Aiming higher with AI
On many fronts the accounting industry is being pushed hard to become more efficient and, at the same time, level up the value of their services to their clients. So, the industry needs to achieve cost efficiencies and differentiation – while also dealing with a growing talent shortage.
Using the cloud to improve access while standardising data and schedules, Silverfin already delivers efficiencies to firms, alongside the automation that its software enables. However, AI’s potential to boost these enhancements further and create new opportunities, including differentiation for ambitious firms, is something no firm should ignore.
As a team at Silverfin, half of whom are ex-Accountants, we strongly believe that AI is an essential in accountants’ technical tool kits. It should and is already improving the work that accountancy firms and the businesses they serve rely on.
We see software with AI outperforming software without AI in many forums and consistently for our clients around the world. Research companies such as Accenture and McKinsey have also proven that companies embracing AI outperform those that don’t. Meanwhile, recent ACCA research shows modern tools and training on AI is a priority for the best accountants.
So, AI is clearly a tool that accountancy firms need. But, I and the rest of Silverfin believe that truly successful firms will not only embrace AI they will do so in trustworthy, transparent and ethical ways that allow humans to stay in control.
It’s with these values in mind that we designed and built our Silverfin Assistant; to work with accountants, not circumventing them but involving them for even greater benefits. We have numerous examples from clients using Silverfin Assistant describing how our AI caught data inaccuracies that a human couldn’t be expected to spot. By improving data quality and removing human error, accountants are also left with time to invest in resolving issues or being trained by AI and become more knowledgeable.
We hope this guide provides a start to your firm’s AI journey or expands your expectations and AI ambition because AI’s potential for you, your team and your clients is amazing.
MARTIN NIELSEN, VP of Product, Silverfin
Six way AI can improve your accountancy firm’s performance:
Capacity and efficiency
From data entry to report generation and account reconciliation; AI can help automate a lot of routine or manual work.
Consistency, accuracy and quality
By mitigating human error, AI technologies hold the potential to enhance the precision of financial reporting, using intricate algorithms to scrutinise extensive datasets and uncover anomalies that may be difficult to spot by the human eye.
Customer service
Think, for example, of AI-powered chatbots offering quick responses to common queries 24/7. Or how about AI-driven platforms that fast-track your compliance workflows, producing precise financial management accounts and providing deeper insights into cost-saving opportunities, financial planning and risk management?
Talent attraction and retention
Employees like to work for forward-thinking companies. This is true in accountancy, too. If you want to attract and retain new or tech-savvy talent, they’ll expect your firm to follow suit.
Competitiveness
The sooner you adopt a new promising technology, the better your chances of dominating the market. But don’t take our word for it… A study by McKinsey found that early adopters of digital technologies outperformed their industry peers by a factor of 2 to 3 in revenue growth.
Financial performance
The bottom line is… your bottom line matters. And on this account, some of your competitors may be separating themselves from the pack, financially, as we speak.
About Silverfin:
Silverfin is a cloud platform with live client data, connected workpapers and AI that’s built by accountants for accountants. Silverfin dramatically improves the efficiency, accuracy and profitability of traditional post accounting work. With centralised data, standardised and automated workflows, this work takes hours rather than days.
Built by accountants for accountants, Silverfin supports over 340,000 client files a year for customers including 30 of the top 100 accounting firms in the UK.
Creating consistency and capacity, Silverfin helps firms thrive with improved quality, insights and the benefits of AI trained on accounting data. Our cloud Data Hub enables access to real-time data and eliminates errors so that preparing and submitting end-of-year accounts and corporation tax returns often takes 50% less time.
About Silverfin Assistant: Silverfin Assistant continuously analyses client files to find unusual balances, missing transactions and outliers. Flagging these and suggesting fixes, saves hours of manual checking, improves accuracy and improves client service.
