Book Description
Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for using financial statement data in a variety of business analysis and valuation contexts.
Customer Reviews:
Case study is worth reading..........2007-04-21
First part of this book is about reading financial statements. If you already know the statements, you don't need to read the first part. However, even if you can read the statements, the second part, case study, will be helpful to your real analysis.
good case study.......2006-04-30
I found the chapters are not very in detail. I was using it as the textbook and the lecture notes are way better. I read the book at the begginning but stopped in the middle as it doesn't really help. However, the end of chapter case studies are pretty good.
Useful if cumbersome.......2002-12-16
This review applies to the edition WITH CASES. This isn't recommended for anyone who is just starting out with choosing investments. Beginners might be better off with a more general overview of financial statement analysis (FSA) like Higgins' "Analysis of Financial Statements" or Fraser and Omriston's "Understanding Financial Statements".
This was one of two textbooks used in a financial statement analysis course I took for my MBA. Most chapters are down-to-earth and as a whole the book is well-written.
The other text we used was Penman's "Financial Statement Analysis and Security Valuation" which was also a great resource as far as gaining a basic understanding of the mechanics of financial statements and how to build a valuation model.
I contrast the two books because while Penman provides a run-down of several different models analysts can use (and does a good job of arguing for the Residual Income Model of valuation model as being the best), Palepu delves into the implications of companies' choices of accounting methods and provides more insight into what different kinds of businesses should look like in terms of their financial statements.
The cases at the end of each chapter add a lot of value to the text because they get students to focus on the specific issues detailed in each chapter. By picking apart different companies' financial statements we learned to use financial statements to assess the success or failure of companies' efforts to carry out their business strategies.
I rate it "Good - 4 stars"
Required Text.......2002-09-17
This is a required text at my school, but after having read the first 5 chapters there is almost nothing of value that I have read. I have spoken to several people that have used this text for the class in prior semesters and they told me that they had stopped reading it after the first several chapters also.
Excellent Capstone Book.......2000-10-12
This book is an excellent description of all the elements that would go into reviewing a potential investment opportunity. It is not a detailed book in one category, such as financial accounting, but it ties business strategy analysis, financial analysis, forecasting analysis, and valuation analysis together. Most other books focus on one area and don't tie all of these together well. This one takes you down the path to evaluating the opportunity to its fullest. It is an excellent capstone book after you have sifted through the details of strategy, finance, and accounting.
Book Description
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:
Excellent book ... for beginners only.......2007-06-10
If you have some understanding of finance - even basic - don't expect to learn anything out of this book. I was expecting much more than that given the target audience - "managers" - and the publisher. I doubt that in today's world, a manager wouldn't have some sort of understanding of finance. Nonetheless, the book is well written, explained and organized. I had my analyst read it as an introduction and he liked it a lot.
Clear, interesting, fun.......2007-03-30
I had to buy this book for a fiscal management class. It is probably one of the best management books that I've read. It is really clear. I don't really have a head for finance, but this book makes it simple and entertaining. There are lots of examples from real life. This is a great book if you want to know more about financial vocabulary and basics. Also might be a good brushup, though I was starting from scratch so I wouldn't know.
A good beginning..........2007-03-10
This is an overview of what to look for in balance sheet and income statement as a manager. However, better information resides with cost based accounting around activities(ABC/M). This book is an excellent read for simple information. Not bad for the price!
Fun with managerial accounting.......2007-01-09
I really enjoyed reading "Financial Intelligence" by Karen Berman and Joe Knight. The authors use a fairly casual tone (often humorous) to combine a semester's worth of managerial accounting with a healthy dose of private sector application. The book is a quick read and should be great as an introduction to managerial accounting or a refresher for anyone responsible for managing a P/L at any level.
Very valuable!.......2006-11-11
I highly recommend this book! It's an easy read for non-accountants! This should be in every manager's desk for quick reference. This has helped me a lot in making day-to-day decisions.
Average customer rating:
- Role-Models for Would-Be Millionaires
- Not Quite Stanley's Best, But Well Worth A Read, Nonetheless
- Very Interesting Book
- If you've got the Money, Honey---I got the Time.
- Statistics for women
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Millionaire Women Next Door: The Many Journeys of Successful American Businesswomen
Thomas J. Stanley
Manufacturer: Andrews McMeel Publishing
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ASIN: 0740745328
Release Date: 2004-05-24 |
Book Description
Eight years ago, Dr. Thomas J. Stanley swept aside the mythical magic curtain of wealth to reveal The Millionaire Next Door. America found out just who and how common the truly wealthy were in this country¿and we learned the characteristics and habits that made them so. Now the author of the follow-up The Millionaire Mind focuses on one of the least understood but increasingly rich demographics: Millionaire Women Next Door.¿Why write another book that profiles millionaires?¿ Stanley asks. ¿The vast majority of the millionaire respondents (92 percent) in The Millionaire Next Door were men. . . . I felt that it was indeed time for successful businesswomen of the self-made variety to be heard.¿ And heard they are in this book that is destined to become every bit as informative, quoted, and inspirational as the author¿s earlier works. Readers everywhere will be fascinated by Stanley¿s thoroughly researched findings and conclusions. More than a simple extension of his studies of male millionaires, Millionaire Women Next Door presents groundbreaking concepts involving the nature, lifestyle, and business choices of successful American women that reach far beyond the scope of the author¿s previous studies. The book examines the choice of businesses elected by self-employed women, ranking over 150 categories in terms of their profitability and probability of success. It also describes the women¿s background, highlighting the fact that most millionaire women were raised in nurturing family environments that were literally training grounds for success, instilling the values that make this group one of the most generous in American society as demonstrated by its level of giving to charities, family, and friends. While many characteristics such as frugality and simplicity of lifestyle are similar to those of their male counterparts, Stanley demonstrates that most millionaire women work harder and do better¿at school, in business, and in investment practices. Millionaire Women is sure to be one of the most read, reviewed, and discussed books to come out this year. Make your own wise investment for a wealth of solid sales.
Customer Reviews:
Role-Models for Would-Be Millionaires.......2007-08-09
Question: What's the one thing a woman can do for herself if she wants to be a successful businesswoman or a millionaiare?
Answer: Find a role-model, and emulate the things she does.
Thanks to Thomas Stanley, women don't have to network to find the mentor they need. They'll be able to find her right in the pages of this book.
With abundant statistics and case profiles, Stanley presents us with successful women from varied backgrounds, and shows us exactly how they did it.
The book is rich with details, and focuses on the "5-W's" (of good journalism):
WHO these women are.
WHAT they do and how they decided to do it.
WHEN they made the decisions that propelled them to success.
WHERE they live and work, and come from.
WHY they are so successful.
Recommended reference to keep in your "how to succeed" library.
Not Quite Stanley's Best, But Well Worth A Read, Nonetheless.......2007-05-20
I just finished reading this book after picking it up at a bookstore about five days ago. I read from it every chance I got, and though on the one hand, I have to agree with those readers who pointed out that the book was tough going at times, on the other hand, I also have to agree with other readers who had very good things to say about the book, as the favorable reviews are well deserved. First I will cite the bad about the book, and then I will cite the good.
First the bad. The book appears to rely heavily upon convenience sampling and voluntary response. The author seems to have shared mostly only those stories sent to him, or more plainly, that just fell into his lap. Second, like his two other millionaire books, the author uses the book as a platform to share with us the things he values, and appears only to look for that information or evidence which supports his values, never once addressing information that contradicts his position. Third, in keeping with the standard paradigm of women = victim and male = (opportunistic) victimizer, (which always plays well to the target demographic of the book), the author's attempt to make out this group of women as selfless, do-gooding heroines was a bit overdone. The millionaire women are seen as generous and charitable as a group, and the millionaire men are portrayed as heartless misers who penny-pinch at every turn. I felt especially incensed when Stanley went out of his way to make excuses for some millionaire womens' poor choices in mates- the so-called 'Marginal Bobs' (the book titled, Smart Women, Stupid Choices, comes readily to mind for some peculiar reason). By association, if some of the men made poor choices in terms of mates, would they too be given sympathy and generous excuses, or are we to believe that they deserve what they get?
And now the good. Aside from the obvious attempts to play to the book's target audience (middle class, educated wage-earning women) and attempts bordering on the egregious to trumpet the merits of personal financial planners of various stripes, the book did have quite a few good points about it. We learn that if we divide the millionaire women into two groups, those that give the most to charitable causes tend to have lower annual earned incomes and higher net worth. These women tend to give just for the joy of giving, and seek to make the world they live in a better place. Many people took issue with the inclusion of a chapter about a dyslexic man who did good; however, I think the point of the chapter was to show that even those with identifiable disabilities can become millionaires, be they male or female, so long as they play to their strengths, live below their means, save and invest, avoid a lifestyle centered around consumption, and most of all, have a source of thoughtful, intelligent mentoring available to them. Readers that read the book carefully will glean some powerful information from this book, such as the following: 1) you can not change the past, but you have considerable control over your future, 2) those who are professional, service-oriented and customer-focused will always beat the competition, 3) it pays to play to your native strengths, 4) great investors are not born, they are made through trial and error, so go ahead and make a few mistakes, and 5) most important, limit borrowing only to those things that generate a realizable (net) income- a lesson all of those would-be real estate moguls and Robert Kiyosaki mimics would do very, very well to keep in mind.
In passing, I did not think that it was appropriate for Stanley to profile two college professors in his chapter on wealthy educators, simply because in order to become a college professor, one has to spend, at last count, a minimum of at least seven years beyond the Bachelor's degree to receive a doctorate. These days, most places won't allow you to teach on the faculty without a PhD, and more than a few people on faculties do not get tenure. In my mind, it would have been better for him to profile a wealthy elementary or high school teacher, as this is a goal that is more attainable for most readers. Still, I got a good kick out of his story of the matronly professor who touched the lives of so many deserving students.
In sum, I found the book to be a very worthwhile read. Though many would dismiss the book's more important contents as common sense, it is hard to believe that many people still don't get it. Readers should keep in mind that it all comes down to the choices we make, and take special care not to equate one's net worth with one's self worth, a trap too many Stanley devotees tend to fall into. I still contend that ongoing investments in one's health and continuing education will lead to satisfying increases in one's wealth.
Very Interesting Book.......2006-12-31
When I read The Millionaire Next Door, I was intrigued. However, I was left yearning for similar information regarding women. Well, I found it in this book. It was very interesting to read statistical information about successful women.
If you've got the Money, Honey---I got the Time........2006-11-12
Or, "How I learned to LOVE pinching pennies & clipping coupons!"
Now there's a title to stir the very hottest of boiler-fires in this coldest of Bounders, oh yes: "Millionaire Women Next Door"! Yummy! The title conjures up visions of 90-something tottering dowagers, having crumb-cake brought to them on silver platters by decrepit butlers, toddling about the mahogany-panelled passages of O Altitudo, shepherded by manservants and maids from Library to Sunroom to Palatial Dining Hall to the Rolls-Royce (gassed-up & ready to rumble by the handy valet) for the Sunday drive in the country.
Think of it: a ninety-something bat with the ferocious desire to rut like a crazed Gambian Howler Monkey, a creature with a very weak ticker, a short life-span, millions of dividend-paying bluechips and tax-free muni bonds piled up in her hoard, and me---first in line in her will!
Or even a chummier prospect: the Millionaire Woman Next Door who primped, nipped, tucked, & aerobicycled her way to bodily perfection, all of 35, hooked up with some venerable drooling Texas Oil Tycoon-Geezer, waited for him to drop, and now is positively rolling in the Shekkels and ready to party!
Alas, those fragrant, lustrous visions are for another writer and another book: this is a Thomas Stanley tome, Stanley being the scholarly fellow who pulled back the frayed shower-curtain on America's eremite wealthy only to reveal that mysterious class wasn't comprised of Robber Barons pulling their 500-foot nuclear powered megayachts into Mediterranean Ports, oh nosirree: they were plain folk, Good Reader, just like you and me!
Only they saved, live frugal lives, clipped coupons, ate catfood from a tin, scrounged, skimped, pinched the pennies until the Little Coppery Abrahams screamed in pain, maybe even splurged every 3 months on a 1-course meal at Mickey D's for the entire clan!
And, of course, according to Stanley and his prodigious stack of statistical data that suggest---no, confirm---that the meet may not inherit the Earth, no sirree, but the skinflints sure as Hell will---they'll die loaded.
I'm not going to parse or quibble with Stanley's research: coming myself from degenerate, somewhat deranged Southern stock, I've seen, firsthand, accounts of miserliness, weal, and grasping avarice that would chill the blood.
I have an Aunt who would hook up with her (loaded) buddy, and the two biddies would have Thanksgiving Dinner at the local homeless shelter. Hey, it was a cheap meal, no doubt.
But is that any way to live? Is it worth it to you, to spend your fleeting hours scrimping and scrounging, fretting over every penny, so you can die loaded? And so, once you give up this mortal coil and your wizened soul speeds Valhalla-ward, your spoiled, nasty little nephew, the only creature left alive mentioned in your will, inherits all your booty, and proceeds to blow the entire stack on a civilian super-submarine---I mean, what's the point?
I was hoping with "Millionaire Women" Stanley would let his hair down, get all "Shaft" with us, maybe talk a little bit about Divorce, the single greatest gender-to-gender (ie, poor hapless dudes to merciless chicks) wealth transfer ever invented in the history of the world. The Big D, an easy con to pull off, and pulled off every day: Woman sinks her claws & pinions, parasite-like, into a Hapless Man, catapults out a few nasty brats so he's bound to her for Eternity, then Lawyers up and pirates his loot. Works like a charm.
But no such luck: we're spoiled even that much of a Dickensian romp.
So if you insist on looking here, know this: Stanley's 'blockbuster' first book, "The Millionaire Next Door", was all about America's truly wealthy: Stingy Dudes.
To cut to the chase, "Millionaire Women" is the same disc, spinning backwards, without even a few Satanic Verses---to wit: Stingy Chicks.
Unless you're looking for a real blue-light special, avoid.
JSG
Statistics for women.......2006-07-31
I thought this book was a great read, based on the power of the statistics alone. Lots of great information about profitable women- owned businesses, as well as hearing the stories from the women who made it themselves.
Book Description
The essential premise of this book is that theory and practice are equally important in describing financial modeling. In it the authors try to strike a balance in their discussions between theories that provide foundations for financial models and the institutional details that provide the context for applications of the models. The book presents the financial models of stock and bond options, exotic options, investment grade and high-yield bonds, convertible bonds, mortgage-backed securities, liabilities of financial institutions -- the business model and the corporate model. It also describes the applications of the models to corporate finance. Furthermore, it relates the models to financial statements, risk management for an enterprise, and asset/liability management with illiquid instruments. The financial models are progressively presented from option pricing in the securities markets to firm valuation in corporate finance, following a format to emphasize the three aspects of a model: the set of assumptions, the model specification, and the model applications. Generally, financial modeling books segment the world of finance as "investments," "financial institutions," "corporate finance," and "securities analysis," and in so doing they rarely emphasize the relationships between the subjects. This unique book successfully ties the thought processes and applications of the financial models together and describes them as one process that provides business solutions. Created as a companion website to the book readers can visit www.thomasho.com to gain deeper understanding of the book's financial models. Interested readers can build and test the models described in the book using Excel, and they can submit their models to the site. Readers can also use the site's forum to discuss the models and can browse server based models to gain insights into the applications of the models. For those using the book in meetings or class settings the site provides Power Point descriptions of the chapters. Students can use available question banks on the chapters for studying.
Customer Reviews:
Not recommended.......2007-09-17
"Hodge-podge" is the first term that comes to mind after reading this book. The breadth of topics is notable, but the material itself is far from satisfactory as applied to the real world. If someone offers to pay you to read this book, it would be worth reading. Also, please note that several five-star reviews were written professionally for promotional purposes.
Much worse than Hull's book.......2005-05-20
Ho and Lee's book is not bad, but not as good as Hull's book. First, this book tries to include everything, making it not easy to learn for beginners. Second, the definition in this book is not very clear as hull's book. Third, after reading the book, I really don't know what are models for and how to implement these models; hence, I still have to refer these model from Hull's book.
Excellent Book.......2004-10-07
The field of quantitative financial modeling, young as it is, has seen a massive explosion of published books in recent times. While it may appear that there is now a wealth of literature on financial modeling out there, the sad reality is it has become very difficult to find well-written comprehensive books. Dr T. S. Y. Ho and Prof S. B. Lee's book is in my opinion the most comprehsive book on financial modeling since J. Hull's book. Their book even takes a big step further than John Hull in setting a mathematical framework for consistent valuation of derivatives, corporate liabilities and valuation of firms (Corporate Finance).
This is a an excellent book for researchers, practitioners and students alike. Readers will benefit from a wealth of academic and industrial experience of the two authors, which is very well portrayed in every section of the book. In addition to the book they provide a free interactive website (www.thomasho.com) where one can be more intimate with the financial models discussed in book. One may recall that Dr Ho and Prof Lee are the authors of the Ho-Lee model.
Fake reviewers.......2004-07-17
I am afraid that the 3 reviewrs before me are the same person.
Amazon makes it quite easy for promotional wizards to do that so sales can be increased.
So far there is not even one review that tackes or critisizes this book. Are we all that perfect or should we become a victims of made up book?
Brilliant educational project.......2004-04-04
Most textbooks on financial modeling are devoted to describing specific models, such as those for stocks, bonds, or options, or to their specific applications such as arbitrage trading and portfolio management. Few books describe the financial principles behind the models and tie the models to business solutions.
The Oxford Guide to Financial Modeling by Thomas S.Y. Ho and Sang Bin Lee (yes, the authors of the Ho-Lee model, the first arbitrage-free interest rate model) successfully ties the thought processes and applications of the financial models together and describes them as one process which provides business solutions. The authors very ably explain all the models used in finance, take the financial theory and modeling to the next level and develop a business model framework that integrate the fields of corporate finance, fixed income, derivatives, and Asset & Liability management.
Each chapter begins by introducing a practical problem. The financial models that provide solutions to the problem are then described. The chapter concludes with how the models can be applied. Because of the nature of the material on financial models, the book presents many results as mathematical formulations, yet the text is very enjoyable as the more rigorous mathematical derivations are deferred to the appendices and to the epilogue.
What really makes The Oxford Guide to Financial Modeling a brilliant educational project and just not another excellent textbook is the companion web site that serves as an interactive workbook designed specifically for the book. The site is designed to further enhance understanding of the use and applications of the models referred to in the book and it is accessible free of charge.
Book Description
This casebook was developed to provide practice problems for students using The Financial Management of Hospitals and Healthcare Organizations, Third Edition. For each quantitative concept, there are tow problems—-a practice problem, and a self-quiz problem. Each problem comes with a detailed solution. The workbook also features one comprehensive case so that readers can apply what they've learned to a practical real-world setting.
Average customer rating:
- Reference only
- very useful book
- Outstanding
- Most Helpful for My Accounting and Auditing Groups
- Essential Reading for My US and Chinese Businesses
|
Manager's Guide to Compliance: Sarbanes-Oxley, COSO, ERM, COBIT, IFRS, BASEL II, OMB's A-123, ASX 10, OECD Principles, Turnbull Guidance, Best Practices, and Case Studies (Manager's Guide Series)
Anthony Tarantino
Manufacturer: Wiley
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Binding: Hardcover
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Sarbanes-Oxley Guide for Finance and Information Technology Professionals
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Sarbanes-Oxley IT Compliance Using COBIT and Open Source Tools
ASIN: 0471792578 |
Book Description
Compliance requirements are here to stay.
Prepare your company for the growing challenge.
A Wall Street Journal/Harris poll revealed that two thirds of investors express doubts in the ability of corporate boards of directors to provide effective oversight. In the shadow of recent global scandals involving businesses such as Parmalat and WorldCom, Manager's Guide to Compliance: Best Practices and Case Studies is essential reading for you, whether your organization is a major corporation or a small business.
This timely handbook places U.S. and global regulatory information, as well as critical compliance guidance, in an easy-to-access format and helps you make sense of all the complex issues connected with fraud and compliance.
"Wide perspectives and best practices combined deliver a punch that will knock your 'SOX' off! The author has blended together a critical mix necessary for effectively handling the requirements of SOX."
—Rob Nance, Publisher, AccountingWEB, Inc.
"Robust compliance and corporate governance is an absolute necessity in today's business environment. This new book by Anthony Tarantino is an authoritative guide to understanding and implementing compliance and regulatory requirements in the United States and around the world. From SOX to COSO to ERM, this book covers them all."
—Martin T. Biegelman, Certified Fraud Examiner, Fellow and Regent Emeritus of the Association of Certified Fraud Examiners, and coauthor of Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance
"If compliance wasn't difficult enough, now companies are faced with a barrage of technology vendors claiming to automate compliance as if it were a project. In his new book, Dr. Tarantino paints the reality of the situation: companies need to embrace the broader tenets of governance and use technology to embed governance policies and controls into their daily business processes. Only then can they gain business value from their compliance investments."
—Chris Capdevila, CEO and cofounder, LogicalApps
Customer Reviews:
Reference only.......2007-07-04
Useful as a reference guide, but not something that I would recommend as the first or last read on Compliance. Have kept it around as a great reference document.
very useful book.......2007-03-13
i have just read some chapter such as Sarbanes-Oxley and fast scan the other. I think it is the book which i look for.
Outstanding.......2007-01-24
Prior to reading this book I knew almost nothing about compliance. The book is well written and easy to understand for anyone that has formal accounting education. The book provided a tremendous amount of insight, and was very practical. The book has helped out at work tremendously.
Most Helpful for My Accounting and Auditing Groups.......2006-04-29
As the CFO of a privately held company looking to go public in the next few years this is what we needed to focus our compliance and governance programs.
Essential Reading for My US and Chinese Businesses.......2006-04-29
Dr. Tarantino's book was exactly what I needed to understand the many regulations facing my businesses in the US and China. It will be required reading for my various managers and directors.
Amazon.com
Chuck Kremer, Ron Rizzuto, and John F. Case believe "50 percent of small-company owners and managers don't get complete, timely information about their business's financial performance" and "90 percent don't really understand or use the information they do get." Kremer, a business-literacy consultant, Rizzuto, a university finance professor, and Case, a business journalist, further contend that such data and their proper application are critical to the successful operation of any small business. That's why they've assembled Managing by the Numbers as a self-help guide to the ins and outs of corporate finance. In the first section, they show how to decipher three major reports that everyone should review monthly (balance sheet, income statement, cash flow). In the second, they discuss how resultant figures tie in to "three bottom lines of business" (net profit, operating cash flow, return on assets) that can be examined collectively. And in the third, they explain ways that stimuli for each can be optimized to achieve overall business goals. The combination allows you to "translate your financial understanding into better financial performance," the authors conclude. While much of the material may seem intimidating, it is presented clearly and could indeed provide an edge in today's hypercompetitive business environment. --Howard Rothman
Book Description
Developed in partnership with Inc., a handy and practical guide to interpreting your company's financial statements to drive business growth and profitability
Everyone interested in building a stronger business needs to understand and use the information captured in financial statements. In Managing by the Numbers, business education and accounting experts Chuck Kremer and Ron Rizzuto team up with open-book management authority John Case to demystify the numbers. They present a practical, common-sense approach to reading financial statements and to managing the three bottom lines of business financial performance: net profit, operating cash flow, and return on assets. The book features numerous exercises and examples (with associated templates available on the Web), a powerful new management tool known as "The Financial Scoreboard," and an extensive glossary. Managing by the Numbers is an essential resource for entrepreneurs, business owners, managers, and anyone eager to improve their mastery of the financial side of running a business.
Customer Reviews:
I got this book free. I would've paid..........2006-12-21
10x the cover if I knew the value it'd bring.
I got this book as part of "Birthing of Giants". It's a three year retreat for entrepreneurs held for a week in the summer. You get a reading list and they are kind enough to send you books.
It sat in the box until Charles Kremer came to speak to our class. What he presented made the material so clear.
Before, I'd set barriers as to what was comfortable from a cash management point of view. My goals would actually cause pain when they'd be reached.
The relationships between balance sheet, income statement and cash statement are clear. "Beginning position" +/-non cash part of transaction +/- cash part of transaction = "Ending position"
Want to know the effect of retained earnings on the balance sheet or MSGA expense on the income statement or where the Interest expense paid should fall? Consult the "Magic Square".
Don't look at this book as a substitute for CPA knowledge but rather as a cheat-sheet for financial goal setting and cash management of a business.
A straightforward explanation of how the accounting jigsaw fits together.......2006-07-14
The book is well written with a non accounting audience in mind. A greater understanding of how accounting savvy people utilize the information within balance sheets, P&L's and cash flow statements can be achieved. An enjoyable and worthwhile read for those who want to try and get to grips with the irksome task of understanding their accountant, or even better to use the accounting information available to IMPROVE their business.
Easy to understand!.......2004-09-09
This was the first book that I've read that makes this type of material easy and interesting. Definitely, check this book out. I always recommend it to friends.
Tom Ehrenfeld's recommendation........2003-09-18
EXCERPTED From Chapter 3 (The Numbers That Count: Acknowledge the Rules), Page 72*
At the end of this chapter, I refer to several terrific books that delve into much greater detail of these aspects, and I highly recommend that you read them. At the bare minimum, you need to understand the basics.
Folks who speak the language of finance use three financial statements; the income statement, the balance sheet, and cash flow.
Each set of numbers tracks a different function. Each one is important for your business. (Note: I highly recommend the terrific book Managing by the Numbers by Chuck Kremer et. al.-see "Resources" at the end of the chapter.)
The balance sheet provides what experts call a "snapshot" of your business's financial condition at one particular point in time. Think of this statement as what your business owns and what it owes. This statement lists your assets (what the business owns or is due), your liabilities (what the business owes), and difference between assets and liabilities, which is called owner's equity. This sheet is constructed so that your assets minus your liabilities necessarily equal the owner's equity; thus, when it is produced correctly, the sums are balanced.
The income statement tracks your company's profitability over a given period of time. It says whether, in a specific period, you made money or didn't. But, and this is a huge but, it's an abstraction. It shows the promises that people have made to pay you money, and the agreements you have made to pay others. "It shows whether you're making money on the goods and services you provide, once you have taken all your costs and expenses into account. But it isn't real," write Kremer et al. It doesn't show how much cash you've put in you bank account or how much cash you spent." Income statements are subject to manipulation. Because income statements are subject to intangible factors such as depreciation (which tracks how an asset loses value over time), you can show a profit-or loss-that is not directly tied to your activities in that span of time. Moreover, income statements count promises that others have made to you as actual income, while the daily reality may be quite different. So these statements indicate profitability-which is good-but they don't necessarily reflect your daily, actual situation.
For that you have cash flow. Cash flow is, very simply, the difference between your cash receipts and your cash expenditures. It's what you have left after you spend the money that you take in. Consider this measure to be your business checkbook; what cash is actually coming into your business and what is actually being spent? There is no fudging cash. It's what you have on hand-the balance in your account.
EXCERPTED FROM Chapter 3 (The Numbers That Count: Resources), Page 93*
Managing the Numbers by Chuck Kremer and Ron Rizzuto with John Case (Perseus Publishing, Cambridge, Massachusetts, 2000)
This gem limns the theory and practice of financial management for small companies. Set aside the fact that some of the basics may apply to larger or slightly more mature companies than yours. Read this to understand how to use the financial life of your company as the basis for critical operational decisions. Kremer et al. show how you need to understand three financial statements (the balance sheet, the income statement, and cash flow) to truly evaluate your company's performance. Moreover, you really start to control this function when you learn how the three statements fit together.
*Tom Ehrenfeld, the startup garden (New York: McGraw-Hill, 2002).
Simple yet sound.......2002-09-11
If you don't have a business degree and as a business owner or potential business owner are looking for more knowledge on how to understand the books then get this book. If you do have a degree in Business then you need not spend your money here. Take the 14.95 you would pay for this book, invest it in a high yield stock or bond and wait 50 years and you may have about a thousand bucks or so.
Book Description
Revolutionary and life changing, the "voluntary simplicity" movement is about achieving financial freedom and living well for less. Now Getting a Life shows how real people have left the rat race for a more meaningful--and financially manageable--life that reflects their own true values and individual goals. Written by a couple who used the nine steps in the bestselling Your Money or Your Life to transform their own relationship with money, Getting a Life offers proven, practical ideas on how to use each step of the program. With honesty and humor, the authors and more than two dozen families and individuals share their personal experiences on such issues as paying for health care, raising children in a materialistic world, and breaking the link between what you do for a living and who you are. Getting a Life shows you how to adopt voluntary simplicity in your own life and what to expect once you do.
Customer Reviews:
The Devil is in the Details.......2005-03-23
In Your Money or Your Life, Dominguez and Robin lay out an easy-to-undestand system that will result in financial security. The challenge is in implementation. It's the little things that tend to derail even the most well-intentioned plans.
The value of this book is that it is a great implementation tool. If you haven't read YMOYL, you'll be scratching your head at many of the the things that Heitmiller and Blix assume you already know. The authors do tend to spend a lot of time on "the way we were" but I suspect it's because their epiphany has so dramatically altered their lives. Don't dwell on it. This is a book about living better, not class struggle.
The bottom line is that if you're going to commmit to the 9 step program Dominguez and Robin outline in YMOYL, you're going to need help. This book is the best source of help I've found and I recommend it (as others have) because the real life stories of others who have taken the journey you've embarked on serve as a source of motivation and how to advice that simply isn't available elsewhere.
Good price but not very useful.......2003-02-09
We read Duane Elgins excellent book Voluntary Simplicity decades ago, and would simply caution that this book Getting A :Life will probably appeal to those who have lots of money and really do not have to worry about making ends meet. For those who are on some type of a fixed income. or those with middle class incomes in a precarious economy it doesn't have much useful information. And I agree with those reviews that note the "yuppy" element.
We run a small simple living group in the Sierras, that is like the ones we ran in Alameda and San Joaquin counties here in California. So we are not new to the live simply and get out of debt ideas. And I note that there is a big difference between spoiled brats needing to learn what is really important in life and those who know what is important in life and want to know even more about how to simplify their lives.
The Intenet be it google searches or Yahoo groups has a whole lot more free information that is useful than this book. Amazon[.com]offers a whole lot more books on the subject that I would recommend.
Not even close to YMOYL.......2001-11-30
Should be subtitled, "How Two Seattle Yuppies Retired Early on 3.5K a Month". This book contains some helpful info, but I was hoping to see someone with a negative net worth pay off their debts and become FI. What I got was the story of a couple of yuppies saying, "Whoa, were worth a bundle and if we refuse to pay for our kids' college we can retire early". Not too impressive to me. I would not read this book if I were looking for material on voluntary simplicity. Why does Vicki Robin endorse this book?
Not as good as Your Money or Your Life, but still good.......2001-11-01
After reading Your Money or Your Life by the late Joe Dominguez and Vicki Robin, Getting a Life: Strategies for Simple Living Based on the Revolutionary Program for Financial Freedom Your Money or Your Life seemed to be a natural progression.
This book *does* offer some very helpful examples of individuals who used the advice in Your Money or Your Life. However, after reading the original book, I was somewhat disappointed by these authors' inconsistent choices in areas of voluntary simplicity. For example, they talk about how they cut their food bill down to just ($) a month for two people, and I know many couples who are into voluntary simplicity who can easily spend much less than that in a month. They also mention that they kept Call Waiting because they only have one phone line, which made me think, What did people do in the past with only one phone line when people were trying to call them? It just seemed inconsistent with some of the other advice they give in the book. Another annoyance was their example of a family who decided to go without health insurance, and just put money away in savings every month in the event of health expenses down the road. This would seem to me false economy. What would happen to this family if after saving a few thousand dollars they were hit with a serious accident or illness? Such an event could easily wipe out all of their savings.
In spite of the inconsistencies, this book does offer some good advice as well as list plenty of helpful resources for anyone interested in voluntary simplicity. The epilogue does a follow-up of the individuals listed throughout the book and tells you where they're at now in their lives. The epilogue is followed by a section of resources listing foundations, books, newsletters, organizations and other helpful resources for those interested in voluntary simplicity and financial independence.
Very satisfying........2000-10-12
I recommend that you read 'Your Money or Your Life' (YMOYL) before you read this book. I waited about 2 or 3 months to give YMOYL time to really sink in before I read this. When I started reading, I found myself trying to read very slowly so that I could absorb everything. It is very inspiring and englightening to read about other people's experiences following the YMOYL philosophy and the ways that they have integrated this into their lives.
I think your experience with this book will closely follow YMOYL. If you liked YMOYL, then you should find this book inspiring and very interesting. If you didn't, then you won't. If you want more detail on how YMOYL has affected people's lives, then you will enjoy...
Book Description
Companies that are better at fulfilling customer needs make better returns. In the current state of the world economy and cutthroat competition, the essence for survival is to create more customer value as percieved by your customers relative to your competitors. From the foreword by EJ Kreiken, KLM Royal Dutch Airlines Revenue Management & Pricing treats revenue management and pricing as a practical subject and demonstrates best practice throughout the tourism and hospitality industries by the extensive use of case material.
Customer Reviews:
Revenue Management and Pricing: Case Studies.......2006-03-11
I liked this book a lot. The cases give a variety of revenue and pricing optimization examples. The possible solutions section in the back of the book reviews solutions to the cases. The book will make you think about alternative uses of the technology.
Books:
- CISA: Certified Information Systems Auditor Study Guide
- Consolidation in the Data Center: Simplifying IT Environments to Reduce Total Cost of Ownership
- Contemporary Auditing: Real Issues and Cases
- Cost Accounting (12th Edition) (Charles T Horngren Series in Accounting)
- Credit Derivatives: CDOs and Structured Credit Products (Wiley Finance)
- Criminal Justice Ethics
- Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings (Wiley Trading)
- Dictionary of Accounting Terms (Barron's Business Dictionaries)
- Economics of Money, Banking, and Financial Markets, Update (7th Edition) (Addison-Wesley Series in Economics)
- Enterprise SOA: Service-Oriented Architecture Best Practices (The Coad Series)
Books Index
Books Home
Recommended Books
- Profit for Life: How Capitalism Excels
- Home Before Morning: The Story of an Army Nurse in Vietnam
- Economic Sophisms
- Creative Campaigning
- History: Fiction or Science
- History: Fiction or Science
- International Marketing: Business Week Edition
- Fat-Tailed and Skewed Asset Return Distributions : Implications for Risk Management, Portfolio Selec
- Econometric Modeling in Economic Education Research
- Digging Up Trouble: A Nina Quinn Mystery
Valuation: Measuring and Managing the Value of Companies, Fourth Edition
Understanding Financial Statements (8th Edition) (Pie)
International Financial Management (with Xtra!, World Map, and InfoTrac )
Investments
The New Corporate Finance
