Blog: Do We Need to Make Accounting More Appealing to Younger Generations?
Making Business Accounting Appealing for Younger Generations
Money management and dealing with finances might not be the most exhilarating of activities. However, finance management is crucial when running a business, and encouraging financial literacy in the rising generation is vital for longer-term success, especially within the business sector.
Today, younger people often perceive the array of finance activities associated with managing a business as complex and labor-intensive. This perception will likely deter them from directly managing their business finances in the future. But there is a way to encourage them not to rely upon expensive third-party accounting practices.
To make finance management in business more palatable, and efficiently and easily deal with invoices, transactions, and financial drill-downs, here’s what the finance industry can do to appeal more to our finance professionals and business leaders of the future.
Seamless UX, especially on mobile
Teenagers spend a considerable amount of time on mobile devices. They expect to manage their personal finances "on the go" and will have this same expectation when they enter the workforce. A mobile interface, enabling access on any internet device is a minimum requirement for this next generation. Managing things with a few clicks on a touch-screen is inevitably where the future is going.
Swift tools with fewer UX "clicks to action" will be crucial. Capabilities to automate manual tasks that may fall vulnerable to human errors will also be expected.
Aqilla’s improved UX has the latest features to ensure swift transactions, automations, highly advanced financial ledger and multi-location-and currency transactions on any internet-enabled device - no install, no requirement to update, always on - always available.
Younger business owners are incredibly tech-savy. So accounting and finance software has to keep up with this audience's expectations of technology.
Automation and Artificial intelligence has helped us advance in many fields. It is saving business owners time and reduces the requirement for repetitive tasks to be carried out manually. This reduces human error whilst freeing up time for the team to focus on more interesting activities.
Aqilla’s SmartAI and Smart Docs features are meeting these expectations today, with AI, automation, “fuzzy logic, and a superior approach of processing invoices all available as standard.
Financial literacy is the hot trend of this millennia. It is more emphasized than before, as younger generations become more conscious of spending, having grown up in the ages of recession.
According to the Centre of Entrepreneurs, young people are twice as likely to start businesses compared to Baby Boomers.
Using comprehensive software such as Aqilla, for example, is key to maintaining the cash flow of the businesses, especially in their crucial first few years of running a company.
Do you agree?
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