Finance 101

Written By Amy Esp

It surprises people when they find out that I don’t have a finance background or an accounting degree. Most of my professional career was spent working in non-profit management and programming. I also didn’t grow up learning about finances and business, despite the fact that my parents have been small-business owners almost my entire life. 

Most of what I knew about financial management when I started Missoula Bookkeeper in 2018 came from sitting in budgeting and planning meetings and managing my own departmental budget and my own personal finances. I also have a natural aptitude for numbers, spreadsheets and technology so I was able to learn the ropes more quickly than I might have. I was also lucky to start the business with four, very patient clients and a bookkeeping mentor that helped me navigate the details and the processes of bookkeeping and business finances.

All of this to say that I don’t think that financial management and business savvy are easy or come naturally to most of us. It is a process and it can be really frustrating if you don’t understand some of the basics or you don’t have the background or education to give you a solid foundation.

I want you to know that it’s ok and you are not alone. 90% of my new client consults touch on or address some sort of shame on the part of the business owner or ED about the state of their books or processes or their own lack of understanding. Almost all of you got into the work you are doing because you enjoy the actual work or the mission, not because you love the logistics of running a business or non-profit. 

Over the next month, we will be serving up our version of Finance 101 to help you feel more knowledgeable and equipped to run your business or organization. Here’s just a few things we will cover:

  • The difference between a bookkeeper and an accountant

  • Basic financial vocab terms

  • Some of the back end insights into how bookkeeping works

  • Tips on how to manage your own bookkeeping or work with your bookkeeper more efficiently

  • Tools and systems for better business finances

We hope that this month helps answer questions you have and makes you feel more competent and informed as a business owner or non-profit executive. Please send questions our way if you have them!

Did you know…

A 2024 survey shows that HALF of adults in the U.S. lack financial literacy, and that number is dropping from previous years.

Amy Esp
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This is how I make my finances feel a little less scary.