Business finances | Improve your financial knowledge
It’s necessary to have at least some financial knowledge, regardless of whether you hire someone to manage your finances. Financial skills can help you make the right decisions, and help you discuss your finances with your accountant, advisor, financial institution, the Australian Taxation Office (ATO) and investors.
Maintaining your own financial statements can also save you valuable time and money, and help convince lenders that you are a good candidate for receiving finance. Some ways you can improve your financial knowledge include:
- Attend training
Whether it’s for yourself or a staff member, training is the best way to take control of your finances. There are a number of free or low-cost training options available to give you the right start. See our Events calendar for details of your nearest courses, such as financial management basics, cash flow management or record keeping essentials.
- Learn the terminology
While financial jargon is difficult to avoid, developing your financial knowledge can give you better control over your finances. Learning the terminology can also give you a better understanding of your financial statements, and enable you to ask more specific and often more crucial questions. See our Glossary of key financial terms to get started.
- Ask questions
Asking your accountant and/or business advisor questions can improve your understanding of your finances and increase your financial literacy. It can ensure you’re fully informed before making financial decisions, as well as help you uncover possible errors.
What to do…
- Search our Events calendar for details of nearby courses, such as financial management basics or cash flow management.
- Visit our page on training providers for nationally recognised training options.
- See the Record keeping for small business guide on the ATO website.
- Use our Glossary of key financial terms to make yourself familiar with financial terminology.
- Visit the ATO Definitions page for tax-related terms and the MoneySmart glossary for personal finance terms.
- Visit the MoneySmart website for information, tools and tips to help you improve your personal finances.
- See how to manage your finances in your state or territory.