Millennials vs Baby Boomers & Gen X-ers & The Way Things Should Be

Did you know that Millennials are the largest generation since the baby boomers?  It’s been reported that 82% of Millennial want paperless services.

One of our software partners, Futrli, recently said “Millennial entrepreneurs don’t want an end-of-the-year history lesson from their accountants.  They want real-time information about their business which can enable them to make real-time decisions about their future, and to fell that their accountants are actually providing value to them”.

We can’t think of a better way to describe how ALL entrepreneurs should want their numbers.  We don’t think that just millennials should want their business information in real-time.  Baby Boomers and the Gen X-ers need real-time information to make real-time decisions, they just don’t know it yet.

Did you know that Millennials are the largest generation since the baby boomers?  It’s been reported that 82% of Millennial want paperless services.

Let’s compare the different ways of getting your business’ income statement or balance sheet.

The old, slow way of doing things was to wait for the bank to mail paper statements and then to take those statements to the accountants office.  Once the statements are dropped off, the business owners has to wait weeks or months to received their income statement or balance sheet.  After finally receiving those from their accountant, they can make business decisions and try to salvage the remains of their business.  Their business had been floundering while they were waiting for their information to come back from their accountant.  (This is actually how most accounting firms operate.)

The wrong way of doing things would be trying to get those numbers quicker by doing their accounting work themselves.  Most business owners do not have accounting degrees or experience.  Which means that their income statements and balance sheets could be incorrect and any business decision they make after that could lead to failure.

The correct and preferred way of doing things would be to hire a knowledgeable accounting firm that will take the boring accounting work off their plate and free up their time.  This accounting firm will set them up with three software programs that communicate and push data to each other.  Not only do these programs work for the business owner BUT they are all mobile friendly! AND the business owners will have their income statements and balance sheets in the palm of their hands in real-time to make real-time decisions.

What are these wonderful programs that save the business owner time and their business?

First, the business owner will use HubDoc for all their business receipts, invoices, bills, and checks.  HubDoc safely stores their information while pulling their bank statements from their online banking.  The business owner simply has to take a photo of their receipt, invoice, bill, or check from the app on their phone.  After taking the photo, the business owner doesn’t need to to keep those paper documents any longer.

Second, their bookkeeper will send their receipt, invoice, bill, or check to Xero and then reconcile the information with the bank statements.  Xero quickly pulls their bank feeds from their online banking and has it ready to be reconciled daily by the bookkeeper.  Xero can prepare updated income statements and balance sheets during the reconciliation.

Third, Xero automatically pushes the reconciled data to Futrli.  The Futrli dashboard is everything the business owners needs to know about their business in detailed and easy to read charts or graphs.  These show the business owner their budget to actuals, where their sales are for the month, forecasting, and more key performance indicators.  The accounting supervisors and the CPA would go over these with the business owner to make sure they understand their numbers and set goals to grow their business.

THAT is how accounting firms should be and how businesses should be run.

That is how Peter Holtz CPA help our clients.  We take the accounting work and simplify it for our clients.  Then we get numbers to them quickly and make it easy to understand.

The success of our clients business is our business.

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