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“Over my 20 years in finance, I’ve found most businesses
struggle to speak the main language of business: finance.
I’ve set out to change that.”
– Nikki Firth
Thought leadership is something that everyone strives for, but it’s hard to stand out.
Add that to the already competitive Australian finance space, a very uniform industry, and being a female CEO, and you have quite the uphill mountain.
So, we’re excited to share a candid sit-down interview with Nikki Firth, our visionary CEO of Your Accounting Sanctuary.
As a leader in the finance industry, Nikki has consistently demonstrated the power of effective leadership and its impact on fostering a thriving workplace culture.
Throughout our conversation, she reflects on her journey, her challenges and the innovative strategies she employs to inspire her team and clients.
“Great leadership is about lifting others as you rise”
Most importantly, Nikki emphasises the importance of empowering one another. Read further as we share her insights and celebrate the excellence of leadership in finance. Get ready to be inspired by her story!
How do you approach thought leadership, and how does it influence your industry and organisation?
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My approach to thought leadership is about understanding and empowerment.
In my 20 years in the industry, I’ve observed that while many businesses excel in their fields (be that retail, real estate or trades), they struggle to speak the main language of business: finance.
So, as a leader, I focus on empowering SMBs across Australia by transforming the way they view and use financial accounting. I do this through my signature empathetic accounting approach – which my team also adopts – so we can focus on what makes finance truly relevant to the businesses we work with.
I’m a loud advocate in saying that numbers tell a valuable story:
- the past reflects a business’ efficiency and success,
- the present shows what’s currently happening
- the future reveals potential for growth.
“So, as a thought leader, I use this perspective to
reposition accounting from an inevitable cost
to a powerful investment in business.”
I spend a lot of time training and coaching my team to ensure that we can communicate these concepts in ways that resonate with our clients. We aim to make finance accessible and real – so business owners can look beyond the numbers and focus on the impact they have on their decisions.
This approach has led to significant success in my business, Your Accounting Sanctuary (YAS), and I’m proud to say that founding a business on this empathetic philosophy has allowed me to be seen as a reliable partner for clients; not just because I do bookkeeping well (which I do!), but because they know they can trust me with their finances and that I always have their best interests at heart.
“By providing expert advice and meaningful accounting experiences, I’m on a mission to help set this as a standard in our industry for the benefit of businesses across Australia.”
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What initiatives have you developed in your organisation, and what success have they achieved?
As the founder of YAS, I’ve spearheaded several initiatives that have contributed to our success.
While we’ve taken the time to continuously improve our expertise in our discipline, I also believe in the crucial role of having soft skills in our practice.
So, one of the initiatives I’m most passionate about is the implementation of Neuro-Linguistic (NLP) training for the entire team.
This has provided us with the scientific tools to enhance our communication skills, focusing on the subtle yet powerful techniques that allow us to connect with our clients such as:
- mirroring
- making eye contact
- asking the right questions during conversations
“This strong focus on improving our communication skills allows us to tailor our interactions with clients and help them with their finances on their ‘wavelength’.”
For instance, there are members of my team who are detail-oriented, others who prefer high-level overviews and those who fall somewhere in between. By acknowledging these differences in styles, I’m able to match clients with account managers who can truly speak their language and support them with accounting needs (and beyond).
The goal of this ongoing training is not only to enhance our team’s performance but also to improve the value we provide to our clients. The way I see it, I’m investing in my team so clients can see our services – and subsequently, our industry as a whole – as a savvy investment for their business’ progress.
Moving forward, I plan to expand the reach of this initiative by sharing my approach with newly graduated Accountants through speaking events. While technical expertise will always be taught in Uni, I will emphasise the importance of soft skills in an industry that often overlooks them.
“By educating the next generation, I can promote exceptional customer service and future-proof the accounting industry amidst technological advancements.”
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What has been your biggest success?
As an entrepreneur and leader, I’m a firm believer that…
“Success is not defined by a single event, but by the collective small wins that impact the lives of others”
So, I love when my team shares how fulfilling our new approach is in their roles and when clients share how our advice has improved their professional and personal lives.
One particular moment that stands out for me happened after my team started doing our NLP courses. One of my team members, who is naturally very detail-oriented, shared with me how she applied what she learned during her meeting with a client. Instead of defaulting to her usual approach, she was able to ask the client upfront about their preference and was able to provide relevant advice in an efficient AND relatable way.
The result:
“The client left the office satisfied and
has been spreading positive word of mouth.”
This small change in approach, driven by an understanding of a client’s needs, is how we constantly improve our service and strengthen our clients’ trust in us while reshaping the perception of Accountants in general.
For me, these types of successes are always the most rewarding. As easy as it is for Accountants to dive into the numbers, it’s critical to acknowledge the fact that it can be daunting for a lot of business owners. So, I’m proud that we make it easier for them (and us) by adapting to ensure they feel comfortable and understood.
As a testament to the value of little wins, I take great pride in the fact that YAS has a 96% retention rate. When clients choose us, they stay with us for the long term – this enduring loyalty is what I consider my biggest success.
Nothing says thought leader like fulfilled staff and thrilled clients.
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What tactics and strategies have you used to positively shape the culture of your industry and organisation?
First, I want to acknowledge the fact that while technology is transforming the way we handle data and processes in the accounting industry, it also poses a threat to the future of our work. However,
“Innovation cannot replace human relationships.”
This is what drives my approach to positively shaping both our internal culture and the broader finance industry with human-centric, empathetic accounting.
I’ve implemented strategies that prioritise genuine client relationships over purely technical interactions. I live and breathe this approach and empower my team to adopt this too – so we can personally service our clients in a way they actually enjoy.
One of the tactics we employ is ensuring that every client has at least two in-depth meetings with us each year. These meetings ALWAYS go beyond numbers and focus more on the client’s personal and business circumstances.
“Instead of presenting spreadsheets, we start
conversations about life and business goals.”
- This not only uncovers the root causes of issues behind the numbers but also helps clients feel more comfortable with discussing their challenges openly.
- This same focus on relationships allows us to tailor our communication style to each client’s unique needs to make complex financial information accessible and relevant.
- We rarely talk about just Sometimes, we utilise visual representations of the data.
Often, we focus on the impact of the numbers on their businesses and lifestyles. By doing this, we shift the perception of accounting from “Ugh, it’s tax time again!” to a more holistic part of the business cycle that impacts future decisions and goals.
On a broader scale, I’m advocating for the industry to move in the same direction.
“I’m working to shape an industry-wide culture where we are seen not just as commoditised service providers, but as reliable partners who are integral to business success.”
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How do you inspire and motivate people in your workplace, and what is your contribution to the development of the community?
I inspire and motivate people in my workplace by being proactive and fostering an open, supportive environment.
My approach is rooted in the belief that:
“True leadership involves anticipating challenges and providing the tools and guidance needed to overcome them.”
One of the ways I do this is by quickly acknowledging and responding when someone, whether a client or a team member, needs additional support.
For instance, when a client unexpectedly found themselves as the sole director of a large business due to the unlawful behaviour of the other director, I didn’t hesitate to comfort them and invite them to a conference that I knew would equip them with the skills and confidence they needed to go on.
- I create a motivating workplace culture by ensuring that my team feels comfortable coming to me with their needs and aspirations.
- We have an open-door policy where team members can freely discuss their desire to learn new skills, whether technical or related to soft skills.
- I also provide constant feedback, and we regularly discuss how to handle different client needs.
By focusing on emotional intelligence and continuous learning, I empower my team to grow both personally and professionally.
I help clients identify areas of weakness and strength in their businesses by analysing their finances. When needed, I connect them with my wide network of experts in other fields, such as marketing or legal services, to address specific challenges. Whether it’s recommending a great lawyer during a crisis or guiding them through unexpected financial issues like tax audits or workers’ compensation, I ensure they have the right support.
“By being proactive and fostering a culture of continuous learning and support, I inspire my team and clients but also contribute to the broader community, helping Australian businesses grow.”
What innovations can be attributed to you, and how have they impacted your organisation?
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One of the most significant innovations I’ve pioneered is the concept of an “accounting sanctuary” – where the name of Your Accounting Sanctuary comes from.
I have transformed our office environment into a calming, welcoming space designed to put clients at ease from the moment they step through the door.
“The sanctuary area – our Zen welcome space,
is the heart of this innovation.”
Filled with bamboo, soft lighting and soothing music, it creates a tranquil atmosphere that feels more like a lounge room than a corporate office.
Our clients are encouraged to spend 10 minutes here before their appointments, enjoying a cup of tea and taking a moment to unwind.
This idea was born from the recognition that many clients feel intimidated and anxious when dealing with their finances, especially when they don’t fully understand the numbers. Having been in the industry for 20 years now, I’ve observed that traditional accounting firms with formal setups only add to this feeling of anxiety.
The impact of this innovation on our practice has been profound.
By creating a space where clients feel calm, we’ve been able to build deeper, more trusting relationships.
“Clients feel more comfortable opening about their financial concerns, allowing us to address the real challenges they are facing rather than just scratching the surface.”
We’re able to delve deeper and our clients associate accounting with being refreshed! What a turnaround!
In addition, the sanctuary concept benefits our team as well.
It provides us with the time and space to assess our clients’ emotional state and adjust our approach accordingly. This ensures that every interaction is tailored to meet their needs, ultimately enhancing the overall quality of our service.
“This innovation has led to more effective problem-solving
and stronger client retention, as people appreciate
the unique experience we offer.”
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What is one major obstacle you have overcome, and how did your leadership contribute to a favourable outcome?
One of the major obstacles I’ve had to overcome in my leadership role was navigating the significant wage rises within our industry while maintaining the cost and quality of service we provide to clients.
As a strong advocate for supporting local employment, I have always prioritised hiring locally whenever possible. However, the reality of rising wages posed a challenge to our business model, particularly in an industry where clients, especially small businesses, are sensitive to fee increases.
To address this challenge, I made the strategic decision:
- Expand our team internationally balancing our local team with talented professionals in the Philippines.
- This approach allowed us to maintain a strong local presence for initial client contact, which is crucial for building trust and relationships, while also tapping into a highly skilled, cost-effective workforce overseas.
Our Philippines team has seamlessly integrated into our culture, sharing our commitment to learning and excellence and has effortlessly become an invaluable part of our team.
This decision to hire internationally required careful planning, clear communication and the establishment of strong processes to ensure that the quality of our service remained consistent across all touchpoints. I also had to ensure that our local team understood the rationale behind this move and felt secure in their roles.
“My leadership during this period focused on maintaining
transparency with both our team and our clients.”
I emphasised the importance of balancing fair wages with the need to keep our services affordable for our clients.
By carefully managing this balance, I was able to absorb the wage increases without passing on significant costs to our clients, ensuring their continued satisfaction and loyalty.
Ultimately, this strategy allowed us to overcome the financial pressures while preserving the integrity of our service and the well-being of our team and client base.
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How have you been recognised as a leader in the industry?
In my 20 years in the industry, I’ve been enough to fortunate enough to receive recognition as a leader through various platforms and accolades.
One of the most fulfilling aspects of my work is sharing my insights and experiences with a broader audience, which I’ve had the opportunity to do through by being a guest on multiple business podcasts.
- I’m often invited to speak on these, where I discuss the nuances of the financial world, emphasising the importance of understanding the human side of finance. Here, I’m able to act as a positive advocate for accounting.
“The best compliment I receive from listeners is that I’m “not like a typical accountant” – which reinforces my mission to reshape the perception of our industry.”
- I’ve also been a finalist for the Entrepreneur of the Year category of the Women in Finance awards for three consecutive years (2019, 2020 and 2021), which is an honour that acknowledges the impact of my work and my contributions to the industry.
These recognitions are particularly meaningful as they highlight the innovative approaches I’ve taken in my practice and my strong focus on making clients feel comfortable and understood.
I also regularly contribute to industry discussions through quarterly catchups, where I highlight the issues currently facing businesses, the most recent one being the [TITLE OF EVENT] hosted by [NAME]. These sessions are designed to provide valuable insights to my peers and clients, covering critical topics like the risks of discounting, the importance of valuing oneself and fostering a positive money mindset.
I believe that by setting these precedents and sharing actionable advice, I’m making a move towards elevating the standards of our industry.
“I always strive to lead by example, inspiring others
in the financial sector to prioritise relationships,
transparency and value in all their interactions.”
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What is your best piece of career advice?
Challenge the status quo by unapologetically asking “why?” This helps you learn and encourages others to reflect, opening up a collective hunger for progressive innovation.
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Your Accounting Sanctuary can open up a fresh and innovative approach for your business.
Having a good leadership is one of the keys for a successful business. Here at Your Accounting Sanctuary, we value our team and clients and provide the most utmost service in the accounting industry.
Our financial and accounting services include:
- Accounting
- Taxation
- Tax planning
- Business advice
- Asset protection
- Cloud accounting
If you are interested in learning more about to Your Accounting Sanctuary or want to know how we can help you manage your financial needs, do not hesitate to reach out to Nikki and our team for a chat.