Managing Cash Flow: An Operational Focus

The fixation on flashy industries like telecommunications, information technology, and financial services in the go-go nineties went hand-in-hand with a fixation on flashy valuation standards – revenue increases, reported profits, earnings per share, and price-earnings ratios. Like the headline-grabbing industries that spectacularly imploded, their popular accounting measures gradually proved to be as much smoke and mirrors as they were real dollars and cents. In Managing Cash Flow, Rob Reider and Peter Heyler return to the bedrock foundations of business, eschewing paper profits and nebulous numbers to concentrate on the vital functions that actually produce cash and keep organizations afloat.

The authors’ forceful guide approaches cash management with an operational focus, endeavoring to maintain companies in the most economical, efficient, and effective manner possible. Given the legitimate room for interpretation, “profit” is as much a product of the accountant’s imagination as it is real money. Cash, however, is cash-measurable, tangible, absolute. It meets payroll, pays vendors, and satisfies tax requirements. Among other topics, Managing Cash Flow: An Operational Focus helps readers understand:
How to recognize and manage effectively the principal factors affecting cash receipts and cash disbursements in the organization
The impact of operations-organizational planning, sales, operating costs, non-value-added activities-on the cash flow of the company
Effective principles for investing excess cash and borrowing to cover cash shortfalls
Practical planning techniques and procedures for managing the cash flow of the organization

The authors also identify a host of common business functions – sales; customer order backlog; accounts receivable; inventory; property, plant, and equipment; employment; and management and administration – that too often become ends in themselves and distract from the essential cash-flow function. The book imparts vital techniques for keeping these functions streamlined and focused on the ultimate goal.

In broadly questioning which businesses a company should and should not be in, the authors effectively apply a cash-flow criterion to the sum total of a company’s operations, eliminating excess and concentrating on what’s most important. Their bottom line is THE bottom line: good old-fashioned money. CFOs, controllers, treasurers, and cash managers will find Managing Cash Flow: An Operational Focus to be an indispensable resource.

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