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Product Description
Your Guide and Mentor to Doing Business Effectively
Finance for Managers
Calculating and assessing the overall financial health of the business is an important part of any managerial position. From reading and deciphering financial statements, to understanding net present value, to calculating return on investment, this book provides the fundamentals of financial literacy. Easy to use and non-technical, this helpful guide gives managers the smart advice they need to increase their impact on financial planning, budgeting, and forecasting.
About the Author
WHAT DOES YOUR COMPANY own, and what does it owe to others? Read the first page
Concordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
So a good primer, with some reservations.
This volume explains the basic concepts of finance to managers who are not financial managers. As Richard Luecke notes in the Introduction, "Knowing how to finance assets, forecast future cash flows, maintain a budget, determine which operations are profit generators and which are not, and judge the real economic merits of different investment opportunities will help you stay in business and turn a profit." Samuel L. Hayes served as subject advisor to Luecke, writer of this and other books in the Harvard Business School Essentials Series and author or developer of more than 30 other books as well as several dozen articles.
There are ten chapters followed by an Appendix: Activity-Based Budgeting. (More about that material in a moment.) Each chapter is introduced by a list of "Key Topics" to be covered in it. For example, in Chapter 5, the focus is on start-up financing, financing current operations, financing growth, establish a proper match of assets with financing, and typical financing arrangements. Obviously, all of this material may seem basic (if not self-evident) to the experienced financial manager but keep in mind that the material was carefully selected for managers who are not financial managers.
One of the most informative discussions is provided in the Appendix when brief but sufficient attention is given to "Developing Cost Drivers" and more specifically to activity-based budgeting (ABB) and how it differs from activity-based costing (ABC). Less experienced non-financial managers are frequently asked to prepare a report which, more often than not, involves a budget or at least a cost analysis. A basic understanding of ABB and ABC will guide and assist the completion of that task. Whereas ABC starts with the cost of resources, allocates these costs to activities, and then allocates these costs to products and/of services, ABB starts with the planned product or service, estimated sales volume, and mix and comes up with the requisite activities to produce the mix and volume.
Financial managers as well as non-financial managers who supervise other non-financial managers should seriously consider providing copies of this book to those who currently do not understand "how to finance assets, forecast future cash flows, maintain a budget, determine which operations are profit generators and which are not, and judge the real economic merits of different investment opportunities" which will help [their organization] stay in business and turn a profit." Of course, younger executives need not wait for such provision. Published as a paperbound volume and priced attractively, Finance for Managers would be a modest investment for them to make in their own careers.
This volume explains the basic concepts of finance to managers who are not financial managers. As Richard Luecke notes in the Introduction, "Knowing how to finance assets, forecast future cash flows, maintain a budget, determine which operations are profit generators and which are not, and judge the real economic merits of different investment opportunities will help you stay in business and turn a profit." Samuel L. Hayes served as subject advisor to Luecke, writer of this and other books in the Harvard Business School Essentials Series and author or developer of more than 30 other books as well as several dozen articles.
There are ten chapters followed by an Appendix: Activity-Based Budgeting. (More about that material in a moment.) Each chapter is introduced by a list of "Key Topics" to be covered in it. For example, in Chapter 5, the focus is on start-up financing, financing current operations, financing growth, establish a proper match of assets with financing, and typical financing arrangements. Obviously, all of this material may seem basic (if not self-evident) to the experienced financial manager but keep in mind that the material was carefully selected for managers who are not financial managers.
One of the most informative discussions is provided in the Appendix when brief but sufficient attention is given to "Developing Cost Drivers" and more specifically to activity-based budgeting (ABB) and how it differs from activity-based costing (ABC). Less experienced non-financial managers are frequently asked to prepare a report which, more often than not, involves a budget or at least a cost analysis. A basic understanding of ABB and ABC will guide and assist the completion of that task. Whereas ABC starts with the cost of resources, allocates these costs to activities, and then allocates these costs to products and/of services, ABB starts with the planned product or service, estimated sales volume, and mix and comes up with the requisite activities to produce the mix and volume.
Financial managers as well as non-financial managers who supervise other non-financial managers should seriously consider providing copies of this book to those who currently do not understand "how to finance assets, forecast future cash flows, maintain a budget, determine which operations are profit generators and which are not, and judge the real economic merits of different investment opportunities" which will help [their organization] stay in business and turn a profit." Of course, younger executives need not wait for such provision. Published as a paperbound volume and priced attractively, Finance for Managers would be a modest investment for them to make in their own careers.
The book does reasonably well to fulfill these criterion with and optimal degree of satisfaction. Nice organization, one chapter flows onto next one and examples related to one business entity (fictitious yet realistic) run through. Numerical examples explaining the basic as well as relatively difficult financial concepts are easy to understand and make a good reading.
This trend continues pretty much throughout the book except in few chapters. I would actually point out two chapters where details and flow are not as lucid. The chapters explaining Internal Rate of Return (IRR) and Net Present Value (NPV) (Chapter 9: Time value of Money) and Budgeting process (Chapter 7: Budgeting) lacks the depth even at a conceptual level and does not help the reader to form a clear impression of the topics. I would say it in some cases it presents too less a detail (ex. definition and explanation of IRR) and it some cases it tries to present too much (Budgeting process/type and factors consideration)
Overall a good buy and definitely nice value for money!
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