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The relevance of the research topic is determined by the fact that in modern economic conditions the issue of cash flow formation and management directly influences the operation, and in some cases, the existence of a small and medium-sized business. The company needs a sufficient amount of cash for timely repayment of its obligations. However, cash excess reduces its turnover and, like shortage, negatively affects the performance of a company. The goal of this research is to develop recommendations for monitoring the operations of small and medium-sized businesses based on the analysis of their cash flows. To achieve this goal, the authors set the following objectives: to study the essence of cash flows; to evaluate the theoretical and practical methods of estimating cash flows in companies that are applied in financial management; to develop recommendations for optimizing financial decisions based on cash flow management. The subject matter of the research is Russian small and medium-sized businesses. The scope of the study is the elements of their cash flows. The following research methods were used: retrospective analysis, statistical observation method, factor analysis, principles and methods of system analysis; computational procedures involving the apparatus of financial mathematics and financial management; optimization methods and models (Excel nonlinear optimization technology). The methodological basis of the study is represented by the works of Russian and international scientists on the management of cash flows and finance of small businesses. The scientific novelty of the study includes the development of a …