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How to Keep Score in Business: Accounting and Financial Analysis for the Non-Accountant (2nd Edition), by Robert Follett
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In How to Keep Score in Business, Second Edition, long-time CEO Robert Follett shows you exactly how to "keep score" in business by reading and interpreting company financials. Step by step, Follett helps you capture crucial insights buried in balance sheets, income statements, and other key reports. Follett shows how to apply core tools for analyzing financial reports and investment opportunities, and demystifies key accounting terms every business decision-maker and investor needs to know. You'll learn how to uncover a company's true financial position through its balance sheet and income statements–and identify crucial information those documents may not be showing. Follett demonstrates how to use modern ROI tools to evaluate performance or analyze potential investments; how to track ongoing changes in a company's financial position; how to build cash flow budgets for more effective planning; and how to use common analysis ratios (without misusing them). Practical from start to finish, this fully updated book won't transform you into an accountant–but it will help you work more confidently with financial professionals, make smarter business decisions, and choose better investments.
- Sales Rank: #722510 in Books
- Published on: 2012-01-20
- Released on: 2012-01-10
- Original language: English
- Number of items: 1
- Dimensions: 8.96" h x .43" w x 6.02" l, .60 pounds
- Binding: Paperback
- 192 pages
From the Back Cover
The Classic Business Accounting Guide for Every Manager and Entrepreneur—Now Fully Updated!
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•� Uncover crucial insights buried in balance sheets, income statements, and other financial reports
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•� Master indispensable skills for day-to-day business and investment decision-making
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•� Learn up-to-the-minute techniques for analyzing ROI, planning cash flow, and identifying business trends
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In this classic book, long-time CEO Robert Follett shows you exactly how to “keep score” in business by reading and accurately interpreting company financials. Step by step, Follett helps you capture crucial insights buried in balance sheets, income statements, and other key reports. Follett shows how to apply core tools for analyzing financial reports and investment opportunities, and demystifies key accounting terms every manager and investor needs to know.
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Fully updated for today’s tools and techniques, this book will help you work confidently with accountants, auditors, financial analysts, budget directors, controllers, treasurers, bankers, and brokers…and make better business decisions every single day.
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A Note from the Author, Long-Time CEO Robert Follett:
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“In business, the score is kept in dollars. The accounting system provides the rules for keeping score. This book will teach you those rules.
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“I am not an accountant. I started in sales. I moved into product development. I was president of a large company. I became chairman of an even larger company. Along the way, I had to learn financial accounting the hard way.
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“I have worked with accountants, auditors, bankers, treasurers, controllers. These experts often flim-flammed me with accounting lingo I didn’t understand. I’ve made almost every dumb mistake that a manager with no financial background can make.
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“But I learned. Now I can keep score along with the best. I’ve distilled many years of hard knocks and dumb mistakes into a relatively few pages. When you’re finished studying this book, you will be well on your way to mastery of this indispensable management skill. You will know how to keep score in business.”
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This book will help you:
• Bring practical common sense to financial analysis
• Understand what your financial pros are telling you—and what they aren’t
• Evaluate any company’s balance sheet
• Recognize what balance sheets and income statements may be hiding
• Create cash flow budgets that keep you from running out of cash
• Identify changes in a company’s financial position
• Use ROI tools to evaluate performance and analyze investments
• Understand “goodwill,” “working capital,” “acid tests,” and other key concepts
About the Author
Robert Follett served as President of Follett Publishing Company and as Chairman of Follett Corporation, a company that has
grown to almost $3 billion in annual sales by providing universities, libraries, schools, and school districts with educational tools and services.
Most helpful customer reviews
6 of 6 people found the following review helpful.
A readable must have for non-Accountant investors
By Charles Montgomery
I have a physics background and have always wanted a way to put numbers into a spread sheet, hit "Calculate" and get a
result saying "Buy/Sell at" $xx.xx. This book finally shows me why that Nirvana can never be reached. Investing is too much art as well as mathematics to do this. What it does show you is that it still takes some work to make investing decisions that are not guesses. This will give one a better chance of making right decisions than those made by the general public. If you can do that on a regular basis you can make money in the stock market.
Follet has a background in running businesses and tells us how to examine a business in this little book.
Chapter 1 is an introduction to common sense accounting.
Chapter 2 familiarizes you with the lingo of accounting .
Chapters 3-4 teaches one in as concise a manor as seems possible how to collect and use the available data furnished by a company in order to get an understanding of the business. Starting with the Balance Sheet, he makes you put the information for a company, Acme Widget, down on paper (or in a computer) and follow it through the required steps to see how a business makes their Balance Sheet. It took doing this in order for me to really understand what the numbers are trying to show and what they mean.
Once we have a Balance Sheet to look at he teaches how the fundamental parts necessary for the balance sheet can be used as score keepers for the business; like the difference between cost and value, how Intangible Assets and Goodwill can cover up poor business practices or not, and that 'estimates are everywhere'. The all important Working Capital is presented and shows how a company can literally be 'expanding into bankruptcy'.
Chapter 5 shows how to summarize and then analyze the Balance Sheet and get the actual scores like accounts receivable,goodwill etc. and put them in context. This is where we start getting the upper hand on the general investor who uses tips, TV , and friends for investment advice.
Chapter 6 showshow the Income Statement is put together. Here we see items needed to finally look at a 'bottom line', the often maligned profit--or loss as the case may be.
Chapter 7 teaches the all important ROI and shows the various ways(scores) we can get a handle on how our investment in a company can be turned into dollars returned to us. Some of the scores are ROE(return on equity) and ROIC(return on invested capital). A short but useful introduction to DCF is presented here.
Chapter 8 shows how the Balance Sheet and the Income Statement can be utilized to show the Change in Financial Position of a business.
Chapter 9 shows how to create a Cash Flow sheet and use it to see how real cash dollars are entering and leaving the business.
Will we have enough cash to operate next year or will we need to borrow, etc.
Chapters 10-11 finish the book with first a good summary of analysis ratios like the well known EPS (earnings per share) and Price Earnings Ratio, Current Ratio and more. Then follows a summary and conclusion which ties together the items learned while stressing the analysis of a business.
Remember the business in which you are considering making an investment has already done the work of making all the Financial Statements available. We will now have to take the time to use this book's help to extract and analyze the information and numbers .
I have tried books from "The Ten Day MBA" to Damodaran's, "Investment Valuation". I believe this one shows me the best way to profitably invest in stocks.
3 of 3 people found the following review helpful.
The Title Says Eveything
By clickz4
I have to really wonder about people who buy this book and are disappointed by the content. It may be the most accurate title of a book in history. Anyone who has had three accounting classes and pans this book because it is not detailed enough seriously needs to take three reading comprehension clasees. The title and description are spot on.
If you're not an accounting geek but want to be able to keep up with them, this is the perfect book. (It is excellent)
This is what I called a 'semester' book. Reading it and working his examples will probably teach you as much as sitting through a whole semester class in college. Nuff said.
2 of 2 people found the following review helpful.
Exceptionally Good Book For A New Entrepreneur Or Business Manager Or One Who Finally Decided To Understand The Numbers
By Dave Lakhani
This is an exceptional book for the new manager, entrepreneur, or even old timer who finally wants to understand what the numbers really mean. If you want to have more meaningful conversations with your accountant or banker this book is for you.
The author breaks down the core financial score of the business through the Balance Sheet, The Income Statement, Cash Flow and Return on Investment. What makes this book infinitely useful and understandable is the plain language of the book. It is not overly complicated in accounting terms or explanations. It simply shows you what a number means and tells you why it is important in context of the reports you are looking at. After reading this book, when you see all the reports you can pull in Quickbooks or some other accounting program, you'll know which report to pull and for what reason.
I also like this book because it shows you what you should be watching in your business on a regular basis to forecast potential problems or to see potential financial opportunities.
As an Entrepreneur and someone who admittedly hates accounting and talking about anything beyond gross sales and margin but who has begrudgingly learned the financial side of the business through seminars and consulting, I can honestly say this book would have shaved years off my learning curve and would have helped me better understand my business a lot earlier.
You'll love this book because it is easy to read and not full of accountant talk, you'll refer back to it over and over again because of the "aha" moments you'll have and the breakthroughs in understanding the financial capacity and capability of your business.
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