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 outsourced 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 accounting 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.
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 outsourced 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.