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Will COVID-19 Lead More Millennial Business Owners to Embrace Accountants?

  • Millennial business owners represent more than half of small businesses launched in the United States between 2016 and 2018
  • Accountants and bookkeepers have an opportunity to assist millennials who are struggling in areas these professionals specialize in
  • COVID-19 pandemic highlights values of accountants and bookkeepers for young business owners, especially those who have been willing to embrace new technologies

Accountants and bookkeepers have an opportunity to assist millennial business owners in the areas where they face the most challenges, according to a recent survey. This is particularly true as these entrepreneurs confront what may be their business’s first major financial challenge in the COVID-19 pandemic.

Millennials were responsible for 52 percent of the small businesses launched in the United States between 2016 and 2018, but they have also been more likely to take a more critical view of the financial experts they utilize. However, a survey by the small business software company Xero found that millennials were most likely to report challenges in areas where accountants and bookkeepers could provide crucial support, including expense monitoring, cash flow management, and short- and long-term plans.

During the pandemic, many millennials have reported that competent accountants have helped them secure loans, preserve staffing levels, understand government assistance programs, and otherwise take steps to keep their business in good shape. Professionals who have been able to adapt to the current situation, through virtual meetings and other digital services, have also found themselves more likely to be able to connect with millennial business owners.

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