In conversation with Piece of Cake Accounting
CONSCIOUS CONVERSATIONS SERIES
I’ve recently spent some time reflecting on all the wonderful people that have came into my life since I set up my own business, and Elizabeta from Piece of Cake Accounting is one of those people that I am very privileged to know and someone I regularly recommend to business owners struggling with their finances.
Elizabeta is no ordinary accountant, which is exactly how she likes it. Elizabeta has charity and service at the core of her very being and has built a business which enables her to give back, volunteer and use her knowledge to help support her local community. She is passionate about helping small businesses owners understand their numbers and build sustainable profitable futures.
Read on to find out what drives Elizabeta’s mission, how she looks after her own wellbeing and why knowing your numbers should be a top priority for every business owner.
Piece of Cake Accounting - making your business finances simple
CAKE MAKES LIFE SWEET, ACCOUNTING MAKES IT SUCCESSFUL
“Be brave and know exactly what your financial situation is, ask for help if you find it tricky. Asking for help is not a weakness. It is a strength!” — Elizabeta, founder of Piece of Cake Accounting
FLYING THE SMALL BUSINESS FLAG
I love to hear about people's career and business journeys, as it’s rarely linear. What were you doing before you founded Piece of Cake Accounting?
Well here is quite a linear one – I wanted to be a psychologist but failed entry to uni, so I decided that a business management course will do. At the time I really didn’t care what course as I took, as it was not psychology…. but I discovered that I loved the accounting bit in the course.
After moving to the UK I signed up to an accounting course. Once qualified I got my first job and then moved through different accounting jobs learning loads through each one. After the last one, I just could not be bothered to update the CV 🤣 So starting a business looked very appealing! But in all honesty, I always loved starting a new job, sorting out the numbers mess and getting everything in order, but soon after I would get bored… So Piece of Cake Accounting gives me a constant challenge and allows me to help more people and sort more messes…
As small business owners we all experience tough days, along with the good ones. What is your big WHY or mission that you come back to on those tougher days or weeks?
Family and community are both very important to me. Looking after others makes me happy. I’ve always volunteered and was always in every single event at school. Running my own business allows me to still be involved with my kids (they are in their early 2os now, but need me more than ever before). It also allows me to raise a guide dog puppy, donate blood and be involved with community projects.
On a bad day I always think about all the people that need my help and it seams to help. If it’s really bad and I just need to survive the day – you will find me on the beach. Rarely business causes that sort of need, but running my own business allows me to spend a day in nature whenever I need to.
What’s the best piece of business advice you’ve been given or have heard?
Good question. I think it must be – do it in your own way! Be you and do not try to be anyone else 😊
What core values drive your business decisions?
Integrity, sustainability - but not just in climate, all around us and in life and our families - and sharing what I have with people around me.
A lot of business owners struggle to keep on top of or have a good understanding of their finances. What is your top finance tip for a new small business?
Decide on day one (day one can be today) – that you love numbers! And from there take actions to fall in love with numbers and finances. Take time, learn, ask for help, use simple systems, delegate – just never hide from it. You are much better at it than you think and with a bit of help – you will be amazing!
“You know the old saying – it takes a village to raise a child and I do believe that our communities and people around us are so so important for everyone’s livelihood…And this is all part of my WHY. I want to have a business that pays my bills and gives me time to be present, see where I am needed most and offer my help.”
WEBSITE & BRANDING
How has your website helped your business?
I’ll be honest it does need love and attention now 🤣 but in a way it helped me at the very beginning pull my thoughts together and put on screen what my dreams are. I believe it shows people a bit of the real me, so when we talk it’s never a surprise. It’s not your traditional accountant’s website 😊
What has been your biggest website or tech challenge? And how did you overcome it?
Believe it or not but just setting up Microsoft was the biggest hurdle, I still don’t know how it all works 🤣 but that’s ok, as I share the house with an IT director, so it’s just been passed on to him. I am not sure if he does a good job, but I am not complaining.
What would you say if your own special blend? How are you different from other businesses in your field/industry?
I am human, chatty and not scared to share all of my accountancy knowledge. I really don’t care if by asking a few questions a business owner will go away and do their own tax return. It’s not about the tax return, it’s about what the numbers are telling us and how we can make informed business decisions using actual numbers to live our dream life. The more people feel comfortable about money and finances the better and if I can share my knowledge – I am very happy!
If you were given £5k to spend on your website and/or branding, how would you spend it?
I would have a professional photo shoot, I would update my website and create another brand to use alongside Piece of Cake Accounting, if I had any money left 🤣
BUSINESS FOR GOOD & CONSCIOUS LIVING
As conscious business owners, we’re aware of the difference we can all make in making our businesses more sustainable and have a bigger social impact, but it can feel overwhelming to know where to start. What ways have you found to give back through your business?
I am using B1G1 for my monthly donations. It’s like an Amazon for charity – you choose which project you want to support and make a donation. They do all the checks and make sure it’s all used where it was supposed to be used.
The projects that I support are:
Plastic collection
Education in poor countries
Planting trees
Providing fresh and clean water
I am also raising a guide dog puppy at the moment, she is at the very end of her journey with us, so will be leaving for big school in a few weeks.
I do some tax returns for free, just because there are people in the community who need this bit of help to keep them going. I’m just finishing one project where hopefully we will be able to get HMRC to void the fines as the person involved just needs a bit of help.
I’m also a treasurer for a few non-profits, so using my numbers knowledge as much as I can to help businesses and the community around me.
I feel I am very lucky and have a house and plenty of food, so we do share that with young people who need it and try to help others both with my time and money. You know the old saying – it takes a village to raise a child and I do believe that our communities and people around us are so so important for everyone’s livelihood.
And this is all part of my WHY. I want to have a business that pays my bills and gives me time to be present, see where I am needed most and offer my help.
Through the years while volunteering at various charities I’ve realised that raising money is easier than attracting people and volunteers to deliver the projects. So, I am trying to keep a balance 😊
What sustainable practices have you implemented in your business and life?
This is an interesting question. I grew up in the Soviet Union, and overusing was just not a thing. There was nothing to overuse and no things to buy that we did not need. So I kind of kept a lot of it and now that everyone is talking about sustainability we just carry on with our old habits and we fit very well.
The love for good food means we love local and fresh, so that again helps.
I am not big on cars, so I have small car and only drive if I can’t walk. So it kind of feels so natural to me. But we do try and not get into bad habits. The biggest struggle was with the kids when they where teenagers and wanted things that everyone else had. But we are over it and we are all happy with less rather than more.
We try and buy as much local food as possible, we cook at home, so we can manage food wastage that way. I love fabric bags and have loads of them, so I never was using plastic ones. And we are quite good at not buying things we don’t really need, or when we do buying pre-loved, like clothes - I’m known for loving a good rummage in a charity shop!
In business I am paper free and talk a lot to my clients about buying what they need only and not wasting anything. Which obviously in return helps their profits 😊
WELLBEING
Running a business is a tough gig, juggling ALL the things. What do you do to look after your own wellbeing?
I love my walks, nature is where I recharge my batteries. Paddleboarding is my go-to activity in the summer, and walking is all year around 😊
I never used to be, but I am now very good at just sitting and watching the world go by when things are too much. And it’s amazing how such a simple thing can help you regroup and keep going. Yoga and sound baths are regular things in my life too.
We are lucky to inherit the love of fresh food and salads, so that is covered naturally and now that the kids are big, we all take turns cooking – we do eat very well 🤣
Do you think taking care of your finances impacts the wellbeing of business owners?
100% and much more than that. Financial problems are one of the top reasons for divorce. Looking after your business finances might save your marriage.
But on a simple, every day level this is normally the thing that takes up a lot of space in our heads and prevents us from being present with people. It really can make us sick because we are also not keen on talking about it with others.
3 simple things we can do to prevent financial stress:
Be brave and know exactly what your financial situation is, ask for help if you find it tricky. Asking for help is not a weakness. It is a strength!
Say no when you can’t afford something, even if everyone around you says yes. It’s hard at the beginning, but it allows you to sleep at night
Implement simple, easy systems in your life and business. Profit first is one of my favourites. A bit old fashioned, but so effective.
You can find out more about Elizabeta and her services through Piece of Cake Accounting here:
Website: https://pieceofcakeaccounting.co.uk/
LinkedIn: Piece of Cake Accounting
Instagram: @pieceofcakeaccounting
You can join Elizabeta’s free Facebook group for business owners who want to be better with numbers: Grow Business with Numbers (and a Piece of Cake)
