Why you need to learn how to read your statement of cash flow

Welcome to this episode of 20/20 Money! Back with me on today's episode is Nathan Hayes with IDOC.   The genesis for this episode stems from a slight digression we had on a previous conversation around the importance of understanding cash flow in your business, specifically as it relates to reading and understanding your statement of cash flow that you can pull from your accounting software. Nathan and I talk about why the profit loss is important but it's not everything in your practice, the pitfalls that partnerships need to be wary of when determining partner compensation, the importance of tax planning and knowing your estimated tax liability and how to plan for that based off your cash flow, and a bit of a "tease" on a new service that IDOC will be launching which will be very valuable to practice owners.   As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can subscribe to our newsletter and also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Nathan Hayes. IDOC Books and Benchmarks Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!