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:
Most popular tools for accountants:
• 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.
