Your Finance Team

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Digital technologies gave Mark Randall the confidence to put over 20 years of accounting experience to good use, and start his own business. Here, he describes his journey from employee to business owner, thanks to Digital Accounting software.

In 2015, after building a long career in corporate accounting, Mark Randall decided to set up his own accountancy practice, Your Finance Team.

‘At that time, a number of software solutions started to roll out, which made me sit up and take notice,’ Mark begins. ‘After doing some research, I realised these solutions could give me the confidence I needed to set up my own business.

‘Once I’d made my mind up about which software to adopt, everything was really quick and easy to do. It was almost as simple as signing up for an online subscription.'

Soon after, Mark attended a free one-day training course arranged by the developer for the software he'd chosen, to learn how it worked.

‘I no longer needed to depend on an IT team to do it all for me, as I had done when I was in the corporate world. I could do it all by myself,’ he says.

The Digital Accounting software adopted by Your Finance Team gave Mark the ability to automate tasks he would have in the past had to do manually. This included tasks such as invoicing and financial reporting, filing tax returns and – equally as important – giving him a better understanding of his business’ financial health, whenever he wanted.

I no longer needed to depend on an IT team to do it all for me, as I had done when I was in the corporate world. I could do it all by myself

An ideal solution

The software Mark chose was based in the Cloud, meaning everything was stored on a virtual Server, accessed through the internet, and secured by a third-party provider.

Using Cloud-based software eliminated the costs associated with storing data on a physical Server, while enabling Mark and his team to access the Digital Accounting software across multiple devices whenever and wherever he needed to, as he explains.

‘Rather than being tied to our desktops in an office, we began to explore different ways of working, such as across multiple devices. Everything became accessible to everyone simultaneously, too’.

Digital Accounting software removes the opportunity for manual mistakes and errors, which we’d then have to spend time going back to change or correct

‘I think we would’ve really struggled if we hadn’t adopted Cloud-based Digital Accounting software, or if we’d been dependent on running the business using paper files and desktop solutions,’ he continues. ‘Our processes would’ve been a lot slower – particularly during the pandemic.’

Aside from the freedom to work in different ways, Digital Accounting software has brought more efficiency to Your Finance Team.

‘Accuracy is hugely important for us and using Digital Accounting software removes the opportunity for manual mistakes and errors, which we’d then have to spend time going back to change or correct.

‘It also helps free up our time to work on other areas of the business, including developing our relationships with our clients about their finances.’

Having invested in software from the beginning, Mark has continued to rollout other digital technology which works in sync with his Digital Accounting software.

‘The way our software joins up helps us track our client journey all the way through, from the very beginning to the end,’ he says. ‘We can onboard our clients with our Proposal software, before it automatically syncs to the rest seamlessly.’

Upon reflection

Looking back to when Mark started his business, and why, he has few regrets.

‘One of the main reasons I chose to start my own business was because of my long commute into London each day,’ he says.

‘I’d been doing the same journey every day for over 20 years and, after my wife and I decided to have a family, it became increasingly hard not being there when the kids went to bed. I felt like it would be beneficial if I worked a little closer to home and became my own boss.’

The main driving force behind this decision wasn’t finding a perfect work/life balance, though; it was the emergence of technology, including Digital Accounting software, which Mark felt would provide him with the tools he needed to go it alone.

‘None of it would’ve been possible without Digital Accounting software. If I could go back and do it all again, it’d be an absolute certainty that I’d choose the same Digital Accounting software I did, as it’s done everything we wanted it to do.

‘That said, I thought some of the other software we adopted earlier on was cutting edge at the time. But it hasn’t really kept up the pace compared to what other software providers offer today.

‘We’re looking at other options at the moment, and I think we’re now in a position as far as our business’ growth is concerned, where we can say: “Actually, we do need to invest more; let’s go for a more bells and whistles type system,” but only if it works in sync with our Digital Accounting software.’

For those reluctant to start using software for their business, Mark understands where some hesitancy might lie. He says: ‘I think, for some people, adopting any kind of new software presents a completely different way of working, which can be seen as being a bit of a headache. But I think my message would be: don’t be afraid of change.

‘Once you’ve embraced the change, it’s going to make you potentially faster, quicker, and more efficient, while driving profitability and helping you to grow your business – those are probably the key things any business would want to see.’

  • Business name: Your Finance Team
  • Sector: Accountancy and finance
  • Location: Surrey
  • Business founded: 2015
  • Visit: yourfinanceteam.co.uk

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