The Growth Of A New Standard For Accounting Services

1272 WordsJan 22, 20176 Pages
In recent years, the amount of millennial involved in accounting services has increased tremendously. Thus forcing accounting firms and accounting services alike to change the way they operate. Furthermore, the lifestyles of millennials are allowing the accounting industry to evolve, through investing and employment. Millennials are considered to be the largest sector of the U.S workforce as of 2016. Currently, there are roughly 53 million millennials working in today’s society (Thomson, 2016). Therefore, corporations rely on their contributions to the work force and the economy; more specifically in the accounting industry. The influx of millennial investors and millennials in the accounting workforce are paving the way for a new…show more content…
Offering an equal work-life balance is an appealing incentive to young accounting professionals. This may include having a 40 hour work week, allowing an individual to work from home and flexible work hours. Millennials rely on communication to thrive in the 21st century, both for personal and professional use. Firms are acknowledging that miscommunication between individual within a firm can lead to increased tension within the work environment. To discourage this, firms encourage teamwork in order open the lines of communication. This type of communication should span from an intern to a senior executive. The other form of communication commonly used by millennials is through the use of technology. Firms recommend communication among all ranks through the use of e-mail, text message, and instant messaging. This type of communication promotes familiarity and comfortability amongst co-workers of all ranks. Overall, millennials workplace preferences play a huge role in shaping the accounting industry. The need for ethical changes in the accounting industry has become increasingly pertinent in recent years. This is due to the rise of fraud in the accounting industry. In a recent survey completed by PwC(PricewaterhouseCoopers), nearly 45% of companies in the U.S suffered from some type of fraud within the past two years (Cohn, 2014). Accounting fraud can attributed to misappropriation of
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