5 Ways to Tailor Your Accounting Services for Millennial Clients

Millennials, born between 1977 and the early 2000s, are making their mark on the world as successful business owners and passionate entrepreneurs.

The group, representing over 75 million people in the UK, are creative, confident and very comfortable with technology. They work in new, digitally driven ways and need corresponding services.

Bill.com surveyed more than 1,000 business owners, highlighting what millennials are looking for in accountants and how companies can tailor their services to meet the preferences of their millennial clients.

Why are millennials attractive customers?

Millennials currently make up 35% of the workforce, according to a KPMG report. In the UK alone, the number of people under 35 starting a business has increased by 70% in the last five years.

Nearly a third of millennial business owners surveyed have businesses that generate between $1.1 million and $25 million in annual revenue, highlighting the growth potential of millennial customers and consumers. accounting firms.

Building strong relationships with millennial customers also brings long-term benefits. Winning the loyalty of a company run by millennials could create opportunities in several companies in the years to come, as millennial companies tend to remain loyal to their accounting firm.

How can companies attract more millennial customers?

1. Go paperless

Paper-based accounting systems should be a thing of the past, especially if companies are trying to build a larger millennial customer base. Millennials prefer digital systems, with 82% of respondents saying they would be “satisfied” or “very satisfied” if their accounting firm went paperless. Ditching paper has never been easier, with products like Receipt Bank’s scanner app allowing customers to quickly take receipts and invoices.

2. Be strategic

The first members of the millennial generation can be between 32 and 40 years old – it is not uncommon to start their own business after climbing the career ladder for a few years. When it comes to choosing an accountant, they are looking for someone who can be a partner for them in this new venture.

More than half of millennials surveyed said they wanted companies that provided strategic insights and guidance for their business.

However, if accounting firms are pressed for time to provide advice to clients now, automating document collection and data extraction can free up a lot of time for practice. Not only is it less work for the accountant; automating can provide a stream of up-to-date information from customers that can be used to provide valuable insights.

3. Embrace social media

Clients in their 30s are five times more likely than those over 30 to search for an accountant on social media. As younger potential clients are therefore more likely to seek an accountant in less traditional locations, companies need to ensure they are visible.

Accounting firms, in addition to maintaining their referral networks, should therefore increase their online presence through SEO, social media and digital advertising.

4. Offer subscription prices

Millennials grew up on subscription services like Netflix and Amazon Prime, with more than half of under-30s preferring monthly plans. Additionally, as processes become more automated, time spent on tasks decreases, which means timesheets are not sustainable.

The fixed-fee monthly pricing is therefore ideal for millennial business owners and businesses.

5. Prioritize communication

Two of the most discussed millennial characteristics are their love of communication and their short attention span. Accounting firms need to take this into account when presenting and selling to millennial business owners. Minimize jargon and translate complex financial concepts into simpler terminology when speaking with clients.

What future for accounting firms?

Prioritizing these five steps will help accounting firms attract and retain millennial clients.

To win their business, accounting firms must tailor their presentations and services to meet these specific needs and preferences of millennial business owners.

Ignoring millennials could hurt your business growth, especially when Deloitte research suggests they will make up 75% of the global workforce by 2020.

Learn more on how Receipt Bank can help you adapt your business to millennial customers and drive business success.

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