3 Things Millennials Want from Accounting Firms

3 Things Millennials Want from Accounting Firms

Bill.com recently presented results from a survey they conducted with more than 1,000 business owners on services, technology and billing. The 2017 Millennial Business Owner-Accounting Firm Survey primarily focused on accounting expectations from Millennials and other cohorts as it relates to their roles as business owners.

Why Is the Focus on Millennials?

Well, as of the beginning of 2015, they are the largest cohort in the US labor force. Therefore, it makes a lot of sense to figure out how and why this cohort is fundamentally different from earlier generations. Based on insights from the survey we have summarized the 3 main things millennial business owners want from accounting firms.

1. Go Paperless

Paperless is no longer an expectation, it’s the norm. Filing and storing paper is cumbersome. We live in a digital world. Electronic and cloud-based services offers access anytime, anywhere and from anywhere. 82% of respondents said they would be “very pleased” or “pleased” if their accounting firm offered paperless services.

2. Strategic Guidance

52% of millennials in the survey indicated that they need a firm that offers insight as it relates to strategy and guidance. Thus, they want services such as fractional CFO or controller services.

3. Respond in a Timely Manner

An overwhelming majority of millennials (72%) said that the most important trait of an accounting firm was to respond to their communications in a timely manner. We live in a world where businesses no longer have regular business hours. The Internet has extended the hours that businesses are operating and also changed consumers’ expectations. Consequently, millennial business owners expect prompt responses from their accounting firms.

So What?

The insights from Bill.com’s survey are not surprising. Cloud-computing is predicted to continue growing at a steady rate. Additionally, consumers continue to expect more as the digital climate continues to develop and empower consumers. Thus, the takeaway from this should be that accounting firms need to be experts on what their customers expects. The bottom line is – you want your customers to be happy – and to do so you need to make sure you are meeting their expectations. If your main customer base consists of millennials, then three things you should consider doing are going paperless, offering CFO services and oversee your processes on response time with customers.

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.

Accounting Solutions for Early Stage Companies

Accounting Solutions for Early Stage Companies

The Struggle for Early Stage Companies

Early stage companies can often struggle to keep up with their day-to-day accounting requirements. This is especially true, as founders and management try to handle accounting in addition to all their other responsibilities. This challenge is compounded as business activity and business complexity increase. Accounting solutions for these types of companies vary of course depending on their industry; however, outsourcing accounting services can be beneficial in order to keep staff focused on core competencies and revenue-generating tasks.

Solution: Outsource

Nothing is more important or sensitive to your business than your financial position. That is why you should invest in both people with deep experience and an infrastructure with enterprise strength. Early stage companies can find solutions to their day-to-day accounting requirements by outsourcing the following services:

1. Transactional Requirements

This includes accounts payable, accounts receivable, bank reconciliations, payroll processing, asset tracking, etc.

2. Financial Control and Decision Making

This could be for a short term engagement to review processes, set up budgets or refine financial reports or on a continuing basis. Additionally, early stage companies can hire a consultant to act as the CFO/Controller that oversees daily activity, managing cash flow, communicating with tax advisers and presenting financial status at board meetings.

By leveraging resources and enterprise quality accounting applications, you will have the controls, confidence and focus to help drive operational improvements in your business. Companies in the early stages usually need to spend most of their attention on acquiring clients, developing business and performing their core competencies. The day-to-day accounting requirements can add to the stress of all the other challenges of being in the starting phase of growing your business. Deciding whether you should outsource or not depends, of course, on your situation and business; however, it undeniable that outsourcing services that are non-revenue generating can be extremely beneficial and valuable.

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Missing Metrics:  The Hole in Your Donut

Missing Metrics: The Hole in Your Donut

Good Decision-Making is About Having and Using The Right Information

If you are missing metrics you need when you need it, your business will experience difficulty reaching its full potential. So here are two important questions:

  1. Do you have the view you need of your business?
  2. Are you missing out on important metrics that could make the difference for you?

If you answered “No’ to the first question and “Yes” to the second question, it is likely time to upgrade your firm’s accounting and reporting software.

Accounting Software Solutions Are Often Limited

They may be fine for a certain select range of functions, but they won’t deliver a complete, 360 degree view of your business. And the comprehensive view is essential for optimized decision-making. For example, operational data, which includes everything from energy usage to inventory and beyond, is a critical part of your business. But does your accounting reporting incorporate this data? Can you see operational data side-by-side with your financials in your reports? If this information isn’t incorporated in a visible, intuitive manner, you won’t have the complete picture when making strategic business decisions.

The same is true when it comes to financial depth. After all, there are many layers of financial data that need to be analyzed. Do you have access to real-time up-to-date business performance metrics from any venue? Can you slice and dice your accounting information to make comparisons and tracking even more effective? Or is your accounting software static? Do your reports have limited metrics? Can you only see a sneak peek of your company’s performance, instead of the whole story?

The more flexible and comprehensive your accounting and financial reporting software is, the better. In fact, you can gain a serious advantage over your competitors if you upgrade to a more adaptable, in-depth solution while they’re stuck with rigid, unrefined tools – or, even worse, still using spreadsheets for their accounting. So what software solution should you choose?

Related: Cloud Accounting Software: Ultimate Guide

Intacct Dimensions

One of the software solutions that we employ for our clients is Intacct Dimensions, a cloud-based application that delivers best practice accounting and reporting solutions for companies of any size. Intacct’s accounting and reporting software is based on the notion of dimensions. Multiple dimensions of data provide a deeper and far more accurate picture of your company’s financial situation. With Intacct, you can look at all transactions through eight distinct filters:

  • Department
  • Location
  • Customer
  • Vendor
  • Employee
  • Item
  • Class
  • Project

Integrating all of this information into unified reporting ensures that business leaders have the ability to examine their financial operations from many different angles. Reports can be modified to incorporate any or all of these different dimensions, depending upon what the user is trying to discover. And because of the high degree of integration, examining this wide range of metrics is a simple matter. Business leaders become more agile, more informed and more confident in all of their decision-making.

This isn’t just an accounting issue. There should never be any blind spots or mysteries when it comes to your company’s performance, finances or operations. Choosing the right software solution – such as Intacct Dimension- ensures that you will know what you need to know when you need to know it. 

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Why Use A Fractional CFO or Controller Services?

Why Use A Fractional CFO or Controller Services?

Identify Cost Savings and Increase Efficiency

In order to stay competitive, businesses are forced to examine all aspects of their operations to identify cost savings and drive efficiencies. The companies that do this successfully will be rewarded with increased market share and improved profitability.

The challenge for small business owners is how to effectively conduct this analysis without the knowledgeable resources to do it. Typically, small business owners will try to handle the company’s finances on their own, even though accounting is not their core strength. Consequently, owners can end up with poor financial reporting that impacts their understanding of their business operations.

Specific results of accounting and financial reporting shortcomings affecting small businesses include:
  • Inability to obtain bank financing or raise equity investments
  • The financial complexity of the business has outgrown the capability of existing staff
  • A lack of financial bandwidth on a specific project such as a M&A transaction
  • Inability to respond to growth opportunities due to misunderstanding the relevant financial implications
  • Misperceptions about the origin of profitability

Most Efficient Method for Small Business Owners

For many small businesses, hiring a full time CFO or Controller is not economically viable. However, utilizing a fractional CFO or Controller service to access the financial expertise they need is affordable. On average, most small businesses (subject to size) should only spend between $15,000 and $60,000 annually for fractional services, compared to $90,000 – $120,000 annually to hire a full time CFO or Controller. Clearly, utilizing fractional CFO/Controller services makes sense for small businesses who are looking to identify cost savings and drive efficiencies.

Making the Shift: Four Secrets Behind Great Budgeting and Planning

Download the eBook to learn how to challenge the Status Quo; set targets for continuous improvement, how CFOs can lead improvements & how to set rolling forecasts.

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Save Time and Capital With Managed Accounting

Save Time and Capital With Managed Accounting

What is Managed Accounting?

Free up internal staff to focus on your core business while saving time, resources, and capital. Managed Accounting is simply shifting the functions and tasks of basic and critical business processes, traditionally managed inside your company, to an external provider, such as an accounting firm. By taking advantage of the power of secure cloud-based technologies, your business would receive a comprehensive range of managed business services for its clients, from A/P and A/R to controllership and virtual CFO services and we provide the ERP system to scale with it all.

Related: 5 Myths About Outsourced Accounting

Benefits of Managed Accounting

Besides saving your company precious time, resources, and money by utilizing managed accounting services, you’ll also be able to free up and redirect your internal staff and resources to supporting revenue-generating core business functions, including strategic planning.

In addition, when you partner with a third-party, you won’t have to worry about software and hardware upgrades and maintenance, or security! And you won’t need dedicated IT staff to support an in-house ERP system. Cloud technology platforms are state-of-the-art and offer the highest levels of security in the industry. Your financial data and business information is always safe and secure. Most importantly your data is always accurate and in real-time.

Related: A Beginner’s Guide to Cloud Computing

With real-time access to your data, we can generate custom reports, forecasting, benchmarking, and real-time data analysis. Why settle for financial reports and analysis that are out of date the day they are printed? Now you can be sure you are always working with the latest up-to-date information at your fingertips, 24/7. Get a better picture of your business in real-time. 

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Financial controllers are increasingly taking on the role of financial operating officer. You’re ensuring that finance runs smoothly and that there are not surprises on audit day.

But what does “running smoothly” really mean?

Download this eBook to learn six ways that today’s best-in-class controllers follow to successfully meet and overcome challenges in the profession. 

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