Today we’d like to introduce you to Samara Andrews.
Hi Samara, it’s an honor to have you on the platform. Thanks for taking the time to share your story with us – to start maybe you can share some of your backstory with our readers?
I was introduced to accounting and tax when I was 16 years old. My dad was in the military but did taxes on the side as a gig. He would often have people over or would travel to their homes and sometimes he would take me along. I would sit quietly watching and listening.
Eventually, my dad even made me prepare my own tax return once I landed my first real job. I hated it but he said I would learn to appreciate it one day.
I never aspired to become an accountant, in fact I dreamed of being an attorney and when I enrolled into my local community college I began by taking legal courses. I was forced to take an accounting course for my business law degree and I fell in love. After the first accounting course, I took another and then taxation 101 and before I knew it my career path changed from corporate law to corporate accounting.
While in school I maintained the books for my dad’s construction firm, which helped me land my first real job as an accounting analyst working for Caterpillar. From there I continued advancing and learning, eventually moving from a general ledge accountant to a financial analyst, where I discovered my true passion and love of finance.
It was as a financial analyst that I learned how to tell the money story of firms and how I could use tools to help management make decisions and track performance. These tools would later be put to good use within my own firm. The more I learned the more motivated I became and wanted to share these same practical strategies with smaller firms who couldn’t afford an entire accounting back office. It was from this idea and passion that FYE Finance was born.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
It has definitely not been a smooth road, I have so many obstacles stacked against me. For one I am not a CPA or a CFP but I operate in these arenas as a subject matter expert based on the skills and education I have obtained over my 17 years of corporate accounting and finance experience. I also have a community of people who are CPAs and CFPs whom I have partnered with to ensure that my clients are covered in areas where I may be limited.
Aside from my lack of designations I also struggled with figuring out how to value my services and learning who my ideal client was. I was so green starting out; thinking that I could tailor each accounting package for every client but I soon discovered that a business model like that is not sustainable or logical. So, I worked on finding the right price point and packages to meet clients in their “start up”, “maintaining’” or “growing” phases.
Appreciate you sharing that. What should we know about FYE Finance?
FYE Finance is a virtual-based accounting firm specializing in helping clients save money and grow their business through the tool of tax planning. We are known for our tax strategies and our dedication to each client’s success. It is truly what sets us apart. When a client comes to us we explain to them that their books will have to be upgraded to the “FYE” standard.
We create a customized chart of accounts (COA) for each client. We create Monthly, Quarterly, and Yearly reports. We hold quarterly financial reviews with each client. We also provide limited tax planning services at no additional costs with some of our accounting packages. We not only want to help the client manage their finances but we also want to help them protect them, especially from excessive taxes. This is the FYE standard.
Surprisingly I didn’t realize that this was not the norm until I began taking on more and more clients, all sharing the same story, “My accountant only met with me at year-end”, “My accountant was never this accessible” I knew then that I was doing something that was out of the norm. My client is not just another customer, but a partner and we state that in our onboarding meeting, We explain that we are entering into a partnership to ensure books are maintained, accurate and compliant with accounting standards.
I believe it’s our approach of accessibility, transparency and education that has caused us to have a high customer retention rate and customer referrals. In fact, most of our clients are from referrals of other clients which reassures that we are on the right path.
Out of the three reasons above I’m most proud of the education aspect we bring to the table. We love sharing what we have learned through experiences and education and we do it for free! We share tips and strategies along all of our social media platforms on a weekly basis, from IG posts, to live YouTube videos and even podcasts. All with the purpose of educating and elevating people along their financial journey as an individual and especially as an entrepreneur.
Is there any advice you’d like to share with our readers who might just be starting out?
If you are starting out as an accounting firm my advice would be to have a circle of influence. People whom you can bounce ideas off of and turn to for sound advice and support. These can be people in and out of your field of expertise. I am a big proponent of community and because I stand by the notion of “not burning bridges” I have grown my circle, my community. We share ideas, we encourage each other, we promote each other and we often refer clients to one another. Having this circle help me to better structure my business for success and allowed me to be in the “black” my first full year in business for myself. With the help of my community, I was able to strategize a plan and execute it with success.
I wished I figured out early on, the power of delegation and income strategies. I think as entrepreneurs we miss that part and get burnt out because we had no idea of true costs when pricing our products and services and thus missing out on the opportunity of being able to delegate because we can’t afford it. This was a lesson I wished I had learned sooner than later.
Contact Info:
- Website: https://www.fyefinance.com/
- Instagram: https://www.instagram.com/fye_finance/
- Facebook: https://www.facebook.com/FYEFinance/
- Youtube: https://www.youtube.com/c/fyefinance
Image Credits
Perfect Zone Productions
