Inspired by: Amela and Ashleigh, Four Twelve Accountants
Interview by Elena Strohfeldt
We’re very excited to talk to Ashleigh and Amela from Four Twelve Accountants who are also a Yes Queen Approved business. Find out how these kindness keepers are refreshing the money sector as well as their sage advice on turning your passion into a business, working with friends, money mindsets and self-care in the workplace.
Four Twelve Accountants was cultivated out of your dissatisfaction of the traditional accounting view. How did you make the decision to leave your jobs and create your own business?
AK: It was something that was on my mind for quite a while and was a matter of time before I took that next (big) step.
I felt that I outgrew my role and if I remained, there would be no change but merely a repeat.
I’ve worked at multiple practices, where I was able to see what works okay, what works well and what was missing.
With accountants becoming more and more of an advisor role and not just a person you communicate with annually, we wanted to create a practice where relationships were parallel with accounting.
By creating a connection with clients not just on a numbers level but also on their goal map we can then help them achieve this.
AR: The accounting industry has traditionally been a man’s world. We wanted to create an environment where people felt comfortable to talk about their tax and financial situation, and not to be afraid of asking “dumb questions”. Accounting has always been about more than numbers to us, it’s about forming genuine relationships with clients and always being willing to help.
I know that turning your passion into your own business can be challenging, do you have any advice for our Yes Queen readers who are thinking of making the leap?
AK: Passion is great, for me it adds that extra spring to my step, but with passion, comes dedication and I believe these two-work hand in hand. Be true to yourself about your dedication levels as you take that next step.
Pick the one thing that is holding you back, that fearful factor and ask yourself, what’s the worst that could happen here, and if it happens, how can I bounce back from it.
AR: Try to always remind yourself why you’re doing what you’re doing. If you have purpose, then passion will form part of that. Setting goals for what you want to achieve and when will help motivate you – start small and go from there.
What are the most important financial practices you should undertake when you are starting a business?
AK:
Cashflow forecasting – so you don’t end up with unwanted surprises
Budgeting – this creates accountability with yourself and your accountant as well.
There is something committal about writing down your goals, and budgeting is a form of this.
And of course, ensuring that your registrations are in check, with ATO to ASIC.
What challenges did you face in your business partnership and how did you work through them?
AK: Communication plays a big part in our relationship, when something bothers us, we speak up, express how it has affected us and work through it, together.
Our first meeting was at restaurant with pages and pages of each other’s visions.
The group next to us, may we add (a table of lawyers), gave us advice which we were already following, ‘hope for the best, plan for the worst’.
AR: Any issues that come up are spoken about straight away, we don’t let things build up or go unsaid. Honesty is key and putting yourself in your partner’s shoes to understand where they’re coming from.
What is your number one piece of wisdom when starting a business with a friend?
AK:
- Separate friendship from work, know when your catch up is work related and when it is friendship related.
- value each other’s contributions and be grateful for what each person brings to the table.
AR:
- Listen to what your friend has to say without interrupting.
- Be understanding of the other person’s circumstances. If one of us has something going on in our lives, the other will help out with whatever needs to be done.
Before going into business with a friend, ask yourself if your core values align. Amela is always someone I’ve admired both professionally and personally so it was an easy choice for me.
What are your top 3 money mindset tips for our Yes Queen readers?
AK:
- Create your own lending facility (a separate bank account), where you can borrow from yourself; do this by putting aside even as little as 10% of your revenue, you’d be surprised at the accumulated balance.
- Don’t spend it before you receive it.
- budget budget budget!
AR: What Amela said! Separate bank accounts for money that you need in the future is key for managing cash flow e.g. income tax, GST, PAYGW, super, car registration, insurance
I put money aside each month for my Christmas budget because I know I always go overboard! And everyone needs a holiday fund…
Do you have any advice for Yes Queen readers who may be experiencing financial hardship due to COVID-19?
AK: Do a financial health check/audit on your accounts, review your insurances, subscriptions and cut out what you don’t need.
Understandably everyone’s situation is different but everyone is in it, speak to someone you trust about your situation, as hard as it is to talk to someone about finance, keep trying to talk about it; keep lines of communication open
AR: Think about what the next 6 months are going to look like for you, and work backwards with what your cashflow situation will be. Start with definite income and essential spending only, and look at the things you can control.
Yes Queen's mission is to fight workplace bullying, with self-care a common theme. How important is self-care to you and how do you practice it?
AK: Extremely important. I think in any environment and in particular a work place, a safe environment needs to be created for all team members as so much of our time is spent at work.
Taking the time out to speak with someone on how they are going might make all the difference without you realising and to be a contributor to that I’d say is pretty awesome.
My self-care practice include Pilate workouts, it helps me clear my mind and stay balanced, literally.
AR: Self-care needs to come first. No matter how much work I’ve got on, I know I need to go for a walk or run every day to feel good. I don’t take my phone or headphones to eliminate distractions. Fresh air is the best way to clear my head.
What is next for Four Twelve Accountants?
We will continue to work hard, looking after our existing clients and their needs, as well as expanding our networks within the small business community.
We’re also focusing on our online presence; with writing our own blog articles and trying to simplify ATO confusion around JobKeeper and small business concessions!
We hope to be back in the office next month but will continue working from our respective spare bedroom/dining room with endless cups of tea in the meantime.