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

Frustrated by financial statements? Dread the budget process? The Essentials of Finance and Accounting for Nonfinancial Managers is here to help.

This new edition of a business classic demystifies finance and accounting and gives managers the tools they need make better decisions. Packed with fresh insights and the latest information on accounting regulations, international accounting practices, and global business trends, the book reveals how to:

  • Understand the fundamentals of financial analysis, budgeting, and forecasting
  • Interpret balance sheets, income/cash flow statements, and annual reports
  • Sift through conflicting data to find the most relevant figures
  • Locate key information about competitors and suppliers
  • Analyze variances and calculate break-even points and other vital measures
  • And much more

Expanded case studies and practice exercises reinforce the lessons and let you strengthen your skills. Imagine the impact when you grasp not only what the numbers mean--but how you can use that intelligence to drive your business forward.

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 in 2008/2009, 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).

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