Welcome to latest in our book review series! As you know at Business Fixer, we want to arm you with great practical books that will help you in a business turnaround situation. Check out the Resources page for more great books. Today, we’ll be reviewing the number one finance book I give to senior professionals who are lacking in the area of Finance and Accounting – ‘Finance For Nonfinancial Managers’ by Gene Siciliano. Let’s dive straight into today’s book review…
- Book: Finance For Nonfinancial Managers
- Author: Gene Siciliano
- Subject: Finance
- *Score: ⭐️⭐️⭐️⭐️
*Score ratings out of 5
Who Is This Book For
It’s always great when the book does what it says on the cover. This book is for any senior professional who does not understand the basics of Finance and Accounting. The higher you go in business, you will most likely have more financial responsibility (manging your own profit and loss, attend Finance meetings and impact the cash flow with your decisions). Finance can be scary, but this book simplifies it in a very easy and practical way.
What are the main headlines of this book
The first part of the book tackles the 3 financial statements:
- Profit and Loss (P&L)
- Cash flow
- Balance sheet
Each chapter explains in simple terms what each statement is for. The book uses a fictional example of a company, The Wonder Widget Company and provides some examples of each statement for you to go through and understand the principles.
Next, the book shows you how all 3 statements link together – helping you build a full financial picture.
The third part of the book talks about various financing options available to companies, highlight both the advantages and disadvantages to each.
Now, this might sound like a boring but, but I assure you it isn’t. I can’t tell you the number of senior professionals who have told me that they wish they had read this book earlier in their careers. If they had, then they would have approached things very differently and achieved much more value.
‘Finance For Nonfinancial Managers’ is the best book for anyone wanting to understand the basics of Finance and Accounting. You will be able to not only understand the financial statements but also navigate the departments in your company more effectively and create more value.