Millennials often get a bad rap for being glued to their phones and too immersed in technology, but this group provides more innovation than they are being given credit for. The way we do taxes is one part of adult life that has always felt inefficient and quite frankly, it needed improvement. With technology on the rise and Millennials aging, we are seeing gradual shifts in how we do taxes.
The tax industry is adapting to the needs of the industry
The push and pull of every industry is changing with the development of AI and other advanced technologies. Companies and individuals are asking more questions when looking at the ways we do taxes. Essentially, the industry needs are switching for individuals and companies when looking at taxes because there always are people researching new and effective ways to do all aspects of business.
There is always a need for education on the current state of taxes when looking at policy and reform. We see more people looking for professionals who are highly educated in the area of taxes when looking at company size and individuals. There will always be a need for a consultant-type role when looking at this industry. What is going to change is the way we literally pay and manage taxes. There are so many little parts of the tax industry that Millennials can see issues with. Thankfully, this means the process will only get easier as these demands are addressed.
Millennials are seeking less help from tax professionals
One major change is the individualization that is coming from the development of technology. Everything can be researched and completed online, which means there is an increase in how-to articles on doing your own taxes. Millennials are going from outsourcing tasks like doing taxes to researching and executing themselves. This is more efficient and cost-effective, and leaves the opportunity for companies to make doing taxes easier and more automated. Without changing, the tax industry will lose their clients who are switching to doing their own taxes.
This doesn’t necessarily mean tax professionals are losing jobs—it means their jobs will shift into more specialized contract work possibly. The titles might become more flexible and these professionals might assist with small parts of the tax process. There might be some room for specific tasks to be completed by tax professionals. Other tasks, however, may be done by the specific individuals and companies.
This is also making taxes more personalized—especially with products like tax software folders which are designed to be compatible with the most popular software options on the market. Millennials are reaching for tax products that make it easier for them to have their own personal tax-doing style. We can see an increase in popularity in these digital tools that can protect tax information and simplify the process.
The industry is becoming more flexible
Millennials are all about doing everything on their own. They want everything to be automated and easy to do from the comfort of their own home. This is bringing even further individualization to every industry, even the tax industry. Millennials want to figure out how to best execute their tax-doing process. They aren’t interested in umbrella ways to do taxes. Millennials are taking the time to find the individual process that works for them. This isn’t necessarily a downfall of the industry because this means that there is a shift in clientele.
This might lead to companies outsourcing different tax strategies and companies that are more innovative in this field. These developments mean positive change and a bright future ahead in nearly any company that can automate redundant tasks.
