AI has shifted from a novel concept to a powerful workplace tool with many practical applications. Around one in six organisations across the UK have already adopted AI technology, with data management and analysis being the most popular application among these users.
In the accounting industry, firms face a choice: adopt intelligent accounting software or continue with traditional methods. Sticking to conventional practices often means contending with manual data entry, increased risk of human error and difficulties in managing large volumes of data efficiently. These challenges can erode the efficiency of accounting practices, the accuracy of financial reports and the quality of advisory services provided to clients.
On the other hand, embracing AI and automation in accounting allows firms to achieve efficiencies in many different areas. A Deloitte survey of firms using AI in 2024 reveals that the most significant benefits achieved thus far include improved efficiency, increased productivity and reduced costs.
Intelligent accounting software for accountants address these common stumbling blocks:
- Wasted time spent on tracking or working with outdated data
- The burden of repetitive tasks and manual data updates
- Fragmented methods of preparing and reviewing files across the firm
- Inability to offer advisory services due to delays or incomplete reporting
AI-driven automation in accounting: transforming routine tasks
Purpose-built AI for accounting firms can automate the time-consuming tasks involved in preparing and completing working papers, financial statements, corporation tax and management reports. Here are some common use cases:
- Data processing:
Rather than keying in or transferring data manually, accountants can use digital workflows powered by automation and AI that automatically pull and process data from spreadsheets, files and systems across the firm’s infrastructure and that of their clients.
- Financial reconciliation:
AI can work through vast volumes of data, automatically checking transactions across bank statements, invoices and ledgers, flagging any differences for review.
- Report generation:
Intelligent accounting software can draft financial reports by gathering data from various sources, organising it according to predefined templates and performing complex calculations. This allows accountants to provide timely and detailed financial insights without the manual effort typically required.
Unlocking real-time insights from financial and operational data
AI for accounting firms that is purpose-built to centralise and standardise data from various sources really helps to simplify and speed up many core accounting processes.
By integrating data from different bookkeeping and financial systems into a single cloud-based platform, these solutions automate tasks such as reconciliations and reporting. This not only saves time but also reduces the potential for errors that can occur with manual data handling. By eliminating the need for manual importing and exporting of files, this helps avoid version control issues, mistakes and repetitive work.
These capabilities allow firms to unlock more insights and value from data, much faster, supporting decision-making and advisory services. This not only improves client satisfaction but also allows firms to expand their offerings and competitive edge.
H2: Reducing manual errors with intelligent accounting software
AI and automation in accounting swiftly execute routine data checks and complex calculations, minimising the risk of mistakes that often come with managing these tasks manually.
This is particularly important when dealing with large volumes of data, where errors are more likely. AI systems quickly spot discrepancies that might be missed by human eyes, ensuring high levels of accuracy.
The reduction of errors through AI has profound implications for accuracy and compliance in working papers and statutory financial reporting, reducing the risk of costly legal issues and enhancing client trust.
Integrating AI with existing accounting systems
Intelligent accounting software that connects to the technology environment using application programming interfaces (APIs) allows for the free flow of data across different platforms. This means data can be collected directly from leading bookkeeping and financial systems like Xero and QuickBooks without disruption.
This integration capability is key to eliminating data silos, which traditionally isolate data in separate systems, hindering access and analysis. By ensuring that all data streams are interconnected, intelligent accounting software facilitates a unified view of financial information. This makes it far easier for firms to find the insights they need to inform their advisory conversations with clients.
Silverfin’s intelligent accounting software for UK firms
Silverfin, built for accountants by accountants, makes it easy for firms in the UK to use the power of advanced automation and AI in their daily workflows.
“Our partnership with Silverfin has helped us add value to the services we offer our clients. With a set, repeatable system and templates in place, our people can focus on adding genuine value, instead of spending time completing the nuts and bolts of accounts production. We can move quickly forward with confidence, focusing on what truly matters to both our clients and our business.” – Brian Murphy, Partner at Deloitte
While there are many features that leverage AI across the platform, one incredibly useful tool is the AI-powered Silverfin Assistant. Fully integrated into Silverfin workflows, this intelligent assistant continuously analyses client files to find unusual balances, missing transactions and outliers. Flagging these, and suggesting fixes, saves hours of manual checking while improving accuracy and client satisfaction.
Wrap up
AI and automation in accounting are making it easier for firms across the UK to manage growing workloads and adapt to evolving client demands. By unifying data, eliminating silos and reducing manual errors, intelligent accounting software like Silverfin enables firms to allocate more time to high-value tasks.
A survey by Intuit QuickBooks of UK-based accountants reveals that over 80% expect technology to enhance the quality of their advisory services within the next year. This is particularly anticipated in areas like business strategising (97%), risk management (93%) and financial forecasting (91%).
As the adoption of AI continues to expand, its impact on the accountancy sector is poised to grow even further, driving significant enhancements in both efficiency and strategic insight.
Ready to see how AI-powered accounting software can improve your firm’s processes? Book a demo with Silverfin today.
