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Financial Intelligence: A Manager's Guide to Knowing What the Numbers Really Mean | 
| Authors: Karen Berman, Joe Knight, John Case
Publisher: Harvard Business School Press
Category: Book
List Price: $24.95
Buy New: $16.47
You Save: $8.48 (34%)
Rating:  32 reviews
Sales Rank: 3785
Media: Hardcover
Edition: 1
Number Of Items: 1
Pages: 288
Shipping Weight (lbs): 1.4
Dimensions (in): 9.2 x 6.4 x 1.1
ISBN: 1591397642
Dewey Decimal Number: 658.1511
EAN: 9781591397649
Publication Date: January 12, 2006
Availability: Usually ships in 24 hours
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Product Description
Understanding the Financialsand What Lies Behind Them Managers in every business are expected to use financial data to make decisions, allocate resources, and budget expenses. But the truth is, many are uncomfortable applying the most basic financial tools in their day-to-day work. Even managers who consider themselves financially savvy may not understand what goes into a financial statement, and so may take the numbers as gospel when they should be questioning them. In Financial Intelligence, Karen Berman and Joe Knight present the essentials of finance, but with an extra dimension. Succinct, easy-to-read chapters teach the fundamentals in a way that everyone can understand and put to work right away. But the authors also take you behind the scenes, to show where the numbers come from. Since nobody can quantify everything, accountants and finance executives always rely on estimates, assumptions, and judgment calls, which can skew the numbers in one direction or another. This book helps you recognize and understand those biases, challenge or correct for them when necessary, and use this information to be a better manager. Based on their work training tens of thousands of managers and employees at many leading organizations, Berman and Knight provide readers with a deep understanding of: The basics of financial measurement: reading income statements, balance sheets, cash flow statements, and moreThe art of finance: separating hard data from assumptions and estimatesThe mechanics of analysis: calculating ratios, return on investment, and working capitalCash and profit: knowing the difference between them, and why cash is suddenly the "hot" number in corporate boardrooms and on Wall StreetFinancial literacy and transparency: recognizing how they can boost performance Accessible, jargon-free, and filled with entertaining stories from real companies, Financial Intelligence will help nonfinancial managers add substantially more to their companiesand their ownsuccess. If you have ever wanted to "talk numbers" confidently with your colleagues, this is the book for you.
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| Customer Reviews: Read 27 more reviews...
 A MUST-READ FOR EVERY DECISION-MAKER WITHOUT EXPERTISE IN FINANCE. December 31, 2005
31 out of 33 found this review helpful
A MUST-READ FOR EVERY DECISION-MAKER WITHOUT EXPERTISE IN FINANCE
This book is MORE than a concise, highly readable, jargon-free introduction to the fundamentals of finance for nonfinancial managers. Beyond the basics, the authors enable readers to gain a solid understanding of financial intelligence which, in essence, consists of four skill sets that help the reader understand:
1) The basics of financial measurement
2) The art and science of finance
3) How to analyze the numbers in greater depth
4) How to view financial results in context
The authors also aim to enable nonfinancial managers to:
1) speak the language
2) ask questions to figure out the what, why and how of the numbers
3) use the information in doing their jobs and see their connection with financial performance
The book's eight major sections are:
1) the art of finance and why it matters
2) the (many) peculiarities of the income statement
3) the balance sheet reveals the most
4) cash is king
5) ratios: learning what the numbers are really telling you
6) how to calculate (and really understand) return on investment
7) applied financial intelligence: working capital management
8) creating a financially intelligent department (and organization).
Excellent illustrative stories are skillfully woven into the text. The writing is superb, making the book a pleasure to read.
This is, fundamentally, a first-rate course in finance. To create a stronger (MUCH stronger) company, CEOs would be well-advised to have every nonfinancial decision-maker read this book.
Makes sense of the "murkier" areas of financial statements and other aspects of finance February 6, 2006
17 out of 19 found this review helpful
What I particularly liked about this book was how the author revealed that knowing the basics of finance is just a start. What is often NOT covered is how to deal with the areas that can't be so easily quanitifed -and, when push comes to shove, have to be estimated and/or assumed.
In short, there is a certain amount of judgment that goes into many income statements and balance sheets. Author Joe Knight gives valuable tips on recognizing and understanding potential biases in financial information and advises readers how to correct for them...or even challenge them.
Those who know the basics will find a lot they've read before but KNOWING the basics is not the same as having true financial literacy, the kind that makes the difference between knowing what is on paper and being able to "read between the lines."
Nonfinancial managers will gain a new understanding of how to build their company's success, with solid financials.
What I particularly liked were the real stories from actual companies, proving that this book is not mere theory but actual, tested information. It is also written in a very, very accessible style. You won't need a distionary to get through it.
911 for corporate managers with a liberal arts education December 8, 2005
9 out of 9 found this review helpful
I've worked within the organizational structure of large corporations for years as a middle manager and reviewed reams of financial reports. Since my educational background leans more towards liberal arts than mathematical, I've always relied upon the expertise of financial professionals to make sense of the various ways the corporation has sliced and diced its financial data. As the conclusions drawn from the financial reports were generally used to evaluate my performance--or the performance of my staff--I was often left arguing with the accountants over assumptions used in the financial methodology. Unfortunately, the playing field was not level and it generally ended in frustration on my part. Now I have leveled the playing field.
After reading this book, I have a deeper understanding of the assumptions underlying the financial reports used in my company. I also have a greater knowledge base to draw from when suggesting revisions to the data analysis or spreadsheet methodology promoted by the accounting department. I have read a few financial books throughout my career and they generally have served as a great nonpharmaceutical sleep aid. This book is different. It is written in a clear, concise style that uses common examples to provide context to the financial statements and principles being explained. It makes sense to someone like me and I found it an easy read. Kudos to the authors and now I'd like to learn more about their concept of a money map.
What I need to know January 12, 2006
9 out of 9 found this review helpful
I am a non-financial SVP in a large credit union. This book helps me understand what the CFO is talking about. I can even add my two-cents to the ALM discussion. My contribution to the organization will never be financial brilliance but in the financial services world I need the back ground this book provides. Its clear, well organized, and right on point. I hope that all of my non-financial managers will read it.
 Disappointed January 9, 2006
8 out of 19 found this review helpful
While this book might be useful for managers with NO financial sophistication, it is too simple for entreprenuers. Also, I can't imaging anyone reaching a "manager" position without already understanding these basics.
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