Is it time to tap into Generation Z?
Accountancy is an industry that has faced a lot of changes over the past few years, both in terms of how roles have changed and also what customers now expect. In order to continue competing in this market, it’s important to keep ahead of any changes in customer behaviour.
One way accountants have had to do this so far is by adapting to a growing number of younger entrepreneurs who have hugely different expectations compared with previous generations.
Millennials and Generation Z
Millennials and Generation Z are changing the way businesses market their services and communicate with clients and accountancy is no different. While many can’t agree on the exact age ranges, millennials are typically thought of as those born between 1981-1996, aged between 22 and 37. Generation Z were born between the mid-90s and the mid-2000s.
We’ve all heard a lot about millennials changing the workforce and the business world. On the other hand, relatively little has been said about Generation Z in the same way so far. Part of the reason for this is that a lot of them are still children, but they won’t be children for long. Soon enough they’ll become a new generation of entrepreneurs with modern business needs and expectations.
As digital natives, Generation Z will build on the expectations that millennials already have. Having a solid digital presence, embracing mobile technology and new communication methods will become essential to target these clients.
Communication methods
People nowadays like the option to pick the communication method that best suits their needs. Many will still rely on email and phone calls but others will prefer live chats, instant messaging and Skype calls. To offer more than one method of communication puts your clients first and also helps you to appeal to younger clients.
A study last year from technology company LivePerson, showed that 74.4 per cent of millennials and Generation Z prefer digital interaction over traditional communication methods. 69.4% would choose to use a messaging app over phoning someone.
Social media
One of these methods of communication considered essential for businesses nowadays is social media.
It’ll come as no shock that younger generations are using social media more than those before them. People like using it because they can quickly gather information, look up companies, keep up to date with offers and comment on businesses they’ve had experiences with (both good and bad).
This infographic from marketing platform Ambassador shows how important social media is to any business. 71 per cent of people who have had a positive interaction with a brand on social media were likely to recommend them to a friend. 70 per cent of those helped by a brand through social media will return as a customer in the future.
This means that accountancy firms have something to gain from having a presence on social media. It gives you a direct line of communication with the very entrepreneurs that you’re trying to turn into clients.
Mobile expectations
Mobile use is on its way to taking over desktop computer and laptop use. A piece of research from Think with Google found that in Generation Z, 78% use smartphones, 68% use laptops and 52% use tablets. This shows that the younger generation values the ability to take their data on the move.
This doesn’t just apply to millennials and Generation Z. Look at how much we all rely on our smartphones now. We use them for communication, to ease boredom, to fill in gaps in knowledge and catch up on the news.
For those in business, smartphones are essential for communication, customer service and marketing. So why should this be any different for tasks like bookkeeping?
As service providers, accountants can tap into mobile expectations. This means at the very least making sure your website is mobile friendly and functions well across smartphones and tablets. If appropriate, a mobile app can further develop your business and keep it ahead of the competition. However, if you’re looking for a quicker and simpler way of appealing to younger generations, heading into the cloud is the answer.
Cloud accounting
Cloud accounting can help your accountancy firm meet the needs of a mobile-loving generation of entrepreneurs. Being busy people on the move, it’s not always possible to sit at the same computer every day to update financial records and manage accounts.
This is why using the cloud is so popular. Having everything readily available in your pocket on your smartphone with the ability to sync information across devices, is so much more convenient.
While people still use spreadsheets to do bookkeeping (which they can do on the move thanks to Google Sheets), bookkeeping software takes this one step further and makes the entire process a lot easier. Software can link with bank accounts, send invoice reminders, help users correct errors and cut down on tedious data entry.
Moving accounting to the cloud addresses two needs: simple bookkeeping and mobile capabilities.
Machine learning and automation
Everyone’s busy, too busy for tedious tasks. In this fast moving world, people want something that’s going to make their lives easier and give them the breathing space to focus on what they’re really passionate about, their business.
This is where machine learning and automation come in. They can help to make our everyday lives easier by cutting down on tedious tasks that software can take care of instead.
With bookkeeping software, a lot of processes can be automated. For example, linking bank accounts can automatically pull over transactions into the software. This cuts down on time and errors caused by manually inputting information.
Embracing automation
We realised early on that clients have completely different expectations of us as accountants and bookkeeping software developers. People want simple software, with remote capabilities and the chance to communicate how they want. We believe bookkeeping should be as simple as possible so it’s not a daunting task for our users, especially for those without experience. This is why machine learning and automation have been important to us from the start.
We’ve used automation to cut down on tedious data entry by linking with bank accounts to automatically load transactions. We’ve made working with multiple currencies simpler by creating automatic sub-accounts for each currency rather than users having to manually set up a separate bank feed. We also send out automatic reminders for unpaid invoices to help our users manage cash flow, and allow users to automatically send out invoices to groups of clients with ease.
Messaging centre
Client collaboration is essential to efficient accounting. To help keep communication open between accountants and clients we’re developing a messaging system within Pandle so that all correspondence is kept in one place. With our Pandle Notes feature, users and accountants can attach notes to transactions and tag each other to keep important information right where it’s needed, within the software itself.
Partnering options
If you’re currently looking for bookkeeping software that’s simple to use and uses innovative new tech solutions, then take a look at our Pandle partnering options. Our Pandle Partner option means accountancy firms can use our software to manage all their clients’ accounts with ease.
Our second option is Brandle. With Brandle you can use our software but you’ll get the added benefit of having all Pandle mentions replaced with your own company branding. It’ll give you and your clients the benefits of having your very own software but without the hassle and expense of having to develop it yourself. This can help you become competitive in the industry as having your own software can be used as a selling point when you market to clients.
Pandle are exhibiting at Accountex, stand 873.
