In case you didn't know, Millennials are classified as the age group that was born between 1980 and early 2000s. As they have started to enter the workforce, many Millennials have already established successful businesses, and 67% of the generation cohort want to start their own business. But, like most small business owners, Millennials are starting to run into a few major challenges that are inevitable.
According to the same study conducted by Bentley University, Millennial business owners find forecasting, managing cash flow, and reporting the three most troublesome aspects of running a business. About half of the studies sample insist on hiring an accounting firm that provides strategic insight and guidance. For the accounting industry, this presents a huge opportunity to increase their young client base.
If you are an accounting firm, when pitching to millennials, emphasize the strategic element of services, and offer integrated, technology-driven processes that provide accurate and timely reporting. Integrated cloud-based technologies and digital payments should be utilized to accelerate the reporting process, especially when dealing with such a fast-paced generation.
If you are a Millennial small business owner, it's possible to manage your cash flow and accounting processes in-house without having to hire an employee. Rather than evaluating different accounting firms, research the many different types of cloud-based, automated accounting solutions. These solutions make it easier to visualize, manage, and streamline your accounting processes by eliminating the tedious processes involved with accounting.
The purchasing process has become more complex than ever, especially when it comes to cash flow management solutions and services. This also means that choosing the right strategy should also be a top priority.