Monily The leaders of the new generation are millennials. More than 75 million of the overall world population are categorized as one of them. The oldest millennials may range in between the age cycle of early 30s so they are not quite old. These are the business leaders of tomorrow, and as every other business niche have some shining emblems, one such are present in the sphere of financial circle. Having an imperishable impression, the millennials are now becoming the decision makers. They are trying to cultivate organizations that can control economies. Some examples can be seen in accounting firms likewise. Firms that are not good enough to retain these millennials seamlessly result in losing potential clients and jeopardizing their organizational growth opportunities. A Strategic Look Towards the Transforming World of Accounting Firms Millennial business owners of the modern world take a different approach towards performing effective analysis to gain an upper hand among similar businesses. A critical strategy that most millennials are opting for these days include taking short term performance analysis approach to identify results in major fields of long-term profitability, shareholder value, acquisition planning, risk managements, etc. More than half the millennial respondents from a survey report conducted this year responded that guidance is necessary to upheaval the growth of financial firms. The need for this level of experience is further supported by the top accounting frustrations for millennial business owners: Reporting (24%), forecasting (20%) and managing cash flow (17%). Another illustrative percentage stems from how accounting firms communicate. Nearly half (42%) of millennial business owners want an accountant that can translate complex financial concepts into terminology and reporting they can understand. Read Complete Article
Are Millennials the Future of Accounting Firms? On Monily’s Blog