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Managing Cash Flow An Operational Focus - Phil Hailstone

Cash availability is the lifeblood of the organization. With it, assuming there is proper management and economical, efficient, and Ceffective operations, the company can grow and prosper—without it the organization perishes. Like the absence of water to anything living, the absence of cash to the business means death—slow, torturous, physically painful, and men- tally agonizing. Business owners, managers, shareholders, and many others have become enamored with sales and revenue increases, reported profits, earnings per share, price–earnings ratios, cost reductions, and related concepts that focus on the market capitalization of the business and its related stock price per share. Such sales. | THE MANAGING CASHFLOW POCKETBOOK By Anne Hawkins and Clive Turner Drawings by Phil Hailstone Managers do not understand the difference between profit and cash. This book explains the issues involved clearly and simply. It is an essential guide for the non-financially trained manager. Nick Bacon Director Lloyds TSB Development Capital Ltd An invaluable guide to the most critical of business issues - easy to read and full of helpful ideas. J. B. McCarthy Financial Director Triton plc CONTENTS INTRODUCTION 1 MANAGING CASH Cashflow cashflow statements and forecasts forward planning 7 PROFIT versus CASH 15 Profit is not cash business flows RECONCILIATION OF PROFIT 21 TO CASH The link timing reconciliation statement - detailed breakdown IMPROVING THE CASHFLOW 41 Paying for expansion operating profit working capital interest tax dividends capital expenditure financing trade offs timing MANAGING WORKING CAPITAL 57 Definition how much reducing risk ratios for measuring performance making write-offs driving out surplus investment APPENDIX ONE 96 Jargon Explained APPENDIX TWO 100 Liquidity Ratios APPENDIX THREE 103 Profit to Cash Reconciliation worked example