Here's what you missed if you didn't join us live for the Informi Talking Small Business lunchtime webinar, where Sophie Cross, Editor of Freelancer Magazine, and Will Blower, Director at Realise Finance, talked to the inspiring Julie Spence about her rapid journey from starting her AAT qualification to setting up her own practice.
Introducing Julie Spence…
A passionate bookkeeper and soon-to-be accountant who has transformed her career in just a few years. Julie progressed from starting her AAT Level 2 as an accounts junior at a small firm to working at a large corporate practice, and now runs her own business, NOEXPENCE, while completing her Level 4. She's on a mission to break down barriers for aspiring accountants and provide solid support to business owners throughout their journey, with a North Star vision of creating an academy for rising stars in the accounting industry.
24 key takeaways from Julie Spence on building a successful accounting practice and essential financial wisdom for startups
1. Real-world scenarios are completely different from what you study - The foundations matter, but expect practical work to be different. It's okay not to know everything - asking questions shows professionalism, not weakness.
2. Don’t be afraid to knock on doors - Julie literally went door-to-door handing out CVs, and backed it up with online accounting software certifications to prove she was serious about the career change.
3. Set up a separate business bank account from day one - This will create anxiety for accountants and clients when it’s not done. It's also a crucial mindset shift that establishes the clear distinction between personal and business life.
4. Get business insurance immediately - Many limited company directors skip this, thinking they're protected, but it's essential for additional protection and gives you confidence as a business owner.
5. Use bank accounts with savings pots for tax planning - Set up separate pots for different expenses and small business taxes. Save for taxes monthly rather than facing a shock bill - it's being proactive, not reactive.
6. Run an aged debtors report every month - Small business owners often think credit control is only for large companies. You've worked hard for that money - chase it up professionally and persistently.
7. Understand the difference between cash flow and profit - Cash flow is money in versus money out. Profit is income less expenses under accruals accounting. You need both - you can have a profitable business with no cash to pay yourself.
8. Make tax planning about saving and being proactive - Use legal methods to reduce tax liability, but more importantly, plan and save throughout the year rather than scrambling at year-end.
9. Treat accounting as a human business - You're dealing with people who need to trust you with delicate financial information. Be personable, pick up the phone, and show you genuinely want to help.
10. Keep explanations simple and jargon-free - Translate complex accounting concepts into language clients understand. Don't overwhelm them - make it feel achievable and even fun.
11. Create checklists to gamify boring tasks - Make mundane tasks like gathering documents feel like achievements. Add rewards (like biscuits) when you complete business admin tasks.
12. Review your finances like a health check - You wouldn't miss a doctor's appointment, so schedule regular financial reviews. Look at profit and loss reports monthly, compare to previous periods.
13. Know your break-even point - Understand exactly how many sales you need to cover costs, and how much more you need to reach your profit goals.
14. Your USP is you - Become your business storyteller - Hone in on your uniqueness and share your story. Express your 'why' and what problems you solve for your ideal clients.
15. Build relationships, not just transactions - Julie's approach of being hands-on and personal, even when the firms she worked for previously discouraged it, created lasting client relationships built on trust.
16. Pricing is an evolving piece - Review prices regularly, ideally every 9-12 months. Don't feel guilty about inflation adjustments - they're standard business practice.
17. Little and often beats big price jumps - Regular small increases are better than waiting years and shocking clients with large jumps.
18. Invest in yourself and the ROI is almost guaranteed - Whether it's working with an accountant, getting training, or professional development, investing in yourself typically pays returns.
19. Go to networking with a service mindset - Don't think about getting work from events. Think about how you can help others and make referrals. Build relationships first.
20. Collaborate over competition - Julie emphasises that the accounting community wants to help each other. Ask questions, learn from others doing similar work, and work together.
21. Prepare now for Making Tax Digital - From April 2026, sole traders and landlords with income above £50k must report quarterly through approved software. Don't wait until the deadline to get started.
22. Consider incorporation as your business grows - If you're a sole trader approaching the MTD threshold, have a conversation with your accountant about whether becoming a limited company would be more tax advantageous.
23. Technology is changing accounting rapidly - The industry has moved from typing up paper bank statements to automated software integration. Embrace the tech to save time and provide better service.
24. Set up recurring invoices and direct debits - Use software features like QuickBooks recurring invoices and services like GoCardless for direct debits. Don't manually create the same invoices repeatedly - it's a huge time waste.
Watch the whole webinar back…
Connect with us…
Connect with Julie on LinkedIn
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Connect with Will on LinkedIn
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Don’t miss the next Talking Small Business webinar…
On Thursday 11 September, 1.30-2.30pm, Vic Taylor, marketing strategist, business educator and multi-award-winning entrepreneur will be joining Sophie and Will to chat about:
- How to get clear on your offer and stop second-guessing your direction
- Strategic marketing approaches that drive real growth (not just vanity metrics)
- The stepping stones to sustainable six-figure success
- How to build confidence in your marketing without the overwhelm
- Real-world insights from scaling multiple businesses to six figures
- The honest realities of business growth and what it really takes
Don’t miss the opportunity to learn from a business expert on your lunch brea