Contact: Julie Devoll/ Senior Publicist
Contact: Julie Devoll/ Senior Publicist
Tel: 617-783-7471/ Fax: 617-783-7489
Email: jdevoll@hbsp.harvard.edu
FINANCIAL INTELLIGENCE
A Manager’s Guide to Knowing What the Numbers Really Mean
By Karen Berman and Joe Knight
with John Case
“This book makes it easy for anybody to understand how financial statements work. It’s a must-read for nonfinancial managers who want to ask intelligent questions about how to improve their company’s financial performance.” —Stefan C. Linn, Senior Vice President, Marketing, McKesson Pharmaceutical
ROI, income statements, profit and loss, balance sheets, operating expenses, cash flow, ratios. To the finance department these words and functions are basic information and second nature. To many managers they bring on the rush of fear, a cold sweat, or a feeling of inadequacy. However, when managers understand and feel comfortable discussing the numbers, companies thrive; trust increases, turnover decreases, and financial results improve.
Karen Berman and Joe Knight are the owners of the Los Angeles-based Business Literacy Institute and have spent more than 20 years teaching executives at all levels to work towards the financial interests of their companies. In their new book FINANCIAL INTELLIGENCE: A Manager’s Guide to Knowing What the Numbers Really Mean (HBS Press, January 12, 2006; $24.95/hardcover) Berman and Knight unveil the hidden secret of finance: finance is an art, not a science, so managers must understand the estimates, assumptions and biases in the numbers to truly manage effectively.
Filled with clear examples, engaging case studies, and useful toolkits at the end of each chapter, FINANCIAL INTELLIGENCE provides managers with the four basic skill sets needed to hone their financial intelligence:
1) Understanding the foundation: how to decipher income statements, balance sheets, and cash flow statements.
2) Understanding the art: how to identify when the artful aspects of finance have been applied to the numbers and what that means to drawing accurate conclusions.
3) Understanding the analysis: how to make informed decisions based on the information underneath ratios and return on investment.
4) Understanding the big picture: how to value the context created by changes in the economy and the competitive environment and what that means for interpreting a companies financial numbers.
Beyond the basics, this book will also teach managers the more complex and creative side of the numbers including how to speak the language of the finance department, ask the right questions to get information they need, and most importantly how to use this information to improve cash flow, analyze the next big project, and create better value for their company. FINANCIAL INTELLIGENCE is a must-have for non-financial managers in any field.
Continued….
TABLE OF CONTENTS
Part 1: The Art of Finance (and Why It Matters)
Part 2: The (Many) Peculiarities of the Income Statement
Part 3: The Balance Sheet Reveals the Most
Part 4: Cash is King
Part 5: Ratios: Learning What the Numbers are Really Telling You
Part 6: How to Calculate (and Really Understand) Return on Investment
Part 7: Applied Financial Intelligence: Working Capital Management
Part 8: Creating a Financially Intelligent Department (and Organization)
ABOUT THE AUTHORS
Karen Berman Ph.D. is founder, president, and co-owner of the Business Literacy Institute, a consulting firm offering customized training programs, Money Maps, keynotes and other products and services designed to ensure that everyone in organizations understands how financial success is measured and how they make an impact. Karen has worked with dozens of companies, helping them to create financial literacy programs that transform employees, managers, and leaders into business partners.
Joe Knight is co-owner of the Business Literacy Institute and co-owner of Setpoint Systems. He works as CFO of Setpoint and as a facilitator and keynote speaker for the Business Literacy Institute, traveling to clients all over the world to teach them about finance. Joe is a true believer in financial transparency, and lives it every day at Setpoint.
FINANCIAL INTELLIGENCE
A Manager’s Guide to Knowing What the Numbers Really Mean
By Karen Berman and Joe Knight
with John Case
Harvard Business School Press
Publication date: January 12, 2006
Price: $24.95; Page count: 288; ISBN: 1-59139-764-2
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