Meet The Orenda Collective: Accountants and business coaches for freelancers
We talk to Abbie and Emily about leaving their accounting jobs to follow their dreams and launch The Orenda Collective to support freelancers with their finances and help them to reach their full potential.
It’s not often we come across another business launched by two friends, so when Emily and Abbie shared their plans to leave their accounting jobs in the city and create something new together after years of friendship we were all ears.
As The Orenda Collective they plan to combine their 18 years of financial experience in the corporate world to help the growth and potential of small businesses. Emily is a part-time PT and Abbie is a budding photographer, so working with creative and wellbeing business owners to educate them on their finances and enable them to grow was the perfect step.
We talk to them about making the big jump, their top financial tips for freelancers and start-ups and how business coaching can help the self-employed and small businesses to grow.
“We wanted to create a platform that would not only help small businesses understand their finances better but provide a place for businesses to learn, work and grow together”
Tell us a little bit about yourselves, what you both do and how long you have been doing it for.
Hi we’re Emily and Abbie! We met at school, aged 11, and our friendship has blossomed from there. Both of us have been working in the accounting space for the last 9 years. This year we have left our senior roles as chartered accountants at top tier accounting firms to launch The Orenda Collective!
Alongside working as accountants we have undertaken a qualification to become transformational coaches and are pleased to say we are in the final stages of the course.
A little bit more about who we are. We have a passion to travel and have both spent 6 months globe trotting! In addition Emily has a passion for wellbeing and runs her own PT business and teaches spin and Hiit classes across London! Abbie has a keen interest in photography and has recently undertaken a course to further her knowledge.
We both have always wanted to work for ourselves and to be able to help others achieve their best!
Tell us all about the Orenda Collective
The idea of the Orenda Collective was born from the word Orenda which means ‘A force present in all people that empowers them to affect the world or to effect changes in their own life’.
The collective comes from the want to bring together a group of like minded people in the creative and wellbeing space. We want to enable them to grow their business and to aid the understanding of their finances. In a world where community is lacking we wanted to create a place to bring together freelancers and to help them grow to their full potential.
You both worked full time as accountants, what drove you to start the Orenda Collective?
Whilst we see the value in working for large accounting firms and are grateful for the experience and qualification we have, there are things in life that became more important to us!
We wanted to take ownership of our time and have a sense of freedom in the way that we work (we are both massive on travel). Also we wanted a career that would enable us to help others and see real value impact, of which we feel we give to the creative and wellness industries.
Also, we both have an interest in people and the psychology of the mind so being able to work with individuals and businesses in the coaching space to help people real their full potential, brings us real joy, we can’t wait to grow our coaching practice further.
Do freelancers need to use accounting software - what would you recommend?
Good question, in truth it depends on the size of the business e.g. whether they are VAT registered and the number of transactions they have in a year.
However, there are multiple benefits, regardless of size, to using software such as automatic bank fees, direct submission to HMRC and business decision making.
There are many great systems that freelancers can use but we prefer Xero because it is user friendly, up to date for the market and has slick integration tools.
At what stage would you say that a small business or freelancer should consider getting an accountant?
As soon as they start and make £1000. From this point you are required to register for tax with HMRC whether you are self employed or a limited company.
Accountants can help you with understanding tax savings, how VAT works, how to best budget and use your finances. Why would you not want this help right from the first day of your business?!
If you are unsure of whether you are in need of an accountant, a consultation with The Orenda Collective is free and comes with no obligation.
Any tips on keeping on top of receipts?
Recording, storing and sorting regularly
Using an app that integrates with your software e.g. receipt bank and hub doc (these integrate with Xero)
If you know you are not good at keeping on top of it, pay someone else to do it for you - it could save you money in the long term.
When does a business need to be VAT registered?
When a business turnover reaches £85,000 on a 12 month rolling basis.
What are your top financial tips for anyone thinking of going freelance?
Budget.
Work out an estimate of your tax rate based on where your earnings fall within the income tax bands and put the money aside.
Seek advice where unsure - we offer a free no obligation consultation.
What are your top financial tips for start-ups?
Cash flow is the number one reason that start ups stumble, so it is important to consider your cash flow requirements based on a worst case scenario.
Know what you don’t know - identify these gaps and research/seek advice.
Build a network of expert professionals that specialise in your industry e.g. accountants, trademark specialist and branding consultants.
You also offer business coaching - can you break down exactly what this means and who could benefit from it?
Business coaching enables business owners to get clarity on their vision, growth plans, and personal goals. It is a process used to allow them to transition from where they are now to where they want to be.
We think all small businesses and freelancers can benefit from a business coach, we for example have heavily invested in coaching ourselves and will continue to do so.
Here are a few examples of areas we cover as part of our coaching services:
Working through any limiting beliefs which are holding business owners back
Strategies to achieve your goals
A sounding board that is independent of the outcome
What are your top 3 recommendations for sources of inspiration?
Podcasts we like to get inspiration from are:
Feel Better Live More with DR Chatterjee; because it talks about health and wellbeing from a holistic perspective and how you connect this with your life and work.
On purpose with Jay Shetty; because he has fascinating conversations with some of the worlds most insightful people from business owners to successful athletes!
Books we would recommend:
Start With Why by Simon Sinek: A book that shows that all the world's most inspirational people all have one thing in common, they start with ‘Why’. We think it is so important to know your why to start your company/grow your company because people won't truly buy into a product, service, movement, or idea until they understand the WHY behind it.
Company of one: Why staying small is the next big thing for business by Paul Jarvis; A practical philosophy to building a self-funded profitable and enjoyable business that is designed to deliver the lifestyle you want to live. We love this book because it encourages entrepreneurs to focus on building a purposeful business designed to last.
What were you doing this time last year? What have you learnt or how have you changed since then?
Emily: A year ago I was working in a full time role at one of the top accounting firms and had just set up my own business as a qualified personal trainer and fitness instructor.
Since then I have reduced to working part time in my corporate job to train as a transformational coach and get The Orenda Collective off the ground! Now, a month out from leaving my corporate role, I can say that my life and mindset have changed dramatically!
I have learnt that I much prefer working for myself towards something I am passionate about than working for someone else! I have learnt that my real passion is helping others to grow (hence the Orenda Collective) and that working for yourself can be hard and scary (but worth every second).
Alongside Abbie, I wanted to create a platform that would not only help small businesses understand their finances better but provide a place for businesses to learn, work and grow together!
Abbie: This time last year I had just taken the leap to leave my well respected secure job at a large firm in London. I knew I still had a passion for numbers, but there was something missing, I wanted to work with the people behind the business, the driving force.
The last year has changed the direction of my life completely, it provided a significant learning curve but also led to a more fulfilling life.
It has been about working directly with small business owners to educate them on their finances, enabling growth and saving them time and money. During this period I have also embarked on my journey as a transformational coach, and honestly, I wish I had done it sooner.
We now have a business that encapsulates all the areas I love in life, numbers, helping people, creativity and wellness. To say it was hard would have been an understatement, but it has been worth it 100%.
Emily and Abbie at the Orenda Collective offer financial and coaching services for freelancers and small businesses with standard and bespoke packages so that you can get the services that suit you. To get in touch or to book your free consultation visit their website orendacollective.co.uk and give them a follow on Instagram @orendacollective