Julie Teague is Owner of Cygnus Consultancy & Co-Owner of Pie Financial Ltd. Both businesses offer a range of accountancy services, with Pie specialising in e-commerce.
Whether it’s inputting, collating or interpreting financial data, their plain English approach is already proving a winner to their growing client base.
- Tell us a little bit about your business…
Both firms are based in the Midlands and provide plain English financial clarity to SMEs. Pie specialise exclusively within e-commerce, and was set up by Birmingham ‘Cake Agency’ founder Chris Thomas. Both myself and Chris have founded, scaled and exited our own e-commerce as well as ran a digital agency, plus we both have an accounting degree. It’s a rare combination, an accounting firm set up by retailers for retailers. Cygnus philosophy is the same but with a broader sector. Regardless of sector, both of us found our client base were screaming out for an accountant who understands what its like to run a business in more than a theoretical sense. Our services give business owners the insight to make informed business decisions with confidence from the essentials of bookkeeping and management accounts, right through to fractional CFO support.
2. How did you get into the industry?
Accidentally! I was seconded to a purchase ledger department and picked it up so quickly. After being qualified by experience I started my formal qualifications in 2010 and qualified as a certified & chartered accountant in 2017. I have always worked in industry and ran a number of companies as FD, CFO, MD and Founder. I was hugely underwhelmed by the service level I received from finance outsourcing and knew I could provide a better service level if I had my own firm. I started trading through Cygnus initially on my own as a fractional CFO, due to client demand the services grew into traditional bookkeeping and accountancy.
3. What are the biggest opportunities and challenges in your industry?
The challenge is the opportunity – Accounting can be quite archaic and many firms struggle to leverage technology effectively and progress at the same pace other industries have. With my background in running a digital agency and founding, scaling and exiting my own e-commerce, I not only understand the pressures those businesses face, I am an avid fan of using technology to remove mundane elements, increase efficiency and use our brains for problem solving, I also digitise wherever possible to make businesses more sustainable. Our efficiency reduces client costs while simultaneously adding more value.
4.How would you describe your leadership style?
Supportive, but also very clear that good, isn’t good enough in our firm. We want everyone to strive to be exceptional for our clients. With an outcomes based view, our focus is on the quality of the outputs, rather than the time or location of a task, this gives the team freedom to work flexibly from day one, that’s taken a commitment to making sure processes and ways of working were implemented early on.
5. How do you get the most out of the people who work for you?
Transparency. Why we do something is way more important than how we do it. Roles in the firm are outcomes based. It allows more flexibility and encourages innovation, whilst also being crystal clear what each person is accountable for and the quality standard expected.
6. What are the most crucial elements to your business running smoothly and being successful?
Systemising processes and letting tech do some of the heavy lifting is key to smooth operations, but the most important thing is communication. Externally to clients and internally to each other. We have a plain English approach and use a tech stack to communicate finances to clients in a more engaging way which is both insightful and educational.
7. How has the past 12 months been for you?
Starting a new business is incredibly stressful. I have advised so many start-ups over the years, but, being the start-up yourself is very different, it has made me even more empathetic with founders. I’ve been swallowing my own advice, I have a mentor who has scaled their own firm. Even then, I’ve made some rookie errors, but that’s all part of running a business, I learn from it and move on.
8. What will the next 12 months look like for your business?
We are moving into the compliance side of accountancy, something which has been requested by our current client base so many times, having recently completed all the applications for our licence to be granted we already have the systems ready to go and clients on the wait list once we have clearance. My personal client base will reduce as I move to work more ‘on’ the business than ‘in’ the business.
9. What are the highlights of your career so far?
Qualifying as a Certified and Chartered accountant with ACCA in 2017 was a particular highlight, I sat my final exams while I was having chemotherapy. I amazed myself that I managed to push through and complete my academic studies. Its made me feel like I can do anything I put my mind to ever since and put a silver lining on an otherwise dreadful experience. More recently in 2022 I was crowned business woman of the year at the signature awards in Birmingham, my Husband was there to see me collect my award and seeing him beam with pride is a moment more special than the award win.
10. What’s the biggest business mistake that you’ve learnt from?
I spent a lot of money on empty promises from self-titled gurus with promises of easy growth hacks, I got ripped of a number of times and still feel resentful about wasting precious time and money. I learnt, there is no shortcut. It’s a case of head down, put in the time and effort to build a solid foundation.
11. What’s the best piece of business advice you’ve been given?
So many I could reel off! One I’m really honing in on right now is laser focus on one or two projects, make them great before layering anything else on top. You need solid foundations if you want to build something sustainable.
