Question

The oldest of the Millennials will turn 40 in 2020. How do you think the Millennials will ultimately impact accounting and the accounting profession?

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Answer 1

Accountants who start gaining a millennial client base now can look forward to handsome future rewards. As the next generation of business owners, millennials stand to be the generation making the big dollars in the next decades. Business owners, unlike many corporate workers, need their own accountants and need a lot more accounting services. Millennials also stand to inherit wealth from their baby boomer parents. All this adds up to big millennial business for accountants. In fact, an Accenture study indicates that millennials will gain $30 to $40 trillion in wealth transfers from the boomer generation in the next 30 to 40 years.

Millennials in accounting aren’t just going to force changes in the tools used by the industry — they’re also going to demand greater flexibility in how they work. In the era of instant communication, sitting at a desk in an office from nine to five all day is far from essential. Introducing flexible start times and working locations could make all the difference to the productivity of millennial staff members. In fact, Deloitte’s 2016 Millennial Survey, which polled almost 7,700 millennials from 29 countries, found that 51 percent expected that productivity at their organisations would increase if employees were permitted to work outside of their primary office location.

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