Companies hit the skids for all sorts of reasons, but it's one thing that ultimately kills them: They run out of cash. Yet most managers are too preoccupied with measures like Ebitda (earnings before interest, taxes, debt, and amortization) and return on assets to give cash much notice. Boards don't ask for it. Analysts don't analyze it. Corporate financial statements do typically include a statement of cash flow, but it's a crude snapshot that excludes off-balance-sheet items and doesn't show where the cash comes from. The solution is a detailed, easily readable cash-flow report. Give it to the board. Give it to employees. Break out cash flow by division, letting people track the company's blood flow themselves. Warren Buffett pays close attention to cash flow because, among other reasons, he knows cash is hard to fudge. That's why creative accountants hate it – and why you should learn to love it.