silverfin

How UK firms can overcome the challenges of cloud accounting adoption

silverfin
5min Read

We live in a world reshaped by technology, with change accelerating and expanding across every industry, accounting included. One major contributor to this shift is the rise of cloud computing, which has enabled innovative solutions for accounting digital transformation.

Put simply, cloud computing allows data and software features to be accessed and securely managed over the internet, supporting flexibility in where and how teams work. McKinsey recently highlighted the value of this approach. According to their forecasts, Forbes Global 2000 companies could unlock up to $3 trillion in additional EBITDA value through cloud adoption by 2030. Key revenue drivers include innovation, scalability and IT cost optimisation.

In the accounting sector, an Intuit QuickBooks survey of UK-based firms found that respondents identified advancements in cloud accounting software and digital technologies as the most significant positive impact on the industry over the past five years. This success has led to 47% of firms saying they are planning to invest in cloud technologies within the next 12 months.

Why cloud is a solution for accounting digital transformation

For accounting firms, connected cloud platforms now bring everything together in one place. Teams can manage tasks like working papers, tax filings and client communications within a single digital space. Information can be updated, shared and accessed in real time from almost anywhere, enabling accountants to work more flexibly, collaborate easily and provide clients with faster, up-to-date insights.

Of course, as with any major innovation, cloud computing also raises new questions and concerns.

The challenges of adopting cloud accounting software

Harnessing cloud-based software as a solution for accounting digital transformation opens up many opportunities, yet firms may have a few initial concerns that can be addressed along the way:

Adapting to new workflows

Moving beyond paper and Excel-based processes can feel like a big shift, especially for teams accustomed to traditional methods. Cloud accounting software represents a change in both mindset and daily operations, and this unfamiliarity can sometimes feel like a stumbling block.

With the right change management strategy in place, clear communication and focused training, however, accountants can confidently embrace cloud software and unlock the efficiencies that modern technology brings.

Integrating with existing systems

Many firms rely on a combination of legacy software and established processes, and there’s often a concern about whether a cloud solution will fit within this existing structure. Integration issues can lead to worries about potential disruptions to established workflows.

To address these concerns, leading providers of cloud accounting software offer features specifically designed for easy integration. These tools allow firms to connect new cloud solutions with their existing systems, ensuring a smooth transition and minimising disruptions.

Data security

Firms and clients may worry about whether sensitive financial data stored in the cloud is more vulnerable to breaches and cyberattacks. The idea of moving confidential client information online can raise questions about privacy and data integrity.

Fortunately, reputable cloud accounting software providers place a strong emphasis on security, implementing multiple layers of protection to safeguard data. Additionally, these providers comply with strict data privacy regulations, such as GDPR, to maintain high standards in data handling and storage.

In many cases, these security protocols allow cloud-based solutions to offer a higher level of security than on-premises systems, giving firms and clients peace of mind that their data is well-protected.

Top cloud accounting software solutions for UK firms

Cloud-based accounting platforms offer the flexibility to connect with each other and integrate seamlessly into existing workflows, helping firms get more value from their technology investments. Some of the platforms accountancy firms may consider incorporating into their tech stacks include:

Silverfin
Built by accountants for accountants, Silverfin’s powerful cloud-based accounting software helps firms transition smoothly from paper and Excel-based workflows to a fully digital environment. Key features include connected Working Papers for efficient account management, Accounts Production for quick, MTD-compliant statutory accounts, Corporation Tax for fast and easy tax preparation and filing, and Management Accounts for automated reporting.

QuickBooks Online
QuickBooks Online provides a range of tools suited to small to medium-sized businesses, offering a cloud-based platform that covers bookkeeping, invoicing, and more. Known for its user-friendly interface, it includes data encryption and secure login protocols.

Xero
Xero’s cloud platform offers real-time access to financial data, which can support collaboration among accountants, clients, and teams. Xero includes automated bank feeds, invoicing, and payroll features, and its scalability suits firms of different sizes.

FreeAgent
Designed for freelancers and small businesses, FreeAgent includes tax-focused features tailored for the UK, such as automated reminders, tax calculators, and expense tracking. Its simplicity and clean interface help firms ease into digital workflows, making it a practical option for smaller teams.

Microsoft Azure
Commonly known as Azure, this cloud computing platform operated by Microsoft provides a wide range of tools for accessing, managing, and developing applications and services, all hosted through a network of global data centres.

Embracing AI-based accounting solutions in the cloud

Cloud platforms are built to scale, allowing firms to access and deploy AI tools without needing to upgrade physical infrastructure.

Silverfin’s cloud-based accounting platform, for instance, offers built-in AI-driven features that automatically analyse client data, detecting trends, patterns, and anomalies to deliver deeper insights that support better decision-making.

Conclusion

While adopting any new solution for accounting digital transformation presents some initial challenges, the benefits of a cloud-based approach far outweigh these hurdles. From streamlined workflows to enhanced data security and powerful AI-driven insights, cloud technology like Silverfin empowers accounting firms to work more efficiently and deliver value to clients faster.

Ready to enhance accounting firm team collaboration and boost efficiency? Book a demo with Silverfin today.

More Posts

corporation tax calculations

Save time on corporation tax with automated tax compliance tools

Corporation tax preparation has long been a stressful, time-consuming, and error-prone process, and this is especially true when data is managed across systems with mostly ...
Read More
Excel can cause frustrations and create risks

Moving beyond Excel for working papers – an introduction

Bid farewell to the drudgery of manual data and spreadsheet management and say hello to intelligent digital templates. Learn more today.
Read More
UK Accounting Trends 2025

5 big challenges facing UK accountants in the next 12 months

In this Elite Business exclusive, Silverfin's Phil Hobden explores the biggest challenges set to face the accounting sector in 2025.
Read More
Silverfin helps reimagine Accounts Production

Enhancing Accounts Production – Moving from data inputs to advisory outputs

Bid farewell to the drudgery of manual data and spreadsheet management and say hello to intelligent digital templates. Learn more today.
Read More

AI-powered accounting software: enhancing efficiency

Discover how AI-powered accounting software boosts efficiency with automation and real-time insights for UK firms.
Read More

AI in accountancy – making sense of implementation

Discover how AI is transforming accounting, with tips on tools, data structure, and enhancing client communication for firms. Watch the full webinar for actionable insights.
Read More

Accelerated growth – unlocking the superpowers of your people

Earlier in this whitepaper The call to adventure – Understanding the capacity challenges ahead, we established what’s at stake and why it’s time to transform ...
Read More
Excel can cause frustrations and create risks

Moving beyond Excel for working papers – an introduction

Bid farewell to the drudgery of manual data and spreadsheet management and say hello to intelligent digital templates. Learn more today.
Read More
The future of AI in accounting

The AI Advantage: Why AI and Accountancy Goes Hand in Hand

Accounting firms face the dual challenge of managing burgeoning data while maintaining precision and compliance. As regulatory landscapes become more complex and client demands for ...
Read More
silverfin

How UK firms can overcome the challenges of cloud accounting adoption

Discover how to boost accounting firm team collaboration with cloud platforms like Silverfin, streamlining communication and tasks, and improving efficiency.
Read More
corporation tax calculations

Save time on corporation tax with automated tax compliance tools

Corporation tax preparation has long been a stressful, time-consuming, and error-prone process, and this is especially true when data is managed across systems with mostly ...
Read More
time saving finance accounts production

Time-saving tips for accounts production

When accuracy, speed, and compliance are non-negotiable, accounts production can be a time-intensive bottleneck. Manual processes, outdated spreadsheets, and fragmented workflows consume valuable hours, draining ...
Read More

Let’s Chat

Scroll to Top