5 of 5 people found the following review helpful:
5.0 out of 5 stars
An clearly written and well organized primer, July 18, 2008
This review is from: Financial Intelligence for IT Professionals: What You Really Need to Know About the Numbers (Financial Intelligence) (Paperback)
Financial Intelligence for IT Professionals seeks the elusive sweet spot between being approachable on the one hand and substantive on the other. If you are looking for the bible of corporate finance or an alternative to an MBA, you'll probably be disappointed. If, on the other hand, you or your employees would benefit from a clearly written and well organized introduction into corporate finances, you really can't go wrong. Berman and Knight do an excellent job covering the basics, including income statements, balance sheets, cash flows, ratios, and measures of investment/project performance. The examples provided are simple enough to illustrate the concepts without feeling dumbed down. I was particularly impressed with the clear manner in which the concept of cash flow was presented, as, in my experience, the difference between income and cash is a topic often misunderstood by folks without financial training. In addition to the concepts listed above, the authors make it a point to highlight how financials can be influenced, intentionally or not, by the assumptions and actions of executives and accountants.
Here is where we run into my first (very small) criticism. While I appreciate the discussion of some of the `gray areas' that can be found in accounting and finance, I think the focus on fraudulent behavior is a little out of balance. Certainly there have been several great scandals over the last few years to provide fodder, but in my experience most financial executives make honest judgments to the best of their abilities, usually under tremendous pressure. My second tiny criticism is that the author's suggest a number of times that an IT leader equipped with financial knowledge can more intelligently challenge the assumptions of controllers, CFOs, etc. In my organization, this is encouraged and, frankly, expected of top level managers. In other organizations, however, questioning the CFO might get you a short trip to the unemployment office. Readers will need to use some judgment here...
The book concludes with a brief discussion of the value of employee financial knowledge to the performance of the company. The case is well stated, and the author's passion for the empowering impact of financial intelligence seems genuine. I am fortunate to work for an employee owned company that really emphasizes financial understanding for all employee-owners, but I also know from prior experience that my company is the exception, not the rule.
Bottom Line: This is a book whose impact on your organization will grow with the number of people who read it. So buy a few, and share them with anyone who in interested. That's what I'm going to do.
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1 of 1 people found the following review helpful:
5.0 out of 5 stars
Financial Intelligence for IT Professionals: What You Really Need to Know About the Numbers (Financial Intelligence), July 4, 2009
This review is from: Financial Intelligence for IT Professionals: What You Really Need to Know About the Numbers (Financial Intelligence) (Paperback)
Brilliantly written, excellent in content. Having run a small IT business for 5 years between 2002 and 2007, it was amazing to see in part just why my business struggled. Currently I am in the process of reviewing the business and planning for the next phase of running the same business. This book has indeed opened my eyes. I am amazed at how much knowledge I have gained just by reading this book. The authors certainly mean it when they say, "What you really need to know about the numbers." I strongly recommend it for anyone who really wants to make their mark in the IT industry or career.
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1 of 1 people found the following review helpful:
5.0 out of 5 stars
Essential reading for anyone wanting to get the most out of their IT dollar investment, September 4, 2008
This review is from: Financial Intelligence for IT Professionals: What You Really Need to Know About the Numbers (Financial Intelligence) (Paperback)
You get what you pay for is a commonly repeated proverb because it is so commonly true. Co-authored by Karen Berman and Joe Knight, "Financial Intelligence for IT Professionals: What You Really Need to Mow About the Numbers" is an informed and informative guide to understanding that Information Technology (IT) requires an infusion of capital to get the best use out of it. With basic information on understanding IT-related statements and balances, estimates and their effects, challenging data, investments, and so much more. Highly recommended reading and a welcome addition to personal, professional, community, and academic library Business reference collections, "Financial Intelligence for IT Professionals" is essential reading for anyone wanting to get the most out of their IT dollar investment.
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