Although not yet the most profitable demographic, millennial business owners are one sector advisers need to target now. Failure to do so could become a costly mistake later.

Many accounting firms say they need to attract young talent, but there hasn’t been the same focus on how to appeal to young business owners.

A number of millennials – Gen Y, those born between 1980 and the early 2000s – have already founded successful businesses, often harnessing social media and technology.

A study by Bentley University shows millennials believe that to be successful they need to be more nimble, independent and entrepreneurial than previous generations. Only 13 per cent aimed to scale the corporate ladder, and 67 per cent wanted to start their own business.

Disgruntled accountants have created a successful business for Michael Macolino.

"We call them the angry, young accountants," Macolino says.

The age of accountants going out on their own has dropped.  Photo: Belinda Pratten

"They are typically aged between 28 and 40. They are in mid-tier and larger firms. They feel they are crunching numbers [and] they can't support their clients properly. They are bound by old technology and the old 'this is how we do things'. Really what they want to do is take a new approach and develop long lasting relationships with businesses."