Sedliacikova M.,Katedra podnikoveho hospodarstva
Acta Facultatis Xylologiae | Year: 2012
Tax optimization is a legal sequence of processes to recognition such tax liability, which the taxpayer is necessarily obliged to pay to the state. It means to minimize the tax liability under the act permitted actions. The aim of this paper is based on theoretical knowledge and analysis carried out in a selected company, to identify and propose possibilities for tax optimization in the area of tax on corporate income for wood-processing companies. Proposals for tax optimization opportunities are presented applied and verified in a selected company, from which there are formulated recommendations targeted at improving the current situation in the solving area. When we analyzed the actual situation and made proposals in solving area, we used a methodology that focused on finding savings by optimizing the following factors: the choice depreciation method of tangible and intangible assets, the discontinuation of depreciation of fixed assets for tax purposes, the choice of method of depreciation of intangible assets, the alternative application of interest on loans for acquisition of fixed assets, the technical assessment of property, the acquisition of property through purchase or finance leases from the view of depreciation period and production of provisions and reserves. From these analyses, we concluded that despite the legislative restrictions that flow from the inclusion of analyzed company as a part of a public institution, it is possible to recommend the following possibilities to optimize the tax on corporate income: the introduction of component depreciation of tangible assets, the use of long-term lease financing of the acquisition property, the maximum possible eliminating items additions to the tax base, consistently timely accrued expenses and revenues and their accounting to the relevant tax period and paying attention to creating of projects for nurseries activity, the value of which is the basis for the settlement of legal reserves. In conclusion, generalized proposals of tax optimization opportunities in the corporate income tax for wood-processing enterprises are formulated.
Volcko I.,Katedra podnikoveho hospodarstva |
Sedliacikova M.,Katedra podnikoveho hospodarstva |
Satanova A.,Katedra podnikoveho hospodarstva
Acta Facultatis Xylologiae | Year: 2013
The determination of the furniture company value based on economic value added (EVA) was the aim of this paper. The basis for determination of the enterprise value was the enumeration of economic value added of the company for years from 2006 to 2010, identification of the key factors influencing the EVA through its pyramidal decomposition and proposal of a long-term financial plan for period of three years; the creation of that was based on the identified key factors of business performance growth. We can conclude from the obtained results that the indicator of business performance EVA reached relatively high (positive) values in 2006 and 2007. The year 2008 was a loss for the company. In 2009 the company created a value of 5 545.94 €, but in 2010 the company got back into red numbers, it means the company did not create any value for its owners. The main factors that affect positively the creation of the value are: increased rate of capital turnover, decline of depreciation in the share of revenues, claims reduction, reduction of invested capital, and decline share of foreign capital in total capital. The greatest negative impact on value creation have: the fall of indicator RONA, decline the return of sales, the growth of share of personnel costs on sales, growth of indicator (other income - other expenses) / sales, decreased sales, increase of equity on total capital, growth of costs of foreign capital and equity. Based on the quantification of factors with positive and negative effects, we simulated the changes in these factors and their impact on enterprise value. The value of the analyzed furniture company was established based on methods of economic value of 2 059 94. 97 € to January 1st, 2011. Economic value added has an important place in the evaluation of business performance, but even that its use is not widespread in practice of market business valuation.
Sedliacikova M.,Katedra podnikoveho hospodarstva |
Biernacka J.,Warsaw University of Life Sciences
Acta Facultatis Xylologiae | Year: 2014
The control system is an effective communication tool, because positive deviations from the objectives are rewarded and negative deviations are penalized. Financial control has the task to evaluate all information about financial management and about ways of financial targets fulfilling. The aim of this paper was to define the most important factors that have a positive and negative impact on the achieved level of contribution margin on the base of the financial control in the selected building and joinery company. Financial control was done in three stages. In the first step we have analyzed these factors: the volume of sale, assortment, prices, and direct costs. Direct material costs represent 80% of the total business costs; therefore we have not focused on indirect costs. We can state, from results of our analysis, that only the change of prices had the positive effect on the amount of contribution margin. The change of sale volume, assortment and costs had negative impact on the contribution margin. However the most negative impact on the contribution margin was caused by the change of costs, so this item was subjected to detailed analysis in subsequent stages of decomposition. Analyzing the direct costs we found that the direct material costs have been clearly the main negative impact. The volume of total direct costs significantly increased, by change of these costs, therefore we have analyzed them in the next stage of decomposition. We have concluded from the third stage of decomposition that the most significant negative factor has been the factor Δ C - change of prices of direct material in all three groups of contracts. We have found from the realized financial control that the key factor, from the view of its negative impact on the amount of contribution margin of the company, has been the price of direct material. It follows that in the future the firm will have to look for cheaper alternatives of direct materials suppliers, but not at the expense of quality.