By Gene Siciliano
Monetary stories converse their very own language, and executives with no robust finance historical past frequently locate themselves bewildered through what's being said.
Finance for NonFinancial Managers is helping managers familiarize yourself with crucial monetary info, displaying them how one can "speak the language of numbers" and enforce monetary information of their day-by-day enterprise decisions.
In addition, it clarifies how and why monetary judgements impression company and operational pursuits.
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Additional resources for Finance for Non-Financial Managers
Avoid Getting Caught with Your Assets Down! In evaluating a company, look carefully at the relationship between fixed assets and accumulated depreciation shown on the balance sheet. If the accumulated depreciation is a large percentage of total fixed assets and very little remains to be written off, it may be a sign that the company is facing potentially heavy expenditures in the near future to replace aging equipment that may no longer be able to do its job. In an industry influenced by technology, such as automobile manufacturing, this may be even more of a concern.
Let’s take a quick look at the abbreviated chart of accounts in Figure 2-5, to give you a quick idea what it might look like in a typical company. We’ll discuss and define the major categories in the chart of accounts in Chapters 3 and 4, when we talk about the basic financial statements. After your quick look, you can forget what it looks like, as long as you remember its importance in categorizing raw accounting data into useful information. Notice that there is a numbering convention used to help accountants identify assets from liabilities and income from expenses.
However, every manager of a company, or a department, for that matter, must learn to differentiate between those business processes that must evolve, like research and development, and those that should remain stable. Financial accounting is one of those processes that need a high degree of stability. Tracking the Life Cycle of a Company As we have all learned in the past year or two, financial accounting probably needs more stability and less evolution than it has experienced, in order to give it adequate credibility in the eyes of the users of financial information.