Mazuma’s Rise: Breaking Barriers

Redefining Accountancy: The Rise of a Powerlifting Entrepreneur

In the vibrant city of Cardiff, a dynamic businesswoman is reshaping the landscape of the accounting profession. Lucy Cohen, co-founder of Mazuma, a trailblazing subscription-based accountancy firm, is not your typical accountant. With a multimillion-pound turnover and a silver medal in powerlifting at the Commonwealth championships under her belt, she's a force to be reckoned with.

Cohen's journey into accountancy began unconventionally. At the tender age of 23, she and her school friend Sophie Hughes launched Mazuma from a humble spare bedroom. Today, their venture thrives with a team of 70 at its headquarters in Bridgend.

"I'm aware that I don't fit the traditional image of an accountant," Cohen admits, "but I've never aspired to." Her entry into the field was through an apprenticeship, inspired by witnessing her family of artists grapple with the complexities of financial management. She playfully refers to her career choice as a "rebellion" against her creative upbringing.

However, Cohen's rebellious spirit doesn't stop there. She actively challenges the underrepresentation of women in senior accounting roles. "If I enter a room devoid of women, I question it – where are they?" she declares.

Cohen firmly believes apprenticeships are key to fostering diversity. The "earn while you learn" model offers an accessible pathway for those who might not consider university. This resonates with 18-year-old Mabli Cunnah-McMillan from Colwyn Bay, who recently transitioned from a Mazuma apprentice to a permanent employee.

Her passion for accounting steered her towards this route, and she appreciates the hands-on experience it offers. "If I'm ever stuck, I can always turn to my colleagues for guidance," she explains.

Advocating for Change: Diversity and Social Mobility

Cohen is a vocal advocate for social mobility and diversity, believing they enrich both individual businesses and the accounting profession at large. "Diverse voices and experiences from various cultural and economic backgrounds create a truly vibrant profession," she emphasizes. Furthermore, she hopes this diversity will reshape the profession's image.

"Let's face it, accounting isn't typically seen as a glamorous career," she remarks with a chuckle. "But that's changing. Numbers, money, finance – they're the backbone of our society. Understanding these concepts empowers you to navigate the world more effectively."

The Welsh government, despite providing funding for apprenticeships in Wales, has conceded that it won't meet its manifesto pledge of creating 125,000 apprenticeships by 2026 due to funding cuts. This shortfall highlights the challenges in promoting apprenticeships and broadening opportunities for those seeking alternative career paths.

Beyond the Balance Sheet: Breaking Barriers

Cohen's commitment to diversity and inclusion extends beyond her company's walls. She actively participates in initiatives that empower women in business and champion social mobility. Through mentorship programs and speaking engagements, she inspires others to chase their dreams and defy stereotypes.

"I want to show young people, particularly those from underrepresented backgrounds, that anything is possible with hard work and determination," Cohen asserts. "I want them to see that they can break down barriers and achieve success in any field they choose."

Her advocacy for apprenticeships stems from her own personal journey. She recognizes the transformative power of on-the-job learning and the doors it can open for individuals who may not have access to traditional educational routes.

"Apprenticeships bridge the gap between education and the workplace," Cohen explains. "They allow individuals to acquire practical skills and experience while earning a living, which can be life-changing for many."

Cohen's passion for empowering others shines through in her leadership style. At Mazuma, she fosters a supportive and inclusive environment where employees feel valued and encouraged to reach their full potential.

The Evolving Landscape of Accountancy

As the accounting profession evolves, Cohen envisions a future where diversity and inclusion are not just buzzwords but integral to its DNA. She believes technology will play a pivotal role in this transformation, enabling greater flexibility and accessibility for individuals from all walks of life.

"Technology is breaking down barriers and creating new opportunities in accounting," Cohen observes. "It allows us to work smarter, not harder, and focus on delivering value to our clients."

She also foresees a growing demand for accountants who possess not only technical skills but also strong communication and problem-solving abilities. "The future of accountancy is about more than just number crunching," Cohen asserts. "It's about building relationships, understanding clients' needs, and providing strategic advice."

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Tech-Savvy Accountants: Embracing the Digital Age

Cohen is a staunch advocate for embracing technology within the accounting profession. She firmly believes that technology can streamline processes, enhance efficiency, and liberate accountants to focus on more strategic and value-added tasks.

"Technology isn't a threat to accountants; it's an opportunity," Cohen declares. "It enables us to automate repetitive tasks, analyze data more effectively, and provide insights that empower our clients to make informed decisions."

Mazuma has been a pioneer in adopting cloud-based accounting software and other digital tools. This has allowed the company to offer a seamless and efficient service to its clients, while also empowering its employees to work more flexibly and collaboratively.

"We've witnessed firsthand how technology can revolutionize the way we work," Cohen explains. "It's enabled us to create a more agile and responsive organization, and to deliver a superior experience for our clients."

Cohen's vision for the future of accountancy is one where technology and human expertise coexist harmoniously. She believes that accountants who can leverage technology to their advantage will be highly sought after in the years to come.

"The accountants of the future will be tech-savvy problem-solvers who can provide strategic advice and insights to their clients," Cohen predicts. "They will be able to utilize technology to automate tasks, analyze data, and identify trends that can help their clients achieve their goals."

Nurturing the Next Generation: Inspiring Future Accountants

Cohen is passionate about inspiring the next generation of accountants. She regularly speaks at schools and universities, sharing her journey and encouraging young people to consider a career in accounting.

"I want to show young people that accounting is a dynamic and fulfilling profession," Cohen says. "It's a field where you can make a real difference in the world, and where there are countless opportunities for growth and development."

Cohen also serves as a mentor to aspiring accountants, offering guidance and support as they navigate their careers. She believes that mentorship is crucial for helping young people develop the skills and confidence they need to succeed in the profession.

"Mentorship is more than just giving advice," Cohen explains. "It's about building relationships, sharing experiences, and providing a sounding board for ideas."

Cohen's commitment to mentoring has helped numerous young people achieve their goals in the accounting profession. She is a role model for aspiring accountants, demonstrating that it is possible to achieve success while also making a positive impact on the world.

Beyond Business: A Force for Good

Cohen's influence extends far beyond the realm of accounting. She's a dedicated philanthropist, actively supporting various charitable causes. She firmly believes that businesses have a responsibility to give back to their communities and make a positive impact on the world.

"We're fortunate to be in a position where we can make a difference," Cohen states. "It's crucial for us to utilize our success to support causes we believe in."

Mazuma regularly contributes to local charities and community initiatives. The company also encourages its employees to volunteer their time and skills to support worthwhile causes.

"We want to cultivate a culture of giving back at Mazuma," Cohen explains. "We believe it's important for our employees to feel connected to their communities and make a positive contribution to the world around them."

Cohen's philanthropic endeavors have earned her recognition and respect from her peers and the wider community. She serves as a role model for business leaders who aspire to use their success to make a difference.

The Strength of Resilience: Overcoming Challenges

Cohen's path to success hasn't been without its hurdles. She's encountered setbacks and obstacles along the way, but she's always persevered. Her resilience and determination have been instrumental in her achievements.

"I've learned that it's essential to never give up on your dreams," Cohen reflects. "There will be tough times, but if you keep pushing forward, you'll eventually reach your goals."

Cohen's story is an inspiration to anyone who has faced adversity. It's a testament to the strength of the human spirit and the importance of never abandoning your dreams.

A Vision for the Future: A Bright Outlook

As Cohen looks ahead, she's filled with excitement about the possibilities that await. She's confident that Mazuma will continue to grow and flourish, and she's committed to making a positive impact on the accounting profession and the world at large.

"We have a bright future ahead of us," Cohen affirms. "We have a talented team, a strong culture, and a clear vision for what lies ahead. I'm eager to see what we can accomplish together."

Cohen's story serves as a reminder that anything is achievable with hard work, determination, and a willingness to challenge the norm. She's a trailblazer in the accounting profession, and her influence will undoubtedly be felt for years to come.

A Legacy of Empowerment and Inspiration

Lucy Cohen's remarkable journey, from launching a business in a spare bedroom to leading a multimillion-pound accounting firm, is a testament to her entrepreneurial spirit, resilience, and unwavering commitment to diversity and inclusion. She has shattered stereotypes, challenged conventions, and paved the way for others to follow in her footsteps.

Her advocacy for apprenticeships and dedication to mentoring aspiring accountants have had a tangible impact on countless lives. She has demonstrated that success in the accounting profession is not limited to those who pursue traditional educational paths.

Under Cohen's leadership, Mazuma has fostered a culture of innovation, collaboration, and social responsibility. She has shown that businesses can be both profitable and purpose-driven, and that success can be achieved while making a positive impact on the world.

Her story serves as an inspiration to aspiring entrepreneurs, accountants, and anyone who dreams of making a difference. She is a role model for women in business, proving that it is possible to break through glass ceilings and achieve success on one's own terms.

As Cohen continues to steer Mazuma into the future, her legacy of empowerment and inclusion will undoubtedly continue to inspire and motivate others. She is a true trailblazer, and her impact on the accounting profession and the wider world will resonate for generations to come.

Conclusion: A Shining Example

Lucy Cohen's story is a powerful reminder that with passion, perseverance, and a commitment to making a difference, anything is possible. She has not only built a successful business but also created a legacy of empowerment and inclusion that will continue to inspire and motivate others for years to come.

Her journey serves as a beacon of hope for those who dare to dream big and challenge the status quo. It is a testament to the transformative power of education, mentorship, and the unwavering belief in one's own potential.

As we look to the future, we can be confident that Lucy Cohen's impact will continue to reverberate throughout the accounting profession and beyond. She is a true champion of diversity, inclusion, and social responsibility, and her story will undoubtedly inspire countless others to follow in her footsteps.

The accounting profession, and indeed the world, is a better place because of Lucy Cohen's vision, leadership, and unwavering commitment to making a positive difference. Her story is a testament to the power of the human spirit and the endless possibilities that lie ahead when we dare to dream big and pursue our passions with unwavering determination.