4. M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/strong><\/span><\/h2>\n

4.1. M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/span><\/h3>\n

M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh l\u00e0 t\u1ef7 l\u1ec7 thay \u0111\u1ed5i c\u1ee7a t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (hay EPS) ph\u00e1t sinh do s\u1ef1 thay \u0111\u1ed5i c\u1ee7a l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf.<\/span><\/p>\n

M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (DEGREE OF FINANCIAL LEVERAGE \u2013 DFL) \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n qua c\u00f4ng th\u1ee9c sau:<\/span><\/p>\n\n\n\n\n

\n M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (DFL)<\/i><\/strong><\/span><\/p>\n<\/td>\n	=<\/i><\/strong><\/span><\/td>\n	T\u1ef7 l\u1ec7 thay \u0111\u1ed5i c\u1ee7a t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (\u2206ROE\/ROEo)<\/i><\/strong><\/span><\/td>\n<\/tr>\n
\n T\u1ef7 l\u1ec7 thay \u0111\u1ed5i c\u1ee7a l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf (\u2206EBIT\/EBITo)<\/i><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh ph\u1ea3n \u00e1nh khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf t\u0103ng l\u00ean hay gi\u1ea3m \u0111i 1% th\u00ec t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (hay EPS) s\u1ebd t\u0103ng l\u00ean hay gi\u1ea3m \u0111i bao nhi\u00eau ph\u1ea7n tr\u0103m.<\/span><\/p>\n C\u00f4ng th\u1ee9c tr\u00ean c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c bi\u1ebfn \u0111\u1ed5i th\u00f4ng qua c\u00e1c h\u1ec7 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c nh\u01b0 sau:<\/span><\/p>\n\n\n\n\n \n M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (DFL)<\/strong><\/em><\/span><\/p>\n<\/td>\n =<\/strong><\/em><\/span><\/td>\n EBIT<\/strong><\/em><\/span><\/td>\n<\/tr>\n \n EBIT – I<\/strong><\/em><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Trong \u0111\u00f3:<\/span><\/p>\n EBIT: L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay<\/span><\/p>\n I: L\u00e3i vay<\/span><\/p>\n V\u00ed d\u1ee5:<\/strong> Doanh nghi\u1ec7p XYZ chuy\u00ean s\u1ea3n xu\u1ea5t s\u1ea3n ph\u1ea9m A c\u00f3 s\u1ed1 v\u1ed1n kinh doanh l\u00e0 1.000 tri\u1ec7u \u0111\u1ed3ng, trong \u0111\u00f3 v\u1ed1n vay l\u00e0 350 tri\u1ec7u \u0111\u1ed3ng v\u1edbi l\u00e3i su\u1ea5t 10%\/n\u0103m. \u0110\u1ea7u n\u0103m 2020, do nh\u1eadn th\u1ea5y c\u01a1 h\u1ed9i l\u1edbn tr\u00ean th\u1ecb tr\u01b0\u1eddng ti\u00eau th\u1ee5 s\u1ea3n ph\u1ea9m A, ban l\u00e3nh \u0111\u1ea1o doanh nghi\u1ec7p quy\u1ebft \u0111\u1ecbnh m\u1edf r\u1ed9ng quy m\u00f4 s\u1ea3n xu\u1ea5t kinh doanh, doanh thu d\u1ef1 ki\u1ebfn t\u0103ng t\u1eeb 5.000 tri\u1ec7u \u0111\u1ed3ng l\u00ean 8.000 tri\u1ec7u \u0111\u1ed3ng. <\/span><\/p>\n C\u0169ng trong n\u0103m 2020, \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u m\u1edf r\u1ed9ng quy m\u00f4, doanh nghi\u1ec7p \u0111\u00e3 t\u0103ng v\u1ed1n b\u1eb1ng c\u00e1ch vay ng\u00e2n h\u00e0ng v\u1edbi s\u1ed1 ti\u1ec1n l\u00e0 500 tri\u1ec7u \u0111\u1ed3ng nh\u1eb1m trang b\u1ecb th\u00eam m\u00e1y m\u00f3c, thi\u1ebft b\u1ecb. D\u1ef1 ki\u1ebfn l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf t\u0103ng t\u1eeb 200 tri\u1ec7u \u0111\u1ed3ng l\u00ean 700 tri\u1ec7u \u0111\u1ed3ng. X\u00e1c \u0111\u1ecbnh m\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh?<\/span><\/p>\n Ta c\u00f3 b\u1ea3ng x\u00e1c \u0111\u1ecbnh \u0111\u1ed9 l\u1edbn \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh nh\u01b0 sau, \u0111\u01a1n v\u1ecb t\u00ednh: tri\u1ec7u \u0111\u1ed3ng, thu\u1ebf su\u1ea5t thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p l\u00e0 20%.<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n \n STT<\/b><\/span><\/p>\n<\/td>\n Ch\u1ec9 ti\u00eau<\/b><\/span><\/td>\n N\u0103m 2019<\/b><\/span><\/td>\n \n N\u0103m 2020<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n 1<\/span><\/td>\n Doanh thu b\u00e1n h\u00e0ng<\/span><\/td>\n 5.000<\/span><\/td>\n 8.000<\/span><\/td>\n<\/tr>\n 2<\/span><\/td>\n Chi ph\u00ed l\u00e3i vay (I)<\/span><\/td>\n 35<\/span><\/td>\n 85<\/span><\/td>\n<\/tr>\n 3<\/span><\/td>\n L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf (EBIT)<\/span><\/td>\n 200<\/span><\/td>\n 700<\/span><\/td>\n<\/tr>\n 4<\/span><\/td>\n L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/span><\/td>\n 132<\/span><\/td>\n 492<\/span><\/td>\n<\/tr>\n 5<\/span><\/td>\n V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u00ecnh qu\u00e2n (E)<\/span><\/td>\n 650<\/span><\/td>\n 650<\/span><\/td>\n<\/tr>\n 6<\/span><\/td>\n C\u01a1 c\u1ea5u ngu\u1ed3n v\u1ed1n (D\/E)<\/span><\/td>\n 0.5385<\/span><\/td>\n 1.3077<\/span><\/td>\n<\/tr>\n 6<\/span><\/td>\n \u2206ROE\/ROEo<\/span><\/td>\n <\/td>\n 2.7273<\/span><\/td>\n<\/tr>\n 7<\/span><\/td>\n \u2206EBIT\/EBITo<\/span><\/td>\n <\/td>\n 2.5<\/span><\/td>\n<\/tr>\n 8<\/span><\/td>\n M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (DFL)<\/span><\/td>\n <\/td>\n 1.091<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Nh\u01b0 v\u1eady, v\u1edbi vi\u1ec7c huy \u0111\u1ed9ng th\u00eam v\u1ed1n vay nh\u1eb1m m\u1edf r\u1ed9ng quy m\u00f4 s\u1ea3n xu\u1ea5t kinh doanh, l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf t\u0103ng 2.5 l\u1ea7n, t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu t\u0103ng 2.7273 l\u1ea7n, doanh nghi\u1ec7p XYZ s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh c\u00f3 \u0111\u1ed9 l\u1edbn l\u00e0 1.091. H\u1ec7 s\u1ed1 n\u00e0y c\u00f3 ngh\u0129a l\u00e0 c\u1ee9 1% t\u0103ng l\u00ean c\u1ee7a l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay d\u1eabn \u0111\u1ebfn t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u0169ng t\u0103ng l\u00ean 1.091%.<\/span><\/p>\n 4.2. R\u1ee7i ro t\u00e0i ch\u00ednh khi s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh trong doanh nghi\u1ec7p<\/span><\/h3>\n R\u1ee7i ro t\u00e0i ch\u00ednh l\u00e0 s\u1ef1 dao \u0111\u1ed9ng hay kh\u00f4ng ch\u1eafc ch\u1eafn c\u1ee7a t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 l\u00e0m t\u0103ng nguy c\u01a1 m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n khi doanh nghi\u1ec7p s\u1eed d\u1ee5ng v\u1ed1n vay v\u00e0 c\u00e1c ngu\u1ed3n t\u00e0i tr\u1ee3 kh\u00e1c c\u00f3 chi ph\u00ed t\u00e0i ch\u00ednh c\u1ed1 \u0111\u1ecbnh.<\/span><\/p>\n N\u1ebfu doanh nghi\u1ec7p c\u00f3 k\u1ebft qu\u1ea3 kinh doanh t\u1ed1t, doanh thu kh\u00f4ng nh\u1eefng b\u00f9 \u0111\u1eafp \u0111\u01b0\u1ee3c chi ph\u00ed ph\u00e1t sinh trong k\u1ef3 (trong \u0111\u00f3 c\u00f3 chi ph\u00ed l\u00e3i vay) m\u00e0 c\u00f2n gia t\u0103ng l\u1ee3i nhu\u1eadn sau thu\u1ebf, cho th\u1ea5y vi\u1ec7c s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh c\u00f3 t\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c \u0111\u1ebfn ROE. Do \u0111\u00f3 doanh nghi\u1ec7p c\u00f3 th\u1ec3 c\u00e2n nh\u1eafc vi\u1ec7c t\u1eadn d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh nh\u1eb1m gia t\u0103ng t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/span><\/p>\n Tuy nhi\u00ean, trong tr\u01b0\u1eddng h\u1ee3p k\u1ebft qu\u1ea3 kinh doanh kh\u00f4ng nh\u01b0 k\u1ef3 v\u1ecdng, doanh thu kh\u00f4ng \u0111\u1ee7 b\u00f9 \u0111\u1eafp chi ph\u00ed ph\u00e1t sinh trong k\u1ef3 (\u0111\u1eb7c bi\u1ec7t l\u00e0 chi ph\u00ed l\u00e3i vay) ho\u1eb7c b\u00f9 \u0111\u1eafp \u0111\u01b0\u1ee3c chi ph\u00ed ph\u00e1t sinh trong k\u1ef3 nh\u01b0ng l\u1ee3i nhu\u1eadn sau thu\u1ebf c\u1ee7a doanh nghi\u1ec7p l\u1ea1i s\u1ee5t gi\u1ea3m so v\u1edbi tr\u01b0\u1eddng h\u1ee3p kh\u00f4ng s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 l\u00e0m gia t\u0103ng g\u00e1nh n\u1eb7ng chi ph\u00ed, d\u1eabn \u0111\u1ebfn t\u00ecnh tr\u1ea1ng m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n n\u1ebfu t\u00ecnh h\u00ecnh kinh doanh kh\u00f4ng \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n trong th\u1eddi gian d\u00e0i. Qua \u0111\u00f3 cho th\u1ea5y vi\u1ec7c s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh lu\u00f4n lu\u00f4n ti\u1ec1m \u1ea9n r\u1ee7i ro t\u00e0i ch\u00ednh.<\/span><\/p>\n Ti\u1ebfp t\u1ee5c t\u00ecnh hu\u1ed1ng c\u1ee7a doanh nghi\u1ec7p XYZ n\u00eau tr\u00ean, trong n\u0103m 2020, do c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1ch quan \u1ea3nh h\u01b0\u1edfng nghi\u00eam tr\u1ecdng \u0111\u1ebfn nhu c\u1ea7u ti\u00eau d\u00f9ng s\u1ea3n ph\u1ea9m A, d\u1eabn \u0111\u1ebfn doanh thu s\u1ee5t gi\u1ea3m c\u00f2n 2.000 tri\u1ec7u \u0111\u1ed3ng. L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay l\u00e0 -50 tri\u1ec7u \u0111\u1ed3ng. \u0110\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh nh\u01b0 sau:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n \n STT<\/b><\/span><\/p>\n<\/td>\n Ch\u1ec9 ti\u00eau<\/b><\/span><\/td>\n N\u0103m 2019<\/b><\/span><\/td>\n \n N\u0103m 2020<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n 1<\/span><\/td>\n Doanh thu b\u00e1n h\u00e0ng\u00a0<\/span><\/td>\n 5.000<\/span><\/td>\n 2.000<\/span><\/td>\n<\/tr>\n 2<\/span><\/td>\n Chi ph\u00ed l\u00e3i vay (I)<\/span><\/td>\n 35<\/span><\/td>\n 85<\/span><\/td>\n<\/tr>\n 3<\/span><\/td>\n L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf (EBIT)<\/span><\/td>\n 200<\/span><\/td>\n -50<\/span><\/td>\n<\/tr>\n 4<\/span><\/td>\n L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/span><\/td>\n 132<\/span><\/td>\n -108<\/span><\/td>\n<\/tr>\n 5<\/span><\/td>\n \u2206ROE\/ROEo<\/span><\/td>\n <\/td>\n -1.8182<\/span><\/td>\n<\/tr>\n 6<\/span><\/td>\n \u2206EBIT\/EBITo<\/span><\/td>\n <\/td>\n -1.25<\/span><\/td>\n<\/tr>\n 7<\/span><\/td>\n M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (DFL)<\/span><\/td>\n <\/td>\n 1.455<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a doanh nghi\u1ec7p XYZ l\u00e0 k\u00e9m hi\u1ec7u qu\u1ea3 khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf gi\u1ea3m 1.25 l\u1ea7n, t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu gi\u1ea3m 1.8182 l\u1ea7n. G\u00e1nh n\u1eb7ng chi ph\u00ed l\u00e3i vay khi\u1ebfn cho doanh nghi\u1ec7p XYZ c\u00f3 nguy c\u01a1 m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n n\u1ebfu t\u00ecnh kinh doanh kh\u00f4ng \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n trong th\u1eddi gian d\u00e0i.<\/span><\/p>\n Nh\u01b0 v\u1eady, vi\u1ec7c s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh lu\u00f4n lu\u00f4n t\u00e1c \u0111\u1ed9ng theo hai m\u1eb7t, ho\u1eb7c l\u00e0 gia t\u0103ng t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ho\u1eb7c l\u00e0 s\u1ee5t gi\u1ea3m t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, qua \u0111\u00f3 cho th\u1ea5y r\u1ee7i ro t\u00e0i ch\u00ednh lu\u00f4n hi\u1ec7n h\u1eefu trong ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a doanh nghi\u1ec7p. V\u00ec v\u1eady, ban gi\u00e1m \u0111\u1ed1c c\u1ea7n c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1ch quan, y\u1ebfu t\u1ed1 n\u1ed9i t\u1ea1i c\u1ee7a doanh nghi\u1ec7p, \u0111o l\u01b0\u1eddng gi\u1eefa c\u00e1i \u0111\u01b0\u1ee3c v\u00e0 m\u1ea5t tr\u01b0\u1edbc khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh. C\u00e1c y\u1ebfu t\u1ed1 th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u00e2n nh\u1eafc \u0111\u1ebfn bao g\u1ed3m c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1ch quan nh\u01b0 m\u00f4i tr\u01b0\u1eddng kinh doanh, s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh hay y\u1ebfu t\u1ed1 n\u1ed9i t\u1ea1i c\u1ee7a ch\u00ednh doanh nghi\u1ec7p.<\/span><\/p>\n \u0110\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro t\u1eeb \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh, doanh nghi\u1ec7p c\u00f3 th\u1ec3 xem x\u00e9t th\u00eam m\u1ed9t s\u1ed1 lo\u1ea1i \u0111\u00f2n b\u1ea9y kinh doanh kh\u00e1c. Tham kh\u1ea3o t\u1ea1i b\u00e0i vi\u1ebft: 3 lo\u1ea1i \u0111\u00f2n b\u1ea9y kinh doanh DN c\u1ea7n bi\u1ebft<\/a><\/span><\/strong><\/em><\/span><\/p>\n 5. \u00dd ngh\u0129a c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/strong><\/span><\/h2>\n M\u1eb7c d\u00f9 vi\u1ec7c s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh d\u1eabn t\u1edbi r\u1ee7i ro t\u00e0i ch\u00ednh cho doanh nghi\u1ec7p nh\u01b0ng n\u00f3 v\u1eabn l\u00e0 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u1eafc l\u1ef1c n\u1ebfu doanh nghi\u1ec7p bi\u1ebft s\u1eed d\u1ee5ng m\u1ed9t c\u00e1ch ph\u00f9 h\u1ee3p, linh ho\u1ea1t v\u00e0 c\u00f3 k\u1ebf ho\u1ea1ch c\u1ee5 th\u1ec3.<\/span><\/p>\n Nh\u01b0 ch\u00fang ta \u0111\u00e3 bi\u1ebft \u0111\u00e2y l\u00e0 c\u00f4ng c\u1ee5 b\u00f9 \u0111\u1eafp s\u1ef1 thi\u1ebfu h\u1ee5t v\u1ec1 v\u1ed1n qua \u0111\u00f3 gi\u00fap doanh nghi\u1ec7p duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh. H\u01a1n n\u1eefa, v\u1ed1n vay c\u00f3 chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n th\u1ea5p h\u01a1n so v\u1edbi c\u00e1c k\u00eanh huy \u0111\u1ed9ng v\u1ed1n kh\u00e1c nh\u01b0 huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n h\u1eefu ho\u1eb7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng. Cu\u1ed1i c\u00f9ng, quan tr\u1ecdng h\u01a1n c\u1ea3 l\u00e0 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh l\u00e0m gia t\u0103ng t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cho ch\u1ee7 s\u1edf h\u1eefu doanh nghi\u1ec7p.<\/span><\/p>\n V\u1eady th\u00ec, l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3, h\u1ea1n ch\u1ebf r\u1ee7i ro t\u00e0i ch\u00ednh, doanh nghi\u1ec7p c\u1ea7n l\u01b0u \u00fd m\u1ed9t s\u1ed1 n\u1ed9i dung sau:<\/span><\/p>\n Th\u1ee9 nh\u1ea5t,<\/strong> <\/em>nghi\u00ean c\u1ee9u th\u1ecb tr\u01b0\u1eddng ti\u00eau th\u1ee5 s\u1ea3n ph\u1ea9m, th\u1ecb tr\u01b0\u1eddng cung \u1ee9ng c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ea7u v\u00e0o nh\u1eb1m h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng x\u1ea5u nh\u1ea5t c\u00f3 th\u1ec3 x\u1ea3y ra \u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p khi ngu\u1ed3n cung v\u00e0 c\u1ea7u tr\u00ean hai th\u1ecb tr\u01b0\u1eddng n\u00e0y bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh. \u0110\u1ec3 l\u00e0m r\u00f5 n\u1ed9i dung n\u00e0y c\u1ea7n xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 m\u00f4i tr\u01b0\u1eddng kinh doanh, s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh c\u0169ng nh\u01b0 n\u0103ng l\u1ef1c c\u1ee7a c\u00e1c \u0111\u1ed1i t\u00e1c quan tr\u1ecdng c\u1ee7a doanh nghi\u1ec7p.<\/span><\/p>\n \u0110\u1ed1i v\u1edbi y\u1ebfu t\u1ed1 m\u00f4i tr\u01b0\u1eddng kinh doanh, c\u1ee5 th\u1ec3 l\u00e0 h\u00e0nh lang ph\u00e1p l\u00fd, \u0111i\u1ec1u ki\u1ec7n t\u1ef1 nhi\u00ean, ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4 c\u1ee7a nh\u00e0 n\u01b0\u1edbc nh\u01b0 l\u00e3i su\u1ea5t, t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i, ch\u00ednh s\u00e1ch thu\u1ebf\u2026.doanh nghi\u1ec7p c\u1ea7n xem x\u00e9t li\u1ec7u nh\u1eefng y\u1ebfu t\u1ed1 tr\u00ean c\u00f3 kh\u1ea3 n\u0103ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng ti\u00eau th\u1ee5 s\u1ea3n ph\u1ea9m c\u0169ng nh\u01b0 th\u1ecb tr\u01b0\u1eddng cung \u1ee9ng \u0111\u1ea7u v\u00e0o c\u1ee7a doanh nghi\u1ec7p hay kh\u00f4ng. Qua \u0111\u00f3 \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a t\u1eebng y\u1ebfu t\u1ed1, \u0111\u01b0a ra c\u00e1c gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3, \u0111i\u1ec1u ch\u1ec9nh k\u1ebf ho\u1ea1ch kinh doanh ph\u00f9 h\u1ee3p v\u00e0 linh \u0111\u1ed9ng cho t\u1eebng th\u1eddi k\u1ef3.<\/span><\/p>\n \u0110\u1ed1i v\u1edbi c\u00e1c c\u00e1c b\u00ean li\u00ean quan, doanh nghi\u1ec7p c\u1ea7n \u0111\u00e1nh gi\u00e1 t\u1ed5ng th\u1ec3, \u0111\u1ecbnh k\u1ef3 t\u00ecnh h\u00ecnh kinh doanh, s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c \u0111\u1ed1i t\u00e1c quan tr\u1ecdng trong chu\u1ed7i cung \u1ee9ng, ti\u00eau th\u1ee5 s\u1ea3n ph\u1ea9m c\u1ee7a doanh nghi\u1ec7p. T\u1eeb \u0111\u00f3, \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng v\u00e0 \u0111\u01b0a ra c\u00e1c gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3 nh\u1eb1m h\u1ea1n ch\u1ebf r\u1ee7i ro \u1edf m\u1ee9c th\u1ea5p nh\u1ea5t.<\/span><\/p>\n Th\u1ee9 hai,<\/strong> <\/em>t\u0103ng c\u01b0\u1eddng c\u00f4ng t\u00e1c qu\u1ea3n tr\u1ecb c\u00e1c y\u1ebfu t\u1ed1 n\u1ed9i t\u1ea1i b\u00ean trong doanh nghi\u1ec7p. \u0110\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau v\u1ec1 l\u1ee3i nhu\u1eadn nh\u1eb1m gia t\u0103ng t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, khi s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh doanh nghi\u1ec7p c\u1ea7n n\u00e2ng cao c\u00f4ng t\u00e1c qu\u1ea3n tr\u1ecb chi ph\u00ed. C\u1ee5 th\u1ec3, doanh nghi\u1ec7p c\u1ea7n ch\u00fa tr\u1ecdng vi\u1ec7c chu\u1ea9n h\u00f3a c\u00f3 h\u1ec7 th\u1ed1ng quy tr\u00ecnh qu\u1ea3n l\u00fd t\u1eeb ho\u1ea1t \u0111\u1ed9ng mua h\u00e0ng, b\u00e1n h\u00e0ng, qu\u1ea3n l\u00fd kho b\u00e3i, quy tr\u00ecnh s\u1ea3n xu\u1ea5t \u0111\u1ebfn qu\u1ea3n l\u00fd nh\u00e2n s\u1ef1, qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh, k\u1ebf to\u00e1n\u2026. th\u00f4ng qua c\u00e1c ch\u00ednh s\u00e1ch nh\u01b0 ch\u00ednh s\u00e1ch mua h\u00e0ng, ch\u00ednh s\u00e1ch b\u00e1n h\u00e0ng, quy tr\u00ecnh b\u1ea3o qu\u1ea3n h\u00e0ng t\u1ed3n kho, quy tr\u00ecnh qu\u1ea3n l\u00fd m\u00e1y m\u00f3c, thi\u1ebft b\u1ecb, quy tr\u00ecnh ki\u1ec3m tra ch\u1ea5t l\u01b0\u1ee3ng, ch\u00ednh s\u00e1ch khen th\u01b0\u1edfng, ph\u00fac l\u1ee3i cho nh\u00e2n vi\u00ean\u2026<\/span><\/p>\n Th\u1ee9 ba,<\/strong><\/em> l\u1eadp k\u1ebf ho\u1ea1ch kinh doanh, \u0111\u00e1nh gi\u00e1 c\u00e1c ph\u01b0\u01a1ng \u00e1n c\u00f3 kh\u1ea3 n\u0103ng x\u1ea3y ra \u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p v\u00e0 bi\u1ec7n ph\u00e1p x\u1eed l\u00fd t\u01b0\u01a1ng \u1ee9ng. Vi\u1ec7c l\u1eadp k\u1ebf ho\u1ea1ch kinh doanh m\u1ed9t c\u00e1ch chi ti\u1ebft, c\u1ee5 th\u1ec3 h\u1ed7 tr\u1ee3 doanh nghi\u1ec7p ph\u1ea3n \u1ee9ng nhanh, x\u1eed l\u00fd k\u1ecbp th\u1eddi v\u00e0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh ph\u00f9 h\u1ee3p trong \u0111i\u1ec1u ki\u1ec7n kinh doanh kh\u00f4ng thu\u1eadn l\u1ee3i.<\/span><\/p>\n Th\u1ee9 t\u01b0,<\/strong><\/em> doanh nghi\u1ec7p c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh v\u1edbi \u0111\u00f2n b\u1ea9y kinh doanh nh\u1eb1m gia t\u0103ng t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. C\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0, doanh nghi\u1ec7p huy \u0111\u1ed9ng v\u1ed1n vay \u0111\u1ec3 \u0111\u1ea7u t\u01b0 m\u00e1y m\u00f3c, thi\u1ebft b\u1ecb nh\u1eb1m khu\u1ebfch \u0111\u1ea1i l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay qua \u0111\u00f3 l\u00e0m gia t\u0103ng t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cho ch\u1ee7 s\u1edf h\u1eefu doanh nghi\u1ec7p.<\/span><\/p>\n Thay v\u00ec ph\u1ea3i \u0111\u1ee3i k\u1ebf to\u00e1n t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c m\u1ed9t c\u00e1ch th\u1ee7 c\u00f4ng, CEO\/ch\u1ee7 doanh nghi\u1ec7p c\u00f3 th\u1ec3 theo d\u00f5i nhanh ch\u00f3ng c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty nh\u1edd ph\u1ea7n m\u1ec1m k\u1ebf to\u00e1n online MISA AMIS \u2013 c\u00f4ng c\u1ee5 \u0111ang \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 r\u1ea5t cao hi\u1ec7n nay kh\u00f4ng ch\u1ec9 trong c\u00f4ng t\u00e1c k\u1ebf to\u00e1n m\u00e0 c\u00f2n trong ho\u1ea1t \u0111\u1ed9ng qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh doanh nghi\u1ec7p. Ph\u1ea7n m\u1ec1m k\u1ebf to\u00e1n online<\/a><\/span> MISA AMIS <\/span>\u0111em \u0111\u1ebfn cho nh\u00e0 qu\u1ea3n tr\u1ecb g\u00f3c nh\u00ecn t\u1ed5ng qu\u00e1t v\u1ec1 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p qua c\u00e1c t\u00ednh n\u0103ng \u01b0u vi\u1ec7t:<\/span><\/p>\n \n Xem b\u00e1o c\u00e1o \u0111i\u1ec1u h\u00e0nh m\u1ecdi l\u00fac m\u1ecdi n\u01a1i: Gi\u00e1m \u0111\u1ed1c, k\u1ebf to\u00e1n tr\u01b0\u1edfng c\u00f3 th\u1ec3 theo d\u00f5i t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh ngay tr\u00ean di \u0111\u1ed9ng, k\u1ecbp th\u1eddi ra quy\u1ebft \u0111\u1ecbnh \u0111i\u1ec1u h\u00e0nh doanh nghi\u1ec7p.<\/span><\/li>\n \u0110\u1ea7y \u0111\u1ee7 b\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb: H\u00e0ng tr\u0103m b\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb theo m\u1eabu ho\u1eb7c t\u1ef1 thi\u1ebft k\u1ebf ch\u1ec9nh s\u1eeda, \u0111\u00e1p \u1ee9ng nhu c\u1ea7u c\u1ee7a doanh nghi\u1ec7p thu\u1ed9c m\u1ecdi ng\u00e0nh ngh\u1ec1.<\/span><\/li>\n T\u1ef1 \u0111\u1ed9ng h\u00f3a vi\u1ec7c l\u1eadp b\u00e1o c\u00e1o: T\u1ef1 \u0111\u1ed9ng t\u1ed5ng h\u1ee3p s\u1ed1 li\u1ec7u l\u00ean b\u00e1o c\u00e1o thu\u1ebf, b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u00e0 c\u00e1c s\u1ed5 s\u00e1ch gi\u00fap doanh nghi\u1ec7p n\u1ed9p b\u00e1o c\u00e1o k\u1ecbp th\u1eddi, ch\u00ednh x\u00e1c.<\/span><\/li>\n<\/ul>\n \u0110\u1eb7c bi\u1ec7t, AMIS K\u1ebf to\u00e1n c\u00f2n cung c\u1ea5p h\u1ec7 th\u1ed1ng c\u00e1c ch\u1ec9 s\u1ed1 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh \u2013 c\u00f4ng c\u1ee5 \u0111\u1eafc l\u1ef1c cho doanh nghi\u1ec7p trong c\u00f4ng cu\u1ed9c t\u00ednh to\u00e1n v\u00e0 ho\u1ea1ch \u0111\u1ecbnh t\u00e0i ch\u00ednh t\u1ea1i \u0111\u01a1n v\u1ecb. Ph\u1ea7n m\u1ec1m AMIS K\u1ebf to\u00e1n \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp s\u1eb5n c\u00f4ng th\u1ee9c t\u00ednh cho c\u00e1c h\u1ec7 s\u1ed1 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh. C\u0103n c\u1ee9 v\u00e0o s\u1ed1 li\u1ec7u k\u1ebf to\u00e1n \u0111\u01b0\u1ee3c nh\u1eadp v\u00e0o, ph\u1ea7n m\u1ec1m s\u1ebd t\u1ef1 \u0111\u1ed9ng t\u1ed5ng h\u1ee3p v\u00e0 t\u00ednh to\u00e1n ra c\u00e1c h\u1ec7 s\u1ed1 n\u00e0y. D\u1ef1a v\u00e0o \u0111\u00f3 nh\u00e0 qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 nhanh ch\u00f3ng \u0111\u01b0a ra nh\u1eefng \u0111\u00e1nh gi\u00e1 t\u1ed5ng qu\u00e1t v\u1ec1 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p t\u1ea1i b\u1ea5t c\u1ee9 th\u1eddi \u0111i\u1ec3m n\u00e0o, t\u1eeb \u0111\u00f3 \u0111\u01b0a ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh \u0111i\u1ec1u h\u00e0nh h\u1ee3p l\u00fd.<\/span><\/p>\n M\u1eddi anh\/ch\u1ecb \u0111\u0103ng k\u00fd \u0111\u0103ng k\u00fd d\u00f9ng th\u1eed mi\u1ec5n ph\u00ed 15 ng\u00e0y b\u1ea3n demo ph\u1ea7n m\u1ec1m k\u1ebf to\u00e1n online MISA AMIS<\/strong> \u0111\u1ec3 tr\u1ea3i nghi\u1ec7m c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh t\u1ed1i \u01b0u nh\u1ea5t!<\/span><\/p>\n \n D\u00f9ng ngay mi\u1ec5n ph\u00ed\n <\/a><\/p><\/span><\/p>\n T\u00e1c gi\u1ea3: Nguy\u1ec5n Th\u1ecb Th\u00f9y Dung<\/em><\/span><\/p>\n <\/div>\n <\/p>\n <\/div>\n <\/div>","protected":false},"excerpt":{"rendered":" \u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef quen thu\u1ed9c trong l\u0129nh v\u1ef1c kinh doanh. S\u1eed d\u1ee5ng kh\u00f4n ngoan gi\u1ea3i ph\u00e1p t\u00e0i ch\u00ednh n\u00e0y \u0111\u1ec3 thu l\u1ee3i \u00edch l\u00e0 m\u1ee5c ti\u00eau c\u1ee7a nhi\u1ec1u doanh nghi\u1ec7p hi\u1ec7n nay. H\u00e3y c\u00f9ng MISA AMIS K\u1ebf to\u00e1n nghi\u00ean c\u1ee9u r\u00f5 h\u01a1n v\u1ec1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh l\u00e0 g\u00ec? v\u00e0 […]<\/p>\n <\/div>\n <\/p>\n <\/div>\n","protected":false},"author":42,"featured_media":101904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[1745],"tags":[],"yoast_head":"\n