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Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports Paperback – August 15, 2009

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Editorial Reviews

From the Back Cover

Amazon readers love this five-star title:

"Buy this book first."
"Perfect for budding entrepreneurs!"
"Makes a complicated subject seem like child's play."
"A masterpiece for non-financial managers."
"The best book available on the subject."

About the Author

Thomas R. Ittelson, is a scientist, businessman, author, and teacher with many years of hands-on experience in business development and marking for technical companies. As a consultant to entrepreneurs, Ittelson has written business plans and prepared financial projections that have helped raise more than $500 million in start-up equity capital. Financial Statements was born from the author's efforts to teach client entrepreneurs how to design and use financial statements in their start-up businesses.
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Product Details

  • Paperback: 285 pages
  • Publisher: Career Pr Inc; Rev Exp edition (August 15, 2009)
  • Language: English
  • ISBN-10: 1601630239
  • ISBN-13: 978-1601630230
  • Product Dimensions: 0.8 x 7 x 10 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (213 customer reviews)
  • Amazon Best Sellers Rank: #3,964 in Books (See Top 100 in Books)

More About the Author

Thomas R. Ittelson is a scientist, businessman, author and teacher with many years of hands-on experience in business development and marketing for technical companies. As a consultant to entrepreneurs, Ittelson has written business plans and prepared financial projections that have helped raise more than $500 million in start-up equity capital. Financial Statements was born from the author's efforts to teach client entrepreneurs how to design and use financial statements in their start-up businesses.

Customer Reviews

Most Helpful Customer Reviews

569 of 571 people found the following review helpful By climbhigh on August 26, 2006
Format: Paperback
A solid foundation is critical to understanding concepts. So you'd think most books would spend a lot of time ensuring and clarifying the basics, right? Wrong! Simply not true! Most of the accounting/finance books just don't get into clarifying the very basics - the confusing array of terms used, how they fit together, what they actually mean in a realworld setting, etc.

This book - a must on every managers shelf - adds value by providing clear and consise definitions and relates them visually. The chapter on connections ties a lot of information together with such ease. Above all the step by step examples go a long long way into clarfying any remaining confusion you'd have. Its very easy to read. You'd probably finish it over a weekend. So its tremendous bang for buck.

Clearly the first introductory book one should read. There are plenty of good books for the next level (IMHO).

**_Simply go get it - read it. Enjoy the clarity in your decision making. Highly recommended._**

Here is a list of books that might also help.
Introductory level:
1. Financial statements (Thomas Ittelson, this book)
2. How to use financial statements: A guide to understanding the numbers (James Bandler)
3. How to read a financial report: wringing vital signs out of numbers (John A. Tracy)

Next Level:
4. Financial Statement Analysis: the investors self study to interpretting & analyzing financial statements, revised edition (Charles J. Woelfel)
5. Analysis For Financial Management (Robert C. Higgins) - This is one excellent book.
6. Techniques Of Financial Analysis: A Modern Approach (Eric A. Helfert)
7. Finance & Accounting for Nonfinancial Managers (Steven A. Finkler)

MBA Level:
7.
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152 of 156 people found the following review helpful By M Kramer on April 14, 2004
Format: Paperback Verified Purchase
I've been buying from Amazon.com for at least 5 years but this is my first review. I am 3/4 of the way through Ittelson's book and I want to write this review while my enthusiasm is still burning white hot.
Ittelson has a gift that few experts have. He anticipates all my newbie/beginner stupid questions. Here I am on page 169 wondering why paying payroll taxes doesn't show up on the Income Statement. Sure enough, right after I've wondered to myself why there is no transaction on the Income Statement, I see his note explaining that these payroll tax expenses were put on the Income Statement when the goods were shipped, "not when the actual payment is made."
As soon as the little voice in my head asks, "But why did they do it *this* way?" Ittelson gives me the answer.
I give Ittelson a lot of credit for this. After you've studied something for years, as he clearly has, it's often almost impossible to see the subject with the eyes of a beginner. Believe me, I'm a teacher, I know how difficult it can be.
The first part of the book examines the three basic statements line-by-line: Income Statement, Cash Flow Statement, and Balance Sheet.
The largest part of the book sounds incredibly dry and dull. Each even-numbered page displays all three financial statements: Income Statement, Cash Flow Statement, and Balance Sheet. The odd-numbered page explains a business transation: paying payroll taxes, for example. The transaction's impact on the three financial statements is displayed on the even-numbered page.
Believe it or not, Ittelson makes it interesting to read about these business transactions. He creates a narrative about starting a business and running it. Along the way, he offers a few humorous pearls of business wisdom.
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94 of 98 people found the following review helpful By Robert I. Hedges HALL OF FAMETOP 500 REVIEWER on November 22, 2003
Format: Paperback Verified Purchase
Wow, what a great book! I am a technical professional enrolled in a graduate business degree program, and until now the plethora of financial and accounting terminology and rules has been bewildering for me. That is no longer true after buying this book. I have primarily used it as a reference book, and without fail any explanation I have needed has been easy to find, clear and concise.
I am no longer in the financially confused majority, largely thanks to this book. The author's education is in biochemistry (as is my undergraduate education), and because he originally came from the hard sciences where clarity and accuracy are valued above all else he was better able to be clear and easy to understand in comparison to many business school authors who seem to thrive on jargon and platitudes.
This is a great book to have on the reference shelf. If you are involved with business finance or investment analysis it is simply the best book available on the subject and should be considered indispensable!
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103 of 111 people found the following review helpful By M. Hamoui on December 16, 2009
Format: Kindle Edition Verified Purchase
I got this book to read on my kindle. And while it's a great book and is filled with tons of sound business advice, I do not recommend you buy it for the kindle, and here's why:

Almost 60% of this book is formatted in a way that relies on you having two opposing pages. The idea is that on the right page you read a description of a transaction that a company makes, while on the opposing left page you see how that same transaction is tabulated in the relevant financial statements.

The problem with the kindle is that you only have one page. So you first see how an entry is made on the Balance Sheet/Cash Flow Statement/Income Statement , then, after skipping the page, you read about the transaction the company made to affect those changes. So in a way it's like your friends telling you what they think of a movie before you actually watch the movie to know what they're talking about.

In other words, do buy this book, but not on a kindle..
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