A Good Read – Life Tools Series – How to Keep Score in Business by Robert Follett

“How to Keep Score in Business – Accounting and Financial Analysis for the Non-Accountant” by Robert Follett is the first of my “Life Tools Series” of recommendations.

Alpine Guild LogoAvailable via the Alpine Guild or secondhand book sellers. (Note Alpine Guild is Robert Follett’s business to sell business books, set up after he retired as CEO of Follett a multi-billion dollar multi-national firm.)

“The purpose of HOW TO KEEP SCORE IN BUSINESS is to teach you the fundamentals of keeping score in business, so that you can be successful in business despite your lack of formal accounting education. The book will help you read, understand, discuss, and use a balance sheet, an income statement, and other financial reports.In business, the score is kept in dollars. The system of accounting provides the rules for keeping score. Some people don’t understand keeping score in football. They get mixed up about touchdowns, safeties, field goals, and points after. And when there is talk of sacks, percentage completions, and yards per carry, they go blank.

A lot of people don’t understand keeping score in business. They get mixed up about profits, assets, cash flow, and return on investment. Discounted cash flow, current ratio, and book value per share leave them blank.”

Cutting to the chase, the book is the first of my “Life Tool Series” recommendations – books that do their topic area so well that any other books is just a restatement, and a book that everyone should read.

If you have a business to run, a pension to invest, or even just track projects as a volunteer, this book holds the information that is key to your understanding the numbers financial scores are kept in.

Highly recommended!

Steve

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