Manual data entry, human errors, and fragmented client communication.
These are common issues accountants face every day. Often caused by inefficient processes and legacy tools, it’s also a compliance burden hindering your firm’s growth.
But with the right software, accounting firms can mitigate these challenges and become more productive, profitable, and scalable.
That’s not hearsay.
According to Karbon’s 2022 Practice Excellence Report, firms leveraging technology excel in strategy, growth, and efficiency.
What does that mean?
If you’re not using the best software for accounting firms, you’re at a competitive disadvantage and will likely experience higher staff and client turnover.
Here’s what you need to know about the best options on the market and how to choose the right accounting software for your firm.
What to Look for in Accounting Management Software
When selecting accounting software, firms should prioritise features that promote efficiency and effectiveness, including:
- Real-time data syncing with client and firm-wide analytics for up-to-date information.
- Document and workflow standardisation to ensure consistency and reliability.
- Automation to minimise manual tasks and errors.
- Collaboration tools that facilitate both internal and external communication, enhancing teamwork and client relationships.
- Easy integrations with the existing tech stack to reduce implementation challenges and accelerate ROI
- Advanced AI capabilities, such as predictive analytics and intelligent assistants to support data analysis.
The Best Software for Accounting Firms in the UK
- Silverfin
Silverfin is a cloud-first software solution built by accountants for accountants. It helps standardise live data while standardising workflows around best practices with industry-leading AI enhancements, which are already helping hundreds of firms automate to create capacity.
Distinguished by its ability to streamline complex accounting workflows, Silverfin addresses the industry’s evolving demands and the need for automated workpapers software for accounting firms. Its platform facilitates a more integrated, efficient approach to accounting, combining data, workflows, and communication in one place.
It helps accountants automate core accounting work, saving time and assisting firms to differentiate from competitors with technology.
Who is Silverfin Best Suited For?
Silverfin is built for ambitious accounting firms seeking greater consistency and capacity from automated workflows and accounting AI. It reduces or removes manual data entry and inefficient workflows that prohibit firms from scaling and prevent accountants from focusing on new revenue streams.
“One particularly notable time-saving occurred with a set of accounts that previously took around 25 hours in 2021. However, in 2022, the same task only took 12 and a half hours! This substantial time-saving is solely attributable to the use of Silverfin schedules.” – Hollie Moore, Manager at BKL
Key Features
- Cloud Data hub
- Standardised workflows
- In context collaboration tools
- Data-driven insights, including AI-enhanced ones
- Easy to Integrate with open APIs
- AI-powered Silverfin Assistant
- Client file pricing tiers with no user restrictions
- Karbon
Karbon is a leading practice management platform. It aims to streamline operations for accounting firms by improving collaboration, efficiency and visibility.
By integrating email, tasks, workflow, and client management, Karbon provides a holistic view of firm-wide operations, facilitating better management decisions and increasing team productivity.
Who is Karbon Best Suited For?
Karbon is built for accounting, bookkeeping and tax firms with 5+ team members who need a holistic practice management solution.
Key Features
- Built-in CRM
- Client portal
- Template library with 250+ accounting-specific workflow templates
- Workflow and project management
- Document management integration
- Invoicing and payment processing
- Business intelligence and reporting
- FYI
FYI is a document management and process automation software solution for accountants. It harnesses the power of cloud technology to streamline how firms manage their documents and workflows.
Who is FYI Best Suited For?
FYI is ideal software for accounting firms that are looking to improve their document management process. It’s particularly beneficial for firms that deal with a high volume of documents and need a robust system to store, manage, and access them easily.
It’s not a complete practice management platform like Karbon or a comprehensive post-bookkeeping solution like Silverfin. It has limited workflow automation and lacks features like a client portal, workflow templates and invoice management.
Key Features
- Automated document management
- Collaboration tools
- Process automation
- Basic workflow management
- Share documents and folders securely
- Requires a Microsoft Business 365 and Xero subscription
- Dext
Dext, is a powerful bookkeeping automation platform and has three core products; Prepare, Precision and Commerce.
Prepare specialises in automating the tedious task of data entry for receipts, invoices, and other financial documents by extracting key details and managing it securely online using a cloud-based system.
Precision analyses all your bookkeeping data and finds any discrepancies. It helps your firm work from a place of accuracy and comes with features to improve your reporting and workflow management.
Commerce is an auto-fetch tool for digital sales transactions. It seamlessly syncs with the world’s leading e-commerce platforms and exports the data to your preferred accounting software.
Who is Dext Best Suited For?
Dext is ideal for small to medium-sized accounting firms and independent bookkeepers who manage a large volume of financial documents and seek to streamline their data entry processes.
Key Features
- Automate and simplify expense management.
- Seamless integration with other accounting software options and supports over 11,500 banks and institutions.
- Real-time insights.
- Instant alerts for any data discrepancies.
- Customisable workflows.
- Client health scores and activity dashboards.
The Future of Software for Accounting Firms
Hopefully, you now have a better understanding of the best software for accounting firms and which options will best suit your firm.
If you’re looking to save time, improve efficiency, and spend more time on strategic advisory tasks, book a demo with Silverfin.
Hurst, a leading accountancy firm, implemented Silverfin to improve their accounts submission process and has gone from spending 15 to 30 min per client file to 5 to 10 minutes at most.
“The value and the quality of service that we’re giving clients now has increased exponentially. We wouldn’t be able to do what we do today if we didn’t have Silverfin.” -Jo Gibson, Outsource Business Partner at Hurst
