Wednesday, March 30, 2016

Change is coming....................

This past January I began my 34th year of being a CPA. Over half of my career has been spent in public accounting. I believe that this profession is about to have a major disruption that will be led by the millennials.

First I would like to state the it is my opinion that this generation, the Gen Y'ers, is the next greatest generation. I will go way out on a limb and suggest that they may even compete with my grandparents generation. I hope they don't have to prove that by surviving a great depression or winning a world war.

Back to the disruption of my industry. The millennials are not lazy. They just want to know the outcome and they challenge every accepted norm.

Those of us in public accounting believe that we have to work crazy hours to meet the tax filing deadline of April 15. Us insiders don't call it tax season. We call it busy season. "Busy Season" is a major understatement.

Millennials will not work crazy hours just because us "olders" say they have to. And we are finding it is harder and harder to find and keep good help. So the disruption will be that the millennials will demand we do it a different way. They will demand higher quality clients paying ever higher fees. And they will demand that we work smarter, not harder. As proof of this, there are multiple consultants now offering Lean training for accounting firms and they are teaching us to think of faster, cheaper and more efficient ways of getting our work delivered to our clients.

The federal and state governments will be forced to catch up.

The archaic notion of an annual filing deadline will be eliminated and we will move to a more automated dynamic income reporting process. It will be a highly automated process not fixed to an annual reporting cycle but quarterly, monthly or maybe even weekly.

The millennials will demand, from our elected officials, tax reform and simplification and they may just succeed in getting it.

Look how many of them are supporting Bernie Sanders instead of the Trump/Cruz/Clinton machine.

According to the "young ones", Bernie stands for the common people. The middle class. Them. The other candidates stand for something else. Maybe establishment, money, rich, business. Not them.

I am not sure I agree with this conclusion but stop and listen to a millennial tell you why they support Bernie and then compare what they say to that of a Gen X or Baby Boomer who will tell you why they support one of the other candidates.

The millennials have the passion and that counts for a lot. 

Yes, disruption is coming to my industry. The millennials will not "work for the man" 75 hours a week unless they really believe in the cause and preparing tax returns or financial statements or audits is not it.

Maybe disruption is coming your way too!

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