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“As a female leader in a male-dominated space, I’ve made it a priority to lead by example, truly embodying the values of empathy, innovation and proactivity in a financial space where these often lack.”
-Nikki Firth
How do you implement fresh new approaches in your business?
While we all know innovation is essential in business today, it’s hard to find that perfect idea. So, our CEO, Nikki Firth, may be able to give you some inspiration from some of the unique ideas she has implemented.
How? Well, at Your Accounting Sanctuary, we’re not just about numbers and spreadsheets.
We pride ourselves on being forward-thinkers and problem-solvers, dedicated to finding new solutions that truly support businesses in navigating their accounting and financial needs across Sydney.
Our founder, Nikki Firth, is the driving force behind this spirit of innovation.
Nikki’s pioneering mindset and efforts have positioned us as one of Australia’s most dynamic and forward-thinking accounting firms.
To give you a glimpse into what makes us stand out, we sat down with Nikki, our CEO, to dive into her unique approach to innovation and how she’s continuously pushing the boundaries to deliver more value to our clients.
Read through our article, where we asked Nikki questions about how she has handled accounting innovative ideas and turned them into practical strategies that have transformed our firm.
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How did you identify the opportunity for an innovative approach to accounting?
I established Your Accounting Sanctuary (YAS) in 2017, and we’ve always been known as trusted Accountants. However, as our landscape evolves and technology encroaches on traditional accounting spaces alongside increased competition, I understood how critical it was to establish our relevant difference in the saturated market.
Through direct feedback – an entrepreneur’s best insight for innovation – I identified two recurring complaints from those who had previously worked with other accountants:
- unexpected bills
- a lack of communication during the accounting process.
“That’s when I recognised the opportunity to build
our business around strong relationships.”
While efficient accounting remains the foundation, my clients now choose YAS for our exceptional relationship-building. Clients are frustrated with accountants who don’t understand their businesses or fail to communicate (transactional accounting – “the way we’ve always done it” syndrome).
To subvert this, I implemented a fixed monthly fee structure with clear expectations, permanently eliminating surprises. I also doubled down on fostering client relationships.
As part of this, we refocused on something that most accountants sadly don’t: interpreting the story behind the numbers and using it to proactively provide information that clients appreciate and actually use. Numbers are the language of business, and I share this with every client, so they feel empowered.
It’s surprisingly uncommon for our industry to leverage the relationship aspect of our services – as evidenced by the positive feedback I get from clients who find this new approach refreshing.
By focusing on communication and telling clients what the numbers mean, I’ve turned an industry frustration into a differentiating opportunity.
“We’ve loved working with Nikki. Her knowledge is second-to-none and she makes looking at our numbers relaxing and fun. We focus more on our numbers since using Nikki and this has increased our growth dramatically, allowing us to make sound business decisions.” – William Freitas
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How did Your Accounting Sanctuary grow from a start-up to the spot where we are today as a trusted accounting firm?
Your Accounting Sanctuary is now well beyond its startup phase.
“I can still say, however, that the growth strategies we used in the early days were crucial to the successes that we have today.”When starting the firm, I focused on building a robust network by joining local networking groups such as BNI and leveraging the connections I made prior to starting my own practice. These strong connections generated significant traction for the business – allowing me to lay a solid foundation.
I have maintained this approach to support businesses to this day.
My strategy has always been about personal engagement. Rather than relying on cold calls or transactional emails, I prioritise in-person conversations. This allows me to leverage my strength for connecting with people and hear potential clients’ stories firsthand – it’s from this sense of understanding that I’ve won most (if not all) of the clients I have today.
This approach allowed me to stand out and gain significant market share in a male-dominated industry. Instead of positioning YAS as “just another accounting firm – and you need one – so hire me,” I moved away from the traditional transactional model of accounting and emphasised my genuine interest in my clients’ businesses (and the lifestyles they need these businesses to support).
This shift not only broke industry stereotypes but also allowed me to transform the perspective on accounting from a mere cost to a worthwhile investment for Australian businesses.
“By offering proactive, number-storytelling services, I provide tailored advice that resonates with clients – a refreshing approach that allowed me to naturally overcome competition.”
Beyond ticking compliance boxes, I offer business-building services by taking the time to truly understand clients, distinguishing my approach from the typical accountant-client experience.
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What is Your Accounting Sanctuary’s point of difference and how has it influenced our success in helping clients?
It is sadly common knowledge that accounting is rarely perceived as engaging and exciting – in fact, business owners dread tax time! So, I differentiate myself by turning the mundane into something meaningful and useful.
While I can’t completely veer away from discussing the numbers, my point of difference is in my ability to put those numbers into relevant context, transforming them into business-centric stories that truly resonate with each client.
“Instead of diving into overwhelming data spreadsheets –
which, if we’re being honest, most clients hate – I create a visually engaging experience that incorporates the uniqueness
of every individual.”
From our client rest and relaxation room (where they can sit to destress) to our boardroom with a big screen for presentations, the way I communicate is always tailored to each client’s preferences.
If they prefer visual data, I present graphs and visual aids. If a client is focused more on the real-life impact of finance, I discuss the family holidays they can go on by achieving a certain turnover level. Rather than defaulting to how a 15% increase in pricing can boost their revenue, I talk about the time a client can earn back.
Clients absolutely love this approach, as dry data becomes a collaborative experience where they can actually make smarter decisions. I had a client who transformed their business (and life) because I showed them with a comparison chart how hiring another staff member would actually increase profit, rather than eat into his savings, which he just assumed.
As a result, my clients have become strong advocates, sharing their positive experiences with their colleagues and reinforcing our reputation as a firm that goes beyond the boring transaction. This has led to repeat business and referrals, driving the ongoing growth and success of Your Accounting Sanctuary.
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What is your approach to entrepreneurship and accounting innovation to achieve success in the finance industry?
My journey as an entrepreneur has always been (and will always be) guided by a clear mission:
“To lead an accounting firm that not only upholds the highest standards of accounting best practises but also redefines the industry through genuine relationships.”
I engrain this in every team member, from my first hire to my team today. To maintain this, I have non-negotiable proactive outreach policies: we never wait for a client to call; we always initiate contact to offer proactive support.
This approach, challenging as it is, allowed YAS to thrive (alongside my clients’ businesses) during the height and aftermath of COVID-19. It also solidified our reputation as a trusted partner, transforming the perception of accounting from a compliance cost to a smart business investment.
I also nurture my team to ensure we’re capitalising on our customer service strength. For example, we recently completed a Neuro-Linguistic Programming (NLP) training course as I saw this as a unique way to use science to enhance our ability to connect with clients.
“Enhanced emotional intelligence is a key part of our service – and everything we do as a team always goes back to my mission of making an impact with accounting that goes beyond numbers.”
As a female leader in a male-dominated space, I’ve made it a priority to lead by example, truly embodying the values of empathy, innovation and proactivity in a financial space where these often lack.
This naturally intuitive approach allows me to anticipate and respond promptly to client needs, helping them make better decisions through a better understanding of what the numbers mean.
“My success as an entrepreneur is not just measured by the growth of my own business but by the growth of my clients’ businesses – directly resulting from the structure and innovative strategies that I employ.”
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What is one major obstacle you faced in the pursuit of innovation, and how did you overcome it?
Obstacles are inevitable with innovation and introducing a relationship-rich approach to accounting was not without challenges.
Despite my success in differentiating by building trust-based relationships with clients, there were still staff and clients who preferred the traditional, transactional accounting services – they found our focus on creating a relaxing, trust-building environment to be unnecessary and even off-putting.
For example, the relaxation room didn’t resonate well with clients who were in businesses where a straightforward approach was the norm. Some of my staff also preferred to be responsive and passive with clients and didn’t want to be more proactive.
While the majority preferred my differentiation, it was disheartening that not all appreciated what I felt was better accounting.
“To address this obstacle, I had to find the balance between maintaining our approach and meeting the needs of the clients who were resistant to change.”
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To do this, I personally spent time demonstrating the difference between commoditised accounting and how our story-telling proactivity would give them the number-driven answers they needed to make decisions that would grow their revenue.
“I also found that clearly defining the purpose
would overcome resistance from staff and clients.”
By communicating that my relationship-building efforts were not just about creating a different atmosphere but were designed to genuinely understand businesses and provide personalised advice, many suddenly saw the value in this approach. In instances where the resistance persisted, I accepted that my style was not suited and assisted them in finding better-matched firms.
This way, I maintained the integrity of our model and focused on clients and staff who could truly benefit.
Ultimately, this strategy turned initially hesitant clients into my strongest advocates as they experienced the practical benefits this innovative approach brought to their business. It also opened our team’s minds to making a real difference.
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What is your best piece of career advice?
“Never be afraid to boldly break the monotonous, traditional glass ceiling – because when you do, you’re also empowering others to rise alongside you by example.”
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Does our innovative approach spark inspiration for you and your business?
Imagine having accountants who handle your financials and bring a fresh, creative approach to increase your engagement. Sounds appealing, right?
At Your Accounting Sanctuary, we believe that accounting should go beyond numbers—it should be a tool for growth and opportunity.
Contact us today if you’re excited about partnering with a team that’s always ahead of the curve. Let us show you the power of accounting innovative approach in elevating your experience and supporting your business in new, dynamic ways.