What Do Millennials Want from Accountants?

Millennials make up a growing percentage of the business leaders and wealthier individuals seeking accounting services. 

Born in the 1980s and 1990s, most millennials are in their 30s and 40s and are beginning to hit their stride in their careers. 

As a Pennsylvania CPA, accountant, or tax professional, you’ll want to make sure that your firm can provide them with the financial expertise they are looking for.

Millennials are raising their families and building their careers. They are budget-savvy and are willing to save for major purchases rather than become overburdened with debt. Being financially secure is a top priority for most millennials, and for many, one of the main reasons they go online is to manage their finances.

Unlike the younger GenZ, most millennials remember a time before the internet and certainly before smartphones. But they quickly adapted to the new technologies and are extremely tech-savvy. They expect their accountants to be utilizing the latest technology, as well. However, this generation is concerned about the security of their personal data, so they will want their accountants to have robust data security protocols.

Millennials are the generation most interested in healthy living and a balanced lifestyle. This health-conscious generation wants work-life balance, and as their trusted financial advisor, you can help them by providing the financial management support they are looking for.

Surveys of millennial business owners have given accountants a clear vision of what millennials want in their accountants. Some key services that millennials expect include:

• Expertise in their industry: Knowledge of their particular niche is seen as critical for accurate reporting, analytics, and strategy

• Paperless accounting: Cloud-based, digital payments, and mobile device platforms. Millennials are used to having e-trails and doing searches for information; they expect to be able to do the same with their business and personal finances.

• Bookkeeping services, invoicing, and bill payments: Millennials are more likely than those over 50 to outsource bookkeeping services.

• Consulting services: CFO-level consulting services and strategic insight and guidance, especially in reporting, forecasting, and cash flow

• Plain-language financial guidance: The ability to translate complex financial terminology into easily understandable language that can be used by all stakeholders in decision-making and planning

• Technology recommendations and training: Guidance on selecting, implementing, and effectively using accounting software and financial tools

• Predictable billing: Millennials prefer monthly flat rates or fixed fees for services over hourly billing

Think about any changes you may need to make to attract more of this important demographic. What niche industries do you serve or could you develop your expertise in? If necessary, can you make strategic partnerships with other professionals to offer millennials the full breadth of service they seek?

Is your firm utilizing current technology and offering your clients secure, encrypted platforms that provide millennials with convenience and accuracy at their fingertips? One of the benefits of PSTAP membership is a free Verifyle Pro Account, which offers secure client document sharing, digital signature capability, and a reliable communication platform, keeping your communications with your clients private and secure.

Do you offer cloud-based accounting software that allows you to collaborate with your clients, view their financials in real time, and handle their bookkeeping and reporting? Some software offers mobile apps, which allow your client to load invoices and other documents on the go.

Attracting more millennials should be an important goal as you plan for the future growth and stability of your firm.