19 June 2018
After the Baby-Boomers came Generation-X. After Generation-X, we’ve got the catchier one-worded ‘millennials’. Broadly defined as people born between the early 80’s and mid-90’s, they are the group who reached adulthood around the start of the new millennium (and it turns out I’m one of them).
It is estimated that by 2025 over 75% of the workforce will come from this group, and they will play a huge part in defining the future successes of our economy as they are the generation more likely to start their own small business than any that came before them.
They are also shaping the accountancy service of the future. Where businesses previously needed premises, plant, equipment and start-up capital; companies of today can be started and run with a laptop from any coffee shop that serves avocado toast and a cracking WIFI connection.
Millennials are young, driven and quick to adapt. They possess a combination of work-place skills and they’ve grown up around technology and automation. Consequently, the financial advice and skills they value are different from the generation before them, and the businesses of today and tomorrow need up to date, real-time information in a digital format – stored on the cloud and accessible anywhere, at any time.
Software companies have responded quickly, with exciting web-based packages at a low price-point and expansion capabilities through apps and add-ons that can be tailored to specific business needs as opposed to the traditional ‘one size fits all’ software we are used to.
The accountancy profession has also responded – and we are becoming experts and advisors on implementing, tailoring and running these services for our existing and new clients.
If you would like any further information about modernising your accounting function, please do not hesitate to contact us.