The Five Pillars of Financial Literacy
Financial literacy is the #1 subject not taught in school that everyone needs to understand. The basics of earning, saving, protecting, spending and borrowing are known as the Five Pillars of Financial Literacy.
As a financial professional who now specializes in accounting for small businesses, it’s my job to help individuals and small business owners get their books in shape. If you’re just starting out, the most important thing to start off with is organization. You need to have a method to keep your financial information organized and accurate to remain confident in your financial status. Quickbooks, Freshbooks, Excel and other budgeting tools can help you to organize your data to help you make wise business decisions moving forward.
When I started Cypress Financial Solutions in August 2019, one of my first clients was a business who “used” Quickbooks but had no idea how to actually use the software. They requested my help to get the books cleaned up and up to date. To put it nicely, the books were a mess. It took some work, but we got them cleaned up. Then, I set up Quickbooks to work with the tools they already had and trained the client on where to go to see and understand their financial picture within the system. They remain a client to this day, and Cypress Financial has been a key part to setting them up for success to continue to grow and succeed as a small business. The following pages detail the basics of financial literacy, as explained by financial professionals in Zachary we know and trust.