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How modern technology can help your practice attract and retain younger accountants

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Millennials. They’re the next generation of talent shaping the accounting industry, who by 2025 are expected to comprise 75% of the Australian workforce.[1]

Is your practice positioned to accommodate this new generation of young talent?

According to Sage research, 84% of Australian accountants believe that younger employees have progressive expectations, attitudes and talents that will need to be nurtured if they hope to attract them to their firms.[2]

As ‘digital natives,’ younger accountants often have different expectations with technology when compared to previous generations. If your practice isn’t taking a progressive approach to technology, it may harm your ability to attract and retain this new tech-savvy generation of talent.

Younger accountants are accustomed to the seamless experience offered by the apps on their phone. If they require an app for something, they simply download it. Many younger accountants approach the technology at their practice in the same way. When their practice software doesn’t offer the functionality they need, they often seek out third-party applications to work around the process they are trying to perform.

While third-party applications may help them perform a task more effectively, they aren’t necessarily connected to the practice software. Data from these applications therefore won’t feed into the practice data pool, leading to data silos and a client list that isn’t standardised across the practice.

Due to this disconnect, using multiple disparate apps can be a frustrating user experience for younger accountants. Instead of the seamless digital experience they are used to in their private lives, at work they deal with a disjointed, unintegrated series of applications that make their jobs harder.

To help future-proof their practice and provide all the tools younger accountants need, many practices are turning to modern best-of-breed cloud practice solutions.

These solutions don’t promise to ‘do everything’. Rather, they are hyper-focused on doing one thing well. This means they can provide the enhanced functionality younger accountants need to perform their specific tasks.

Best-of-breed solutions also provide a better user experience for younger accountants. Thanks to their narrower scope, they can provide an experience that’s more in line with the user’s needs and preferences.

While best-of-breed solutions are effectively separate solutions designed to perform specific tasks, a platform may offer the solution that is the right fit for younger accountants and their practices alike. Native cloud platforms utilise APIs to enable multiple third-party solutions to talk to one another, sharing the same client information and data across the board, keeping everything in sync.

Free research report: The Practice of Now 2020

We surveyed 3,000 accountants from Australia and worldwide to reveal how the accounting landscape is changing. Discover how your fellow accountants are preparing for the next decade and learn what you can do now to keep your practice successful.

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[1] https://www.pwc.com.au/ceo-agenda/ceo-survey/2019/turning-inward-to-reduce-the-talent-gap.html

[2] Practice of Now survey, 2020

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