Mazuma, the UK’s leading provider of online accounting services for small and micro businesses, today celebrates its 15th and most successful year in business having successfully supported its 2,000-plus clients through the throes of the pandemic.
Established in 2006 by childhood friends, Lucy Cohen and Sophie Hughes, Mazuma has been on a positive trajectory since its inception. With turnover up by 20 per cent year-on-year, the 30-people strong business is on course for achieving a record-high £3.6 million turnover in the current financial year. This has seen Mazuma continue to expand its team, with six new hires made since the start of the pandemic as well as introduce a new app designed to streamline the process even further for new and existing clients.
The continued plans for expansion over the next few years include:
- The launch of a new technology that will improve accounting efficiency by 150 per cent
- Increasing its client base to 10,000
Established in 2006 by childhood friends, Lucy Cohen and Sophie Hughes, Mazuma sought to plug a gap in the market for low cost and stress-free accountancy which specifically serviced micro and SMEs and the self-employed. This was born out of Cohen’s own experience of seeing the stress and anxiety tax caused her self-employed father when she was growing up.
Lucy Cohen, co-founder said: “We are pleased to have been able to provide businesses with an easy and reliable solution that allows them keep their focusses on what is important – the business. As we emerge out of the pandemic, more people are beginning to see the value in digital-based services which offer effective cost saving and time efficiency.
“The last 15 years have been incredibly exciting and an innovative shift, not just for us, but for the industry as a whole. Accountancy has stayed relatively stagnant for a long time and when there’s an opportunity for innovation, it has to be taken. There are very exciting things to come, and we are looking forward to welcoming new clients, new opportunities, and new challenges.”
Co-founder Sophie Hughes continued: “The success and growth wouldn’t have been possible without our dedicated team who weathered the storms through multiple global crises. We have incredible people who are passionate about our clients and our clients’ businesses, ensuring their needs are met regardless of their accounting skills or knowledge.
“The next 15 years will be an opportunity to continue to evolve these services to consumer demands and be the reliable service for the UK’s SME businesses.”
The company and its founders’ success have been recognised through multiple award wins, including the Great British Entrepreneur Awards, The British Business Awards and the Accounting Excellence Awards.