WORKING CAPITAL

MANAGEMENT

 PENGERTIAN MODAL KERJA

 PENTINGNYA MANAJEMEN MODAL
KERJA
 POLA PENDANAAN MODAL KERJA

 MODEL-MODEL MANAJEMEN
MODAL KERJA
 Working Capital Management

The administration of the firm’s current

assets and the financing needed to
support current assets.

Working Capital Management lie two

fundamental decision issues for the firm:
 The optimal level of investment in current
assets.
 The appropriate mix of short-term and
long-term financing used to support this
investment in current assets.
The Goal of WCM

The goal of WCM is to manage each

of the firm’s current assets and
current liabilities to achieve a
balance between profitability and
risk that contributes positively to
the firm’s value.
Overview of Short-term Finance
Short-term Finance is the analysis of
decisions that affect current assets and
current liabilities [working capital
management]
Types of question about Short-term Finance:
 What is a reasonable level of cash to keep on
hand (in a bank) to pay bills?
 How much should the firm borrow in the short
term?
 How much credit should be extended to
customer?
 How much to purchase inventory?
 WORKING CAPITAL
MANAGEMENT CONCEPTS
 Gross Working Capital
 Net Working Capital
 Functional Working Capital
Optimal Amount (or Level) of
Current Assets

Asset Level ($)

Policy A

Policy B

Policy C

Current Assets

Output (unit)
 High Low

Liquidity Policy A Policy B Policy C

Profitability Policy C Policy B Policy A

Risk Policy C Policy B Policy A

Effects of Changing Ratios on
Profits and Risk
Ratio Change in Effect on Effect on
Ratio Profit Risk
Current Increase Decrease Decrease
assets to Decrease Increase Increase
Total Assets
Current Increase Increase Increase
liabilities to Decrease Decrease Decrease
Total Assets
Classification of Working Capital

Dollar Amount

Temporary
current assets

Permanent
current assets

Time
Financing Current Assets: Short-term
and Long-term Mix

Dollar Amount

Short-term
financing

Current Assets Long-term

financing

Fixed Assets

Time
Financing Current Assets: Short versus
Long-term Mix

Dollar Amount
Short-term
financing

Current Assets Long-term

financing

Fixed Assets

Time
Financing Current Assets: Short versus
Long-term Mix

Dollar Amount

Short-term
financing

Current Assets Long-term

financing

Fixed Assets

Time
Matrix: Short versus Long-term
Financing

FINANCING SHORT - LONG-TERM

MATURITY TERM
ASSET
MATURITY

SHORT-TERM Moderate Low Risk -

(TEMPORARY) Risk- Profitability
Profitability
LONG-TERM High Risk - Moderate
(PERMANENT) Profitability Risk-
Profitability
 Models of Working Capital
Management

Model 1. Operating Cycle

Cash Conversion Cycle (CCC)

CCC measure the length of time
required for a company to convert
cash invested in its operations to
cash received as a result of its
operations.
 Calculating the Cash Conversion
Cycle

Operating Cycle (OC) is the time from

the beginning of the production
process to collection of cash from
the sale of the finished product.
The operating cycle encompasses two
major short-term asset categories,
inventory (average age of inventory
or AAI) and account receivable
(average collection period or ACP).
Operating Cycle (OC)

OC = AAI + ACP
CCC = OC – APP
CCC = AAI + ACP - APP
Notes:
APP or average payment period is the
time it takes to pay the accounts
payable.
 Time Line for Cash Conversion
Cycle
Time = 0 Operating Cycle (OC)

Purchase Raw Collect Accounts

Materials on Sell Finished Receivable
Account Goods on Account
AAI ACP

Pay Accounts
Payable Cash
Inflow
APP CCC

Cash Outflow
Example 1
In 2007, International Business Machines
Corp. (IBM) had annual revenues of
$98,786 million, cost of revenue of $57,057
million, and accounts payable of $8,054
million. IBM had an average age of
inventory (AAI) of 17.5 days, an average
collection period (ACP) of 44.8 days, and an
average payment period (APP) of 51.2
days(IBM’s purchases were $57,416
million).
 Inventory = $57,057 million x (17.5 ÷
365)
= $2,735,609,589
+ Acc. Receivable= $98,786 million x
(44.8 ÷ 365)
= $12,124,966,575
- Acc. Payable = 57,416 million
x 51.2 ÷ 365)
$ 8,053,970,411
Total = $6,806,605,753
 Model 2. Metode Keterikatan Dana

Formulasi:

KebutuhanMK   MKH  PTD 

Keterangan :
MKH  mod al ker ja harian  Rp / hari 
PTD  periode terikatnya dana (hari)
Example 2 (1)

Perusahaan XYZ merupakan

perusahaan yang beroperasi
sebagai distributor pakan ternak.
Berdasarkan sales forecast Tahun
2018 bahwa rencana penjualan
tahun 2018 sebanyak 400 ton per
kwartal.
Example 2 (2)

Setelah mempertimbangkan
persediaan, maka ditetapkan
rencana pembelian pakan ternak
Tahun 2018 sebanyak 450 ton per
kwartal. Kebutuhan modal kerja
meliputi:
Example 2 (3)

1. Barang Dagangan
Perusahaan ini menjual pakan ternak
dengan harga jual Rp 2.500,00 per
kg. Pakan ternak tersebut disuplai
dari 3 (tiga) sumber yang berbeda
sebagai berikut:
Example 2 (4)
Kebutuhan
Harga Standar & Syarat
Nama Suplier Proporsi Waktu
(Rp/kg) Pembelian
Pengadaan
Perusahaan P 40% 4 hari 1.500 Kredit, dengan
syarat n/10
Perusahaan Q 30% 6 hari 1.200 Tunai, potongan
2%
Perusahaan S 30% 2 hari 1.000 Tunai 40%,
Kredit 60%
dengan syarat
n/25
Example 2 (5)
2. Tenaga Kerja
Proses penjualan pakan ternak oleh
perusahaan ini membutuhkan biaya tenaga
kerja sebesar Rp 4.800.000,00 per bulan.
3. Biaya-biaya lain
Biaya-biaya lain yang terkait dengan
kegiatan operasional diperkirakan sebesar
Rp 1.800.000,00 per minggu.
Example 2 (6)
Informasi tambahan:
 Pakan ternak sebelum dijual terlebih
dahulu disimpan rata-rata selama 2
hari.
 Standar penjualan pakan ternak oleh
perusahaan ini seluruhnya dijual
secara tunai.
 Proses penjualan membutuhkan waktu

rata-rata selama 3 jam 

Example 2 (7)

Asumsi keterkaitan modal kerja mulai

pembelian barang dagangan.
Perusahaan ini beroperasi selama 6
(enam) hari kerja setiap minggu.
Untuk mengantisipasi kebutuhan
modal kerja yang tidak terduga,
perusahaan ini menyediakan kas
pengaman sebesar Rp 1.000.000,00.
Example 2 (8)

DIMINTA:
Hitunglah kebutuhan modal kerja
Perusahaan XYZ untuk tahun 2018
dengan menggunakan metode
keterikatan dana. Kemudian jelaskan
bagaimana mekanisme pengendalian
Modal Kerja berdasarkan hasil
perhitungan tersebut.
 Model 3.
Cash Flow or Cash Budget Model
 Exercise
Hurkin Manufacturing Company pays accounts
payable on the tenth day after purchase. The
average collection period is 30 days, and the
average age of inventory is 40 days. The firm
currently has annual sales of about $18 million
and purchases of $14 million. The firm is
considering a plan that would stretch its
accounts payable by 20 days. If the firm pays
12% per year for its resource investment,
what annual savings can it realize by this
plan? Assume a 360 day year