Pandle: What the Millennial Client Expects from their Accountant
The term ‘millennial’ is something no one can seem to agree on. What we can gather, however, is that it roughly refers to the group of people born between the 1980s and the early 2000s.
While a very non-specific timeframe, the term generally refers to the group of people during this time who grew up in an electronic-filled, online world, which has changed the way companies now do business.
Many millennials yearn to become (or already are) entrepreneurs that businesses like accountancy, legal and insurance firms will need to cater for. So, how does your firm cater to their needs?
Meet their needs on the go
Growing up with the birth of the internet, millennials are largely leaders of using new tech in every area of their lives.
To keep up with your millennial audience, making sure your company up-to-date with the latest tech is hugely important. You should look to use tech to the advantage of your clients, which as an accountant, means taking a look at cloud software.
The beauty of the cloud is that users can access and add information at any time or place of their convenience. This is great for people who are on the move and online all the time.
Mobile apps are one step further to attracting millennial clients. Most millennials will use their phone to browse websites and buy online. Having your own app can make this easier but if that's not an option you need to make sure your website works well on mobile.
Millennials typically spend more time on social media than any generation before them and this is only going to grow for future generations.
Social media has been both a great tool and the downfall of many companies. It’s great for consumers as they can get information, sing the praises of brands and keep up to date with offers. It’s also a way for customers to complain or highlight poor customer service in public which often gets their problems sorted faster due to the pressure of thousands of people potentially watching.
Millennial clients often look towards well-maintained social media profiles with a higher regard. However, rather than simply looking for business updates or general tips on your channels, responses to questions and your customer service skills will also be under scrutiny. It’s important that you have someone who can do this and that replies swiftly and helpfully.
With more businesses competing for customers than ever before, more has to be done to attract and retain them. With that in mind, many new entrepreneurs have come to expect a package of services in one place that provides value for money. If they don’t see that at your firm, they’ll simply find another one.
The more you can offer, the less they will have to shop around for several different companies to work with at once, which saves them time and hassle.
If you can including accountancy services with bookkeeping software alongside, you’ve hit two needs and provided extra value for your clients. They won’t have to sign up with two different companies as all their financial needs will be taken care of in one efficient package.
Business owners have hundreds of things on their minds. That’s why they’re always looking to reduce time spent on tedious tasks. Freed up days mean more time that can be spent on making money and running a business.
Now with automation, AI and machine learning, these tedious tasks can be kept to a minimum. The best way to do this is to use cloud-based bookkeeping software with tonnes of automatic features.
Pandle can automate a lot of processes such as transferring over bank transactions, which reduces errors, setting up different currency streams and sending out invoice payment reminders to their own customers.
Generally, millennials value companies that are able to reply quickly, which is one of the reasons why social media is one of their favourite methods of getting answers from businesses.
Using social media, online chats and in-app messaging are all great methods to introduce to ensure your millennial clients are being supported and getting good service.
Your software or ours?
Our own software Pandle was actually conceived and developed by a team of millennials. We used our own experiences and expectations of modern bookkeeping software to develop something that millennials would feel happy about using.
Having your own bookkeeping software can be a great marketing point for millennial clients as it meets their expectations of a modern company as well as providing value for money.
However, if creating your own bookkeeping software is not an option, you can opt for our white-labelling service Brandle which essentially gives you the benefits of having your own branded software but without the expense or hassle of developing it yourself. Alternatively, you can simply partner with us and use our software in your practice.