Improve your financial knowledge

Good financial knowledge can help you make the right decisions. It will also help you discuss your finances with your accountant, advisor, financial institution and investors.

Whether you're a self-employed tradesperson or running a retail, home-based or online business, it’s important to understand and manage your money wisely. When starting and running your business you’ll need to do things like:

Maintaining your own financial statements can also save you time and money, and help convince lenders you are a good candidate for receiving finance.

How to improve your financial literacy

Ways you can improve your financial knowledge and build your understanding of financial terms, statements and analysis, 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, including the Be MoneySmart course available from ASIC’s MoneySmart website. See our events page 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, learning the terminology gives you a better understanding of your financial statements. This helps you to ask more specific and often more crucial questions. See our financial glossary to familiarise yourself with financial terminology.

  • Ask questions

    Asking your accountant and/or business adviser 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.

    Financial counselling is a free, confidential and independent service to help you improve your financial situation. Rural financial counsellors help farmers, fishing enterprises, forest growers and harvesters, and small related businesses through their one-on-one service. Find a financial counsellor near you using ASIC’s MoneySmart website.

Find out more

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