Name, title & company name?
Emanuel Andjelic, Chairman, Squirrel.
In a few words, tell us what your business does?
We help people create a budget, stick to it and avoid over spending.
When did you get involved in the setup of the business and what made you finally take the plunge?
I’ve always had an interest in personal finance management. A few years ago, I experienced some financial challenges in my own life and vowed to myself that should I find success I wanted to help people manage their money better and avoid getting into debt.
What’s the best thing about your job?
By far the most rewarding part of my job is receiving testimonials from people whose lives we’ve changed. We hear from people who have gone from not being able to budget at all, to clearing their overdrafts, saving up for big life events and generally getting on top of their finances.
And the worst?
The hardest part of this journey was acquiring our first clients. The problem we’re trying to solve involves handling our customers’ money, which requires a lot of trust. As a new brand and a small business, we fought hard to earn that trust.
Why did you choose KPMG Small Business Accounting?
It was apparent when I launched the business that our trajectory would be a steep one, so I knew I needed an accounting service that would grow with us and provide the support we needed as we scaled up from a UK based business to a global brand.
The fact that the monthly fee was fixed made me feel at ease, as it would always be clear what we’d be paying. The Company Secretarial element was also very important given the number of changes we were going through at the time. With everything from fundraising efforts to shareholder relations we knew it was crucial to have someone keeping on top of all the necessary paperwork.
How have KPMG Small Business Accounting and your dedicated KPMG accountant helped you?
When you’re extremely busy like I am, it makes life so much easier to just be able to pick up the phone and talk to my accountant if I have any questions. My accountant is also really good at reminding me of important accounting deadlines and helping to make sure I file my paperwork on time.
What are two industry specific challenges your business is facing?
The main challenge for us in the FinTech space is ensuring we’re aware of any regulatory changes and remain compliant. Security risk is also something we pay close attention to because of all the sensitive data we hold about our clients.
What one thing do you think the Government could do to help small businesses?
At the moment, like everyone else, clarity is what we’re after. One of our biggest worries is the impact of Brexit. We have a multinational team so any changes to immigration laws, could significantly impact our ability to source the right talent. We also have plans to expand the business into Europe, but there is now some uncertainty around how difficult this will be from a regulatory standpoint.
If you could give one piece of advice to small business owners, what would it be?
Find yourself a really good business partner. I believe you’re twice as likely to succeed that way than if you start out by yourself. Plus it’s always helpful to bounce ideas off someone else and share the trials and tribulations of startup life.
What’s next for your business?
I see Squirrel becoming the hub from which you manage all your finances.
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