Unexpected Capabilities. Unmatched Service.

Resources to Improve Your Financial Literacy

Most small business owners probably share a few traits, such as self-motivation and perseverance. But they don’t all enter the corporate arena with a high financial literacy.

That’s because budding entrepreneurs come from all areas of life. Yes, some may come from the accounting office, but others come from sales jobs, engineering posts and even the farm.

But no matter what your background, financial literacy is a must if you want to keep your small business alive, well and flourishing. To help you do that, we’re offering you the ultimate guide to financial literacy resources across the web that will bolster both your personal and business finance acumen.

The Best Resources to Improve Your Financial Literacy

Personal Resources

360 Degrees of Financial Literacy: This free resource has been compiled by the nation’s Certified Public Accountants and is geared toward providing general information about personal finance and money management skills. 360 Degrees offers things such as financial calculators, including mortgage and student loan, as well as advice for various financial needs including budgeting, retirement planning and taxes.

Investor Alerts and Bulletins: If you’re an individual investor, keep your eye on this resource, which offers alerts and bulletins related to public companies, mutual funds, exchanges and – perhaps most importantly – investment fraud and scams.

Money Smart: This is a financial education curriculum sponsored by the FDIC that is accessible to just about everyone – that’s because the curricula are offered in nine languages and braille. There are also specific programs geared toward older adults and pre-K-12 students, as well as self-paced and podcast offerings.

MyMoney.Gov: This website offers basic financial education from a number of federal resources, with information geared toward everyone, including youths and even financial educators. The main focus of the site is the “My Money Five” building blocks: Earn, Save & Invest, Protect, Spend and Borrow.

National Endowment for Financial Education (NEFE): This 501(c)(3) nonprofit is dedicated to helping people in every stage of life better understand financial topics and make better decisions, whether that’s educating the public through research and surveys or building knowledge via training tools. The NEFE even offers tools such as Financial Workshop Kits, which people can use to go out into their communities and provide financial education to others.

OCC Financial Literacy Outreach: Are you more of a hands-on learner? The Office of the Comptroller of the Currency’s Financial Literacy Outreach site helps connect individuals with financial literacy events, such as Financial Literacy Day on Capitol Hill.

Business Resources

360 Degrees of Financial Literacy: In addition to personal finance help, 360 Degrees provides small business owners with tools addressing topics, such as self-employment taxes and financial ratios, as well as an “Ask the Money Doctor” section where business owners can get the answers to more complex questions.

Money Management International: MMI provides financial counseling and information services, such as educational tools and consumer research. It provides a mix of personal and small business resources, with the latter including things, such as free financial webinars, a free eBook and even budget and debt counseling.

Money Smart for Small Business: Money Smart also offers a 13-module curriculum that helps teach would-be and existing entrepreneurs the basics of starting up and managing a business. This includes topics such as managing cash flow, insurance, record keeping and even selling a small business.

The Small Business Financial Literacy Toolkit: The Florida Institute of CPAs has put together a financial literacy toolkit including a PowerPoint presentation that outlines the basics of starting a small business, such as choosing an organizational structure, getting funding, tax tips and even setting up small-business retirement plans.

U.S. Small Business Administration: The SBA is perhaps the greatest ally of small and midsize businesses, offering just about everything a new or budding owner could use. Not only does the SBA provide excellent resources to educate those who are starting out, but it also connects business owners to loan and grant opportunities, helps businesses earn contracts and acts as an advocate for the community.

One last resource to consider? The experts at McManamon & Co., who can help educate you as you make important decisions about the future of your business. Whether it’s consulting services about issues, such as SBA loans or strategic planning, or accounting services, such as tax preparation and training in accounting software, our professionals are here to help you go from being a numbers novice to financial wizard.

If you know financial literacy isn’t your strong suit, that’s OK – call McManamon & Co. at 440.892.9088 or contact us online. We can help you with the difficult decisions as you expand your financial knowledge base…and your business.

Tags:  , , , | Posted in accounting, McManamon & Co., small business