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So many finance professionals struggle with building a Cash Flow Statement using the indirect method—leading to errors, misinterpretations, and even disastrous decisions. ???????? ???????? ???????????? ???????? ???????? ?????? ?????????????? ???????? ????????, ???? ?? ?????? ???????? ?????? ?? ????????. What Happens When You Don’t Truly Understand Cash Flow? ?? Net income ≠ cash flow – Profits can look great, but without cash, a business can still fail. ?? Misalignment with the Balance Sheet – If changes in working capital aren’t properly linked, your model falls apart. ?? Inability to track real liquidity – Not knowing where the cash is coming from (or going) means you can’t optimize funding. ?? Errors in forecasting debt repayments & CapEx – These directly impact Free Cash Flow and valuation. ?? Overlooking non-cash adjustments – Depreciation, deferred taxes, and stock-based compensation are ignored at your own risk. ?????? ???? ?????????? ?????? ???????? ???????? ?????????????????? ?????? ?????????? ?????? (???????????????? ????????????) ??? ? Start with Net Income – Then adjust for non-cash items like depreciation, amortization, and stock compensation. ? Correctly link changes in Working Capital – Pull from your Balance Sheet (AR, AP, inventory) to see true cash movements. ? Include Financing & Investing Activities – Loan payments, dividends, CapEx—don’t miss a cent! ? Ensure Your Model Balances – Your final cash flow should match the actual cash changes in your Balance Sheet. A well-built Cash Flow Statement is a game changer for financial decision-making, scenario planning, and investor confidence. If you’re still struggling with it, it’s time to fix it. P.S. If you are interested in more cash flow insights, this topic is 1 out of 5 modules of my ?????????????????? ???????????????? ??????????????. You can join 6,500 students here: https://bojanfin.com/ See you there