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Accurate financial records are a key component in running a successful business. It is imperative for business owners and managers to ensure that transactions are properly recorded, and that data can be retrieved for audit and analysis at a moment's notice.

There are many components that go into running a successful small business. It comes as no surprise that financial health can either make or break a business. A lot more determines the financial health of your business than just whether or not you're making more money than you are spending.

Cash flow is one of the most important financial components of your business that you must understand and carefully manage to ensure a successful future. The use of software to gain understanding and insight on the cash flow of your business is crucial to not only keeping your business afloat but helping it thrive.

This is your guide to the importance of understanding the future cash flow of your business and software that can help you achieve this. 

Keeping track of your business's financial data is a critical element of the accounting strategy. Tracking the financial data provides you with insights on your revenue stream as well as future cash flow. An organization that doesn't track its financial data is at risk of lagging on payment deadlines. This could lead to damaged relationships with vendors and creditors.

Traditional accounting requires three things:  an accounting system, a bookkeeper and an accounting firm.  All of these cost business owners money and time.  First, you have to find the right accounting system, whether it is electronic or paper-based.  Then, you have to learn the system or hire a bookkeeper to learn it for you.  You still need an accounting firm for filing taxes and answering questions.  What if you could reduce the three requirements to one?

Many businesses rank accounting as the number one most important service to their success. Accountants rank above IT managers, bankers, lawyers, and other staff, by a margin.

Why?