The 3 Best AI Tools for Accounting  

7min Read

The application of AI tools for accounting in the UK, such as Silverfin Assistant and Dext Precision, extends far beyond chatbot interfaces like ChatGPT, offering capabilities that enhance data analysis, automation, and financial accuracy.

It can also delve into the realm of machine learning for data analysis and helping your firm solve a myriad of challenges, such as:

  • Reducing workload
  • Increasing capacity without increasing headcount
  • Detecting fraud
  • Providing monetisable insights

Such capabilities enable accounting firms to adopt a more proactive and strategic approach to their operations, enhancing efficiency, profitability and the decision-making processes. 

“AI is here to stay, and its impact will be widespread.” Bill Mew, CEO and founder of Crisis Team, Accountingweb Tech Trends for 2024

The Benefits of AI Tools for Accountants

Here are some key benefits of integrating AI accounting software specifically designed for accounting firms in the UK, ensuring your practice stays competitive and efficient.

Increased Accuracy and Efficiency  

AI tools like Silverfin Assistant improve accuracy and efficiency in financial reporting by automating data processing and identifying anomalies in real-time. By automating data processing with smart software, you can minimise human errors in manual data handling. 

Plus, it allows you to fast-track compliance workflows and produce precise management accounts that foster trust with your clients.

Real-Time Data Analysis and Insights

AI’s ability to rapidly process and analyse large volumes of data enables firms to gain deeper insights in real-time.  Your firm can analyse massive datasets in-depth to uncover insights and generate real-time financial reports and advice for clients. 

With all your data connected in the cloud, you can also use data analysis to benchmark clients against your firm’s entire portfolio. This helps you quickly identify trends, threats, and opportunities, allowing for more informed decision-making and creating additional value for your clients.

Read more: Getting your data in the right place for AI, with AI

Automation of Repetitive Tasks

How much time do you and your colleagues spend on high-volume, routine accounting activities? 

AI can reduce mundane workloads and shift your focus from data entry and number crunching to more strategic tasks. It saves time, allows you to handle a higher workload without increasing your headcount, and gives you the ability to develop new revenue streams.

Train Your Team

Why not use AI to train your staff on what to look out for and how to remedy common issues? It’s a way for you to offer on-demand training without taking time away from your more senior staff. 

As your juniors go through the process, they’ll learn your firm’s best practices and how to handle accounting scenarios according to your standard operating procedures (SOPs).

“Having an AI tool like Silverfin Assistant – helping with otherwise time-consuming manual processes and checks – is already a great starting point. It sits right where we as accountants work day to day – not in a separate tool. Silverfin Assistant also helps junior accountants who still have a lot to learn. There are clear and detailed explanations of the checks performed by the tool, highlighting why they were made and why they matter. These invaluable insights supercharge the progress of junior-level staff and their performance simultaneously.” Russell Frayne, Director of Transformation at Gravita

Download Whitepaper now: Beyond the hype: the real benefits of AI for your accountancy

The Best AI Tools for Accounting Firms in the UK

1. Silverfin Assistant: Specifically Designed for Streamlining Accounting Workflows in UK Firms

Silverfin Assistant is your AI-powered advisor. It gives you reliable data you can trust and actionable insights your firm can monetise.

By continuously analysing your client files, the tool will find things you might miss, like:

  • Unusual balances
  • Missing transactions
  • Outliers

It saves hours of manual work, automatically improves your data quality, and helps you serve your clients better. Additionally, Silverfin Assistant’s AI capability will swiftly identify opportunities within your data to enable firms to offer proactive and informed advice to clients. 

“Using Silverfin Assistant for VAT compliance and the management account reports has delivered significant time savings, and it’s just getting less and less.” Rosie Cooper, Director, PM+M, Introducing Silverfin Assistant webinar

That’s not all. You can also use Silverfin Assistant to train your junior staff members. Let the AI program show your accountants what to look out for when analysing client files. With clear and detailed explanations it’s the perfect way to bridge knowledge gaps and boost confidence. Plus, you stay in control as Silverfin Assistant makes suggestions on suspected anomalies but it is down to the accountant to accept or reject these proposals. 

Discover Silverfin Assistant: An introductory video on AI-enhanced accounting

2. Dext Precision: For Simplifying Your Financial Records

Dext Precision uses AI to simplify the accounting process of managing financial records like receipts and invoices. It helps streamline data entry, reduce manual input, and improve the accuracy of financial transactions.

Using machine learning, it extracts information from receipts and invoices and automatically categorises the expense based on custom rules.

Dext Precision is typically an add-on product that works alongside Dext Prepare and Dext Commerce. It takes all of your data from Xero or QuickBooks Online, and the AI algorithm alerts you to any discrepancies like missing or bad data.

3. Karbon AI: For Streamlining Your Communications and Tasks 

Still in Beta, Karbon AI uses the power of Chat GPT to give accounting firms in the UK a collaborative practice management environment.

Using the tool, you can automate tasks and work faster by:

  • Summarizing long emails into bite-sized chunks.
  • Set a task within your workflow to automatically draft an email reflecting your progress.
  • Reply to emails by clicking on “Compose Reply”.
  • Compose emails in seconds using quick prompts and adjusting the tone to suit the situation.

4. Vic.ai: For Rapid Accounts Payable Processing

Vic.ai is an innovative platform designed to transform the accounts payable process for accounting teams. It claims it can improve your invoice processing productivity by 355%.

The platform minimises manual errors by replacing traditional OCR and rules-based methods with AI-powered solutions. Vic.ai’s technology enables faster, more accurate invoice processing, from ingestion to payments. 

Vic.ai also offers real-time insights and benchmark data by normalising and analysing costs using AI and statistical analysis.

Embracing the Future of AI in Accounting

Adopting AI tools in accounting is a strategic move towards efficiency, accuracy, and insightful financial management. Explore how Silverfin’s AI tools can transform your firm’s operations—request a demo or download our whitepaper today.

These AI tools for accountants go beyond using ChatGPT for content. It’s a testament to how you can improve your accounting firm’s operations and use the technology to offer scalable solutions to meet your growing business demands.

Several of these tools are in the early stage of development. Karbon AI is still in open Beta, but other specialists, like Silverfin Assistant, have been available for several years. It offers honed developments for accountants, focusing on where AI can make the biggest difference and deliver the greatest benefits.

Read more: The real benefits of Artificial Intelligence in accounting

Try for FREE: Full access including working papers, accounts production and our AI-powered Silverfin Assistant

More Posts

Excel vs Accounting Software: Which Is Better for Your Firm’s Growth?

Known for its ease and widespread usage, Excel is the first tool most accountants become proficient in. Yet, as your accounting firm expands and client ...
Read More

Streamlining Complex Processes Through Accounting Workflow Automation 

The time-consuming burden of data entry, which invariably creates errors, drains an accountancy firm’s resources. Your firm’s resources, especially accountants’ time, could be better spent ...
Read More
Cameron Ford on the Tech Academy stage at DAS 2024

Why the value of AI in accounting is much more than ChatGPT

I was delighted to present at the annual Digital Accounting Show on the Tech Academy stage with my colleague Ken Bastiaensen, Director of Special Projects ...
Read More

Streamlining client management with digital solutions

Explore how client management software enhances efficiency, improves collaboration, and automates tasks for accountants.
Read More
The best of both worlds - combining Excel and Silverfin

The best of both worlds – combining Excel and Silverfin

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

Season 1 teaser | AI: friend, foe or fad?

How long until we’re all working for super-intelligent toasters? Are robots really coming for my job?! These are the sorts of questions we’re asking in ...
Read More

UK accountancy sector prepares for growth in 2025

A joint Accountancy Age and HSBC report highlights the UK accountancy sector’s resilience and optimism. Learn more here.
Read More

EP 7 – How AI is transforming bookkeeping: insights from Nicolai Thomson, Jenesys AI

Nicolai Thomson, CEO of Jenesys AI, discusses how AI is transforming accounting by automating compliance work and freeing up time.
Read More

Unlocking potential: A guide to selecting the right AI accountant software

What's better for your firm - a best-of-breed approach or a full suite solution? This is what we explored in our recent webinar. Watch it ...
Read More

Caseware vs Silverfin: which offers better value for accounting firms

Accounting firms continually seek ways to streamline operations, improve accuracy, and add value to their client experience.  However, the challenge lies in selecting the right ...
Read More

The evolving landscape of M&A in the accounting sector

Explore how private equity and M&A are reshaping the accounting sector. Learn key strategies for managing growth, preserving culture, and keeping clients at the centre ...
Read More

The transformation: Super speed and flexibility

In the first part of this whitepaper The call to adventure – Understanding the capacity challenges ahead, we established what’s at stake and why it’s ...
Read More

Let’s Chat

Scroll to Top