Companies expect managers to use financial data to allocate resources and run their departments. But many managers can't read a balance sheet, wouldn't recognize a liquidity ratio, and don't know how to calculate return on investment. Worse, they don't have any idea where the numbers come from or how reliable they really are. In Financial Intelligence, Karen Berman and Joe Knight teach the basics of finance--but with a twist. Financial reporting, they argue, is as much art as science. Since nobody can quantify everything, accountants always rely on estimates, assumptions, and judgment calls. Savvy managers need to know how those sources of possible bias can affect the financials--and they need to know that sometimes the numbers can be challenged. While providing the foundation for a deep understanding of the financial side of business, the book also arms managers with practical strategies for improving their companies' performance--strategies such as "managing the balance sheet" that are well understood by financial professionals but rarely shared with their nonfinancial colleagues. Accessible, jargon-free, and filled with entertaining stories of real companies, Financial Intelligence will help nonfinancial managers be smarter and more confident in their everyday work.
Customer Reviews:
Avg. Customer Rating: 4.5 / 5.0
Financial Intelligence:
I would highly recommend this book to anyone who desires to understand financial concepts. If you are considering opening or starting a business this should be a must read for you.
Manager directed:
I like the book, but it is very basic. If that is what you are looking for, then it does its job. I was looking for a little more meat, but overall a good book. Also, the real-life examples are excellent.
Excellent guide to becoming a financially literate manager!:
The concepts are presented clearly. I have a solid background in accounting and finance and this was a welcome refresher. I learned some new things in the process as well. There are several chapters that I think need further elaboration. These are the ones that deal with cash flows and the Statement of Cash Flows. The latter is the last of the four financial statements (after the Income Statement, the Statement of Retained Earnings, and the Balance Sheet, in that order). The Statement of Cash... more info
Good Guide to Finance Basics:
Many people in management today did not study for MBAs. Instead, they learned their profession on the job and have grown into senior positions. That makes for superb managers, but poor analysts of financial reports. Learning how to read and understand the "numbers" can't be overstated as a skill. And unless one has the time to go back to school and sit through countless accountancy and finance courses, the information isn't readily available. This is a great resource for learning that critical information,... more info
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