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Cash Flow Statements: The Key to Business Success

 

While an income statement can present a true picture of the operating results of your business, understanding what is happening with your cash flow is also critical and can help you with the day-to-day operation of your business.  Managing your business without adequate cash flow to meet operating needs and to take advantage of marketplace opportunities can make life miserable.

Benefits of an Effective Cash Flow Statement

  • You will better understand the day-to-day financial dynamics of your business.
  • You will better understand the long-term financial dynamics of your business.
  • You can anticipate upcoming needs.
  • Preparing one will probably help you identify some ways to improve your cash flow.
  • Your lender will probably require one.
  • You can have some peace of mind.

Preparing a Cash Flow Statement

Most businesses prepare Cash Flow Statements at least annually and many prepare one each quarter—or have their accountants do it for them. Examples are available online and QuickBooks has cash flow templates. You might want to start with one for the prior year to become familiar with the process and then start doing quarterly projections of your cash flow.

We would be happy to set up and manage a similar statement that is customized to your special needs. Give us a call so we can discuss the particulars of your business.

 
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Siegel Solutions Inc
Siegel Solutions Inc
(781) 487-7000
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144 Gould Street Suite 205
Needham, MA 02494
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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