Cash flow is very important for a business and I'd say would be more important to look at. Cash flow for operating activities tells you how well you're doing with actual cash in the profit & loss area. With profit & loss in accrual accounting, you're trying to figure out when to recognize revenue and how to defer it as actual income to future years (if possible). Cash flow for investing activities tells you how well the business has been able to invest their cash and create additional wealth for the business. (Cash flow for financing activities is important if you're trying to track whether you're paying out too much to shareholders or are receiving more and more cash from investors or banks.)

Profit & Loss is always skewed, and is only a reflection of operations. Cash flow is where most things end up at one point or another, so it's very important to monitor.