Part 5 in our series where we meet and interview some of the winners in the recent 35 Under 35. In partnership with Accountancy Age. We ask Natalie Binstead-Wey about her role as Founder and Managing Director of BW Business Accountants & Advisers.
Hi Natalie, who are you and what do you do?
I’m Natalie Binstead-Wey, Chartered Accountant, Founder and Managing Director of BW Business Accountants & Advisers. This launched in April 2021.
BW is a digital accounting firm that specialises in supporting sustainable and purpose led businesses with their tax and accounting affairs. We adopt a consultative approach and really get to know our client’s business and their goals. Which enables us to provide them with a bespoke service and advice. We are a growing firm, with an expanding team, and lots of exciting opportunities coming our way!
What has your career journey been like?
Having made the decision not to go to University, I instead worked in the accounts team of a family owned business. I studied the AAT qualification under an apprenticeship, which opened lots of doors for me.
I enjoyed the tax elements of the AAT qualification. So, I made the decision to move in to practice after obtaining a place on the RSM corporate tax graduate scheme. Then, I studied the ACA qualification and developed my tax skills whilst in this role.
Then, I made the move to Deloitte to obtain some Big 4 accountancy experience. I worked there for two years and completed my CTA qualification with them. Following the pandemic, I made the decision to take this one step further and set up my own firm – then BW was born!
What do you enjoy about your area of the Accounting industry?
I love making a tangible difference to individuals and their businesses. I take great pride in my work and really love being able to support my clients to grow their businesses.
Being a tax specialist means that I can provide my clients with up-to-date advice and planning in order to manage their tax affairs in a tax efficient way. This has a direct impact on the money in their pocket and enables them to plan their future.
What opportunities are there now in Accountancy?
Using technology and automation means that processes and systems can be streamlined to be more efficient for the firm and our clients. This also means that junior members of the team can spend more time getting involved with the more exciting aspects of client work, rather than just admin and compliance.
This also frees me up to forge better relationships with our clients, as we are a people centric firm, and maximise the value that we providing.
What is the biggest challenge you’re facing right now?
My business has grown rapidly over the last two years and is set to grow again over the next 12 months. I need to ensure that this growth is sustainable and that we are working with clients who value our services and are willing to pay the fees associated with that.
I am currently reviewing the fees that our existing clients are paying to ensure that these reflect the level of work that we are doing for them. This will ensure that we are able to continue to provide the level of service that we pride ourselves on as our firm grows.
Who or what inspires you to be even better?
I am a very driven and motivated individual. But the thing that motivates me most is the amazing feedback we receive from clients. We wouldn’t be where we are today without them and its so great to hear that we are providing them with a good service that they value.
In addition, I am motivated by setting a good example for future generations. To show that you can achieve anything you put your mind to regardless of your circumstances or background.
What advice would you give others looking to pursue a career in Accountancy?
Consider which entry route is best for you. For some it might be the more traditional university route. For others, an apprenticeship might work better. Be prepared to put in the hard work. But don’t be afraid to ask for help and support along the way.
When considering which firm or business you might want to work for, don’t just automatically go for the big names. Consider your personality type, work ethic etc. and pick an employer who is the right fit for you.
Finally, the world really is your oyster so take advantage of every single opportunity that comes your way – you never know where it might lead you!
What is the best advice you’ve ever been given?
Having a growth mindset will open doors for you. I am a naturally cautious and pessimistic person but by having a growth mindset I really can achieve anything. Just because I don’t know how to do something right now doesn’t mean that I can’t learn how to do it. This has been crucial for me in running my business as there isn’t a week that goes by where I come across something new that I need to learn how to deal with!