Should you look at "Cash Flow" statement before investing in a company?

We all look at the Profit & Loss statement and the Balance sheet of a company; but have we wondered how "Cash Flow" statement can be important?

What is a Cash Flow Statement?
It is one of the quarterly financial reports any public ltd company is required to disclose to the public. The document provides aggregate data regarding all cash inflows a company receives from both its ongoing operations and external investments, as well as all cash outflows that pay for business activities and investments during a given quarter.

Why is Cash Flow needed? (Importance of Cash Flow statement)
Because public companies tend to use accrual accounting, the income statements they release each quarter may not necessarily reflect changes in their cash positions. For example, if a company lands a major contract, this contract would be recognized as revenue (and therefore income), but the company may not yet actually receive the cash from the contract until a later date. While the company may be earning a profit in the eyes of accountants, the company may, during the quarter, actually end up with less cash than when it started the quarter. Even profitable companies can fail to adequately manage their cash flow, which is why the cash flow statement is important: it helps investors see if a company is having trouble with cash.