ACCA/CAT

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2. The working capital cycle

The working capital cycle is summarised in Diagram 1. As the diagram illustrates, stock is purchased on credit from suppliers and is sold for cash and credit. When cash is received from debtors it is used to pay suppliers, wages and any other expenses. In general a business will want to minimise the length of its working capital cycle thereby reducing its exposure to liquidity problems. Obviously, the longer that a business holds its stock, and the longer it takes for cash to be collected from credit sales, the greater cash flow difficulties an organisation will face.

In managing its working capital a business must therefore consider the following question. �If goods are received into stock today, on average how long does it take before those goods are sold and the cash received and profit realised from that sale?� The answer will depend upon a number of factors that we will consider later in this article. For now we will turn our attention to calculating the length of a business�s working capital cycle.

Dublin Ltd has provided the following information based upon the year to 31 January 1999.

Credit sales£1,200,000

Credit purchases£650,000

Average stock£80,000

Average debtors £200,000

Average creditors£54,000

With the help of a few simple ratios we can calculate the length of Dublin's working capital cycle as follows:

We can use the stock days ratio to calculate the average length of time that goods remain in stock:

Average stock*365 days = 80,000*365 = 45 days

Credit purchases 650,000

The average time taken by Dublin Ltd to pay suppliers may be calculated as follows:

Average creditors *365 days = 54,000*365= 31 days

Credit purchases 650,000

Whilst the average time taken for cash to be collected from a credit sale is calculated as:

Average debtors*365days = 200,000*365= 61 days

Credit sales 1,200,000

The working capital cycle for Dublin Ltd can be summarised as follows:

Stock received today is held for45 days

Less:

Credit period offered by suppliers31 days

14 days

Add:

Credit period offered to customers61 days

Length of working capital cycle75 days

The longer the cycle the greater the level of resources tied up in working capital. In the above example, if Dublin could reduce its stock turnover and debtors collection periods each by just five days, its investment in working capital would fall as follows:

Stock£71,000

Debtors£184,000

A saving of £25,000

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