Millennials (people born between 1981 and 1996 - 22-37 years old in 2018) are making up the largest group in the workforce in Canada as of 2014, according to workforcedev.ca. Millennials share many characteristics with older workers, of course, but Millennial business owners also have a few trends of their own.
More Than Just Taxes
Taxes are still the main focus of what a Millennial business owner wants from their accounting company, but there are some differences from older generations for the other services they are looking for. Per cpapracticeadvisor.com,
- “54% percent opt for bookkeeping services, compared to 34% for those ages 40-55 and 30% for 56+.
- 24% include accounting technology recommendations and training in their services, three times as much as those 56 or older (8%) and higher than those 40-55 (16%).
- 22% request that their firms handle bill payment for their companies, while 14% of business owners 40-55 and 8% of those 56 and older ask for this service.
- 20% of millennials indicate that they need invoicing from accounting firms, while only 8% of those 40-55 and 4% of those 56 or older do.
- 31% say they currently have CFO-level consulting services and 52% say that strategic insight and guidance are necessary from accounting firms.”
This can be good news for accounting companies; taxes are more seasonal, while the additional services that Millennial business owners are looking for are year round.
Raised on Technology
As a generation that was raised with computers and the internet, it is no surprise that Millennials prefer technology-based business practices, rather than the traditional “paper in a file in a filing cabinet” approach. Again, per cpapracticeadvisor.com,
“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:
- 56% want their accounting firm to work with cloud-based accounting technologies.
- 33% prefer digital payments.
- 25% use their mobile devices for accounting.
- 64% prioritize email as their main form of communication with accountants.”
These are great opportunities for an accounting company to be what a Millennial business owner needs. Shaw & Associates are happy to do business the way our customers prefer.
Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.