We’ve worked with Your Finance Team for nearly ten years, for all our financial planning, bookkeeping and accountancy needs. Like us, they also build a team around their clients and are based in central Reigate.
Earlier this year, we were invited to join in with their 10th birthday celebrations which was a lovely opportunity to meet the whole team. Then last month we bumped into each other socially again at a mutual client’s 50th Celebrations on HMS Belfast! It’s a small world.
To top off their 10th year in business, they have just won ‘Accountancy Firm of the Year’ at the Surrey Business Awards for the second year running. Our founder, Sue, turned this quarter’s Your Marketing Team financial planning session into a short interview with Your Finance Team’s founder Mark Randall to find out more about the business and their plans for the future.
Tell us how Your Finance Team began.
I set up Your Finance Team in 2015. I was working in the corporate sector, and it got to a point where I had a young family and was commuting into London every day. I would get up at 6am and then not get home until gone 8pm, so I felt like I was missing those important years of family life. I then made the big decision to set up my own accountancy business.
What makes Your Finance Team different?
When working in the corporate sector, I noticed that many accountancy firms focus purely on compliance and tax. They produce sets of accounts and file tax returns for their clients. Not many have a full understanding of their client’s business or offer or aim to support them with future growth. My idea for the business was that we would go much further than just tax returns or compliance. We would get to know our clients as a partner and become their finance team, helping them to build their business by putting in the right systems and processes.
Ten years ago, digital accountancy wasn’t particularly advanced, so we were able to offer our clients new ways of working with the latest technologies replacing their current systems without too much difficulty. We were able to really use that technology to their advantage to help them to grow and scale their businesses.
We love the name… how did it come about?
Our target market is small to medium sized businesses who have limited in-house finance support, so we become their team, offering all the services they need without having to hire any additional staff. There are many roles within finance including management accountants, financial controllers, finance directors, in fact there are a whole myriad of skills that could be required, and these services might be needed at different times. Our idea was simple, we can offer all these skills, on a fractional part-time basis, exactly when a client needs them. This approach provides real value by allowing clients to choose only the services that truly benefit their business and usually results in client cost savings and efficiencies. From this concept, the name Your Finance Team seemed like the obvious choice.
Where are your customers based?
Most of our customers are locally based in Surrey and the Southeast. I started the business by building up local networks and then we naturally picked up lots of local referrals. Whilst technology has changed the way we meet with clients, we still like to build up good working relationships with our customers and prefer face to face meetings where possible. We feel we can get to know them better by walking into their offices and chatting with their individual team members on a regular basis.
That said, we also support many clients nationally. Thanks to digital tools and a flexible approach, we’re proud to be able to provide the same high level of service wherever our clients are based.
How do you feel about hitting the 10-year milestone?
It’s a great achievement and I am proud of the people in our team who have been alongside me on the journey. We celebrated our anniversary earlier this year with a few drinks after work and invited all our clients and partners to join us. Without them, our growth would not have been possible.
Over the past 10 years, what has been your biggest challenge?
Most definitely, COVID. It was an incredibly stressful time for the business. Most notably because we became the first port of call for our clients to seek advice on the latest Government grants, legal support, and furlough funding. We became their business hotline, so it was important to get our message right and offer accurate advice as the situation unfolded. Navigating all this came with a heavy workload and responsibility, particularly when information from the Government was complex and slow.
For each of our clients we needed to determine where they were eligible for support and then ascertain how quickly that support could be offered to them. A large volume of unexpected work came from processing furlough claims and making sure all of the details were accurate. This represented a huge learning curve for us, as we had never done anything like this before, and in most cases, the additional work needed to be completed quickly. I don’t think I have ever worked so many hours as I did in lockdown. As many businesses suffered during this period, I feel very fortunate that we came through it.
What is the most enjoyable part of your job?
Definitely the variety. We have the opportunity to work with clients across a wide range of industries from tech companies to manufacturers, agencies and contractors. We have a mix of people, personalities, business structures that all present unique types of challenges which makes the job more interesting and enjoyable.
Do you have any advice for small businesses for the year ahead?
Keep an eye on technology. Don’t feel threatened by AI or emerging technologies. Just stay curious and seek to identify any potential opportunities in your business where new developments can help you work smarter, improve your services, or adapt the way you operate.
At the other end of the scale, it’s important not to take your eyes off the basics! Always understand your current and future cash position by maintaining a simple cashflow forecast with a clear understanding of money in and money out. This day-to-day visibility goes a long way to reducing stress and minimises the risks associated with poor cashflow forecasting.
What’s next? Where do you see yourselves over the next 10 years?
I am keen to grow the business over the next few years, but not too fast. Client service and delivery are paramount to us, and we wouldn’t want anything to jeopardise this. If companies grow too fast, they often need to compromise on their service to customers as a result. We would like to grow steadily in a sustainable and organised way, balancing people, planet, and profit in every decision we make. Our long-term vision includes aligning with the principles of B Corp, ensuring we remain a purpose-driven business that creates positive impact for our clients, our team, and the wider community.
Thank you to Mark and the team for this insight into their successful, growing business!
Find out more about Your Finance Team on their website.
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