best of breed technology

The thirst for best of breed technology is great. So, why are there no clear winners in tech firms usage?

best of breed technology
2min Read

Silverfin’s Senior Product Manager, Phil Hobden recently wrote an article for Elite Business exploring the increasing demand for best-of-breed technology in the accounting industry and examines why no clear winners have emerged among tech firms. Phil delves into the challenges and opportunities faced by firms in adopting specialised solutions over full-suite offerings.

In the article, Phil reveals that 93.5% of mid-size UK accountancies are adopting a best-of-breed approach to technology, based on research with 31 firms. Of those interviewed, Phil discovered the following:

Practice management: Karbon is a favourite, with some firms still using compliance software or custom-built solutions.

Electronic signatures: Adobe (16.1%) and Docusign (22%) are widely used.

Communication: Teams (58%) and Slack (22%) dominate post-pandemic.

Industry insights: Fathom and Syft are popular for reporting and forecasting.

Document management: Common tools include Google Drive, OneDrive, Share Drive, and DropBox.

Most common challenges for not moving to a best-of-breed approach:

• Costly and complex, especially for firms with legacy systems.

• Many firms still rely on tools within existing software suites due to licensing.

Ultimately, firms that prioritise a shift to best-of-breed technology are likely to gain competitive advantages in efficiency, collaboration and client satisfaction. The future likely holds broader adoption as technology and strategic partnerships advance.

You can read the full article here.

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

To find out more about Silverfin and its AI capabilities including Silverfin Assistant, why not book a introductory call today?

More Posts

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
Keep your data safe in the cloud

Why and how the cloud is the safest place for your accounting firm’s data

Cybersecurity is a top priority for many accounting firms – and for good reason. In 2023, about a third of UK businesses experienced a cyberattack: ...
Read More
The risk of falling behind competitors who are embracing AI

What’s really at stake? The risk of falling behind competitors who are embracing AI

In this chapter from our recent AI whitepaper ‘Beyond the hype: the real benefits of AI for your accountancy firm’, we start to unpick the ...
Read More
silverfin

Accounting technology trends: Wrapping up 2024 and looking ahead to 2025

Discover how technology, AI and cloud solutions are shaping key trends, insights, and strategies to help accountants stay competitive in 2025 and beyond.
Read More

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 client management with digital solutions

Explore how client management software enhances efficiency, improves collaboration, and automates tasks for accountants.
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

Webinar takeaways: Best-of-breed vs. full suite technology for accounting firms

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

How Automation Technology for Accountants Grows Firms 

What’s your tech stack like at your accounting firm? If you’re using Excel spreadsheets and tools that don’t speak to each other, you’re increasing the ...
Read More

The future of AI in accounting: insights from Chris Downing at Sage

Unlock insights from Chris Downing on the future of AI in accounting, and the practical steps you can take to leverage its full potential
Read More

AI vs Traditional Accounting: Which is More Efficient?

AI accounting automation software helps to enhance and optimise financial processes and tasks. The technology can help streamline operations and increase accuracy, doing much of ...
Read More
silverfin

Silver Linings Podcast | Trailer

Whether you’re deep in the world of accounting or just curious about where the industry is heading, it helps to have a guide through the ...
Read More

Let’s Chat

Scroll to Top