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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.

PART ONE　THE ART OF FINANCE (AND WHY IT MATTERS)

　1. You Can't Always Trust the Numbers

　2. Spotting Assumptions, Estimates, and Biases

　3. Why Increase Your Financial Intelligence?

Part One Toolbox

PART TWO　THE (MANY) PECULIARITIES OF THE INCOME STATEMENT

　4. Profit Is an Estimate

　5. Cracking the Code of the Income Statement

　6. Revenue: The Issue Is Recognition

　7. Costs and Expenses: No Hard-and-Fast Rules

　8. The Many Forms of Profit

Part Two Toolbox

PART THREE　THE BALANCE SHEET REVEALS THE MOST

　9. Understanding Balance Sheet Basics

　10. Assets: More Estimates and Assumptions (Except for Cash)

　11. On the Other Side: Liabilities and Equity

　12. Why the Balance Sheet Balances

　13. The Income Statement Affects the Balance Sheet

Part Three Toolbox

PART FOUR　CASH IS KING

　14. Cash Is a Reality Check

　15. Profit =Cash (AndYou Need Both)

　16. The Language of Cash Flow

　17. How Cash Connects with Everything Else

　18. Why Cash Matters

Part Four Toolbox

PART FIVE　RATIOS: LEARNING WHAT THE NUMBERS ARE REALLY TELLING YOU

　19. The Power of Ratios

　20. Profitability Ratios: The Higher the Better (Mostly)

　21. Leverage Ratios: The Balancing Act

　22. Liquidity Ratios: Can We Pay Our Bills?

　23. Efficiency Ratios: Making the Most of Your Assets

Part Five Toolbox

PART SIX　HOW TO CALCULATE (AND REALLY UNDERSTAND) RETURN ON INVESTMENT

　24. The Building Blocks of ROI

　25. Figuring ROI: The Nitty-Gritty

Part Six Toolbox

PART SEVEN　APPLIED FINANCIAL INTELLIGENCE: WORKING CAPITAL MANAGEMENT

　26. The Magic of Managing the Balance Sheet

　27. Your Balance Sheet Levers

　28. Homing In on Cash Conversion

Part Seven Toolbox

PART EIGHT　CREATING A FINANCIALLY INTELLIGENT DEPARTMENT (AND ORGANIZATION)

　29. Financial Literacy and Corporate Performance

　30. Financial Literacy Strategies

　31. Financial Transparency: Our Ultimate Goal

Part Eight Toolbox

Appendix: Sample Financials

Notes

Acknowledgments

Index

About the Authors

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赢利能力是衡量公司取得收入和控制费用的指标。这些数字都不完全是客观的。收入受到何时记录这个规则的约束。费用与其说是一种估计，不如说是一种猜测。

一般来说，毛利率负增长暗示着出现了下面两种情况中的一种。要么是公司承受着巨大的价格压力，销售人员被迫给予折扣；要么是原材料和劳动力价格上涨，拉动产品或服务成本上涨。

营业利润（EBIT）等于毛利润减去营业费用，

营业利润率=EBIT/收入，营业利润率是反映管理者整体工作效果的一个非常好的指标。

净利润率说明企业1美元的销售收入扣除所有的费用后能剩余多少。它也叫做销售回报率（ROS），净利润率=净利润/收入。

资产收益率（ROA），说明你投资于企业的1美元可以获得多少利润回报。

资产收益率=净利润/总资产。毛利率和净利率很难太高，但是ROA可以非常高，ROA高于行业标准可能暗示着企业没有为未来更新资产——它没有投资于新的机器和设备。ROA非常高的另外一个可能原因是管理者对资产负债表做了手脚，利用各种会计伎俩降低了资产基数。

净资产收益率（ROE），投资者投入1美元会得到百分之几的利润。

净资产收益率=净利润/所有者权益。

生产成本计入产品成本。如果生产成本上升，则毛利润下降——而毛利润是评估产品盈利能力的重要指标。而开发成本计入研发费用，它包括在利润表的营业费用中，根本就不影响毛利润。

记住，收入在产品和服务交付时确认，并不是在货款支付时确认。所以，利润表的最上面一行（销售收入）通常是一种承诺。

记住，很多利润表上的数据反映了估计和假设。会计人员决定了某些交易事项包括在这里而不是包括在那里。他们还决定了用这种方法而不是那种方法进行估计。这就是财务艺术。

为了衡量公司的毛利润，你可以与行业标准比较，尤其是对于行业中较小规模的企业来说更是如此。你也要观察年度之间的变化趋势，分析毛利润是增是减。但是，这里同样需要你睁大眼睛看看数字是否存在偏差。何时确认收入和哪里费用应包括在产品成本这两项决策对毛利润有重大影响。

营业利润（毛利润减去营业费用，其中包括折旧和摊销费用）也缩写为EBIT，它表示企业经营活动获得的利润。同样会有潜在的偏差影响营业利润。存在“一次性开支”吗？计提折旧的方法是什么？

财务欺诈：阿德尔菲亚公司通过向分线盒的供应商收取每个分线盒26美元的营销费用，使得所谓的费用在以后各年摊销，每个分线盒26美元的绝大部分就直接到了阿德尔菲亚公司利润表的最后一行，这种做法在2000年把公司收入提高了3700万美元，在2001年提高了5400万美元。

如果企业是赢利的，但缺少现金，它需要财务专家——能找到其他融资渠道的人；如果企业有现金但不赢利，它需要经营管理专家——他能够降低成本或不增加额外成本而获取额外收入。

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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.

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