Palo Alto, CA – May 30, 2017 – Accounting firms that want to attract millennial-led businesses as clients should diversify services, provide a digital experience and work in the cloud, according to a new survey from Bill.com.
The 2017 Millennial Business Owner-Accounting Firm Survey polled more than 1,000 business leaders who own the accounting firm relationship to discover what they require from their accounting firms.
“The millennial generation currently includes more than 75 million members, with its oldest members holding decision-making positions within organizations. With the considerable impact of millennials on the business world, accounting firms that can meet and exceed their expectations will have a considerable competitive edge,” said Charles Crabtree, director of strategic accounts for Bill.com.
A Millennial Mix of Services
While taxes rank as the top service needed by millennial business owners, they prefer a different set of services than previous generations:
In addition, nearly 40% of the millennial business owners and decision makers indicate that they want an accounting firm that has in-depth knowledge of their specific industry.
“If your accounting firm focuses primarily on tax services, it may be missing evergreen opportunities to attract millennial business owners. Services such as bookkeeping, invoicing and consultation are valuable throughout the entire year and represent opportunities to build profit and stabilize cash flow,” commented Jason Blumer, founder of Thriveal CPA Network. Thriveal inspires countercultural firm owners to embrace their entrepreneurial creativity within the profession.
Wanted: A Digital and Cloud-based Accounting Experience
The tech-savvy millennial generation displays a preference for digital accounting, with 82% opting for a paper-free experience.
This digital sophistication impacts other areas of accounting, including:
As one millennial business leader shared: “Our past bookkeeper wanted every invoice and P.O. printed, filed away and saved. He did not want to integrate the different systems we used and was very archaic in his style of work.”
“Technology is woven into a millennial business owner’s life, both personally and professionally. Firms should explore and adopt new technologies that provide a greater level of convenience for millennial business owners. Likewise, invest in training and certifications for firm employees in order to stay current with the latest advancements,” said Crabtree.
Billing and More
The survey revealed other prevalent trends for millennial business owners such as:
To learn more about what millennial business owners want from their accounting firms, download the 2017 Millennial Business Owner-Accounting Firm Survey special report or infographic.
Bill.com is the leading business payments network, with over 2 million members paying and getting paid over $36 billion per year in volume. Bill.com saves companies more than 50% of the time typically spent on financial back-office operations by automating end-to-end processes. Bill.com ties together finance and accounting programs, banks, customers, vendors, accounting professionals, and documents. The company is the choice of three of the top 10 U.S. banks and over 50 percent of the top 100 accounting firms. Bill.com is a trusted partner of Intuit (makers of QuickBooks Online), Xero, and the American Institute of CPAs. The recipient of more than 43 awards, Bill.com was recently recognized as one of the San Francisco Business Times Most Innovative Companies and proudly received a PC Magazine’s Editor’s Choice Award.