Understanding your cash flows is critical in running a business, just as understanding your training log is critical for backpacking. As a hiker, I know the miles that I need to achieve each weekend and how often I need to hike in preparation for my next successful backpacking trip.
As a business owner, do you know how much cash you need to run your business or how much cash you need to prepare for your next successful year?
The cash flow statement is a very powerful tool in determining financial stability of your business and to determine future needs. It also compliments the income statement by reconciling your net income to your net cash.
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