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CASH RULES

learn & manage the 7 cash-flow drivers for your company’s success
bill mcguinness
KIPLINGER BOOKS
Washington, DC

Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi
PART ONE: The ABCs of Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Chapter 1: Cash Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Why Cash Flow Is Important • Profitability versus Cashflowability
• Cash Is King • What Is Cash Flow? • Team Cash Flow
Chapter 2: Cash-Flow Language & Environment . . . . . . . . . . . . . . . . . . . . . . 17
Introducing the Cash Drivers: A New Language • Cash Flow in
a Company Context • Building a Cash-Flow Culture
Chapter 3: Basic Accounting:
The Grammar of Cash-Driver Language . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
The Accounting Equation • The Double-Entry System
Chapter 4: Statements of Cash Flow & Analysis of Ratios . . . . . . . . . . . . 49
The Cash-Adjusted Income Statement • Long-Term Viability
& Cash Flow • Other Measures of a Company’s Well Being
• The Ultimate Cash-Flow Risk: Bankruptcy • Getting Ready
for a Closer Look at the Cash Drivers
PART TWO: The Seven Cash Drivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Chapter 5: Sales Growth: The Dominant Driver . . . . . . . . . . . . . . . . . . . . . . 79
Growth That Ripples • Marketing Mix & the ManagementEffect

• Growth Takes Cash • Breakeven Analysis & Contribution
Margin • Sustainable Sales Growth • Big-Gulp Sales Growth &
Cash-Flow Implications
Chapter 6: Gross Margin: First of the Fundamentals . . . . . . . . . . . . . . . 103
The Two Sides of Margins • Gross Margin & Contribution Margin
• Refining Gross-Margin Calculations • Distribution Channels &
Gross Margins • Gross Margin & Totally Perishable ‘Inventory’
Chapter 7: SG&A: The Other Fundamental. . . . . . . . . . . . . . . . . . . . . . . . . . 115
Cost Ups & Downs • SG&A & Capacity • Expense &
Expenditure
Chapter 8: Swing Factor #1: Accounts Receivable. . . . . . . . . . . . . . . . . . 121
Communicating With Customers • A/R & the Marketing
Connection • Industry Norms • Factoring
Chapter 9: Swing Factor #2: Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
Inventory Valuation • Types of Inventory • Inventory & the
Production Process • Just-in-Time (JIT) Inventory • Inventory
& Purchasing Management • Inventory-Related Costs
Chapter 10: Swing Factor #3: Accounts Payable . . . . . . . . . . . . . . . . . . . 145
Suppliers & Inventory • Discounts • Prioritizing &
Policing Payables
Chapter 11: Keeping Up:Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . 151
Depreciable Life & Economic Shifts & The Capex Driver
& Sales Growth • Depreciation & Capex • Leasing &
Capex • Capital Budgeting & • Capex & Growth
PART THREE: Cash Flow & Business Management . . . . . . . . . . . . . . . . . . 161
Chapter 12: The Mechanics of Cash-Driver Shaping & Projections . . . 163
Shaping the Cash Drivers • Projecting Future Cash Flows •
Putting It All Together

Chapter 13: Cash Drivers & Strategic Thinking . . . . . . . . . . . . . . . . . . . . . 185
Cash-Driver Harmony • Cash Drivers & Competitive Advantage
• Cash Drivers & Export Potential
Chapter 14: Risk, Return & Valuing Cash Flows . . . . . . . . . . . . . . . . . . . . 195
Debt & Equity Values • The Market’s Move to Using Cash Flow
to Evaluate a Business • Summarizing the Basic Steps of the
Mechanics of the Valuation Process
Chapter 15: What’s Next . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209