The Essentials of Finance and Accounting for Nonfinancial Managers

The Essentials of Finance and Accounting for Nonfinancial Managers

The Essentials of Finance and Accounting for Nonfinancial Managers

The Essentials of Finance and Accounting for Nonfinancial Managers

Synopsis

As a department manager, the last thing you want to think about is numbers. But the truth is, that's the only thing your executives and senior managers are thinking about so it's crucial to understand key financial information like balance sheets, income statements, cash flow statements, budgets and forecasts, and annual reports.

With over 40,000 copies sold, The Essentials of Finance and Accounting for Nonfinancial Managers has long provided readers with insight into the financial fundamentals. It demystifies the role accounting and finance play in a corporation, demonstrates how financial decisions reflect business goals, and shows how managers can connect corporate financial information directly to their own strategies and actions. Now revised to reflect new accounting and financial standards, the second edition includes:

  • Strategies for getting your share of the budget
  • New case studies and practice sessions
  • An explanation of Sarbanes-Oxley and its relevance to nonfinancial managers
  • How to manage cash flow in tough times
  • Fraud detection tools
  • An expanded glossary including up-to-the-minute business concepts and terminology

Excerpt

This is a book for businesspeople. All decisions in a business organization are made in accordance with how they will affect the organization’s financial performance and future financial health. Whether your background is in marketing, manufacturing, distribution, research and development, or the current technologies, you need financial knowledge and skills if you are to really understand your company’s decision-making, financial, and overall management processes. The budget is essentially a financial process of prioritizing the benefits resulting from business opportunities and the investments required to implement those opportunities. An improved knowledge of these financial processes and the financial executives who are responsible for them will improve your ability to be an intelligent and effective participant.

The American economy has experienced incredible turmoil in the years since this book was first published. Before U.S. government intervention, we were on the verge of our second “great depression.” We witnessed the demise of three great financial firms, Bear Stearns, Lehman Brothers, and AIG. Corporate bankruptcies were rampant, with General Motors, Chrysler, and most of the major airlines filing. The U.S. government lent the banks hundreds of billions of dollars to save the financial system, while approximately seven million Americans lost their jobs (and most of these jobs will never exist again; see Chapter 6, “Key Financial Ratios,” for a discussion of employee productivity trends). The cumulative . . .

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